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BCB Bancorp, Inc., Announces Net Income Of $2.6 Million For Three Months Ended 6/30/2014

Stocks in this article: BCBP

BCB Bancorp, Inc., (NASDAQ: BCBP) today announced net income of $2.6 million for the three months ended June 30, 2014, consistent with the three months ended June 30, 2013. Basic and diluted earnings per share were $0.29 for each three-month period ended June 30, 2014 and June 30, 2013, respectively. The weighted average number of common shares outstanding for the three months ended June 30, 2014 for basic and diluted earnings per share calculations was approximately 8,353,000 and 8,401,000, respectively. The weighted average number of common shares outstanding for the three months ended June 30, 2013 for basic and diluted earnings per share calculations was approximately 8,411,000 and 8,417,000, respectively.

Net income was $4.9 million for the six months ended June 30, 2014, compared to $5.0 million for the six months ended June 30, 2013. Basic and diluted earnings per share were $0.54 and $0.53, respectively, for the six months ended June 30, 2014, as compared to $0.56 for both measures for the six months ended June 30, 2013. The weighted average number of common shares outstanding for the six months ended June 30, 2014 for basic and diluted earnings per share calculations was approximately 8,346,000 and 8,396,000, respectively. The weighted average number of common shares outstanding for the six months ended June 30, 2013 for basic and diluted earnings per share calculations was approximately 8,446,000 and 8,450,000, respectively.

Total assets increased by $70.4 million, or 5.8%, to $1.278 billion at June 30, 2014, from $1.208 billion at December 31, 2013. Total cash and cash equivalents decreased by $5.5 million, or 18.5%, to $24.3 million at June 30, 2014 from $29.8 million at December 31, 2013. Investment securities classified as held-to-maturity decreased by $6.4 million, or 5.6%, to $107.8 million at June 30, 2014 from $114.2 million at December 31, 2013. Loans receivable, net increased by $75.9 million, or 7.4%, to $1.096 billion at June 30, 2014 from $1.020 billion at December 31, 2013. Deposit liabilities increased by $40.9 million, or 4.2%, to $1.010 billion at June 30, 2014 from $968.7 million at December 31, 2013. The Company had $45.5 million in short-term borrowings at June 30, 2014, compared with $18.0 million at December 31, 2013. Long-term borrowed money remained constant at $110.0 million at June 30, 2014 and December 31, 2013. Stockholders’ equity increased by $2.8 million, or 2.8%, to $102.9 million at June 30, 2014 from $100.1 million at December 31, 2013.

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