BCB Bancorp, Inc., Announces An Increase In Quarterly And Semi-Annual Earnings

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP – News) announced net income of $2.55 million for the three months ended June 30, 2013 compared with a net loss of $3.36 million for the three months ended June 30, 2012. Basic and diluted earnings per share were $0.29 for the three months ended June 30, 2013 as compared to a loss per share of ($0.37) for the three months ended June 30, 2012. 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. The weighted average number of common shares outstanding for the three months ended June 30, 2012 for basic and diluted earnings per share calculations was approximately 9,142,000 and 9,142,000 respectively. Net income was $5.0 million for the six months ended June 30, 2013 compared with a net loss of $1.8 million for the six months ended June 30, 2012. Basic and diluted earnings per share were $0.56 for the six months ended June 30, 2013 as compared to a loss per share of ($0.19) for the six months ended June 30, 2012. 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. The weighted average number of common shares outstanding for the six months ended June 30, 2012 for basic and diluted earnings per share calculations was approximately 9,289,000 and 9,289,000 respectively.

Total assets decreased to $1.167 billion at June 30, 2013 from $1.171 billion at December 31, 2012. Total cash and cash equivalents increased by $17.1 million or 50.1% to $51.2 million at June 30, 2013 from $34.1 million at December 31, 2012. The increase in total cash and cash equivalents was primarily due to sales of participation loans held in our portfolio which were sold at par in June 2013 for gross cash proceeds of $24.2 million. Investment securities classified as held-to-maturity decreased by $36.8 million or 22.4% to $127.8 million at June 30, 2013 from $164.6 million at December 31, 2012. Net loans receivable increased by $19.8 million or 2.2% to $942.1 million at June 30, 2013 from $922.3 million at December 31, 2012. Deposit liabilities increased by $11.2 million or 1.2% to $952.0 million at June 30, 2013 from $940.8 million at December 31, 2012. We had no short-term borrowed money at June 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 June 30, 2013 and December 31, 2012, respectively. Stockholders’ equity increased by $1.7 million or 1.9% to $93.3 million at June 30, 2013 from $91.6 million at December 31, 2012. The increase in stockholders’ equity is primarily attributable to net income of $4.96 million offset by the Company repurchasing during the period 123,942 shares of the Company’s common stock at a cost of $1.3 million along with a cash dividend paid during the quarter totaling $2.0 million on common shares of stock.

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BCB Bancorp (BCBP) Downgraded From Buy to Hold