Business
BCB Bancorp, Inc. Earns $6.1 Million in Fourth Quarter 2023; Reports $0.35 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share
BAYONNE, N.J., Jan. 25, 2024 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”),
About this update from Bcb Bancorp, Inc. (nj)
[{"type":"text","content":"BAYONNE, N.J., Jan. 25, 2024 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $6.1 million for the fourth quarter of 2023, compared to $6.7 million in the third quarter of 2023, and $12.1 million for the fourth quarter of 2022. Earnings per diluted share for the fourth quarter of 2023 were $0.35, compared to $0.39 in the preceding quarter and $0.69 in the fourth quarter of 2022. The Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on February 16, 2024 to common shareholders of record on February 5, 2024. As previously announced, the Company named Michael A. Shriner as the President and Chief Executive Officer of BCB Bancorp, Inc. and BCB Bank, effective January 1, 2024. Mr. Shriner, a 36-year veteran of banking, was formerly President and Chief Executive Officer of Millington, New Jersey-based MSB Financial Corp. and Millington Bank prior to being acquired by Kearny Bank. Mr. Shriner joined Millington Bank in 1987 and held various leadership positions including that of Chief Operating Officer and Board member prior to his promotion to President and Chief Executive Officer in 2012. Most recently, he held the role of Market President for Kearny Bank where he transitioned legacy Millington Bank customers to Kearny Bank following the merger. “BCB Bank is committed to its community and focused on providing best-in-class service to its customers. Historically, the Bank has posted strong growth while prudently managing its profitability, liquidity, capital, and asset quality profile. I am thrilled to be a part of the BCB Bank team and I am excited at the prospect of leading this organization and to achieve our future financial goals and initiatives,” stated Mr. Shriner. Executive Summary Total deposits were $2.979 billion at December 31, 2023 compared to $2.820 billion at September 30, 2023.Net interest margin was 2.57 percent for the fourth quarter of 2023, compared to 2.78 percent for the third quarter of 2023, and 3.76 percent for the fourth quarter of 2022. Total yield on interest-earning assets increased 2 basis points to 5.33 percent for the fourth quarter of 2023, compared to 5.31 percent for the third quarter of 2023, and increased 48...