BCB Bancorp, Inc., Announces Quarterly Earnings, Quarterly Cash Dividend
BCB Bancorp, Inc., Bayonne, NJ (NASDAQ: BCBP) announced net earnings of $718,000 for the quarter ended March 31, 2010 compared to $1.36 million for the quarter ended March 31, 2009. Basic and diluted earnings per share were $0.15 for the three months ended March 31, 2010 as compared to $0.29 for the three months ended March 31, 2009. The Board of Directors unanimously approved a cash dividend payment of $0.12 per common share for shareholders of record as of April 30, 2010, payable on May 17, 2010.
Total assets increased by $10.2 million or 1.6% to $641.7 million at March 31, 2010 from $631.5 million at December 31, 2009. The Bank continued to grow assets, funded primarily through cash flow provided by retail deposit growth. Total cash and cash equivalents increased by $23.6 million or 35.1% to $90.9 million at March 31, 2010 from $67.3 million at December 31, 2009. Investment securities classified as held-to-maturity decreased by $2.9 million or 2.2% to $129.7 million at March 31, 2010 from $132.6 million at December 31, 2009. Loans receivable decreased by $10.7 million or 2.7% to $391.2 million at March 31, 2010 from $401.9 million at December 31, 2009. Deposit liabilities increased by $10.5 million or 2.3% to $474.2 million at March 31, 2010 from $463.7 million at December 31, 2009. Stockholders’ equity increased by $238,000 or 0.5% to $51.6 million at March 31, 2010 from $51.4 million at December 31, 2009. The increase in stockholders’ equity is primarily attributable to net income of the Company for the three months ended March 31, 2010 of $718,000, a $51,000 increase in the market value of our available-for-sale securities portfolio, net of tax, and a $31,000 increase resulting from the exercise of stock options totaling 5,844 shares, partially offset by the payment of a quarterly cash dividend totaling $559,000 representing a $0.12/share payment during the three months ended March 31, 2010 and $3,000 paid to repurchase 463 shares of the Company’s common stock.
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