Business
BCB Bancorp, Inc. Earns $6.7 Million in Third Quarter 2023; Reports $0.39 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share
BAYONNE, N.J., Oct. 19, 2023 (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., Oct. 19, 2023 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $6.7 million for the third quarter of 2023, compared to $8.6 million in the second quarter of 2023, and $13.4 million for the third quarter of 2022. Earnings per diluted share for the third quarter of 2023 were $0.39, compared to $0.50 in the preceding quarter and $0.76 in the third quarter of 2022. Net income and earnings per diluted share for the third quarter of 2023, adjusted for the unrealized losses on equity investments, were $7.1 million and $0.41, respectively. 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 November 17, 2023 to common shareholders of record on November 3, 2023. “We remain profitable with a favorable asset quality profile and solid liquidity and capital levels. The persistently high interest rate environment with a bias for staying elevated continues to adversely impact the availability and the pricing of liquidity for the banking industry. We have intentionally slowed down the growth of our balance sheet, as we are very focused on protecting our profitability, liquidity and capital position in an uncertain economic environment,” stated Thomas Coughlin, President and Chief Executive Officer. “Our asset quality remains strong and our non-accrual loans to total loans ratio was 0.24 percent at September 30, 2023, compared to 0.17 percent at June 30, 2023, and 0.30 percent a year ago. We adopted the CECL methodology commencing January 1, 2023 and under the new methodology, we recorded a loan loss provision of $2.21 million during the third quarter of 2023 compared to $1.35 million during the preceding quarter,” said Mr. Coughlin. Executive Summary Total deposits were $2.820 billion at September 30, 2023 compared to $2.886 billion at June 30, 2023.Net interest margin was 2.78 percent for the third quarter of 2023, compared to 2.92 percent for the second quarter of 2023, and 4.18 percent for the third quarter of 2022. Total yield on interest-earning assets increased 20 basis points to 5.31 percent for the third quarter of 2023, compared to 5.11 percent for the second quarter of 2023, and increased 67 basis points from 4.64 percent ...