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BCB Bancorp, Inc., Announces Increase In Annual Earnings

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ: BCBP) announced an increase in net earnings of $10.58 million or 282.1% to $14.33 million for the year ended December 31, 2010 from $3.75 million for the year ended December 31, 2009. Basic and diluted earnings per share were $2.06 and $2.05, respectively, for the year ended December 31, 2010 as compared to $0.81 and $0.80, respectively, for the year ended December 31, 2009. The weighted average number of common shares outstanding for the year ended December 31, 2010 for basic and diluted earnings per share calculations was 6,698,000 and 6,983,000 respectively. The weighted average number of shares outstanding for the year ended December 31, 2009 for basic and diluted earnings per share calculation purposes was 4,655,000 and 4,676,000.

Unless specified otherwise, the increase in the categories detailed in the balance sheet occurred primarily as a result of the acquisition of Pamrapo Bancorp, Inc. Total assets increased by $475.4 million or 75.3% to $1.107 billion at December 31, 2010 from $631.5 million at December 31, 2009. Total cash and cash equivalents increased by $53.8 million or 79.9% to $121.1 million at December 31, 2010 from $67.3 million at December 31, 2009. Securities held-to-maturity increased by $33.0 million or 24.9% to $165.6 million at December 31, 2010 from $132.6 million at December 31, 2009. Loans receivable increased by $371.2 million or 92.4% to $773.1 million at December 31, 2010 from $401.9 million at December 31, 2009. Deposit liabilities increased by $422.6 million or 91.1% to $886.3 million at December 31, 2010 from $463.7 million at December 31, 2009. Total stockholders’ equity increased by $47.6 million or 92.6% to $99.0 million at December 31, 2010 from $51.4 million at December 31, 2009. The increase in stockholders’ equity occurred primarily as a result of the common stock issued in conjunction with the business combination transaction with Pamrapo Bancorp, Inc., totaling $38.6 million. Additionally, the increase in stockholders’ equity reflects net income of $14.3 million for the year ended December 31, 2010 and the exercise of stock options during the year to purchase 13,677 shares of the Company’s common stock for a total of approximately $73,000, partially offset by the repurchase of 193,383 shares of the Company’s common stock in the stock repurchase plans in place and undertaken during the year totaling $1.8 million and cash dividends paid to shareholders during the year totaling $3.4 million.

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