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BCB Bancorp, Inc., Announces An Increase In Quarterly Earnings, Quarterly Cash Dividend

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP –News) announced an increase in quarterly earnings of $7.75 million or 787.4% to $8.7 million for the three months ended September 30, 2010 from $984,000 for the three months ended September 30, 2009. Basic and diluted earnings per share were $0.94 and $0.93, respectively, for the three months ended September 30, 2010 as compared to $0.21 per share for the three months ended September 30, 2009. The Company further reported net earnings of $10.4 million for the nine months ended September 30, 2010, as compared to $2.98 million for the nine months ended September 30, 2009. Basic and diluted earnings per share were $1.62 and $1.65, respectively for the nine months ended September 30, 2010 an increase from basic and diluted earnings per share of $0.64 for the nine months ended September 30, 2009. The Board of Directors unanimously approved a cash dividend payment of $0.12 per common share for shareholders of record as of November 5, 2010, payable on November 17, 2010.

Unless specified otherwise, the increase in the foregoing sub-categories of the Company’s balance sheet occurred primarily as a result of the completion on July 6, 2010 of the business combination transaction with Pamrapo Bancorp, Inc. Total assets increased by $494.0 million or 78.2% to $1.13 billion at September 30, 2010 from $631.5 million at December 31, 2009. Total cash and cash equivalents increased by $58.0 million or 86.2% to $125.3 million at September 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 increased by $27.4 million or 20.7% to $160.0 million at September 30, 2010 from $132.6 million at December 31, 2009. Loans receivable increased by $396.4 million or 98.6% to $798.2 million at September 30, 2010 from $401.9 million at December 31, 2009. Deposit liabilities increased by $443.7 million or 95.7% to $907.4 million at September 30, 2010 from $463.7 million at December 31, 2009. Stockholders’ equity increased by $46.2 million or 89.9% to $97.6 million at September 30, 2010 from $51.4 million at December 31, 2009. The increase in stockholders’ equity is primarily attributable to an increase in additional paid-in capital of $38.1 million, net income for the nine months ended September 30, 2010 of $10.4 million, primarily as a result of the gain on bargain purchase accounting associated with the completion of the business combination transaction with Pamrapo Bancorp, Inc., an increase of $316,000 in common stock associated with the common stock issued related to the business combination transaction with Pamrapo Bancorp, Inc., and a $72,000 increase resulting from the exercise of stock options totaling 13,677 shares, partially offset by the payment of three quarterly cash dividends totaling $2.3 million representing three $0.12 per share payments during the nine months ended September 30, 2010, $358,000 paid to repurchase 43,959 shares of the Company’s common stock and a $10,000 decrease in the market value of our available-for-sale securities portfolio, net of tax.

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