Business
BCB Bancorp, Inc.’s EPS Grows to $0.58 in Second Quarter 2022; NIM Expands to 3.74 Percent and Net Loans Increase 13.7 Percent YTD; Declares Quarterly Cash Dividend of $0.16 Per Share
BAYONNE, N.J., July 21, 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., July 21, 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 26.2 percent to $10.2 million for the second quarter of 2022, compared to $8.1 million for the second quarter of 2021, and increased 2.1 percent compared to $10.0 million in the immediate prior quarter. Earnings per diluted share for the second quarter of 2022 were $0.58, compared to $0.56 in the preceding quarter and $0.45 in the second quarter of 2021. For the first six months of the year, net income increased 32.6 percent to $20.1 million, compared to $15.2 million for the first six months of 2021. Year-to-date, earnings per diluted share were $1.13 compared to $0.85 for the first six 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 on August 15, 2022 to common shareholders of record on August 1, 2022. “Our second quarter earnings were exceptional, and a direct result of the efforts we have put in place to manage our cost of funds, control operating expenses, and grow the balance sheet,” stated Thomas Coughlin, President and Chief Executive Officer. “The highlights of the second quarter include substantial growth in the loan portfolio, increases to our core deposit base, and expansion of the net interest margin.” “Our approach to managing our funding costs, combined with the increase in loan volume during the quarter, helped to increase our net interest margin by 27 basis points in the second quarter of 2022, compared to the second quarter a year ago. We are well-positioned for rising interest rates with a strong, low-cost core deposit base and other diverse sources of liquidity to support the Bank’s substantial loan pipeline,” said Coughlin. Mr. Coughlin stated, “Due to the continued, solid performance of our asset quality metrics, we recorded no loan loss provision during the second quarter of 2022. Our non-accrual loans to total loans ratio decreased to 0.35 percent at June 30, 2022, from 0.38 percent at March 31, 2022, and 0.94 percent a year ago.” Executive Summary Net income was $10.2 million in the second quarter of 2022, compared to $10.0 million in the prior quarter, and $8.1 million in the second quarter a yea...