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BCB Bancorp, Inc., Announces Increase In First Quarter Earnings And Declaration Of Quarterly Dividend

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ: BCBP) announced an increase in net income of $1.2 million or 171.4% to $1.9 million for the three months ended March 31, 2011 from $718,000 for the three months ended March 31, 2010. Basic and diluted earnings per share were $0.20 for the three months ended March 31, 2011 as compared to $0.15 for the three months ended March 31, 2010. The weighted average number of common shares outstanding for the three months ended March 31, 2011 for basic and diluted earnings per share calculations was 9,393,000 and 9,413,000. The weighted average number of common shares outstanding for the three months ended March 31, 2010 for basic and diluted earnings per share calculations was 4,662,000 and 4,678,000.

Total assets decreased by $7.0 million or 0.63% to $1.10 billion at March 31, 2011 from $1.11 billion at December 31, 2010. Total cash and cash equivalents decreased by $54.9 million or 45.3% to $66.2 million at March 31, 2011 from $121.1 million at December 31, 2010. Investment securities classified as held-to-maturity increased by $60.6 million or 36.6% to $226.2 million at March 31, 2011 from $165.6 million at December 31, 2010. Loans receivable decreased by $7.7 million or 1.0% to $765.4 million at March 31, 2011 from $773.1 million at December 31, 2010. Deposit liabilities decreased by $7.4 million or 0.83% to $878.9 million at March 31, 2011 from $886.3 million at December 31, 2010. Stockholders’ equity increased by $1.0 million or 1.0% to $100.0 million at March 31, 2011 from $99.0 million at December 31, 2010. The increase in stockholders’ equity was primarily attributable to net income for the three months ended March 31, 2011 of $1.9 million, a $172,000 increase resulting from the exercise of stock options totaling 19,084 shares and a $96,000 increase in the market value of our available-for-sale securities portfolio, net of tax. This gain was partially offset by the payment of a quarterly cash dividend totaling $1.1 million, representing a $0.12 per share payment during the three months ended March 31, 2011 and $54,000 paid to repurchase 5,132 shares of the Company’s common stock.

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