Business
BCB Bancorp, Inc. Earns Record Net Income of $21.0 Million in 2019
BAYONNE, N.J., Jan. 27, 2020 (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., Jan. 27, 2020 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported that net income increased 25.5 percent, to $21.0 million for the year ended December 31, 2019 from $16.7 million for 2018. Earnings per diluted share for 2019 were $1.20 as compared to $1.01 in 2018. In the fourth quarter of 2019, the Company earned $5.1 million, compared with $5.2 million in both the fourth quarter of 2018, and the third quarter of 2019. Earnings per diluted share were $0.29 in the fourth quarter of 2019, compared to $0.31 per diluted share in the fourth quarter of 2018, and $0.30 per diluted share in the preceding quarter.\n “We had another strong year delivering record earnings for 2019, producing top-line revenue growth while improving operating efficiencies,” stated Thomas Coughlin, President and Chief Executive Officer. “Our strategy is now centered on repositioning the balance sheet by focusing on generating solid lower-cost deposits, reducing our reliance on higher cost funding sources, and effective utilization of our cash position. In the coming year, we will remain focused on disciplined balance sheet growth, while delivering consistent operating results to our shareholders.” Executive Summary Net income of $5.1 million in the fourth quarter of 2019 compared to $5.2 million in the fourth quarter a year ago.Earnings per diluted share were $0.29 in 4Q19, compared to $0.31 in 4Q18.Net interest margin was 3.07 percent for the full year 2019, compared to 3.31 percent for the full year 2018, and 2.88 percent for the fourth quarter 2019, compared to 3.24 percent for the fourth quarter 2018. These decreases were the result of management’s focus on increasing its cash position to allow for paydowns of borrowings and higher cost CDs.Total assets increased 8.7 percent to $2.907 billion at December 31, 2019 from $2.675 billion a year earlier.Loans receivable, net decreased by 4.4 percent, to $2.178 billion at December 31, 2019 from $2.278 billion a year earlier, as the Company’s focus remains on repositioning the balance sheet.Allowance for loan losses as a percentage of non-accrual loans was 570.5 percent at December 31, 2019, compared to 309.6 percent at December 31, 2018.Total deposits increased 8.3 percent, to $2.362 billion at December 31,...