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BCB Bancorp, Inc., Announces An Increase In Earnings For The Three And Nine Months Ended September 30, 2013

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP) announced net income of $2.14 million for the three months ended September 30, 2013 compared with a net loss of $1.35 million for the three months ended September 30, 2012. Basic and diluted earnings per share were $0.24 for the three months ended September 30, 2013 as compared to a loss per share of ($0.15) for the three months ended September 30, 2012. The weighted average number of common shares outstanding for the three months ended September 30, 2013 for basic and diluted earnings per share calculations was approximately 8,365,000 and 8,368,000, respectively. The weighted average number of common shares outstanding for the three months ended September 30, 2012 for basic and diluted earnings per share calculations was approximately 8,685,000 and 8,685,000, respectively. Net income was $7.1 million for the nine months ended September 30, 2013 compared with a net loss of ($3.1) million for the nine months ended September 30, 2012. Basic and diluted earnings per share were $0.80 for the nine months ended September 30, 2013 as compared to a loss per share of ($0.34) for the nine months ended September 30, 2012. The weighted average number of common shares outstanding for the nine months ended September 30, 2013 for basic and diluted earnings per share calculations was approximately 8,419,000 and 8,423,000, respectively. The weighted average number of common shares outstanding for the nine months ended September 30, 2012 for basic and diluted earnings per share calculations was approximately 9,088,000 and 9,088,000, respectively.

Total assets increased by $12.0 million or 1.0% to $1.183 billion at September 30, 2013 from $1.171 billion at December 31, 2012. The increase in total assets occurred as a result of an increase in net loans receivable of $65.1 million, partially offset by a decrease in securities held to maturity of $45.7 million and a decrease in total cash and cash equivalents of $1.9 million. Total cash and cash equivalents decreased by $1.9 million or 5.6% to $32.2 million at September 30, 2013 from $34.1 million at December 31, 2012. Investment securities classified as held-to-maturity decreased by $45.7 million or 27.8% to $118.9 million at September 30, 2013 from $164.6 million at December 31, 2012. Net loans receivable increased by $65.1 million or 7.1% to $987.4 million at September 30, 2013 from $922.3 million at December 31, 2012. Deposit liabilities increased by $27.2 million or 2.9% to $968.0 million at September 30, 2013 from $940.8 million at December 31, 2012. We had no outstanding short-term borrowing money at September 30, 2013 compared with $17.0 million in short-term borrowings at December 31, 2012. Long-term borrowed money remained constant at $114.1 million at September 30, 2013 and December 31, 2012, respectively. Stockholders’ equity increased by $2.3 million or 2.5% to $93.9 million at September 30, 2013 from $91.6 million at December 31, 2012. The increase in stockholders’ equity is primarily attributable to net income of $7.1 million offset by the Company repurchasing during the period 183,199 shares of the Company’s common stock at a cost of $1.9 million as well as the payment and accrual of cash dividends during the period totaling $3.0 million on outstanding common shares of stock and $390,000 on outstanding preferred shares of stock.

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