Business
BCB Bancorp, Inc. Reports Second Quarter 2020 Net Income of $2.7 Million; Results Reflect Effects of COVID-19; Declared Quarterly Cash Dividend of $0.14 Per Share
BAYONNE, N.J., July 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., July 27, 2020 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $2.7 million for the second quarter of 2020, compared to $2.5 million in the first quarter of 2020, and $5.2 million for the second quarter of 2019. Earnings per diluted share for the second quarter of 2020 were $0.14, compared to $0.12 in the preceding quarter and $0.30 in the second quarter of 2019. For the first six months of the year, net income was $5.2 million, or $0.26 per diluted common share, compared with $10.7 million, or $0.62 per diluted common share, for the first six months of 2019.\n The Company’s Board of Directors declared a quarterly cash dividend of $0.14 per share on July 8, 2020. The dividend will be payable August 21, 2020 to shareholders of record August 7, 2020. The current annualized dividend yield is 6.45 percent, based upon the Company’s closing price on July 20, 2020. “Our second quarter results reflect strong loan and deposit growth in an unprecedented operating environment. Earnings for the quarter, however, were affected by a number of items including the impact of the COVID-19 pandemic on the economy, and the subsequent increase in our loan loss reserve, as well as the low interest rate environment” stated Thomas Coughlin, President and Chief Executive Officer. “While our asset quality at quarter end remained solid, we evaluated factors related to the COVID-19 pandemic and its impact on our New Jersey and New York markets. Consequently, we recorded $3.3 million to our provision for loan losses in the second quarter, due to the risk of potential loan defaults directly related to COVID-19 factors, bringing our total reserves to $28.8 million. “The safety and well-being of our customers and employees remains a top priority,” Coughlin continued. “We have taken a structured approach to resuming all branch activity and are still encouraging the use of drive-up services and ATM machines, Digital Banking and Call Center operations. Our employees will continue to primarily work remotely while maintaining our high level of customer service. “Our participation in the Paycheck Protection Program (“PPP”) offered through the Small Business Administration (“SBA”) helped service the needs of our business customers,” said Coughlin...