Business
BCB Bancorp, Inc. Reports Earnings of $5.5 Million in First Quarter 2019; An Increase of 18 Percent Over the First Quarter of 2018
BAYONNE, N.J., April 18, 2019 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the "Company"), Bayonne, NJ (NASDAQ:BCBP), the holding company for BCB Community Bank
About this update from Bcb Bancorp, Inc. (nj)
[{"type":"text","content":"BAYONNE, N.J., April 18, 2019 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the \"Company\"), Bayonne, NJ (NASDAQ:BCBP), the holding company for BCB Community Bank (the \"Bank\"), today reported that increases in total interest income and a decrease in the provision for loan losses contributed to first quarter 2019 profits. Net income increased $819,000, or 17.7 percent, to $5.5 million for the first quarter of 2019, compared with $4.6 million for the first quarter a year ago. In the preceding quarter, the Company earned $5.2 million.\"We continued to deliver strong financial results and achieved an 18 percent increase in profits over the first quarter a year ago,\" stated Thomas Coughlin, President and Chief Executive Officer. \"Solid earning assets and deposit growth resulted in higher net interest income. That along with sound credit quality and a larger asset base as a result of the IAB acquisition completed a year ago contributed to our first quarter results. We are well positioned to maintain our growth strategies as we continue to look for opportunities to expand our presence in both New Jersey as well as surrounding markets.\"The IAB acquisition, which was completed during the second quarter of 2018, added approximately $221.9 million in assets, $178.4 million in deposits and $182.6 million in net loans.First Quarter 2019 Financial HighlightsNet income increased 17.7 percent to $5.5 million in the first quarter of 2019, compared to $4.6 million in the first quarter of 2018.Earnings per diluted share increased to $0.32 in 1Q19 compared to $0.29 in 1Q18.Net interest income, before the provision for loan losses, increased 27.1 percent to $20.9 million in the first quarter, compared to $16.4 million in the first quarter a year ago.Net interest margin was 3.18 percent in the first quarter compared to 3.34 percent in the first quarter a year ago.Total assets increased 30.5 percent to $2.718 billion at March 31, 2019, compared to $2.082 billion a year earlier.Net loans receivable increased 30.7 percent to $2.307 billion at March 31, 2019, compared to $1.765 billion a year earlier.Allowance for loan loss as a percentage of non-accrual loans was 405.7 percent at March 31, 2019, compared to 172.7 percent at March 31, 2018.Tangible book value was $11.58 at March 31, 2019.Earlier this month, the Company's Board of Directors declared a regu...