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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV