BCB Bancorp, Inc., Announces An Increase In Quarterly Earnings, Quarterly Cash Dividend
BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP) announced an increase in quarterly earnings of $290,000 or 45.9% to $922,000 for the three months ended June 30, 2010 from $632,000 for the three months ended June 30, 2009. Basic and diluted earnings per share were $0.20 for the three months ended June 30, 2010 as compared to $0.14 per share for the three months ended June 30, 2009. The Company further reported net earnings of $1.64 million for the six months ended June 30, 2010, as compared to $2.0 million for the six months ended June 30, 2009. Basic and diluted earnings per share were $0.35 for the six months ended June 30, 2010 from $0.43 for the six months ended June 30, 2009. The Board of Directors unanimously approved a cash dividend payment of $0.12 per common share for shareholders of record as of July 30, 2010, payable on August 16, 2010. The results of operations and discussion of our financial condition does not include the effects of our recent acquisition of Pamrapo Bancorp, Inc., which was completed on July 6, 2010.
Total assets increased by $20.1 million or 3.2% to $651.6 million at June 30, 2010 from $631.5 million at December 31, 2009. Total cash and cash equivalents increased by $52.5 million or 78.0% to $119.8 million at June 30, 2010 from $67.3 million at December 31, 2009. The increase in cash and cash equivalents reflects management’s decision to increase the Bank’s liquidity position while it determines where the best investment opportunities exist during a period of low interest rates and a weak economy. Investment securities classified as held-to-maturity decreased by $17.0 million or 12.8% to $115.6 million at June 30, 2010 from $132.6 million at December 31, 2009. Loans receivable decreased by $13.0 million or 3.2% to $388.9 million at June 30, 2010 from $401.9 million at December 31, 2009. Deposit liabilities increased by $20.4 million or 4.4% to $484.1 million at June 30, 2010 from $463.7 million at December 31, 2009. Stockholders’ equity increased by $481,000 or 1.0% to $51.9 million at June 30, 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 six months ended June 30, 2010 of $1.64 million and a $31,000 increase resulting from the exercise of stock options for 5,844 shares, partially offset by the payment of two quarterly cash dividends totaling $1.1 million representing two $0.12 per share payments during the six months ended June 30, 2010, a $58,000 decrease in the market value of our available-for-sale securities portfolio, net of tax, and $12,000 paid to repurchase 1,311 shares of the Company’s common stock.
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