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BCB Bancorp, Inc., Announces Increase In Annual Earnings

Stocks in this article: BCBP

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ: BCBP – News) announced 2013 year end net income of $9.4 million for the year ended December 31, 2013 as compared to a loss of $2.1million for the year ended December 31, 2012. Basic and diluted earnings per share were $1.06 for the year ended December 31, 2013 compared with a $(0.23) loss per share for the year ended December 31, 2012. The weighted average number of common shares outstanding for the year ended December 31, 2013 for basic and diluted earnings per share calculations was approximately 8,397,000 and 8,402,000, respectively. The weighted average number of common shares outstanding for the year ended December 31, 2012 for basic and diluted earnings per share calculations was approximately 8,943,000 and 8,943,000, respectively.

Total assets increased by $36.6 million or 3.1% to $1.208 billion at December 31, 2013 from $1.171 billion at December 31, 2012. Total cash and cash equivalents decreased by $4.3 million or 12.6% to $29.8 million at December 31, 2013 from $34.1 million at December 31, 2012. Investment securities classified as held-to-maturity decreased by $50.4 million or 30.6% to $114.2 million at December 31, 2013 from $164.6 million at December 31, 2012. Loans receivable, net increased by $98.0 million or 10.6% to $1.02 billion at December 31, 2013 from $922.3 million at December 31, 2012. Deposits increased by $27.9 million or 3.0% to $968.7 million at December 31, 2013 from $940.8 million at December 31, 2012. Short-term borrowings increased by $1.0 million or 5.9% to $18.0 million at December 31, 2013 compared with $17.0 million at December 31, 2012. Long-term borrowings remained constant at $114.1 million at December 31, 2013 and 2012, respectively. Stockholders’ equity increased by $8.5 million or 9.3% to $100.1 million at December 31, 2013 from $91.6 million at December 31, 2012.

Net income was $9.4 million for the year ended December 31, 2013 compared with a net loss of $2.1 million for year ended December 31, 2012. The loss sustained in the fiscal year ended December 31, 2012 resulted primarily from the sale of approximately $25.9 million in non-performing loans during the second and third quarter of 2012. These sales resulted in a pre-tax loss of $10.8 million. The primary reason for this transaction was the elimination of carrying and legacy costs associated with these non-interest earning assets. Additionally, the return to net income was due to increases in net interest income and total non-interest income along with decreases in total non-interest expense and provision for loan losses, partially offset by an increase in income tax provision.

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