Business
BCB Bancorp, Inc. Earns $8.3 Million in Third Quarter 2021; Declares Quarterly Cash Dividend of $0.16 Per Share
BAYONNE, N.J., Oct. 21, 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., Oct. 21, 2021 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $8.3 million for the third quarter of 2021, compared to $8.1 million in the second quarter of 2021, and $8.3 million for the third quarter of 2020. Earnings per diluted share for the third quarter of 2021 were $0.47, compared to $0.45 in the preceding quarter and $0.47 in the third quarter of 2020. For the first nine months of the year, net income increased 73.2 percent to $23.5 million, or $1.31 per diluted common share, compared to $12.5 million, or $0.73 per diluted common share, for the first nine months of 2020. The Company announced that its Board of Directors declared a regular quarterly cash dividend by of $0.16 per share. The dividend will be payable on November 15, 2021 to common shareholders of record on November 1, 2021. The Company recently increased its quarterly cash dividend from $0.14 to $0.16 with the payment of last quarter’s dividend. “We delivered solid earnings for the third quarter and first nine months of 2021, fueled by net interest income generation together with our disciplined approach to managing core operating expenses,” stated Thomas Coughlin, President and Chief Executive Officer. “Despite the challenging low interest rate environment, our continued efforts to manage our cost of funds helped expand our net interest margin by 48 basis points during the third quarter of 2021 from the third quarter a year ago. Further, our performance metrics continue to improve with an annualized return on average assets of 1.13 percent, and an annualized return on average equity of 12.8 percent for the third quarter. Our strong financial performance is a reflection of the hard work of our employees who have done an excellent job providing the personal attention that our local customers have come to expect from us.” “Although our credit metrics remain strong, we continue to closely monitor our loan portfolio and asset quality metrics, and have sound credit monitoring structures in place,” said Mr. Coughlin. “Our total non-accrual loans increased to $20.7 million at September 30, 2021 from $16.4 million at December 31, 2020, while our level of total impaired and classified loans improved to $58.9 million and $48.5 million from $83.2 m...