Business
BCB Bancorp, Inc. Reports Record Net Income of $34.2 Million in 2021 and Earns $10.8 Million in Fourth Quarter 2021; Quarterly Cash Dividend is $0.16 Per Share
BAYONNE, N.J., Jan. 26, 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., Jan. 26, 2022 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported that its net income for the year ended December 31, 2021 increased 64.2 percent to $34.2 million, the highest annual earnings in the Company’s history, compared with $20.9 million for 2020. Earnings per diluted share for 2021 were $1.92 as compared to $1.14 for 2020. For the fourth quarter of 2021, net income was $10.8 million, a 29.2 percent increase compared to $8.3 million in the third quarter of 2021, and a 47.3 percent increase compared to $7.3 million in the fourth quarter of 2020. Earnings per diluted share for the fourth quarter of 2021 were $0.61, compared to $0.47 in the preceding quarter and $0.41 in the fourth quarter of 2020. As the Company previously announced, its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable February 15, 2022, to common shareholders of record on February 1, 2022. “Our strong earnings for the fourth quarter and Company-record profits for the year 2021, were a direct result of the dedication and effort of our employees, who continue to work to meet the needs of our community,” stated Thomas Coughlin, President and Chief Executive Officer. “Operating results for the fourth quarter of 2021 reflect continued net interest income expansion and strong asset quality metrics. Our strategy of managing our funding costs helped to expand our net interest margin by nine basis points during the fourth quarter of 2021 from the fourth quarter a year ago. Additionally, our performance metrics continue to improve with an annualized return on average assets of 1.42 percent, and an annualized return on average equity of 16.3 percent for the fourth quarter. We successfully executed our 2021 strategy of maintaining a flat loan portfolio, proactively managing our funding costs, and holding a steady yield on loans receivable. We are operating from a position of strength as we enter 2022, where we plan to capitalize on anticipated strong loan demand in the markets we serve coupled with the potential for a rising rate environment. “We recorded a credit of $985,000 instead of a provision for loan losses during the fourth quarter, as a result of the continued solid performance of our loan por...