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Section 1: 8-K (FORM 8-K)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 27, 2020

BCB BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)


New Jersey
 
0-50275
 
26-0065262
(State or Other Jurisdiction
of Incorporation)
 
(Commission File No.)
 
(I.R.S. Employer
Identification No.)

104-110 Avenue C, Bayonne, New Jersey
 
07002
(Address of Principal Executive Offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (201) 823-0700

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
   
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On January 27, 2020, BCB Bancorp, Inc. (the “Company”) issued a press release reporting its financial results at and for the three months and the year ended December 31, 2019.

A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the Securities and Exchange Commission and shall not be deemed filed for any purpose.

Item 9.01              Financial Statements and Exhibits

(a)
 
Financial statements of businesses acquired.  None.
     
(b)
 
Pro forma financial information.  None.
     
(c)
 
Shell company transactions: None.
     
(d)
 
Exhibits.
   
99.1
 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


   
BCB BANCORP, INC.
 
 
DATE: January 27, 2020
By:
 /s/ Thomas P. Keating
   
Thomas P. Keating
   
Senior Vice President and Chief Financial Officer

(Back To Top)

Section 2: EX-99.1 (PRESS RELEASE)

Contact: Thomas Coughlin,
President & CEO
Thomas Keating, CFO
(201) 823-0700






BCB Bancorp, Inc. Earns Record Net Income of $21.0 Million in 2019

BAYONNE, N.J., January 27, 2020 -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported that net income increased 25.5 percent, to $21.0 million for the year ended December 31, 2019 from $16.7 million for 2018. Earnings per diluted share for 2019 were $1.20 as compared to $1.01 in 2018. In the fourth quarter of 2019, the Company earned $5.1 million, compared with $5.2 million in both the fourth quarter of 2018, and the third quarter of 2019. Earnings per diluted share were $0.29 in the fourth quarter of 2019, compared to $0.31 per diluted share in the fourth quarter of 2018, and $0.30 per diluted share in the preceding quarter.
“We had another strong year delivering record earnings for 2019, producing top-line revenue growth while improving operating efficiencies,” stated Thomas Coughlin, President and Chief Executive Officer.  “Our strategy is now centered on repositioning the balance sheet by focusing on generating solid lower-cost deposits, reducing our reliance on higher cost funding sources, and effective utilization of our cash position. In the coming year, we will remain focused on disciplined balance sheet growth, while delivering consistent operating results to our shareholders.”
Executive Summary
Net income of $5.1 million in the fourth quarter of 2019 compared to $5.2 million in the fourth quarter a year ago.
Earnings per diluted share were $0.29 in 4Q19, compared to $0.31 in 4Q18.
Net interest margin was 3.07 percent for the full year 2019, compared to 3.31 percent for the full year 2018, and 2.88 percent for the fourth quarter 2019, compared to 3.24 percent for the fourth quarter 2018. These decreases were the result of management’s focus on increasing its cash position to allow for paydowns of borrowings and higher cost CDs.
Total assets increased 8.7 percent to $2.907 billion at December 31, 2019 from $2.675 billion a year earlier.
Loans receivable, net decreased by 4.4 percent, to $2.178 billion at December 31, 2019 from $2.278 billion a year earlier, as the Company’s focus remains on repositioning the balance sheet.
Allowance for loan losses as a percentage of non-accrual loans was 570.5 percent at December 31, 2019, compared to 309.6 percent at December 31, 2018.
Total deposits increased 8.3 percent, to $2.362 billion at December 31, 2019 from $2.181 billion a year ago.
Earlier this month, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.14 per share. The dividend will be payable February 21, 2020, to common shareholders of record on February 7, 2020.
On December 30, 2019, the Company completed the sale of 1,020,408 shares of common stock, at an issuance price of $12.25 per share.
The Company issued $6.3 million of private placement common stock which closed in February 2019 and $5.3 million of preferred series G stock, which was issued in January 2019. The Company had also issued $33.5 million of subordinated debt in July 2018 which, for regulatory purposes, is treated as Tier 1 capital for the Bank and Tier 2 capital for the Company, when applicable.

Balance Sheet Review
Total assets increased by $232.7 million, or 8.7 percent, to $2.907 billion at December 31, 2019 from $2.675 billion at December 31, 2018, and increased by $82.0 million, or 2.9 percent from $2.825 billion at September 30, 2019. The increase in total assets was mainly related to increases in total cash and cash equivalents and was partly offset by a decrease in net loans receivable.


BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 2

Loans receivable, net decreased by $100.1 million, or 4.4 percent, to $2.178 billion at December 31, 2019 from $2.278 billion at December 31, 2018, and decreased by $75.3 million, or 3.3 percent compared to $2.254 billion at September 30, 2019. The decrease in loans over the prior year was a result of payoffs, as well as curtailed loan growth in 2019.  Decreases in loans receivable, net for 2019 included $90.9 million in commercial real estate and multi-family loans, $9.7 million in residential one-to-four family loans, $8.3 million in home equity loans, $2.8 million in construction loans, $127,000 in consumer loans, partly offset by an increase of $12.4 million in commercial business loans.
Total deposits increased by $181.3 million, or 8.3 percent, to $2.362 billion at December 31, 2019 from $2.181 billion at December 31, 2018, and increased by $98.6 million, or 4.4 percent, from $2.263 billion at September 30, 2019. The increases in deposits were primarily related to the continued maturation of the branches opened over the last four years. Total increases for 2019 included $83.9 million in money market checking accounts, $62.4 million in NOW deposit accounts, $26.1 million in certificates of deposit, including listing service and brokered deposits, and $8.9 million in non-interest-bearing deposit accounts. Listing service and brokered certificates of deposit, which were used as additional sources of deposit liquidity, totaled $10.6 million and $92.1 million, respectively, at December 31, 2019.
Stockholders’ equity increased by $39.3 million, or 19.6 percent, to $239.5 million at December 31, 2019 from $200.2 million a year ago, and increased by $15.7 million, or 7.0 percent, from $223.7 million three months earlier. The increase in stockholders’ equity was primarily attributable to an increase in additional paid-in capital of $20.1 million related to common stock and preferred stock issued in the first and fourth quarters of 2019. Retained earnings increased by $10.0 million to $48.4 million at December 31, 2019 from $38.4 million at December 31, 2018, due primarily to the increase in net income, net of dividends paid. Treasury stock decreased $6.3 million to $22.0 million at December 31, 2019 from $28.3 million at December 31, 2018, related to the issuance of common stock. Accumulated other comprehensive loss decreased $2.9 million to $2.2 million at December 31, 2019 from $5.1 million a year ago, related to market gains lowering the unrealized loss on available-for-sale securities.

Fourth Quarter Income Statement Review
Net interest income decreased by $1.1 million, or 5.2 percent, to $20.1 million for the fourth quarter of 2019 from $21.2 million for the fourth quarter of 2018. The decrease in net interest income resulted primarily from an increase in the average balance of interest-bearing liabilities of $134.0 million, or 6.1 percent, to $2.334 billion for the fourth quarter of 2019 from $2.200 billion for the fourth quarter a year ago, as well as an increase in the average rate on interest-bearing liabilities of 18 basis points to 1.87 percent for the fourth quarter of 2019 from 1.69 percent for the fourth quarter of 2018. While there was an increase in the average balance of interest-earning assets of $175.2 million, or 6.7 percent, to $2.792 billion for the fourth quarter of 2019 from $2.617 billion for the fourth quarter of 2018, there was a decrease in the average yield on interest-earning assets of 22 basis points to 4.44 percent for the fourth quarter of 2019 from 4.66 percent for the fourth quarter of 2018. Interest income on loans also included $487,000 and $651,000 of amortization of purchase credit adjustments related to the acquisition of IAB for the three-month periods ended December 31, 2019 and 2018, respectively, which added approximately eight and ten basis points to the average yield on interest earning assets, respectively, on an annualized basis.
Net interest margin was 2.88 percent for the fourth quarter of 2019 and 3.24 percent for the fourth quarter of 2018. “The contraction in the net interest margin during the fourth quarter of 2019 was primarily due to the increase in the cost of funds outpacing the return on interest earning assets for the fourth quarter of 2019 as compared to the fourth quarter of 2018,” said Coughlin. “We expect with the three recent Federal Reserve rate cuts for our net interest margin to continue to remain under pressure.”
Total non-interest income decreased by $139,000, or 12.0 percent, to $1.0 million for the fourth quarter of 2019 from $1.1 million for the fourth quarter of 2018. The decrease in total non-interest income was mainly related to lower income on gains on sale of loans, lower income on fees and service charges, lower income on the gain on sale of investment securities, and lower income on the sale of other real estate owned properties, partly offset by decreases in the unrealized losses on equity securities and a slight increase in other non-interest income. Gain on sales of loans decreased by $244,000, or 56.0 percent, to $192,000 for the fourth quarter of 2019 from $436,000 for the fourth quarter of 2018. Fees and service charges decreased $193,000, or 19.1 percent, to $819,000 for the fourth quarter of 2019 from $1.0 million for the fourth quarter of 2018, mainly related to less mortgage servicing fee income from fewer sales of loans. Losses on the sale of investment securities totaled $42,000 for the fourth quarter of 2019with no comparable figure in the fourth quarter a year ago.


BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 3

Fourth quarter of 2019 total non-interest expense increased by $376,000, or 2.7 percent, to $14.3 million from $13.9 million for the fourth quarter a year ago. Salaries and employee benefits expense increased by $287,000, or 4.1 percent, to $7.3 million for the fourth quarter of 2019 from $7.0 million for the fourth quarter of 2018.  Professional fee expense increased by $197,000, or 42.6 percent, to $659,000 for the fourth quarter of 2019 from $462,000 for the fourth quarter of 2018.  Occupancy expense increased by $183,000, or 7.2 percent, to $2.7 million for the fourth quarter of 2019 from $2.5 million for the fourth quarter a year ago, largely related to the opening of two de novo branches, as well as a relocation of one of our existing branches in 2019.  Regulatory fees associated with FDIC assessments decreased by $356,000, or 73.1 percent, to $131,000 for the fourth quarter of 2019 from $487,000 for the fourth quarter of 2018. The decrease was primarily due to a decrease in the assessment rate and a credit that related to the receipt of an FDIC Small Bank Assessment Credit, which came as a result of the FDIC exceeding its stated Deposit Fund Reserve Ratio, partly offset by an increase in the assessment base.
The income tax provision decreased by $213,000, or 8.9 percent, to $2.2 million for the fourth quarter of 2019 from $2.4 million for the fourth quarter of 2018. The decrease in the income tax provision was a result of lower taxable income for the fourth quarter as compared to the same period for 2018. The consolidated effective tax rate for the fourth quarter of 2019 was 29.9 percent compared to 31.5 percent for the fourth quarter a year ago.

Full Year 2019 Income Statement Review
Net interest income increased by $4.9 million, or 6.3 percent, to $82.6 million for the year ended December 31, 2019 from $77.7 million for the year ended December 31, 2018.
Net interest margin was 3.07 percent for the year 2019 and 3.31 percent for 2018. The decrease in the net interest margin was the result of a competitive interest rate environment, with the increase in the cost of funds outpacing the return on interest earning assets for the short term. Interest income on loans also included $2.0 million and $1.7 million of amortization of purchase credit adjustments related to the acquisition of IAB for the years ended December 31, 2019 and 2018, respectively, which added approximately eight basis points in both years to the average yield on interest earning assets.
Total non-interest income decreased by $2.6 million, or 32.3 percent, to $5.4 million for 2019 from $8.0 million for 2018. The decrease in total non-interest income was mainly related to a decrease in other non-interest income of $2.2 million to $249,000 for 2019 from $2.5 million for 2018, which was mainly attributed to $2.0 million received from a legal settlement in the first quarter of 2018. The decrease in total non-interest income also included decreases of $1.3 million in gains on sales of loans, and a decrease of $426,000 in fees and service charges, both related to lower levels of sales of loans. The decrease in total non-interest income was partly offset by increases of $823,000 in unrealized gains on equity securities, $262,000 in gains on sale of investment securities, $147,000 in gains on sale of other real estate owned properties, as well as an increase of $131,000 in gains on sale of impaired loans.
Total non-interest expense decreased by $683,000, or 1.2 percent, to $55.6 million for 2019 from $56.3 million for 2018.  There were no merger-related expenses in 2019, compared to $2.4 million in merger-related expenses in 2018.  Regulatory fees associated with FDIC assessments decreased by $521,000, or 36.3 percent, to $914,000 for 2019 from $1.4 million in 2018. The decrease was primarily due to a decrease in the assessment rate and a credit that related to the receipt of an FDIC Small Bank Assessment Credit, which came as a result of the FDIC exceeding its stated Deposit Fund Reserve Ratio, partly offset by an increase in the assessment base.
The income tax provision increased by $1.8 million, or 24.4 percent, to $9.3 million for 2019 from $7.5 million for 2018. The increase in the income tax provision was a result of higher taxable income for 2019 compared to 2018. The consolidated effective tax rate for 2019 was 30.7 percent compared to 30.9 percent for 2018.

Asset Quality
Primarily as a result of the decrease in average balances of net loans, the Company recognized a credit in the provision for loan losses of $475,000 for the fourth quarter of 2019.  This compares to a provision for loan losses of $900,000 in the preceding quarter and $821,000 for the fourth quarter a year ago.  For the full year 2019, the provision for loan losses decreased to $2.1 million from $5.1 million in 2018, primarily due to the reduction in net loans receivable for 2019.


BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 4

Non-accruing loans improved to $4.2 million, or 0.19 percent, of gross loans at December 31, 2019, compared to $5.1 million, or 0.22 percent, of gross loans at September 30, 2019, and $7.2 million, or 0.31 percent, of gross loans a year ago.
Performing troubled debt restructured (“TDR”) loans that were not included in nonaccrual loans at December 31, 2019, were $16.5 million, compared to $16.4 million at September 30, 2019 and $21.4 million at December 31, 2018.  Borrowers who are in financial difficulty and who have been granted concessions that may include interest rate reductions, term extensions, or payment alterations are categorized as TDR loans.
The allowance for loan losses decreased $1.0 million to $23.7 million, or 570.5 percent of non-accruing loans and 1.08 percent of gross loans, at December 31, 2019, compared to $24.7 million, or 486.6 percent of non-accruing loans and 1.08 percent of gross loans, at September 30, 2019, and increased $1.3 million compared to $22.4 million, or 309.6 percent of non-accruing loans and 0.97 percent of gross loans, a year ago.
The Company recognized net charge-offs of $482,000 during the fourth quarter of 2019. This compares to net recoveries of $2,000 in the third quarter of 2019 and net recoveries of $34,000 in the fourth quarter a year ago.  For 2019, the Company recognized $694,000 in net charge-offs compared to $146,000 in net charge-offs in 2018.
About BCB Bancorp, Inc.
Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has 30 branch offices in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, three branches in Hicksville and Staten Island, New York, and a loan production office in Hoboken. The Bank provides business and individuals a wide range of loans, deposit products, and retail and commercial banking services.  For more information, please go to www.bcb.bank.
In September 2019, the Company announced its inclusion into the prestigious Sandler O'Neill Sm-All Stars Class of 2019, an elite group of 30 publicly traded small-cap banks and thrifts, based on growth, profitability, credit quality and capital strength.
Forward-Looking Statements
This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
In addition to factors previously disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission (the "SEC") and those identified elsewhere in this release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of BCB products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.


BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 5

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods in question.
The Company provides measurements and ratios based on tangible stockholders' equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.
For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see "Reconciliation of GAAP to Non-GAAP Financial Measures" below.


BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

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BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

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BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

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BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 9


   
Three Months Ended December 31,
 
   
2019
   
2018
 
   
Average Balance
   
Interest Earned/Paid
   
Average Yield/Rate (3)
   
Average Balance
   
Interest Earned/Paid
   
Average Yield/Rate (3)
 
   
(Dollars in thousands)
 
Interest-earning assets:
                                   
Loans Receivable
 
$
2,269,581
   
$
28,254
     
4.98
%
 
$
2,288,372
   
$
28,243
     
4.94
%
Investment Securities
   
100,676
     
718
     
2.85
%
   
141,248
     
982
     
2.78
%
Interest-earning deposits
   
421,659
     
1,994
     
1.89
%
   
187,051
     
1,263
     
2.70
%
   Total Interest-earning assets
   
2,791,916
     
30,966
     
4.44
%
   
2,616,671
     
30,488
     
4.66
%
Non-interest-earning assets
   
70,330
                     
61,033
                 
   Total assets
 
$
2,862,246
                   
$
2,677,704
                 
Interest-bearing liabilities:
                                               
Interest-bearing demand accounts
 
$
360,201
   
$
716
     
0.80
%
 
$
349,730
   
$
634
     
0.73
%
Money market accounts
   
284,546
     
1,307
     
1.84
%
   
214,278
     
778
     
1.45
%
Savings accounts
   
256,663
     
103
     
0.16
%
   
261,526
     
126
     
0.19
%
Certificates of Deposit
   
1,120,029
     
6,704
     
2.39
%
   
1,063,045
     
5,674
     
2.13
%
   Total interest-bearing deposits
   
2,021,439
     
8,830
     
1.75
%
   
1,888,579
     
7,212
     
1.53
%
Borrowed funds
   
312,848
     
2,059
     
2.63
%
   
311,663
     
2,105
     
2.70
%
   Total interest-bearing liabilities
   
2,334,287
     
10,889
     
1.87
%
   
2,200,242
     
9,317
     
1.69
%
Non-interest-bearing liabilities
   
303,262
                     
281,400
                 
   Total liabilities
   
2,637,549
                     
2,481,642
                 
Stockholders' equity
   
224,697
                     
196,062
                 
   Total liabilities and stockholders' equity
 
$
2,862,246
                   
$
2,677,704
                 
Net interest income
         
$
20,077
                   
$
21,171
         
Net interest rate spread(1)
                   
2.57
%
                   
2.97
%
Net interest margin(2)
                   
2.88
%
                   
3.24
%
                                                 
                                                 

(1)
Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
(2)
Net interest margin represents net interest income divided by average total interest-earning assets.
(3)
Annualized.






























BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 10



   
Years Ended December 31,
 
   
2019
   
2018
 
   
Average Balance
   
Interest Earned/Paid
   
Average Yield/Rate
   
Average Balance
   
Interest Earned/Paid
   
Average Yield/Rate
 
   
(Dollars in thousands)
 
Interest-earning assets:
                                   
Loans Receivable
 
$
2,305,496
   
$
113,981
     
4.94
%
 
$
2,060,187
   
$
97,831
     
4.75
%
Investment Securities
   
115,548
     
3,310
     
2.86
%
   
142,343
     
3,761
     
2.64
%
Interest-earning deposits
   
271,067
     
6,264
     
2.31
%
   
142,867
     
3,505
     
2.45
%
   Total Interest-earning assets
   
2,692,111
     
123,555
     
4.59
%
   
2,345,397
     
105,097
     
4.48
%
Non-interest-earning assets
   
72,634
                     
55,404
                 
   Total assets
 
$
2,764,745
                   
$
2,400,801
                 
Interest-bearing liabilities:
                                               
Interest-bearing demand accounts
 
$
346,973
   
$
2,628
     
0.76
%
 
$
334,156
   
$
2,036
     
0.61
%
Money market accounts
   
261,395
     
4,611
     
1.76
%
   
188,109
     
2,278
     
1.21
%
Savings accounts
   
258,481
     
427
     
0.17
%
   
262,745
     
444
     
0.17
%
Certificates of Deposit
   
1,089,408
     
25,403
     
2.33
%
   
911,141
     
16,400
     
1.80
%
   Total interest-bearing deposits
   
1,956,257
     
33,069
     
1.69
%
   
1,696,151
     
21,158
     
1.25
%
Borrowed funds
   
294,562
     
7,882
     
2.68
%
   
262,227
     
6,258
     
2.39
%
   Total interest-bearing liabilities
   
2,250,819
     
40,951
     
1.82
%
   
1,958,378
     
27,416
     
1.40
%
Non-interest-bearing liabilities
   
296,185
                     
253,301
                 
   Total liabilities
   
2,547,004
                     
2,211,679
                 
Stockholders' equity
   
217,741
                     
189,122
                 
   Total liabilities and stockholders' equity
 
$
2,764,745
                   
$
2,400,801
                 
Net interest income
         
$
82,604
                   
$
77,681
         
Net interest rate spread(1)
                   
2.77
%
                   
3.08
%
Net interest margin(2)
                   
3.07
%
                   
3.31
%
                                                 
                                                 

(1)
Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
(2)
Net interest margin represents net interest income divided by average total interest-earning assets.

BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 11


BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 12


BCBP Reports Fourth Quarter 2019 Earnings

January 27, 2020

Page 13









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