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

Stocks in this article: BCBP

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP) announced net income of $2.2 million for the three months ended March 31, 2014 as compared to $2.4 million for the three months ended March 31, 2013. Basic and diluted earnings per share were $0.24 for the three months ended March 31, 2014 compared with $0.27 for the three months ended March 31, 2013. The weighted average number of common shares outstanding for the three months ended March 31, 2014 for basic and diluted earnings per share calculations was 8,340,000 and 8,342,000, respectively. The weighted average number of common shares outstanding for the three months ended March 31, 2013 for basic and diluted earnings per share calculations was 8,492,000 and 8,494,000, respectively.

Total assets increased by $36.5 million or 3.0% to $1.244 billion at March 31, 2014 from $1.208 billion at December 31, 2013. Total cash and cash equivalents decreased by $2.6 million or 8.8% to $27.2 million at March 31, 2014 from $29.8 million at December 31, 2013. Investment securities classified as held-to-maturity decreased by $3.5 million or 3.1% to $110.7 million at March 31, 2014 from $114.2 million at December 31, 2013. Loans receivable, net increased by $40.5 million or 4.0% to $1.061 billion at March 31, 2014 from $1.020 billion at December 31, 2013. Deposit liabilities increased by $23.3 million or 2.4% to $992.0 million at March 31, 2014 from $969.0 million at December 31, 2013. The Company had $30.0 million in short term borrowings at March 31, 2014 compared with $18.0 million at December 31, 2013. Long-term borrowed money remained constant at $110.0 million at March 31, 2014 and December 31, 2013. Stockholders’ equity increased by $2.1 million or 2.1% to $102.1 million at March 31, 2014 from $100.0 million at December 31, 2013.

Net income decreased by $175,000 or 7.3% to $2.2 million for the three months ended March 31, 2014 compared with net income of $2.4 million for three months ended March 31, 2013. The decrease in net income was primarily due to an increase in non-interest expenses, partially offset by increases in net interest income, a decrease in the provision for loan losses, an increase in non-interest income and a decrease in the income tax provision.

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