Business
BCB Bancorp, Inc. Earns $8.1 Million in Second Quarter 2021; Increases Quarterly Cash Dividend to $0.16 Per Share
BAYONNE, N.J., July 19, 2021 (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., July 19, 2021 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $8.1 million for the second quarter of 2021, compared to $7.1 million in the first quarter of 2021, and $2.7 million for the second quarter of 2020. Earnings per diluted share for the second quarter of 2021 were $0.45, compared to $0.40 in the preceding quarter and $0.14 in the second quarter of 2020. For the first six months of the year, net income was $15.2 million, or $0.85 per diluted common share, compared with $5.2 million, or $0.26 per diluted common share, for the first six months of 2020. On July 14, 2021, the Company’s Board of Directors declared an increase to its regular quarterly cash dividend to $0.16 per share, up from $0.14 per share. This is the first increase to the dividend rate since May 2014. The dividend will be payable August 18, 2021, to common shareholders of record on August 4, 2021. “Given the strong earnings results for the quarter, the optimistic outlook for our industry in the coming periods, and the potential of a growing post-pandemic economy, the Company’s Board of Directors, through unanimous consent, increased the quarterly dividend. The Board believes that providing a solid return on our shareholders’ investments is critical. Continuing our strong earnings momentum into the second quarter, we generated solid profits, an annualized return on average assets of 1.12%, and an annualized return on average equity of 12.6%,” stated Thomas Coughlin, President and Chief Executive Officer. “We achieved top line net interest income growth, while continuing to manage operating expenses, resulting in an efficiency ratio of 48.9% for the quarter. Our continued efforts to deleverage the balance sheet, deploy excess cash and manage the cost of funds helped expand our net interest margin by 102 basis points during the second quarter of 2021, compared to the second quarter a year ago. We believe our reserve levels are sufficient to cover potential loan losses stemming from the pandemic. As the vaccine rollout continues and COVID-19 restrictions continue to lift in New Jersey and New York, we remain optimistic for growth during the second half of the year. “We continue to monitor our loan portfolio and asset quality metrics very ...