Business
BCB Bancorp, Inc. Earns $6.7 Million in Third Quarter 2024; Reports $0.36 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share
BAYONNE, N.J., Oct. 18, 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., Oct. 18, 2024 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $6.7 million for the third quarter of 2024, compared to $2.8 million in the second quarter of 2024, and $6.7 million for the third quarter of 2023. Earnings per diluted share for the third quarter of 2024 were $0.36, compared to $0.14 in the preceding quarter and $0.39 in the third quarter of 2023. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on November 15, 2024 to common shareholders of record on November 1, 2024. “Our liquidity profile and capital position continue to strengthen as management remains focused on optimizing the Bank’s balance sheet. We are very pleased with the successful completion of our subordinated debt offering during the third quarter that generated a positive response from the investors. The offering was upsized from an initial target of $33.5 million to $40.0 million and further bolstered our capital position. The transaction was in line with our strategy of refinancing our existing $33.5 million of subordinated debt that had started to lose Tier 2 regulatory capital status,” stated Michael Shriner, President and Chief Executive Officer. Executive Summary Total deposits were $2.725 billion at September 30, 2024 compared to $2.935 billion at June 30, 2024.Net interest margin was 2.58 percent for the third quarter of 2024, compared to 2.60 percent for the second quarter of 2024, and 2.78 percent for the third quarter of 2023. Total yield on interest-earning assets was 5.44 percent for the third quarter of 2024 compared to 5.43 percent for the second quarter of 2024, and 5.31 percent for the third quarter of 2023.Total cost of interest-bearing liabilities was 3.62 percent for the third quarter of 2024, compared to 3.56 percent for the second quarter of 2024, and 3.17 percent for the third quarter of 2023. The efficiency ratio for the third quarter was 53.22 percent compared to 68.55 percent in the prior quarter, and 57.09 percent in the third quarter of 2023.The annualized return on average assets ratio for the third quarter was 0.72 percent, compared to 0.30 percent in the prior quarter, and 0.70 percent in the third quart...