BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding
company for BCB Community Bank (the “Bank”), today reported that an
increase in total interest income and decreases in the provision
for loan losses and non-interest expenses, contributed to second
quarter and year-to-date 2019 profits. Net income increased $2.9
million, or 126.0 percent, to $5.2 million for the second quarter
of 2019, compared with $2.3 million for the second quarter of 2018.
In the preceding quarter, the Company earned $5.5 million. There
were no merger related costs associated with the IA Bancorp, Inc.
(“IAB”) acquisition during the current quarter or the preceding
quarter. This compares to acquisition costs of $2.0 million during
the second quarter a year ago.
For the first six months of the year, net income
increased $3.7 million, or 53.8 percent, to $10.7 million, compared
with $7.0 million for the six months ended June 30, 2018.
“Our second quarter and year-to-date financial
results reflect the success of our earnings-focused and
conservative growth strategies, which are producing strong core
earnings,” stated Thomas Coughlin, President and Chief Executive
Officer. “This focus on pricing and profitable relationships
resulted in higher net interest income. The on-going benefits of
the IAB acquisition also contributed to profitability, as expenses
were down through the continued capture of synergies from the
transaction. We will continue to look for opportunities to build
our relationships and grow our brand of banking throughout our
surrounding markets.”
The IAB acquisition, which was completed during
the second quarter of 2018, added approximately $221.4 million in
assets, $178.4 million in deposits and $182.6 million in net
loans.
Second Quarter 2019 Financial
Highlights
- Net income increased 126.0 percent to $5.2 million in the
second quarter of 2019, compared to $2.3 million in the second
quarter of 2018.
- Earnings per diluted share increased to $0.30 in 2Q19 compared
to $0.13 in 2Q18.
- Net interest income, before the provision for loan losses,
increased 4.4 percent to $20.9 million in the second quarter,
compared to $20.0 million in the second quarter a year ago.
- Net interest margin was 3.16 percent in the second quarter
compared to 3.52 percent in the second quarter a year ago.
- Total assets increased 8.8 percent to $2.738 billion at June
30, 2019, compared to $2.157 billion a year earlier.
- Net loans receivable increased 8.5 percent to $2.300 billion at
June 30, 2019, compared to $2.120 billion a year earlier.
- Allowance for loan losses as a percentage of non-accrual loans
was 433.4 percent at June 30, 2019, compared to 191.8 percent at
June 30, 2018.
- Tangible book value improved to $11.58 at June 30, 2019 from
$10.69 a year ago.
- 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 August 23, 2019, to common shareholders of record
on August 9, 2019.
- The Company issued $6.2 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, when applicable.
Balance Sheet Review
Total assets increased by $221.6 million, or 8.8
percent, to $2.738 billion at June 30, 2019 from $2.517 billion at
June 30, 2018 and increased by $19.7 million, or 0.7 percent,
compared to March 31, 2019. The increase in total assets was
primarily the result of an increase in total cash and cash
equivalents as a result of new deposit relationships, organic loan
growth, and the inclusion of operating and finance leases due to
accounting standards changes.
Net loans receivable increased by $179.9
million, or 8.5 percent, to $2.300 billion at June 30, 2019 from
$2.120 billion at June 30, 2018, and decreased slightly compared to
$2.307 billion at March 31, 2019. The organic growth in loans over
the first six months of 2019 represented increases of $27.2 million
in construction loans, $4.3 million in commercial real estate and
multi-family loans, and $603,000 in residential one-to-four family
loans, partly offset by decreases of $9.0 million in home equity
loans, $624,000 in commercial business loans, and $82,000 in
consumer loans. The slight decrease in loans receivable for the
current quarter reflects the Company’s growth and capital
management strategies.
Total cash and cash equivalents increased by
$47.2 million, or 26.2 percent, to $227.6 million at June 30, 2019
from $180.4 million a year ago, and increased by $34.1 million, or
17.6 percent compared to $193.5 million three months earlier. The
Company’s level of cash and cash equivalents is a part of the
Company’s strategy to maintain strong levels of liquidity. Total
investment securities decreased by $13.3 million, or 9.8 percent,
to $122.1 million at June 30, 2019 from $135.4 million at June 30,
2018, and decreased by $3.7 million, or 3.0 percent, compared to
$125.9 million at March 31, 2019.
On January 1, 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 $14.7 million in operating lease
right-of-use assets and a corresponding $14.7 million in operating
lease liabilities at June 30, 2019.
Total deposits increased by $223.3 million, or
11.3 percent, to $2.208 billion at June 30, 2019 from $1.985
billion at June 30, 2018, and increased by $19.6 million, or 0.9
percent, from $2.189 billion at March 31, 2019. Increases over the
first six months of 2019 included $45.3 million in money market
checking accounts, $14.0 million in non-interest bearing deposits,
and $6.9 million in transaction accounts, partly offset by
decreases of $36.0 million in certificates of deposit, and $2.7
million in savings and club accounts. The decrease in the Company’s
certificates of deposit was related to reduced levels of listing
service and brokered certificates of deposit, which saw decreases
of $17.3 million and $132.0 million, respectively, during the first
six months of 2019. These decreases were primarily related to the
decrease in loan funding requirements and allowed the Company to
reduce higher cost wholesale funding levels. The Company uses
listing service and brokered certificates of deposit as additional
sources of deposit liquidity, which totaled $19.6 million and
$116.0 million, respectively, at June 30, 2019.
Debt obligations remained flat at $282.5 million
at June 30, 2019 and March 31, 2019, and consisted of both Federal
Home Loan Bank (“FHLB”) borrowings and subordinated debt balances.
Debt obligations decreased when compared to $324.1 million at June
30, 2018. FHLB borrowings reflect the use of long-term advances to
augment deposits as the Company’s funding source for originating
loans and investing in investment securities. The weighted average
interest rate of FHLB advances was 2.18 percent at June 30, 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% at June 30, 2019.
Stockholders’ equity increased by $27.1 million,
or 14.0 percent, to $221.2 million at June 30, 2019 from $194.1
million at June 30, 2018, and increased by $4.4 million, or 2.0
percent, compared to $216.7 million three months earlier. The
year-over-year increase in stockholders’ equity was primarily
attributable to the Company’s issuance of $6.2 million of common
stock in a private placement which closed in February 2019 and the
issuance of $5.3 million of preferred series G stock in a private
placement, which was issued in January 2019. Retained earnings
increased by $9.8 million to $43.3 million at June 30, 2019 from
$33.6 million a year ago, due primarily to the increase in net
income, net of dividends paid.
Second Quarter Income Statement
Review
Net interest income increased by $875,000, or
4.4 percent, to $20.9 million for the second quarter of 2019 from
$20.0 million for the second quarter of 2018. The increase in net
interest income resulted primarily from an increase in the average
balance of interest-earning assets of $361.0 million, or 15.9
percent, to $2.638 billion for the second quarter of 2019 from
$2.277 billion for the second quarter a year ago. There was an
increase in the average yield on interest-earning assets of 13
basis points to 4.66 percent for the second quarter of 2019, from
4.53 percent for the second quarter a year ago. There was also an
increase in the average balance of interest-bearing liabilities of
$304.6 million, or 16.1 percent, to $2.194 billion for the second
quarter of 2019 from $1.890 billion for the second quarter a year
ago, and an increase in the average rate on interest-bearing
liabilities of 59 basis points to 1.80 percent for the second
quarter of 2019 from 1.21 percent for the second quarter a year
ago. Interest income on loans also included $518,000 of
amortization of purchase credit adjustments related to the
acquisition of IAB for the three months ended June 30, 2019, which
added approximately eight basis points to the average yield on
interest earning assets on an annualized basis. Interest expense,
net, related to the issuance of subordinated debt in July 2018,
totaled $529,000 for the three months ended June 30, 2019, which
added approximately seven basis points to the average cost of funds
on an annualized basis.
Net interest margin was 3.16 percent for the
second quarter of 2019 and 3.52 percent for second quarter of 2018.
“The decrease in the net interest margin was the result of the
higher 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 $235,000,
or 15.0 percent, to $1.3 million for the second quarter of 2019
from $1.6 million for the second quarter of 2018. The decrease in
total non-interest income was mainly related to lower income from
fees and service charges as well as lower gains on sale of loans,
partly offset by higher gain on sale of other real estate owned
properties and gains on sale of investment securities. Fees and
service charges decreased $169,000, or 17.4 percent to $802,000 for
the second quarter of 2019 from $971,000 for the second quarter of
2018. The decrease in fees and service charges resulted primarily
from lower loan-servicing fee income for the six months ended June
30, 2019 as compared to the same period in the prior year, which
relates to less sales of loans in the current year period.
Second quarter 2019 total non-interest expense
decreased by $2.1 million, or 13.1 percent, to $13.9 million from
$16.0 million for the second quarter a year ago. There were no
merger related expenses in the second quarter of 2019, compared to
$2.0 million of merger-related expenses in the second quarter a
year ago. Salaries and employee benefits expense decreased by
$207,000 during the second quarter of 2019 compared to the second
quarter a year ago. The decrease in salaries and employee benefits
relates in part to a reduction in full-time equivalent employees,
from 371 at June 30, 2018 to 366 at June 30, 2019, as part of
management’s continued initiative to manage headcount throughout
the organization.
The income tax provision increased by $1.1
million, or 93.1 percent, to $2.3 million for the second quarter of
2019 from $1.2 million for the second quarter of 2018, primarily
due to the increase in income before taxes. The consolidated
effective tax rate for the second quarter of 2019 was 30.7 percent
compared to 34.2 percent for the second quarter of 2018. The lower
effective tax rate in the current period primarily attributable to
an adjustment for the second quarter of 2018, related 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.
Year to Date Income Statement
Review
Net interest income increased by $5.3 million,
or 14.7 percent, to $41.8 million for the first six months of 2019
from $36.5 million for the first six months of 2018. Net interest
margin was 3.17 percent for the first half of 2019 and 3.46 percent
for the first half of 2018. The decrease in the net interest margin
was the result of the higher interest rate environment within the
period, with the increase in the cost of funds outpacing the return
on interest earning assets for the short term. Interest income on
loans also included $1.0 million of amortization of purchase credit
adjustments related to the acquisition of IAB for the six months
ended June 30, 2019, which added approximately eight basis points
to the average yield on interest earning assets on an annualized
basis. Interest expense, net, related to the issuance of
subordinated debt in July 2018, totaled $1.0 million for the six
months ended June 30, 2019, which added approximately seven basis
points to the average cost of funds on an annualized basis.
Total non-interest income decreased by $2.0
million, or 39.6 percent, to $3.0 million for the first six months
of 2019 from $5.0 million for the same period a year ago. The
decrease in total non-interest income mainly related to a decrease
in the amount of other non-interest income of $2.2 million, or 95.6
percent, to $102,000 for the first six months of 2019 from $2.3
million for the first six months of 2018. 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.
Total non-interest expense decreased by
$320,000, or 1.1 percent, to $27.7 million for the first six months
of 2019 from $28.0 million for the first six months of 2018. There
were no merger-related expenses in the first six months of 2019,
compared to $2.2 million in the first six months of 2018. Excluding
merger-related expenses, total non-interest expense increased $1.9
million, or 7.2 percent, primarily related to normal inflationary
increases and the inclusion of IAB expenses for the full six-month
period ending June 30, 2019 as compared to the partial period of
April 17 to June 30 in the prior year.
The income tax provision increased by $1.7
million, or 56.6 percent, to $4.8 million for the first six months
of 2019 from $3.1 million for the six months of 2018, primarily
related to the increase in income before taxes. The consolidated
effective tax rate for the first half of 2019 was 30.8 percent
compared to 30.5 percent for the first half of 2018.
Asset QualityThe provision for
loan losses decreased by $1.3 million, to $755,000 for the second
quarter of 2019 from $2.1 million for the second quarter of 2018.
Year-to-date, the provision for loan losses decreased by $1.8
million for the six months ended June 30, 2019, to $1.6 million
from $3.4 million for the six months ended June 30, 2018.
Non-accruing loans improved to $5.5 million, or 0.24 percent of
gross loans at June 30, 2019, compared to $5.7 million, or 0.24
percent of gross loans at March 31, 2019, and $10.8 million, or
0.50 percent of gross loans, a year earlier. Non-accruing loans
excluded $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 June 30, 2019,
were $21.8 million, compared to $23.1 million at March 31, 2019 and
$20.7 million at June 30, 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 $23.8 million,
or 433.5 percent of non-accruing loans and 1.02 percent of gross
loans, at June 30, 2019 as compared to an allowance for loan losses
of $23.0 million, or 405.7 percent of non-accruing loans and 0.99
percent of gross loans, at March 31, 2019 and an allowance for loan
losses of $20.6 million or 191.8 percent of non-accruing
loans and 0.96 percent of gross loans, a year ago.
The Company recognized net recoveries of $30,000
during the second quarter of 2019. This compares to net charge-offs
of $244,000 in the first quarter of 2019 and net charge offs of
$243,000 in the second quarter a year ago. Year-to-date, the
Company recognized $214,000 in net charge-offs compared to $137,000
in net charge-offs in the first six months 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 30 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.
Explanation of Non-GAAP Financial
Measures
Reported amounts are presented in accordance
with accounting principles generally accepted in the United States
of America ("GAAP"). This press release also contains certain
supplemental non-GAAP information that the Company’s management
uses in its analysis of the Company’s financial results. The
Company’s management believes that providing this information to
analysts and investors allows them to better understand and
evaluate the Company’s core financial results for the periods in
question.
The Company provides measurements and ratios
based on tangible stockholders' equity and efficiency ratios. These
measures are utilized by regulators and market analysts to evaluate
a company’s financial condition and, therefore, the Company’s
management believes that such information is useful to
investors.
For a reconciliation of GAAP to Non-GAAP
financial measures included in this press release, see
"Reconciliation of GAAP to Non-GAAP Financial Measures" below.
CONTACT: |
THOMAS
COUGHLIN, PRESIDENT & CEO THOMAS KEATING, CFO (201)
823-0700 |
|
|
|
Three Months Ended, |
|
|
|
|
June 30, 2019 |
March 31, 2019 |
June 30, 2018 |
June 30, 2019 vs. March 31, 2019 |
June 30, 2019 vs. June 30, 2018 |
|
Interest and dividend
income: |
(Dollars in thousands) |
|
|
|
Loans, including fees |
$ |
28,634 |
|
$ |
28,233 |
|
$ |
24,048 |
|
1.4 |
% |
19.1 |
% |
|
Mortgage-backed securities |
|
738 |
|
|
770 |
|
|
837 |
|
-4.2 |
% |
-11.8 |
% |
|
Other investment securities |
|
197 |
|
|
128 |
|
|
196 |
|
53.9 |
% |
0.5 |
% |
|
FHLB stock and other interest earning assets |
|
1,173 |
|
|
1,347 |
|
|
615 |
|
-12.9 |
% |
90.7 |
% |
|
Total interest and dividend
income |
|
30,742 |
|
|
30,478 |
|
|
25,696 |
|
0.9 |
% |
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
1,750 |
|
|
1,576 |
|
|
975 |
|
11.0 |
% |
79.5 |
% |
|
Savings and club |
|
110 |
|
|
113 |
|
|
105 |
|
-2.7 |
% |
4.8 |
% |
|
Certificates of deposit |
|
6,097 |
|
|
5,990 |
|
|
3,405 |
|
1.8 |
% |
79.1 |
% |
|
|
|
7,957 |
|
|
7,679 |
|
|
4,485 |
|
3.6 |
% |
77.4 |
% |
|
Borrowings |
|
1,920 |
|
|
1,897 |
|
|
1,221 |
|
1.2 |
% |
57.2 |
% |
|
Total interest expense |
|
9,877 |
|
|
9,576 |
|
|
5,706 |
|
3.1 |
% |
73.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
20,865 |
|
|
20,902 |
|
|
19,990 |
|
-0.2 |
% |
4.4 |
% |
|
Provision for loan
losses |
|
755 |
|
|
889 |
|
|
2,060 |
|
-15.1 |
% |
-63.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
20,110 |
|
|
20,013 |
|
|
17,930 |
|
0.5 |
% |
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges |
|
802 |
|
|
883 |
|
|
971 |
|
-9.2 |
% |
-17.4 |
% |
|
Gain on sales of loans |
|
437 |
|
|
318 |
|
|
576 |
|
37.4 |
% |
-24.1 |
% |
|
Gain on bulk sale of impaired loans held in portfolio |
|
- |
|
|
107 |
|
|
- |
|
-100.0 |
% |
- |
|
|
Gain (loss) on sales of other real estate owned |
|
45 |
|
|
8 |
|
|
(10 |
) |
462.5 |
% |
-550.0 |
% |
|
Gain on sale of investment securities |
|
21 |
|
|
- |
|
|
- |
|
- |
|
- |
|
|
Unrealized (loss) gain on equity investments |
|
(26 |
) |
|
291 |
|
|
(33 |
) |
-108.9 |
% |
-21.2 |
% |
|
Other |
|
49 |
|
|
53 |
|
|
59 |
|
-7.5 |
% |
-16.9 |
% |
|
Total non-interest
income |
|
1,328 |
|
|
1,660 |
|
|
1,563 |
|
-20.0 |
% |
-15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
6,918 |
|
|
6,915 |
|
|
7,125 |
|
- |
|
-2.9 |
% |
|
Occupancy and equipment |
|
2,649 |
|
|
2,630 |
|
|
2,476 |
|
0.7 |
% |
7.0 |
% |
|
Data processing and service fees |
|
731 |
|
|
721 |
|
|
828 |
|
1.4 |
% |
-11.7 |
% |
|
Professional fees |
|
473 |
|
|
533 |
|
|
533 |
|
-11.3 |
% |
-11.3 |
% |
|
Director fees |
|
316 |
|
|
318 |
|
|
201 |
|
-0.6 |
% |
57.2 |
% |
|
Regulatory assessments |
|
417 |
|
|
457 |
|
|
290 |
|
-8.8 |
% |
43.8 |
% |
|
Advertising and promotional |
|
123 |
|
|
73 |
|
|
100 |
|
68.5 |
% |
23.0 |
% |
|
Other real estate owned, net |
|
124 |
|
|
(16 |
) |
|
160 |
|
- |
|
-22.5 |
% |
|
Merger related costs |
|
- |
|
|
- |
|
|
2,039 |
|
- |
|
-100.0 |
% |
|
Other |
|
2,143 |
|
|
2,146 |
|
|
2,228 |
|
-0.1 |
% |
-3.8 |
% |
|
Total non-interest expense |
|
13,894 |
|
|
13,777 |
|
|
15,980 |
|
0.8 |
% |
-13.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax provision |
|
7,544 |
|
|
7,896 |
|
|
3,513 |
|
-4.5 |
% |
114.7 |
% |
|
Income tax provision |
|
2,317 |
|
|
2,445 |
|
|
1,200 |
|
-5.2 |
% |
93.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
5,227 |
|
$ |
5,451 |
|
$ |
2,313 |
|
-4.1 |
% |
126.0 |
% |
|
Preferred stock dividends |
|
342 |
|
|
317 |
|
|
262 |
|
7.9 |
% |
30.5 |
% |
|
Net Income available to common
stockholders |
$ |
4,885 |
|
$ |
5,134 |
|
$ |
2,051 |
|
-4.9 |
% |
138.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per common share-basic and
diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
$ |
0.32 |
|
$ |
0.13 |
|
-6.3 |
% |
130.8 |
% |
|
Diluted |
$ |
0.30 |
|
$ |
0.32 |
|
$ |
0.13 |
|
-6.3 |
% |
130.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
16,413 |
|
|
16,078 |
|
|
15,610 |
|
2.1 |
% |
5.1 |
% |
|
Diluted |
|
16,471 |
|
|
16,111 |
|
|
15,748 |
|
2.2 |
% |
4.6 |
% |
|
|
|
|
|
|
|
|
Six Months Ended, |
|
|
|
June 30, 2019 |
June 30, 2018 |
June 30, 2019 vs. June 30, 2018 |
|
Interest and dividend
income: |
(Dollars in thousands) |
|
|
Loans, including fees |
$ |
56,867 |
$ |
43,569 |
|
30.5 |
% |
|
Mortgage-backed securities |
|
1,508 |
|
1,536 |
|
-1.8 |
% |
|
Other investment securities |
|
325 |
|
300 |
|
8.3 |
% |
|
FHLB stock and other interest earning assets |
|
2,520 |
|
1,233 |
|
104.4 |
% |
|
Total interest and dividend
income |
|
61,220 |
|
46,638 |
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Demand |
|
3,326 |
|
1,772 |
|
87.7 |
% |
|
Savings and club |
|
223 |
|
202 |
|
10.4 |
% |
|
Certificates of deposit |
|
12,087 |
|
6,135 |
|
97.0 |
% |
|
|
|
15,636 |
|
8,109 |
|
92.8 |
% |
|
Borrowings |
|
3,817 |
|
2,099 |
|
81.8 |
% |
|
Total interest expense |
|
19,453 |
|
10,208 |
|
90.6 |
% |
|
|
|
|
|
|
|
|
|
Net interest
income |
|
41,767 |
|
36,430 |
|
14.7 |
% |
|
Provision for loan
losses |
|
1,644 |
|
3,402 |
|
-51.7 |
% |
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan
losses |
|
40,123 |
|
33,028 |
|
21.5 |
% |
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
Fees and service charges |
|
1,685 |
|
1,681 |
|
0.2 |
% |
|
Gain on sales of loans |
|
755 |
|
1,159 |
|
-34.9 |
% |
|
Gain (loss) on bulk sale of impaired loans held in portfolio |
|
107 |
|
(24 |
) |
- |
|
|
Gain (loss) on sales of other real estate owned |
|
53 |
|
(10 |
) |
- |
|
|
Gain on sale of investment securities |
|
21 |
|
- |
|
- |
|
|
Unrealized gain (loss) on equity investments |
|
265 |
|
(160 |
) |
- |
|
|
Other |
|
102 |
|
2,303 |
|
-95.6 |
% |
|
Total non-interest
income |
|
2,988 |
|
4,949 |
|
-39.6 |
% |
|
|
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
13,833 |
|
13,392 |
|
3.3 |
% |
|
Occupancy and equipment |
|
5,279 |
|
4,538 |
|
16.3 |
% |
|
Data processing and service fees |
|
1,452 |
|
1,557 |
|
-6.7 |
% |
|
Professional fees |
|
1,006 |
|
1,038 |
|
-3.1 |
% |
|
Director fees |
|
634 |
|
402 |
|
57.7 |
% |
|
Regulatory assessments |
|
874 |
|
529 |
|
65.2 |
% |
|
Advertising and promotional |
|
196 |
|
185 |
|
5.9 |
% |
|
Other real estate owned, net |
|
108 |
|
191 |
|
-43.5 |
% |
|
Merger related costs |
|
- |
|
2,184 |
|
-100.0 |
% |
|
Other |
|
4,289 |
|
3,975 |
|
7.9 |
% |
|
Total non-interest expense |
|
27,671 |
|
27,991 |
|
-1.1 |
% |
|
|
|
|
|
|
|
|
|
Income before income
tax provision |
|
15,440 |
|
9,986 |
|
54.6 |
% |
|
Income tax provision |
|
4,762 |
|
3,041 |
|
56.6 |
% |
|
|
|
|
|
|
|
|
|
Net Income |
$ |
10,678 |
$ |
6,945 |
|
53.8 |
% |
|
Preferred stock dividends |
|
659 |
|
428 |
|
54.0 |
% |
|
Net Income available to common
stockholders |
$ |
10,019 |
$ |
6,517 |
|
53.7 |
% |
|
|
|
|
|
|
|
|
|
Net Income per common share-basic and
diluted |
|
|
|
|
|
|
|
Basic |
$ |
0.62 |
$ |
0.43 |
|
44.2 |
% |
|
Diluted |
$ |
0.62 |
$ |
0.42 |
|
47.6 |
% |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
|
|
Basic |
|
16,245 |
|
15,329 |
|
6.0 |
% |
|
Diluted |
|
16,290 |
|
15,465 |
|
5.3 |
% |
|
|
|
|
|
|
June 30, 2019 |
March 31, 2019 |
June 30, 2018 |
June 30, 2019 vs. March 31, 2019 |
June 30, 2019 vs. June 30, 2018 |
ASSETS |
(Dollars in thousands) |
|
|
Cash and amounts due from depository institutions |
$ |
20,660 |
|
$ |
18,610 |
|
$ |
23,125 |
|
11.0 |
% |
-10.7 |
% |
Interest-earning deposits |
|
206,982 |
|
|
174,938 |
|
|
157,320 |
|
18.3 |
% |
31.6 |
% |
Total cash and cash equivalents |
|
227,642 |
|
|
193,548 |
|
|
180,445 |
|
17.6 |
% |
26.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning time
deposits |
|
735 |
|
|
735 |
|
|
980 |
|
- |
|
-25.0 |
% |
Debt securities available for
sale |
|
116,258 |
|
|
117,942 |
|
|
127,291 |
|
-1.4 |
% |
-8.7 |
% |
Equity investments |
|
5,901 |
|
|
7,963 |
|
|
8,134 |
|
-25.9 |
% |
-27.5 |
% |
Loans held for sale |
|
- |
|
|
1,347 |
|
|
1,405 |
|
-100.0 |
% |
-100.0 |
% |
Loans receivable, net of allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
of $23,789, $23,004, and $20,640, respectively |
|
2,299,765 |
|
|
2,307,140 |
|
|
2,119,829 |
|
-0.3 |
% |
8.5 |
% |
Federal Home Loan Bank of New
York stock, at cost |
|
13,821 |
|
|
13,405 |
|
|
16,744 |
|
3.1 |
% |
-17.5 |
% |
Premises and equipment,
net |
|
19,482 |
|
|
19,684 |
|
|
21,055 |
|
-1.0 |
% |
-7.5 |
% |
Operating lease right-of-use
asset |
|
14,650 |
|
|
16,019 |
|
|
- |
|
-8.5 |
% |
- |
|
Accrued interest
receivable |
|
9,315 |
|
|
9,750 |
|
|
7,563 |
|
-4.5 |
% |
23.2 |
% |
Other real estate owned |
|
1,235 |
|
|
1,746 |
|
|
1,178 |
|
-29.3 |
% |
4.8 |
% |
Deferred income taxes |
|
12,962 |
|
|
13,302 |
|
|
11,451 |
|
-2.6 |
% |
13.2 |
% |
Goodwill and other
intangibles |
|
5,587 |
|
|
5,584 |
|
|
5,691 |
|
0.1 |
% |
-1.8 |
% |
Other assets |
|
10,777 |
|
|
10,235 |
|
|
14,798 |
|
5.3 |
% |
-27.2 |
% |
Total Assets |
$ |
2,738,130 |
|
$ |
2,718,400 |
|
$ |
2,516,564 |
|
0.7 |
% |
8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
$ |
278,602 |
|
$ |
273,370 |
|
$ |
229,292 |
|
1.9 |
% |
21.5 |
% |
Interest bearing deposits |
|
1,929,620 |
|
|
1,915,263 |
|
|
1,755,584 |
|
0.7 |
% |
9.9 |
% |
Total deposits |
|
2,208,222 |
|
|
2,188,633 |
|
|
1,984,876 |
|
0.9 |
% |
11.3 |
% |
FHLB advances |
|
245,800 |
|
|
245,800 |
|
|
320,005 |
|
- |
|
-23.2 |
% |
Subordinated debentures |
|
36,693 |
|
|
36,635 |
|
|
4,124 |
|
0.2 |
% |
789.7 |
% |
Operating lease liability |
|
14,724 |
|
|
16,059 |
|
|
- |
|
-8.3 |
% |
- |
|
Other liabilities |
|
11,538 |
|
|
14,555 |
|
|
13,483 |
|
-20.7 |
% |
-14.4 |
% |
Total Liabilities |
|
2,516,977 |
|
|
2,501,682 |
|
|
2,322,488 |
|
0.6 |
% |
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Preferred stock: $0.01 par
value, 10,000,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
Additional paid-in capital
preferred stock |
|
25,016 |
|
|
25,016 |
|
|
19,706 |
|
- |
|
26.9 |
% |
Common stock: no par value,
20,000,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
Additional paid-in capital
common stock |
|
176,767 |
|
|
176,379 |
|
|
175,716 |
|
0.2 |
% |
0.6 |
% |
Retained earnings |
|
43,347 |
|
|
40,750 |
|
|
33,570 |
|
6.4 |
% |
29.1 |
% |
Accumulated other
comprehensive (loss) |
|
(1,929 |
) |
|
(3,379 |
) |
|
(5,800 |
) |
-42.9 |
% |
-66.7 |
% |
Treasury stock, at cost |
|
(22,048 |
) |
|
(22,048 |
) |
|
(29,116 |
) |
- |
|
-24.3 |
% |
Total Stockholders'
Equity |
|
221,153 |
|
|
216,718 |
|
|
194,076 |
|
2.0 |
% |
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders'
Equity |
$ |
2,738,130 |
|
$ |
2,718,400 |
|
$ |
2,516,564 |
|
0.7 |
% |
8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding common
shares |
|
16,461 |
|
|
16,398 |
|
|
15,783 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2019 |
|
|
|
2018 |
|
|
|
Average Balance |
|
|
Interest Earned/Paid |
|
Average Yield/Rate (3) |
|
|
Average Balance |
|
|
Interest Earned/Paid |
|
Average Yield/Rate (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable |
$ |
2,329,209 |
|
$ |
28,634 |
|
4.92 |
% |
|
$ |
2,033,372 |
|
$ |
24,048 |
|
4.74 |
% |
Investment Securities |
|
124,520 |
|
|
935 |
|
3.00 |
% |
|
|
146,760 |
|
|
1,033 |
|
2.82 |
% |
Interest-earning deposits |
|
184,266 |
|
|
1,173 |
|
2.55 |
% |
|
|
96,853 |
|
|
615 |
|
2.55 |
% |
Total Interest-earning assets |
|
2,637,995 |
|
|
30,742 |
|
4.66 |
% |
|
|
2,276,985 |
|
|
25,696 |
|
4.53 |
% |
Non-interest-earning
assets |
|
78,478 |
|
|
|
|
|
|
|
46,060 |
|
|
|
|
|
Total assets |
$ |
2,716,473 |
|
|
|
|
|
|
$ |
2,323,045 |
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
accounts |
$ |
341,418 |
|
$ |
648 |
|
0.76 |
% |
|
$ |
333,641 |
|
$ |
473 |
|
0.57 |
% |
Money market accounts |
|
253,633 |
|
|
1,102 |
|
1.74 |
% |
|
|
186,650 |
|
|
502 |
|
1.07 |
% |
Savings accounts |
|
259,398 |
|
|
110 |
|
0.17 |
% |
|
|
264,764 |
|
|
105 |
|
0.16 |
% |
Certificates of Deposit |
|
1,056,375 |
|
|
6,097 |
|
2.31 |
% |
|
|
876,266 |
|
|
3,405 |
|
1.56 |
% |
Total interest-bearing deposits |
|
1,910,824 |
|
|
7,957 |
|
1.67 |
% |
|
|
1,661,321 |
|
|
4,485 |
|
1.08 |
% |
Borrowed funds |
|
283,424 |
|
|
1,920 |
|
2.71 |
% |
|
|
228,353 |
|
|
1,221 |
|
2.15 |
% |
Total interest-bearing liabilities |
|
2,194,248 |
|
|
9,877 |
|
1.80 |
% |
|
|
1,889,674 |
|
|
5,706 |
|
1.21 |
% |
Non-interest-bearing
liabilities |
|
304,680 |
|
|
|
|
|
|
|
244,544 |
|
|
|
|
|
Total liabilities |
|
2,498,928 |
|
|
|
|
|
|
|
2,134,218 |
|
|
|
|
|
Stockholders' equity |
|
217,545 |
|
|
|
|
|
|
|
188,827 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,716,473 |
|
|
|
|
|
|
$ |
2,323,045 |
|
|
|
|
|
Net interest income |
|
|
|
$ |
20,865 |
|
|
|
|
|
|
$ |
19,990 |
|
|
Net interest rate
spread(1) |
|
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
|
|
3.32 |
% |
Net interest margin(2) |
|
|
|
|
|
|
3.16 |
% |
|
|
|
|
|
|
|
3.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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.(2) Net
interest margin represents net interest income divided by average
total interest-earning assets.(3) Annualized.
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2019 |
|
|
|
2018 |
|
|
|
Average Balance |
|
|
Interest Earned/Paid |
|
Average Yield/Rate (3) |
|
|
Average Balance |
|
|
Interest Earned/Paid |
|
Average Yield/Rate (3) |
|
|
(Dollars in thousands) |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable |
$ |
2,322,674 |
|
$ |
56,867 |
|
4.90 |
% |
|
$ |
1,876,349 |
|
$ |
43,569 |
|
4.68 |
% |
Investment Securities |
|
125,139 |
|
|
1,833 |
|
2.93 |
% |
|
|
138,133 |
|
|
1,836 |
|
2.68 |
% |
Interest-earning deposits |
|
185,368 |
|
|
2,520 |
|
2.72 |
% |
|
|
109,937 |
|
|
1,233 |
|
2.26 |
% |
Total Interest-earning assets |
|
2,633,181 |
|
|
61,220 |
|
4.65 |
% |
|
|
2,124,419 |
|
|
46,638 |
|
4.43 |
% |
Non-interest-earning
assets |
|
70,550 |
|
|
|
|
|
|
|
44,647 |
|
|
|
|
|
Total assets |
$ |
2,703,731 |
|
|
|
|
|
|
$ |
2,169,066 |
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
accounts |
$ |
341,538 |
|
$ |
1,252 |
|
0.73 |
% |
|
$ |
323,843 |
|
$ |
903 |
|
0.56 |
% |
Money market accounts |
|
245,368 |
|
|
2,074 |
|
1.69 |
% |
|
|
172,074 |
|
|
869 |
|
1.02 |
% |
Savings accounts |
|
259,958 |
|
|
223 |
|
0.17 |
% |
|
|
261,792 |
|
|
202 |
|
0.16 |
% |
Certificates of Deposit |
|
1,070,757 |
|
|
12,087 |
|
2.26 |
% |
|
|
798,672 |
|
|
6,135 |
|
1.55 |
% |
Total interest-bearing deposits |
|
1,917,621 |
|
|
15,636 |
|
1.63 |
% |
|
|
1,556,381 |
|
|
8,109 |
|
1.05 |
% |
Borrowed funds |
|
283,442 |
|
|
3,817 |
|
2.69 |
% |
|
|
205,311 |
|
|
2,099 |
|
2.06 |
% |
Total interest-bearing liabilities |
|
2,201,063 |
|
|
19,453 |
|
1.77 |
% |
|
|
1,761,692 |
|
|
10,208 |
|
1.17 |
% |
Non-interest-bearing
liabilities |
|
290,511 |
|
|
|
|
|
|
|
224,561 |
|
|
|
|
|
Total liabilities |
|
2,491,574 |
|
|
|
|
|
|
|
1,986,253 |
|
|
|
|
|
Stockholders' equity |
|
212,157 |
|
|
|
|
|
|
|
182,813 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,703,731 |
|
|
|
|
|
|
$ |
2,169,066 |
|
|
|
|
|
Net interest income |
|
|
|
$ |
41,767 |
|
|
|
|
|
|
$ |
36,430 |
|
|
Net interest rate
spread(1) |
|
|
|
|
|
|
2.88 |
% |
|
|
|
|
|
|
|
3.26 |
% |
Net interest margin(2) |
|
|
|
|
|
|
3.17 |
% |
|
|
|
|
|
|
|
3.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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.(2) Net
interest margin represents net interest income divided by average
total interest-earning assets.(3) Annualized.
|
|
|
|
|
Financial condition data by quarter |
|
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
|
|
|
|
|
|
|
|
(In thousands, except tangible book value) |
Total assets |
$ |
2,738,130 |
|
$ |
2,718,400 |
|
$ |
2,674,731 |
|
$ |
2,637,868 |
|
$ |
2,516,564 |
|
$ |
2,082,313 |
|
Cash and cash
equivalents |
|
227,642 |
|
|
193,548 |
|
|
195,264 |
|
|
206,710 |
|
|
180,445 |
|
|
137,334 |
|
Securities |
|
122,159 |
|
|
125,905 |
|
|
127,007 |
|
|
127,863 |
|
|
135,425 |
|
|
127,324 |
|
Loans receivable,
net |
|
2,299,765 |
|
|
2,307,140 |
|
|
2,278,492 |
|
|
2,225,001 |
|
|
2,119,829 |
|
|
1,764,597 |
|
Deposits |
|
2,208,222 |
|
|
2,188,633 |
|
|
2,180,724 |
|
|
2,116,624 |
|
|
1,984,876 |
|
|
1,691,353 |
|
Borrowings |
|
282,493 |
|
|
282,435 |
|
|
282,377 |
|
|
312,319 |
|
|
324,124 |
|
|
204,124 |
|
Stockholders’
equity |
|
221,153 |
|
|
216,718 |
|
|
200,215 |
|
|
195,763 |
|
|
194,076 |
|
|
177,386 |
|
Tangible Book Value |
|
11.58 |
|
|
11.35 |
|
|
11.00 |
|
|
10.78 |
|
|
10.69 |
|
|
10.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating data by quarter |
|
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
|
|
|
|
|
|
|
|
(In thousands, except for per share amounts) |
Net interest income |
$ |
20,865 |
|
$ |
20,902 |
|
$ |
21,171 |
|
$ |
20,080 |
|
$ |
19,990 |
|
$ |
16,440 |
|
Provision for loan
losses |
|
755 |
|
|
889 |
|
|
821 |
|
|
907 |
|
|
2,060 |
|
|
1,342 |
|
Non-interest income |
|
1,328 |
|
|
1,660 |
|
|
1,159 |
|
|
1,852 |
|
|
1,563 |
|
|
3,386 |
|
Non-interest
expense |
|
13,894 |
|
|
13,777 |
|
|
13,884 |
|
|
14,391 |
|
|
15,980 |
|
|
12,011 |
|
Income tax expense |
|
2,317 |
|
|
2,445 |
|
|
2,401 |
|
|
2,040 |
|
|
1,200 |
|
|
1,841 |
|
Net income |
$ |
5,227 |
|
$ |
5,451 |
|
$ |
5,224 |
|
$ |
4,594 |
|
$ |
2,313 |
|
$ |
4,632 |
|
Net income per diluted
share |
$ |
0.30 |
|
$ |
0.32 |
|
$ |
0.31 |
|
$ |
0.27 |
|
$ |
0.13 |
|
$ |
0.29 |
|
Common Dividends declared per
share |
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
Financial Ratios |
|
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
Return on average
assets |
|
0.77 |
% |
|
0.81 |
% |
|
0.78 |
% |
|
0.72 |
% |
|
0.40 |
% |
|
0.92 |
% |
Return on average
stockholder’s equity |
|
9.61 |
% |
|
10.55 |
% |
|
10.66 |
% |
|
9.44 |
% |
|
4.90 |
% |
|
10.48 |
% |
Net interest margin |
|
3.16 |
% |
|
3.18 |
% |
|
3.24 |
% |
|
3.22 |
% |
|
3.52 |
% |
|
3.34 |
% |
Stockholder’s equity to total
assets |
|
8.08 |
% |
|
7.97 |
% |
|
7.49 |
% |
|
7.42 |
% |
|
7.71 |
% |
|
8.52 |
% |
Efficiency Ratio |
|
62.61 |
% |
|
61.06 |
% |
|
62.18 |
% |
|
65.62 |
% |
|
74.14 |
% |
|
60.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
(In thousands, except for ratio %) |
|
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
Non-Accrual Loans |
$ |
5,488 |
|
$ |
5,670 |
|
$ |
7,221 |
|
$ |
11,093 |
|
$ |
10,763 |
|
$ |
10,619 |
|
Non-Accrual Loans as a % of
Total Loans |
|
0.24 |
% |
|
0.24 |
% |
|
0.31 |
% |
|
0.49 |
% |
|
0.50 |
% |
|
0.60 |
% |
ALLL as % of Non-Accrual
Loans |
|
433.47 |
% |
|
405.71 |
% |
|
309.64 |
% |
|
193.85 |
% |
|
191.79 |
% |
|
172.68 |
% |
Impaired Loans |
|
37,275 |
|
|
40,533 |
|
|
42,408 |
|
|
47,251 |
|
|
50,899 |
|
|
36,199 |
|
Classified Loans |
|
22,679 |
|
|
23,977 |
|
|
26,161 |
|
|
30,179 |
|
|
33,605 |
|
|
20,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recorded Investment in Loans Receivable by
quarter |
|
|
|
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
|
(In Thousands) |
Residential one-to-four family |
$ |
258,688 |
|
$ |
258,184 |
|
$ |
258,085 |
|
$ |
254,149 |
|
$ |
249,996 |
|
$ |
238,275 |
|
Commercial and
multi-family |
|
1,702,132 |
|
|
1,724,326 |
|
|
1,697,837 |
|
|
1,701,105 |
|
|
1,622,881 |
|
|
1,362,684 |
|
Construction |
|
134,963 |
|
|
114,462 |
|
|
107,783 |
|
|
75,601 |
|
|
56,067 |
|
|
48,433 |
|
Commercial business |
|
164,569 |
|
|
167,067 |
|
|
165,193 |
|
|
142,312 |
|
|
137,767 |
|
|
81,054 |
|
Home equity |
|
63,927 |
|
|
66,946 |
|
|
72,895 |
|
|
73,714 |
|
|
74,507 |
|
|
53,053 |
|
Consumer |
|
727 |
|
|
731 |
|
|
809 |
|
|
1,368 |
|
|
898 |
|
|
1,127 |
|
|
$ |
2,325,006 |
|
$ |
2,331,716 |
|
$ |
2,302,602 |
|
$ |
2,248,249 |
|
$ |
2,142,116 |
|
$ |
1,784,626 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred loan fees, net |
|
(1,452 |
) |
|
(1,572 |
) |
|
(1,751 |
) |
|
(1,744 |
) |
|
(1,647 |
) |
|
(1,692 |
) |
Allowance for loan loss |
|
(23,789 |
) |
|
(23,004 |
) |
|
(22,359 |
) |
|
(21,504 |
) |
|
(20,640 |
) |
|
(18,337 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans,
net |
$ |
2,299,765 |
|
$ |
2,307,140 |
|
$ |
2,278,492 |
|
$ |
2,225,001 |
|
$ |
2,119,829 |
|
$ |
1,764,597 |
|
|
|
Non-Accruing Loans in Portfolio by quarter |
|
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
|
(In Thousands) |
Originated
loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential one-to-four family |
$ |
1,022 |
|
$ |
1,415 |
|
$ |
1,160 |
|
$ |
1,457 |
|
$ |
1,480 |
|
$ |
1,432 |
|
Commercial and multi-family |
|
1,881 |
|
|
1,364 |
|
|
2,568 |
|
|
5,572 |
|
|
5,578 |
|
|
5,652 |
|
Commercial business |
|
745 |
|
|
256 |
|
|
356 |
|
|
251 |
|
|
163 |
|
|
176 |
|
Home equity |
|
129 |
|
|
272 |
|
|
277 |
|
|
338 |
|
|
397 |
|
|
356 |
|
Consumer |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
42 |
|
|
- |
|
Sub-total: |
$ |
3,777 |
|
$ |
3,307 |
|
$ |
4,361 |
|
$ |
7,618 |
|
$ |
7,660 |
|
$ |
7,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired loans
initially recorded at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential one-to-four family |
$ |
1,116 |
|
$ |
1,704 |
|
$ |
2,165 |
|
$ |
2,590 |
|
$ |
2,474 |
|
$ |
2,374 |
|
Commercial and multi-family |
|
- |
|
|
597 |
|
|
605 |
|
|
590 |
|
|
590 |
|
|
590 |
|
Commercial business |
|
378 |
|
|
- |
|
|
48 |
|
|
295 |
|
|
- |
|
|
- |
|
Home equity |
|
217 |
|
|
62 |
|
|
42 |
|
|
- |
|
|
39 |
|
|
39 |
|
Sub-total: |
$ |
1,711 |
|
$ |
2,363 |
|
$ |
2,860 |
|
$ |
3,475 |
|
$ |
3,103 |
|
$ |
3,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total: |
$ |
5,488 |
|
$ |
5,670 |
|
$ |
7,221 |
|
$ |
11,093 |
|
$ |
10,763 |
|
$ |
10,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures by
quarter |
|
|
|
|
|
|
|
|
Tangible Book Value per Share |
|
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
|
(Dollars in thousnds, except per share
amounts) |
Total Stockholders' Equity |
$ |
221,153 |
|
$ |
216,718 |
|
$ |
200,215 |
|
$ |
195,763 |
|
$ |
194,076 |
|
$ |
177,386 |
|
Less: goodwill |
|
5,587 |
|
|
5,584 |
|
|
5,699 |
|
|
5,714 |
|
|
5,691 |
|
|
- |
|
Less: preferred stock |
|
25,016 |
|
|
25,016 |
|
|
19,706 |
|
|
19,706 |
|
|
19,706 |
|
|
13,241 |
|
Total tangible stockholders'
equity |
|
190,550 |
|
|
186,118 |
|
|
174,810 |
|
|
170,343 |
|
|
168,679 |
|
|
164,145 |
|
Shares outstanding |
|
16,461 |
|
|
16,398 |
|
|
15,889 |
|
|
15,799 |
|
|
15,783 |
|
|
15,055 |
|
Book value per share |
$ |
13.43 |
|
$ |
13.22 |
|
$ |
12.60 |
|
$ |
12.39 |
|
$ |
12.30 |
|
$ |
11.78 |
|
Tangible book value per
share |
$ |
11.58 |
|
$ |
11.35 |
|
$ |
11.00 |
|
$ |
10.78 |
|
$ |
10.69 |
|
$ |
10.90 |
|
|
|
Efficiency Ratio |
|
Q2 2019 |
Q1 2019 |
Q4 2018 |
Q3 2018 |
Q2 2018 |
Q1 2018 |
|
(Dollars in thousands) |
Net interest income |
$ |
20,865 |
|
$ |
20,902 |
|
$ |
21,171 |
|
$ |
20,080 |
|
$ |
19,990 |
|
$ |
16,440 |
|
Non-interest income |
|
1,328 |
|
|
1,660 |
|
|
1,159 |
|
|
1,852 |
|
|
1,563 |
|
|
3,386 |
|
Total income |
|
22,193 |
|
|
22,562 |
|
|
22,330 |
|
|
21,932 |
|
|
21,553 |
|
|
19,826 |
|
Non-interest expense |
|
13,894 |
|
|
13,777 |
|
|
13,884 |
|
|
14,391 |
|
|
15,980 |
|
|
12,011 |
|
Efficiency Ratio |
|
62.61 |
% |
|
61.06 |
% |
|
62.18 |
% |
|
65.62 |
% |
|
74.14 |
% |
|
60.58 |
% |
|
BCB Bancorp (NASDAQ:BCBP)
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