Business
BCB Bancorp, Inc. Earns $8.6 Million in Second Quarter 2023; Reports $0.50 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share
BAYONNE, N.J., July 20, 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., July 20, 2023 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $8.6 million for the second quarter of 2023, compared to $8.1 million in the first quarter of 2023, and $10.2 million for the second quarter of 2022. Earnings per diluted share for the second quarter of 2023 were $0.50, compared to $0.46 in the preceding quarter and $0.58 in the second quarter of 2022. Net income and earnings per diluted share for the second quarter of 2023, adjusted for the unrealized losses on equity investments, were $9.1 million and $0.53, 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 August 18, 2023 to common shareholders of record on August 4, 2023. “We continue to be very profitable in a challenging macro environment where competition for deposits and cost of funding remain high. We are focused on protecting our net interest income while also maintaining a strong liquidity position and a robust capital profile. The slowdown in our balance sheet growth during the second quarter, despite high customer demand, is reflective of prudent management of our liquidity and capital resources,” stated Thomas Coughlin, President and Chief Executive Officer. “Looking ahead, we remain committed to growing our profitability and franchise value. We expect to benefit from the successful execution of a number of internal projects that are designed to enhance our digital footprint and also from the hiring efforts that have increased the overall talent profile of our institution. We firmly believe that our strategic actions will help us come out stronger on the other side of the current economic cycle,” said Mr. Coughlin. “Our asset quality remains strong and our non-accrual loans to total loans ratio was 0.17 percent at June 30, 2023, compared to 0.16 percent at March 31, 2023, and 0.35 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 $1.35 million during the second quarter of 2023 compared to $622,000 during the preceding quarter,” said Mr. Coughlin. Executive Summary Total deposits were $2.886 billion at June 30, 2023, up from $2.867...