Business
BCB Bancorp, Inc. Reports Net Income of $13.4 Million in Third Quarter 2022; Net Loans Increase 20.9 Percent YTD and NIM Expands to 4.18 Percent; Declares Quarterly Cash Dividend of $0.16 Per Share
BAYONNE, N.J., Oct. 20, 2022 (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. 20, 2022 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported that net income increased $5.1 million, or 60.9 percent, to $13.4 million for the third quarter of 2022, compared with $8.3 million for the third quarter of 2021, and increased 31.8 percent compared to $10.2 million in the immediate prior quarter. Earnings per diluted share for the third quarter of 2022 were $0.76, compared to $0.58 in the preceding quarter and $0.47 in the third quarter of 2021. For the first nine months of the year, net income increased 42.6 percent to $33.5 million, compared to $23.5 million for the first nine months of 2021. Year-to-date, earnings per diluted share were $1.89 compared to $1.31 for the first nine months of 2021. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable November 15, 2022 to common shareholders of record on November 1, 2022. “We delivered record earnings for the third quarter, highlighted by strong loan production, net interest margin expansion, and prudent expense management. We remain committed to maintaining a stable liquidity profile in an increasingly competitive rate environment while closely monitoring and protecting our future net interest margin,” stated Thomas Coughlin, President and Chief Executive Officer. “Additionally, our asset quality remains strong and is reflective of the disciplined underwriting and credit culture of our organization. We continue to see robust loan demand that is indicative of our customers’ desire to continue to bank with us as their lender of choice. We are also very well-positioned to benefit from the market disruptions caused by recent regional mergers. However, we are being mindful of the headwinds posed by the rising rate environment and the broader macroeconomic conditions as we pursue future growth initiatives.” “Due to the continued, solid performance of our asset quality metrics, we recorded no loan loss provision during the third quarter of 2022. Our non-accrual loans to total loans ratio decreased to 0.30 percent at September 30, 2022, from 0.35 percent at June 30, 2022, and 0.89 percent a year ago,” said Mr. Coughlin. “During the third quarter, we completed a third round pr...