Business
BCB Bancorp, Inc. Reports First Quarter 2020 Net Income of $2.5 Million; Results Reflect Effects of COVID-19; Declares Quarterly Cash Dividend of $0.14 Per Share
BAYONNE, N.J., April 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., April 27, 2020 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income was $2.5 million for the first quarter of 2020 compared to $5.1 million in the fourth quarter of 2019 and $5.5 million for the first quarter of 2019. Earnings per diluted share for the first quarter of 2020 were $0.12, compared to $0.29 in the preceding quarter and $0.32 in the first quarter of 2019. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.14 per share. The dividend will be payable May 22, 2020, to common shareholders of record on May 8, 2020.\n “The success of our banking operation relies solely on the health and well-being of our employees and customers,” stated Thomas Coughlin, President and Chief Executive Officer. “To that end, we began preparations for the COVID-19 pandemic in mid-March by restricting lobby activities at all branches and encouraging the use of drive-up services and ATM machines, Digital Banking and Call Center operations. Much of our workforce is working remotely, or has been relocated, and we will continue with this structure until the mandated Stay-At-Home order has been lifted. “While our asset quality at quarter end remains strong, we evaluated factors related to the COVID-19 pandemic and its impact on our New Jersey and New York markets,” Coughlin continued. “Consequently, we recorded a $1.5 million loan loss provision, due to the risk of potential loan defaults related to COVID-19 factors.” “We have been working closely with our customers to educate and provide support on programs available for financial assistance,” said Coughlin. “We have also received inquiries from customers requesting loan payment deferments as well as many customers applying for loans under the Paycheck Protection Plan (“PPP”) offered through the Small Business Administration (“SBA”). We continue to focus on the needs of our small business customers and the retention of their employees. Our lending teams continue to work with our customers during these challenging economic conditions.” Executive Summary Net income was $2.5 million in the first quarter of 2020 compared to $5.5 million in the first quarter a year ago.Earnings per diluted share were $0.12 in the first quarter of 2020, co...