BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ: BCBP), the
holding company for BCB Community Bank (the “Bank”), today reported
that increases in total interest income and a decrease in the
provision for loan losses contributed to first quarter 2019
profits. Net income increased $819,000, or 17.7 percent, to
$5.5 million for the first quarter of 2019, compared with $4.6
million for the first quarter a year ago. In the preceding quarter,
the Company earned $5.2 million.
“We continued to deliver strong financial
results and achieved an 18 percent increase in profits over the
first quarter a year ago,” stated Thomas Coughlin, President and
Chief Executive Officer. “Solid earning assets and deposit
growth resulted in higher net interest income. That along
with sound credit quality and a larger asset base as a result of
the IAB acquisition completed a year ago contributed to our first
quarter results. We are well positioned to maintain our
growth strategies as we continue to look for opportunities to
expand our presence in both New Jersey as well as surrounding
markets.”
The IAB acquisition, which was completed during
the second quarter of 2018, added approximately $221.9 million in
assets, $178.4 million in deposits and $182.6 million in net
loans.
First Quarter 2019 Financial
Highlights
- Net income increased 17.7 percent
to $5.5 million in the first quarter of 2019, compared to $4.6
million in the first quarter of 2018.
- Earnings per diluted share
increased to $0.32 in 1Q19 compared to $0.29 in 1Q18.
- Net interest income, before the
provision for loan losses, increased 27.1 percent to $20.9 million
in the first quarter, compared to $16.4 million in the first
quarter a year ago.
- Net interest margin was 3.18
percent in the first quarter compared to 3.34 percent in the first
quarter a year ago.
- Total assets increased 30.5 percent
to $2.718 billion at March 31, 2019, compared to $2.082 billion a
year earlier.
- Net loans receivable increased 30.7
percent to $2.307 billion at March 31, 2019, compared to $1.765
billion a year earlier.
- Allowance for loan loss as a
percentage of non-accrual loans was 405.7 percent at March 31,
2019, compared to 172.7 percent at March 31, 2018.
- Tangible book value was $11.58 at
March 31, 2019.
- Earlier this month, the Company’s
Board of Directors declared a regular quarterly cash dividend of
$0.14 per share. The dividend will be payable May 24, 2019, to
common shareholders of record on May 10, 2019.
- The Company issued $6.3 million of
private placement common stock which closed in February 2019 and
$5.3 million of preferred series G stock, which was issued in
January 2019. The Company had also issued $33.5 million of
subordinated debt in July 2018 which, for regulatory purposes, is
treated as Tier 1 capital for the Bank and Tier 2 capital for the
Company.
Balance Sheet Review
Total assets increased by $636.1 million, or
30.5 percent, to $2.718 billion at March 31, 2019 from $2.082
billion at March 31, 2018 and increased by $43.7 million, or 1.6
percent, compared to December 31, 2018. The increase in total
assets from March 31, 2018 included the acquisition of IAB, which
added approximately $221.9 million in assets.
Loans receivable, net increased by $542.5
million, or 30.7 percent, to $2.307 billion at March 31, 2019 from
$1.765 billion at March 31, 2018 and increased by $28.6 million, or
1.3 percent, from $2.278 billion at December 31, 2018. The organic
growth in loans over the first three months of 2019 represented
increases of $26.5 million in commercial real estate and
multi-family loans, $6.7 million in construction loans, $1.9
million in commercial business loans, $100,000 in residential
one-to-four family loans, partly offset by decreases of $6.0
million in home equity loans and $78,000 in consumer loans.
Total cash and cash equivalents increased by
$56.2 million, or 40.9 percent, to $193.5 million at March 31, 2019
from $137.3 million at March 31, 2018, and decreased by $1.7
million, or 0.9 percent compared to $195.2 million at December 31,
2018. The Company’s level of cash and cash equivalents is a part of
its strategy to maintain strong levels of liquidity. Total
investment securities decreased by $1.4 million or 1.1% to $125.9
million at March 31, 2019, from $127.3 million a year earlier and
decreased by $1.1 million, or 0.9 percent, to $125.9 million
compared to $127.0 million three months earlier.
During the quarter ended March 31, 2019, the
Company adopted Accounting Standards Update ("ASU") No. 2016-02 -
Leases, requiring on-balance sheet reporting for all operating and
financing leases, which resulted in the recording of $16.0 million
in operating and financing lease right-of-use assets and a
corresponding $16.0 million in operating and financing lease
liabilities associated with the implementation of the standard.
Deposit liabilities increased by $497.3 million,
or 29.4 percent, to $2.189 billion at March 31, 2019 from $1.691
billion at March 31, 2018, and increased by $7.9 million, or 0.4
percent, when compared to $2.181 billion at December 31, 2018.
Increases over the first three months of 2019 included $43.2
million in certificates of deposit, excluding listing service and
brokered deposits, $26.4 million in money market checking accounts,
$4.3 million in transaction accounts and $2.4 million in savings
and club accounts. The increases provided by the growth in these
accounts was somewhat offset by reductions in the Company’s listing
service and brokered certificate of deposits, which saw decreases
of $1.8 million and $63.6 million, respectively. The Company uses
listing service and brokered certificates of deposits as additional
sources of deposit liquidity, which totaled $35.1 million and
$184.4 million, respectively, at March 31, 2019.
Debt obligations increased by $78.3 million or
38.4 percent, to $282.4 million at March 31, 2019 compared to
$204.1 million at March 31, 2018 and remained flat when compared to
December 31, 2018. Debt obligations consisted of both Federal
Home Loan Bank (“FHLB”) borrowings and subordinated debt balances.
The weighted average interest rate of FHLB advances was 2.18
percent at March 31, 2019. The issuance of subordinated debt was to
maintain adequate capital ratios for further growth. The fixed
interest rate of subordinated debt balances was 5.625 percent at
March 31, 2019.
Stockholders’ equity increased by $39.3 million,
or 22.2 percent, to $216.7 million at March 31, 2019 from $177.4
million at March 31, 2018 and increased by $16.5 million, or 8.2
percent, compared to $200.2 million at December 31, 2018. The
increase in stockholders’ equity from March 31, 2018 was primarily
attributable to an increase in additional paid-in capital of $17.4
million from common stock and preferred stock issued as part of the
acquisition of IAB, the Company’s issuance of $6.3 million of
private placement common stock which closed in February 2019 and
the issuance of $5.3 million of preferred series G stock, which was
issued in January 2019. Retained earnings increased by $7.1 million
to $40.8 million at March 31, 2019 from $33.7 million at March 31,
2018, due primarily to the increase in net income, net of dividends
paid.
First Quarter Income Statement
Review
Net interest income increased by $4.5 million,
or 27.1 percent, to $20.9 million for the first quarter of 2019
from $16.4 million for the first quarter of 2018. The increase in
net interest income resulted primarily from an increase in the
average balance of interest-earning assets of $662.0 million, or
33.6 percent, to $2.629 billion for the first quarter of 2019 from
$1.968 billion for the first quarter of 2018. There was an increase
in the average yield on interest-earning assets of 38 basis points
to 4.64 percent for the first quarter of 2019, from 4.26 percent
for the first quarter of 2018. There was also an increase in the
average balance of interest-bearing liabilities of $574.9 million,
or 35.2 percent, to $2.208 billion for the first quarter, from
$1.633 billion for the first quarter a year ago, and an increase in
the average rate on interest-bearing liabilities of 63 basis points
to 1.73 percent for the first quarter, from 1.10 percent for the
first quarter a year ago.
Net interest margin was 3.18 percent for the
first quarter of 2019 compared to 3.24 percent in the preceding
quarter and 3.34 percent for the first quarter a year ago. “The
decrease in the net interest margin was the result of the rising
interest rate environment, with the increase in the cost of funds
outpacing the return on interest earning assets for the short
term,” said Coughlin.
Total non-interest income decreased by $1.7
million, or 51.0 percent, to $1.7 million for the first quarter of
2019 from $3.4 million for the first quarter of 2018. The decrease
in total non-interest income was primarily related to a decrease in
the amount of other non-interest income of $2.2 million, or 97.6
percent, to $53,000 for the first quarter from $2.2 million for the
first quarter a year ago. The decrease in other non-interest income
was the result of $2.2 million in proceeds from a legal settlement
recognized in the first quarter of 2018.
First quarter total non-interest expense
increased by $1.8 million, or 14.7 percent, to $13.8 million from
$12.0 million for the first quarter of 2018. The increases in
non-interest expense over the prior year were largely attributable
to the inclusion of IAB expenses since the merger in April 2018.
These increases in total non-interest expense were partly offset by
a decrease in merger-related costs, of which $145,000 was
recognized in the first quarter of 2018 with no comparable expense
during the first quarter of 2019.
The income tax provision increased by $604,000,
or 32.8 percent, to $2.4 million for the first quarter of 2019 from
$1.8 million for the first quarter of 2018. The increase in the
income tax provision comes as a result of higher taxable income for
the first quarter of 2019 as compared to that same period for 2018.
The consolidated effective tax rate for the first quarter of 2019
was 31.0 percent compared to 28.4 percent for the first quarter of
2018. The higher effective tax rate in the current period primarily
relates to an increase in the New Jersey corporate business tax of
2.5 percent which was enacted July 1, 2018 and effective
retroactively to January 1, 2018.
Asset Quality
The provision for loan losses decreased by
$453,000, to $889,000 for the first quarter of 2019 from $1.3
million for the first quarter of 2018. Non-accruing loans
improved to $5.7 million, or 0.24 percent of gross loans at March
31, 2019, compared to $7.2 million, or 0.31 percent of gross loans
at December 31, 2018, and $10.6 million, or 0.60 percent of gross
loans, a year earlier. Non-accruing loans exclude $7.0
million of Purchased Credit-Impaired loans acquired through the
merger with IAB.
Performing troubled debt restructured (“TDR”)
loans that were not included in nonaccrual loans at March 31, 2019,
were $23.1 million, compared to $22.5 million at December 31, 2018
and $21.4 million at March 31, 2018. Borrowers who are in financial
difficulty and who have been granted concessions that may include
interest rate reductions, term extensions, or payment alterations
are categorized as TDR loans.
The allowance for loan losses was $23.0 million,
or 405.7 percent of non-accruing loans and 0.99 percent of gross
loans, at March 31, 2019 as compared to an allowance for loan
losses of $22.4 million, or 309.6 percent of non-accruing loans and
0.97 percent of gross loans, at December 31, 2018 and an allowance
of $18.3 million or 172.7 percent of non-accruing loans and 1.03
percent of gross loans, a year ago. The decline in the allowance as
a percentage of gross loans from March 31, 2018 was primarily
driven by the addition of IAB acquired loans with no allowance for
loan losses as these loans were recorded at fair value at the
acquisition date. The Company’s outstanding credit mark recorded on
acquired portfolios of $238.5 million at March 31, 2019 totaled
$6.1 million at March 31, 2019. The Company’s combined coverage of
allowance for loan loss and credit mark on the acquired portfolios
totaled $29.1 million, or 1.25 percent of the overall loan
portfolio, at March 31, 2019. Net charge-offs were $244,000 in the
first quarter of 2019, compared to $34,000 of net recoveries in the
fourth quarter of 2018 and $380,000 in the first quarter of
2018.
About BCB Bancorp, Inc.
Established in 2000 and headquartered in
Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of
BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has 29 branch offices in
Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel,
Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township,
Parsippany, Plainsboro, River Edge, Rutherford, South Orange,
Union, and Woodbridge, New Jersey, three branches in Hicksville and
Staten Island, New York. The Bank provides business and individuals
a wide range of loans, deposit products, and retail and commercial
banking services. For more information, please go to
www.bcb.bank.
Forward-Looking Statements
This release, like many written and oral
communications presented by BCB Bancorp, Inc., and our authorized
officers, may contain certain forward-looking statements regarding
our prospective performance and strategies within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. We intend
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and are including this
statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies, and expectations of the
Company, are generally identified by use of words “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “plan,” “project,”
“seek,” “strive,” “try,” or future or conditional verbs such as
“could,” “may,” “should,” “will,” “would,” or similar expressions.
Our ability to predict results or the actual effects of our plans
or strategies is inherently uncertain. Accordingly, actual results
may differ materially from anticipated results.
In addition to factors previously disclosed in
the Company’s reports filed with the U.S. Securities and Exchange
Commission (the "SEC") and those identified elsewhere in this
document, the following factors, among others, could cause actual
results to differ materially from forward-looking statements or
historical performance: difficulties and delays in integrating the
Indus-American Bank business or fully realizing cost savings and
other benefits of the Merger; business disruption following the
Merger; changes in asset quality and credit risk; the inability to
sustain revenue and earnings growth; changes in interest rates and
capital markets; inflation; customer acceptance of BCB products and
services; customer borrowing, repayment, investment and deposit
practices; customer disintermediation; the introduction,
withdrawal, success and timing of business initiatives; competitive
conditions; the inability to realize cost savings or revenues or to
implement integration plans and other consequences associated with
mergers, acquisitions and divestitures; economic conditions; and
the impact, extent and timing of technological changes, capital
management activities, and actions of governmental agencies and
legislative and regulatory actions and reforms.
Annualized, pro forma, projected and estimated
numbers are used for illustrative purpose only, are not forecasts
and may not reflect actual results.
|
Three Months Ended, |
|
|
|
|
March 31, 2019 |
December 31, 2018 |
March 31, 2018 |
March 31, 2019 vs.December 31, 2018 |
March 31, 2019 vs.March 31, 2018 |
|
Interest and
dividend income: |
|
|
|
|
|
|
Loans,
including fees |
$ |
28,233 |
|
$ |
28,243 |
|
$ |
19,521 |
|
0.0 |
% |
44.6 |
% |
|
Mortgage-backed
securities |
|
770 |
|
|
791 |
|
|
699 |
|
-2.7 |
% |
10.2 |
% |
|
Municipal
bonds and other debt |
|
128 |
|
|
191 |
|
|
104 |
|
-33.0 |
% |
23.1 |
% |
|
FHLB stock and
other interest earning assets |
|
1,347 |
|
|
1,263 |
|
|
618 |
|
6.7 |
% |
118.0 |
% |
|
Total interest and dividend
income |
|
30,478 |
|
|
30,488 |
|
|
20,942 |
|
0.0 |
% |
45.5 |
% |
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand |
|
1,576 |
|
|
1,412 |
|
|
797 |
|
11.6 |
% |
97.7 |
% |
|
Savings
and club |
|
113 |
|
|
126 |
|
|
97 |
|
-10.3 |
% |
16.5 |
% |
|
Certificates of deposit |
|
5,990 |
|
|
5,674 |
|
|
2,730 |
|
5.6 |
% |
119.4 |
% |
|
|
|
7,679 |
|
|
7,212 |
|
|
3,624 |
|
6.5 |
% |
111.9 |
% |
|
Borrowings |
|
1,897 |
|
|
2,105 |
|
|
878 |
|
-9.9 |
% |
116.1 |
% |
|
Total interest expense |
|
9,576 |
|
|
9,317 |
|
|
4,502 |
|
2.8 |
% |
112.7 |
% |
|
|
|
|
|
|
|
|
Net interest
income |
|
20,902 |
|
|
21,171 |
|
|
16,440 |
|
-1.3 |
% |
27.1 |
% |
|
Provision for loan
losses |
|
889 |
|
|
821 |
|
|
1,342 |
|
8.3 |
% |
-33.8 |
% |
|
|
|
|
|
|
|
|
Net interest income after provision
for loan losses |
|
20,013 |
|
|
20,350 |
|
|
15,098 |
|
-1.7 |
% |
32.6 |
% |
|
|
|
|
|
|
|
|
Non-interest
income: |
|
|
|
|
|
|
Fees and service
charges |
|
883 |
|
|
1,012 |
|
|
710 |
|
-12.7 |
% |
24.4 |
% |
|
Gain on
sales of loans |
|
318 |
|
|
436 |
|
|
583 |
|
-27.1 |
% |
-45.5 |
% |
|
Gain (loss) on
bulk sale of impaired loans held in portfolio |
|
107 |
|
|
- |
|
|
(24 |
) |
- |
|
-545.8 |
% |
|
Gain on
sales of other real estate owned |
|
8 |
|
|
26 |
|
|
- |
|
-69.2 |
% |
0.0 |
% |
|
Gain on sale of
investment securities |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
|
Unrealized
gain (loss) on equity investments |
|
291 |
|
|
(380 |
) |
|
(127 |
) |
-176.6 |
% |
-329.1 |
% |
|
Other |
|
53 |
|
|
65 |
|
|
2,244 |
|
-18.5 |
% |
-97.6 |
% |
|
Total non-interest
income |
|
1,660 |
|
|
1,159 |
|
|
3,386 |
|
43.2 |
% |
-51.0 |
% |
|
|
|
|
|
|
|
|
Non-interest
expense: |
|
|
|
|
|
|
Salaries and
employee benefits |
|
6,915 |
|
|
7,042 |
|
|
6,267 |
|
-1.8 |
% |
10.3 |
% |
|
Occupancy
and equipment |
|
2,630 |
|
|
2,551 |
|
|
2,062 |
|
3.1 |
% |
27.5 |
% |
|
Data processing
and service fees |
|
721 |
|
|
876 |
|
|
729 |
|
-17.7 |
% |
-1.1 |
% |
|
Professional fees |
|
533 |
|
|
462 |
|
|
505 |
|
15.4 |
% |
5.5 |
% |
|
Director
fees |
|
318 |
|
|
158 |
|
|
201 |
|
101.3 |
% |
58.2 |
% |
|
Regulatory
assessments |
|
457 |
|
|
487 |
|
|
239 |
|
-6.2 |
% |
91.2 |
% |
|
Advertising and
promotional |
|
73 |
|
|
108 |
|
|
85 |
|
-32.4 |
% |
-14.1 |
% |
|
Other real
estate owned, net |
|
(16 |
) |
|
59 |
|
|
31 |
|
-127.1 |
% |
-151.6 |
% |
|
Merger related
costs |
|
- |
|
|
105 |
|
|
145 |
|
-100.0 |
% |
-100.0 |
% |
|
Other |
|
2,146 |
|
|
2,036 |
|
|
1,747 |
|
5.4 |
% |
22.8 |
% |
|
Total non-interest expense |
|
13,777 |
|
|
13,884 |
|
|
12,011 |
|
-0.8 |
% |
14.7 |
% |
|
|
|
|
|
|
|
|
Income before
income tax provision |
|
7,896 |
|
|
7,625 |
|
|
6,473 |
|
3.6 |
% |
22.0 |
% |
|
Income tax
provision |
|
2,445 |
|
|
2,401 |
|
|
1,841 |
|
1.8 |
% |
32.8 |
% |
|
|
|
|
|
|
|
|
Net
Income |
$ |
5,451 |
|
$ |
5,224 |
|
$ |
4,632 |
|
4.3 |
% |
17.7 |
% |
|
Preferred stock
dividends |
|
317 |
|
|
262 |
|
|
166 |
|
21.0 |
% |
91.0 |
% |
|
Net Income available to common
stockholders |
$ |
5,134 |
|
$ |
4,962 |
|
$ |
4,466 |
|
3.5 |
% |
15.0 |
% |
|
|
|
|
|
|
|
|
Net Income per common share-basic
and diluted |
|
|
|
|
|
|
Basic |
$ |
0.32 |
|
$ |
0.31 |
|
$ |
0.30 |
|
3.2 |
% |
6.7 |
% |
|
Diluted |
$ |
0.32 |
|
$ |
0.31 |
|
$ |
0.29 |
|
3.2 |
% |
10.3 |
% |
|
|
|
|
|
|
|
|
Weighted average number of common
shares outstanding |
|
|
|
|
|
|
Basic |
|
16,078 |
|
|
15,820 |
|
|
15,048 |
|
1.6 |
% |
6.8 |
% |
|
Diluted |
|
16,111 |
|
|
15,851 |
|
|
15,181 |
|
1.6 |
% |
6.1 |
% |
|
|
|
|
|
|
|
|
March 31, 2019 |
December 31, 2018 |
March 31, 2018 |
March 31, 2019 vs.December 31, 2018 |
03/31/19 vs 03/31/18 |
March 31, 2019 vs.March 31, 2018 |
|
ASSETS |
|
|
|
|
|
|
|
Cash and amounts
due from depository institutions |
$ |
18,610 |
|
$ |
18,970 |
|
$ |
13,299 |
|
-1.9 |
% |
5,311 |
|
39.9 |
% |
|
Interest-earning
deposits |
|
174,938 |
|
|
176,294 |
|
|
124,035 |
|
-0.8 |
% |
50,903 |
|
41.0 |
% |
|
Total cash and
cash equivalents |
|
193,548 |
|
|
195,264 |
|
|
137,334 |
|
-0.9 |
% |
56,214 |
|
40.9 |
% |
|
|
|
|
|
|
|
|
|
Interest-earning
time deposits |
|
735 |
|
|
735 |
|
|
980 |
|
0.0 |
% |
(245 |
) |
-25.0 |
% |
|
Debt securities
available for sale |
|
117,942 |
|
|
119,335 |
|
|
119,158 |
|
-1.2 |
% |
(1,216 |
) |
-1.0 |
% |
|
Equity
investments |
|
7,963 |
|
|
7,672 |
|
|
8,166 |
|
3.8 |
% |
(203 |
) |
-2.5 |
% |
|
Loans held for
sale |
|
1,347 |
|
|
1,153 |
|
|
208 |
|
16.8 |
% |
1,139 |
|
547.6 |
% |
|
Loans receivable,
net of allowance for loan losses |
|
|
|
|
|
|
|
of $23,004,
$22,359, and $18,337, respectively |
|
2,307,140 |
|
|
2,278,492 |
|
|
1,764,597 |
|
1.3 |
% |
542,543 |
|
30.7 |
% |
|
Federal Home Loan
Bank of New York stock, at cost |
|
13,405 |
|
|
13,405 |
|
|
10,886 |
|
0.0 |
% |
2,519 |
|
23.1 |
% |
|
Premises and equipment,
net |
|
19,684 |
|
|
20,293 |
|
|
18,295 |
|
-3.0 |
% |
1,389 |
|
7.6 |
% |
|
Finance lease
right-of-use asset (net) |
|
673 |
|
|
- |
|
|
- |
|
0.0 |
% |
673 |
|
0.0 |
% |
|
Operating lease
right-of-use asset |
|
15,346 |
|
|
- |
|
|
- |
|
0.0 |
% |
15,346 |
|
0.0 |
% |
|
Accrued interest
receivable |
|
9,750 |
|
|
8,378 |
|
|
6,052 |
|
16.4 |
% |
3,698 |
|
61.1 |
% |
|
Other real estate
owned |
|
1,746 |
|
|
1,333 |
|
|
1,412 |
|
31.0 |
% |
334 |
|
23.7 |
% |
|
Deferred income
taxes |
|
13,302 |
|
|
13,601 |
|
|
6,144 |
|
-2.2 |
% |
7,158 |
|
116.5 |
% |
|
Goodwill and other
intangibles |
|
5,584 |
|
|
5,604 |
|
|
- |
|
-0.4 |
% |
5,584 |
|
- |
|
|
Other
assets |
|
10,235 |
|
|
9,466 |
|
|
9,081 |
|
8.1 |
% |
1,154 |
|
12.7 |
% |
|
Total Assets |
$ |
2,718,400 |
|
$ |
2,674,731 |
|
$ |
2,082,313 |
|
1.6 |
% |
636,087 |
|
30.5 |
% |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Non-interest
bearing deposits |
$ |
273,370 |
|
$ |
263,960 |
|
$ |
211,251 |
|
3.6 |
% |
62,119 |
|
29.4 |
% |
|
Interest bearing
deposits |
|
1,915,263 |
|
|
1,916,764 |
|
|
1,480,102 |
|
-0.1 |
% |
435,161 |
|
29.4 |
% |
|
Total
deposits |
|
2,188,633 |
|
|
2,180,724 |
|
|
1,691,353 |
|
0.4 |
% |
497,280 |
|
29.4 |
% |
|
FHLB
advances |
|
245,800 |
|
|
245,800 |
|
|
200,000 |
|
0.0 |
% |
45,800 |
|
22.9 |
% |
|
Subordinated
debentures |
|
36,635 |
|
|
36,577 |
|
|
4,124 |
|
0.2 |
% |
32,511 |
|
788.3 |
% |
|
Finance lease
liability |
|
678 |
|
|
- |
|
|
- |
|
- |
|
678 |
|
- |
|
|
Operating lease
liability |
|
15,381 |
|
|
- |
|
|
- |
|
- |
|
15,381 |
|
- |
|
|
Other liabilities |
|
14,555 |
|
|
11,415 |
|
|
9,450 |
|
27.5 |
% |
5,105 |
|
54.0 |
% |
|
Total Liabilities |
|
2,501,682 |
|
|
2,474,516 |
|
|
1,904,927 |
|
1.1 |
% |
596,755 |
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Preferred stock: $0.01
par value, 10,000,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
Additional
paid-in capital preferred stock |
|
25,016 |
|
|
19,706 |
|
|
13,241 |
|
26.9 |
% |
11,775 |
|
88.9 |
% |
|
Common stock: no par
value, 20,000,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
Additional
paid-in capital common stock |
|
176,379 |
|
|
175,500 |
|
|
164,512 |
|
0.5 |
% |
11,867 |
|
7.2 |
% |
|
Retained
earnings |
|
40,750 |
|
|
38,405 |
|
|
33,728 |
|
6.1 |
% |
7,022 |
|
20.8 |
% |
|
Accumulated other
comprehensive (loss) |
|
(3,379 |
) |
|
(5,076 |
) |
|
(4,979 |
) |
-33.4 |
% |
1,600 |
|
-32.1 |
% |
|
Treasury stock, at
cost |
|
(22,048 |
) |
|
(28,320 |
) |
|
(29,116 |
) |
-22.1 |
% |
7,068 |
|
-24.3 |
% |
|
Total Stockholders'
Equity |
|
216,718 |
|
|
200,215 |
|
|
177,386 |
|
8.2 |
% |
39,332 |
|
22.2 |
% |
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders'
Equity |
$ |
2,718,400 |
|
$ |
2,674,731 |
|
$ |
2,082,313 |
|
1.6 |
% |
636,087 |
|
30.5 |
% |
|
|
|
|
|
|
|
|
|
Outstanding
common shares |
|
16,398 |
|
|
15,889 |
|
|
15,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
AverageBalance |
|
|
InterestEarned/Paid |
|
AverageYield/Rate (3) |
|
|
AverageBalance |
|
|
InterestEarned/Paid |
|
AverageYield/Rate (3) |
|
|
(Dollars in thousands) |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable |
$ |
2,317,250 |
|
$ |
28,233 |
|
4.87 |
% |
|
$ |
1,720,865 |
|
$ |
19,521 |
|
4.54 |
% |
Investment
Securities |
|
139,171 |
|
|
898 |
|
2.58 |
% |
|
|
123,450 |
|
|
803 |
|
2.60 |
% |
Interest-earning
deposits |
|
173,076 |
|
|
1,347 |
|
3.11 |
% |
|
|
123,193 |
|
|
618 |
|
2.01 |
% |
Total
Interest-earning assets |
|
2,629,497 |
|
|
30,478 |
|
4.64 |
% |
|
|
1,967,508 |
|
|
20,942 |
|
4.26 |
% |
Non-interest-earning
assets |
|
60,741 |
|
|
|
|
|
|
|
47,254 |
|
|
|
|
|
Total
assets |
$ |
2,690,238 |
|
|
|
|
|
|
$ |
2,014,762 |
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
accounts |
$ |
341,659 |
|
$ |
604 |
|
0.71 |
% |
|
$ |
314,074 |
|
$ |
426 |
|
0.54 |
% |
Money market
accounts |
|
237,011 |
|
|
972 |
|
1.64 |
% |
|
|
157,421 |
|
|
371 |
|
0.94 |
% |
Savings accounts |
|
260,524 |
|
|
113 |
|
0.17 |
% |
|
|
258,805 |
|
|
97 |
|
0.15 |
% |
Certificates of
Deposit |
|
1,085,299 |
|
|
5,990 |
|
2.21 |
% |
|
|
720,696 |
|
|
2,730 |
|
1.52 |
% |
Total
interest-bearing deposits |
|
1,924,493 |
|
|
7,679 |
|
1.60 |
% |
|
|
1,450,996 |
|
|
3,624 |
|
1.00 |
% |
Borrowed funds |
|
283,460 |
|
|
1,897 |
|
2.68 |
% |
|
|
182,013 |
|
|
878 |
|
1.93 |
% |
Total
interest-bearing liabilities |
|
2,207,953 |
|
|
9,576 |
|
1.74 |
% |
|
|
1,633,009 |
|
|
4,502 |
|
1.11 |
% |
Non-interest-bearing
liabilities |
|
275,575 |
|
|
|
|
|
|
|
205,033 |
|
|
|
|
|
Total
liabilities |
|
2,483,528 |
|
|
|
|
|
|
|
1,838,042 |
|
|
|
|
|
Stockholders'
equity |
|
206,710 |
|
|
|
|
|
|
|
176,720 |
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
2,690,238 |
|
|
|
|
|
|
$ |
2,014,762 |
|
|
|
|
|
Net interest
income |
|
|
|
$ |
20,902 |
|
|
|
|
|
|
$ |
16,440 |
|
|
Net interest rate
spread(1) |
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
3.15 |
% |
Net interest
margin(2) |
|
|
|
|
|
|
3.18 |
% |
|
|
|
|
|
|
|
3.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net interest rate spread represents the difference between the
average yield on average interest-earning assets and the average
cost of average interest-bearing liabilities.
- Net interest margin represents net interest income divided by
average total interest-earning assets.
- Annualized.
|
Financial condition data by quarter |
|
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
|
Q1 2018 |
|
Q4 2017 |
|
|
|
|
|
|
|
|
|
|
(In thousands, except tangible book value) |
Total assets |
$ |
2,718,400 |
|
$ |
2,674,731 |
|
$ |
2,637,868 |
|
$ |
2,516,564 |
|
$ |
2,082,313 |
|
$ |
1,942,837 |
|
Cash and cash equivalents |
|
193,548 |
|
|
195,264 |
|
|
206,710 |
|
|
180,445 |
|
|
137,334 |
|
|
124,235 |
|
Securities |
|
125,905 |
|
|
127,007 |
|
|
127,863 |
|
|
135,425 |
|
|
127,324 |
|
|
122,589 |
|
Loans receivable, net |
|
2,307,140 |
|
|
2,278,492 |
|
|
2,225,001 |
|
|
2,119,829 |
|
|
1,764,597 |
|
|
1,643,677 |
|
Deposits |
|
2,188,633 |
|
|
2,180,724 |
|
|
2,116,624 |
|
|
1,984,876 |
|
|
1,691,353 |
|
|
1,569,370 |
|
Borrowings |
|
282,435 |
|
|
282,377 |
|
|
312,319 |
|
|
324,124 |
|
|
204,124 |
|
|
189,124 |
|
Stockholders’ equity |
|
216,718 |
|
|
200,215 |
|
|
195,763 |
|
|
194,076 |
|
|
177,386 |
|
|
176,454 |
|
Tangible Book Value |
|
11.58 |
|
|
11.00 |
|
|
10.78 |
|
|
10.68 |
|
|
10.90 |
|
|
10.85 |
|
|
|
|
|
|
|
|
|
Operating data by quarter |
|
Q1 2019 |
Q4 2018 |
Q3 2018 |
|
Q2 2018 |
|
Q1 2018 |
|
Q4 2017 |
|
|
|
|
|
|
|
|
|
(In thousands, except for per share amounts) |
Net interest income |
$ |
20,902 |
|
$ |
21,171 |
|
$ |
20,080 |
|
$ |
19,990 |
|
$ |
16,440 |
|
$ |
16,642 |
|
Provision for loan losses |
|
889 |
|
|
821 |
|
|
907 |
|
|
2,060 |
|
|
1,342 |
|
|
325 |
|
Non-interest income |
|
1,660 |
|
|
1,159 |
|
|
1,852 |
|
|
1,563 |
|
|
3,386 |
|
|
1,515 |
|
Non-interest expense |
|
13,777 |
|
|
13,884 |
|
|
14,391 |
|
|
15,980 |
|
|
12,011 |
|
|
12,035 |
|
Income tax expense |
|
2,445 |
|
|
2,401 |
|
|
2,040 |
|
|
1,200 |
|
|
1,841 |
|
|
4,458 |
|
Net income |
$ |
5,451 |
|
$ |
5,224 |
|
$ |
4 ,594 |
|
$ |
2,313 |
|
$ |
4,632 |
|
$ |
1,339 |
|
Diluted net income per share: |
$ |
0.32 |
|
$ |
0.31 |
|
$ |
0.27 |
|
$ |
0.13 |
|
$ |
0.29 |
|
$ |
0.08 |
|
Common Dividends declared per share |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
Financial Ratios |
|
Q1 2019 |
Q4 2018 |
Q3 2018 |
|
Q2 2018 |
|
Q1 2018 |
|
Q4 2017 |
|
Return on average assets |
|
0.81 |
% |
|
0.78 |
% |
|
0.72 |
% |
|
0.40 |
% |
|
0.92 |
% |
|
0.28 |
% |
Return on average stockholder’s equity |
|
10.55 |
% |
|
10.66 |
% |
|
9.44 |
% |
|
4.90 |
% |
|
10.48 |
% |
|
3.01 |
% |
Net interest margin |
|
3.18 |
% |
|
3.24 |
% |
|
3.22 |
% |
|
3.52 |
% |
|
3.34 |
% |
|
3.56 |
% |
Stockholder’s equity to total assets |
|
7.97 |
% |
|
7.49 |
% |
|
7.42 |
% |
|
7.71 |
% |
|
8.52 |
% |
|
9.08 |
% |
|
|
|
|
|
|
|
|
Asset
Quality Ratios |
|
(In thousands, except for ratio %) |
|
Q1 2019 |
Q4 2018 |
Q3 2018 |
|
Q2 2018 |
|
Q1 2018 |
|
Q4 2017 |
|
Non-Accrual Loans |
$ |
5,670 |
|
$ |
7,221 |
|
$ |
11,093 |
|
$ |
10,763 |
|
$ |
10,619 |
|
$ |
13,036 |
|
Non-Accrual Loans as a % of Total Loans |
|
0.24 |
% |
|
0.31 |
% |
|
0.49 |
% |
|
0.50 |
% |
|
0.60 |
% |
|
0.78 |
% |
ALLL as % of Non-Accrual Loans |
|
405.71 |
% |
|
309.64 |
% |
|
193.85 |
% |
|
191.79 |
% |
|
172.68 |
% |
|
133.28 |
% |
Impaired Loans |
|
40,533 |
|
|
42,408 |
|
|
47,251 |
|
|
50,899 |
|
|
36,199 |
|
|
37,786 |
|
Classified Loans |
|
23,977 |
|
|
26,161 |
|
|
30,179 |
|
|
33,605 |
|
|
20,299 |
|
|
21,730 |
|
Contact:
Thomas Coughlin,
President &
CEO
Thomas Keating,
CFO
(201) 823-0700
BCB Bancorp (NASDAQ:BCBP)
Historical Stock Chart
From Apr 2024 to May 2024
BCB Bancorp (NASDAQ:BCBP)
Historical Stock Chart
From May 2023 to May 2024