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

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): July 30, 2018

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


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

 
104-110 Avenue C, Bayonne, NJ 07002
 
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 July 30, 2018, BCB Bancorp, Inc. (the "Company") issued a press release reporting its financial results at and for the three and six months ended June 30, 2018.

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: August 1, 2018
By:
/s/ Thomas P. Keating
   
Thomas P. Keating
   
Senior Vice President and Chief Financial Officer
 
 




















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Section 2: EX-99.1 (PRESS RELEASE)

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




BCB Bancorp, Inc. Earns $2.3 Million in the Second Quarter of 2018 with Net Interest Income Increasing 33% Year-Over-Year
Results Highlighted by IA Bancorp Acquisition

BAYONNE, N.J., July 30, 2018 -- BCB Bancorp, Inc. (the "Company"), Bayonne, NJ (NASDAQ: BCBP), the holding company for BCB Community Bank (the "Bank"), today reported net income was $2.3 million, or $0.13 per diluted share, in the second quarter of 2018, compared to $2.5 million, or $0.21 per diluted share, in the second quarter of 2017.  Second quarter 2018 operating results were impacted by $2.0 million of acquisition-related expenses which reduced net income by $0.09 per diluted share. This compares to no acquisition expenses in the second quarter of 2017. In the first quarter of 2018, net income was $4.6 million, or $0.29 per diluted share, with $145,000 of acquisition-related expenses.
In the first six months of 2018, net income increased by $1.5 million, or 28.0 percent, to $6.9 million, compared to $5.4 million in the first six months of 2017.
"The highlight of the second quarter was completing the acquisition of IA Bancorp," stated Thomas Coughlin, President and Chief Executive Officer.  "The closed acquisition added approximately $215.8 million in assets, $178.4 million in deposits and $182.5 million in net loans and has made a dramatic impact on our scale and reach, while providing enhanced opportunities for client and revenue growth.  Our larger branching network will allow us to better serve our new and existing customers. As we look to the future, we will continue to look for growth opportunities, both organically and through strategic partnerships, while remaining focused on profitability and increasing value to our shareholders."
Second Quarter 2018 Financial Highlights
·
Net income was $2.3 million, or $0.13 per diluted share, in 2Q18, compared to $2.5 million, or $0.21 per diluted share in 2Q17.
·
Acquisition costs totaled $2.0 million in 2Q18, compared to $145,000 in 1Q18 and no acquisition costs in 2Q17.
·
Net interest income, before the provision for loan losses, increased 32.7 percent to $20.0 million in the current quarter compared to $15.1 million in the second quarter a year ago.
·
Net interest margin expanded 18 basis points to 3.52% in the second quarter, from 3.34% in the preceding quarter and improved seven basis points compared to 3.45% in the second quarter a year ago.
·
Total assets increased 38.6 percent to $2.517 billion at June 30, 2018, compared to $1.816 billion a year earlier.
·
Net loans receivable increased 34.4 percent to $2.120 billion at June 30, 2018, compared to $1.577 billion a year earlier.
·
Allowance for loan loss as a percentage of non-accrual loans was 191.8 percent, as compared to 116.2 percent at June 30, 2017.
·
Tangible book value was $10.71 at June 30, 2018.
·
Declared a quarterly cash dividend to shareholders of $0.14 per share.

Balance Sheet Review
The IAB acquisition generated a $215.8 million, or 10.4 percent, increase in total assets, combined with an increase from healthy organic growth of $218.5 million, or 10.5%, as compared to March 31, 2018.
Loans receivable increased by $355.2 million, or 20.1 percent, to $2.120 billion at June 30, 2018, from $1.765 billion at March 31, 2018, and increased by $542.6 million, or 34.4 percent, compared to June 30, 2017. The increase in loans resulted from the acquisition of IAB, which approximated $182.5 million in the fair value of loans added, and an increase in loans receivable of $172.7 million compared to March 31, 2018 and $360.1 million compared to June 30, 2017, excluding those acquired in the merger. The organic growth in loans represented increases of $229.6 million in commercial real estate and multi-family loans, $11.6 million in home equity loans, $37.6 million in commercial business loans and $15.2 million in residential one-to-four family loans, compared to year end. The allowance for loan losses was $20.6 million, or 191.8 percent of non-performing loans and 0.96 percent of gross loans, at June 30, 2018, as compared to an allowance for loan losses of $18.0 million, or 116.2 percent of non-performing loans and 1.13 percent of gross loans, a year ago.
 

BCBP Reports Second Quarter 2018 Earnings
July 30, 2018
Page 2
Total cash and cash equivalents increased by $43.1 million to $180.4 million at June 30, 2018, from $137.3 million three months earlier, primarily due to the Company's strategy to further strengthen liquidity and our deposit base.
Total securities available for sale increased by $8.1 million to $135.4 million at June 30, 2018, from $127.3 million three months earlier, which represented a slight decline excluding IAB.
Deposit liabilities increased by $293.5 million, or 17.4 percent, to $1.985 billion at June 30, 2018, from $1.691 billion at March 31, 2018, and increased by $488.6 million, or 32.7 percent, compared to $1.496 billion a year ago. The increases in deposit liabilities related to the acquisition of IAB, which approximated $178.4 million in the fair value of deposits added, as well as the continued maturation of the seven branches opened in 2016 as a result of our organic growth initiative. Excluding IAB deposits, the increases included $161.4 million in certificates of deposit, including listing service and brokered deposits, $24.6 million in non-interest bearing deposit accounts, $21.8 million in money market checking accounts, $19.7 million in NOW deposit accounts, and $4.5 million in savings and club accounts, compared to year end. The Company utilizes listing service and brokered certificates of deposit as additional sources of deposit liquidity to fund loan growth, which totaled $41.5 million and $202.3 million, respectively, at June 30, 2018.
Debt obligations increased by $120.0 million, or 60.0 percent, to $320.0 million at June 30, 2018, from $200.0 million at March 31, 2018, and increased by $146.0 million, or 83.9 percent, compared to $174.0 million a year ago. The increases are the net result of scheduled maturities of FHLB advances and the issuance of new FHLB advances, and includes advances related to the acquisition of IAB, which approximated $20.0 million in the fair value of advances added. The purpose of these borrowings reflected the use of long-term Federal Home Loan Bank advances to augment deposits as the Company's funding source for originating loans and investing in investment securities. The weighted average interest rate of borrowings was 2.16 percent at June 30, 2018.
Stockholders' equity increased by $16.7 million, or 9.4 percent, to $194.1 million at June 30, 2018, from $177.4 million at March 31, 2018, and increased by $61.3 million, or 46.2 percent when compared to June 30, 2017. The increase in stockholders' equity was primarily attributable to an increase in additional paid-in capital of $17.4 million from common stock and preferred stock issued as part of the acquisition of IAB and proceeds of $42.8 million from a capital raise in September, 2017 when compared to June 30, 2017.

Second Quarter Income Statement Review
Net interest income increased by $4.9 million, or 32.7 percent, to $20.0 million for the second quarter of 2018 from $15.1 million for the second quarter of 2017. The increase in net interest income resulted primarily from an increase in the average balance of interest-earning assets of $530.0 million, or 30.4 percent, to $2.277 billion for the three months ended June 30, 2018, from $1.747 billion for the three months ended June 30, 2017. Net interest margin was 3.52 percent for the second quarter of 2018 compared to 3.45 percent for the second quarter a year ago. "The margin improvement during the quarter resulted from more selective pricing on new loans and managing the cost of funds in this rising interest rate environment," said Coughlin.
Interest income on loans receivable increased by $6.0 million, or 33.4 percent, to $24.0 million for the second quarter of 2018 from $18.0 million for the second quarter a year ago. The increase was primarily attributable to an increase in the average balance of loans receivable of $455.6 million, or 28.9 percent, to $2.033 billion for the quarter from $1.578 billion for the second quarter a year ago, as well as an increase in the average yield on loans of 17 basis points to 4.74 percent for the quarter from 4.57 percent for the second quarter a year ago. The increase in the average balance of loans receivable was in accordance with the Company's growth strategy, which included organically growing the Bank's geographic footprint and the acquisition of IAB, while the increase in the average yield on loans relates to the rising rate environment.

BCBP Reports Second Quarter 2018 Earnings
July 30, 2018
Page 3

Interest income on securities increased by $271,000, or 35.6 percent, to $1.0 million for the second quarter, from $762,000 for the second quarter a year ago. This increase was primarily due to an increase in the average balance of securities of $41.8 million, or 39.8 percent, to $146.8 million for the second quarter, from $105.0 million for the second quarter of 2017, partly offset by a decrease in the average yield on securities of eight basis points to 2.82 percent from 2.90 percent for the year ago quarter. The increase in the average balance of securities relates to the Company's strategy to further strengthen its liquidity position, while the decrease in the yield on securities related to the mix of investments in the portfolio.

Second quarter interest income on other interest-earning assets increased by $334,000, or 118.9 percent to $615,000 from $281,000 for the second quarter of 2017. This increase was primarily due to an increase in the average yield on other interest-earning assets of 79 basis points to 2.55 percent from 1.76 percent for the year ago quarter, as well as an increase in the average balance of other interest earning assets of $33.0 million, or 51.6 percent, to $96.9 million for the second quarter of 2018 from $63.9 million for the second quarter of 2017. The increase in the average balance of other interest-earning assets is consistent with the Company's strategy of maintaining strong levels of liquidity. The increase in the average yield on other interest-earning assets correlates to the increases in the fed funds rate that have occurred over the last 12 months.
Total interest expense increased by $1.7 million, or 42.4 percent, to $5.7 million for the second quarter of 2018 from $4.0 million for the second quarter of 2017. This increase resulted, primarily, from an increase in the average balance of interest-bearing liabilities of $418.1 million, or 28.4 percent, to $1.890 billion for the second quarter from $1.472 billion for the second quarter a year ago, as well as an increase in the average rate on interest-bearing liabilities of 12 basis points to 1.21 percent for the quarter from 1.09 percent for the second quarter a year ago.
Total non-interest income decreased by $459,000, or 22.7 percent, to $1.6 million for the second quarter from $2.0 million for the second quarter a year ago. The decrease in total non-interest income mainly related to a decrease in the gains on sale of OREO properties of $207,000 to a loss of $10,000 from a gain of $197,000 for the second quarter a year ago, a decrease in gains on sales of loans of $157,000, or 21.4 percent, to $576,000 for the second quarter of 2018 from $733,000 for the second quarter a year ago, and a decrease in other non-interest income of $195,000, or 76.8 percent, to $59,000 for the quarter from $254,000 for the year ago quarter. The decrease in other non-interest income related to $237,000 of proceeds from a legal settlement in the second quarter of 2017. The decrease in total non-interest income was partly offset by an increase in the amount of fees and service charges of $133,000.
Second quarter total non-interest expense increased by $3.8 million, or 31.5 percent, to $16.0 million from $12.2 million for the second quarter a year ago. Merger-related costs increased by $2.0 million for the quarter, with no comparable figure for the year ago quarter. Salaries and employee benefits expense increased by $1.2 million, or 21.2 percent, to $7.1 million for the quarter, from $5.9 million for the second quarter of 2017. Other non-interest expense increased by $665,000, or 42.5 percent, to $2.2 million for the second quarter, from $1.6 million for the second quarter of 2017. Other non-interest expense consisted of loan expense, business development, office supplies, correspondent bank fees, telephone and communication and other fees and expenses. Occupancy expense increased by $487,000, or 24.5 percent, to $2.5 million for the quarter, from $2.0 million for the year ago quarter. Data processing expense increased by $150,000, or 22.1 percent, to $828,000 for the quarter from $678,000 for the second quarter a year ago. Other Real Estate Owned expense increased by $147,000 to $160,000 for the second quarter from $13,000 for the second quarter of 2017. These increases in non-interest expense were partly offset by lower professional fees of $850,000, or 61.5 percent, to $533,000 for the second quarter, from $1.4 million for the second quarter of 2017.
The income tax provision decreased by $448,000, or 27.2 percent, to $1.2 million for the second quarter of 2018 from $1.7 million for the second quarter a year ago. The decrease in the income tax provision comes as a result of the lower tax provision as mandated by enactment of the Tax Cuts and Jobs Act of 2017, which lowered the federal corporate tax rate from 34% to 21% beginning in 2018, and due to lower taxable income for the second quarter of 2018 as compared to the same period for 2017. The consolidated effective tax rate for the second quarter of 2018 was 34.2 percent compared to 39.6 percent for the second quarter of 2017.

BCBP Reports Second Quarter 2018 Earnings
July 30, 2018
Page 4
Year to Date Income Statement Review
Net income increased by $1.5 million, or 28.0 percent, to $6.9 million for the six months ended June 30, 2018 from $5.4 million for the six months ended June 30, 2017. The increase in net income was primarily related to an increase in total interest income, an increase in total non-interest income, a lower income tax provision, partly offset by higher interest expense, a higher provision for loan loss, and higher non-interest expense for the six months of the year, as compared to the first six months of 2017.
Net interest income increased by $6.8 million, or 22.8 percent, to $36.4 million for the first six months of 2018 from $29.6 million for the first six months of 2017. Net interest margin was 3.46 percent for the six-month period ended June 30, 2018 and 3.44 percent for the six-month period ended June 30, 2017. The increase in the net interest margin was the result of more selective pricing on new loans and managing the cost of funds in this rising rate environment.
Total interest expense increased by $2.4 million, or 29.9 percent, to $10.2 million for the first six months of 2018 from $7.8 million for the first six months of 2017. This increase resulted primarily from an increase in the average balance of interest-bearing liabilities of $301.7 million, or 20.7 percent, to $1.762 billion for the first six months of 2018 from $1.460 billion for the first six months of 2017, as well as an increase in the average rate on interest-bearing liabilities of nine basis points to 1.17 percent for the year-to-date period, from 1.08 percent for the same period a year ago.
Total non-interest income increased by $613,000, or 14.2 percent, to $4.9 million for the first six months of 2018 from $4.3 million for the same period a year ago. The increase in total non-interest income was mainly related to an increase in other non-interest income of $2.0 million to $2.3 million for the first six months of 2018 from $282,000 for the first six months 2017. The increase in other non-interest income was mainly attributed to $2.0 million received from a legal settlement in the first quarter of 2018. The increase in total non-interest income was partly offset by a decrease in the gains on sale of OREO properties of $1.4 million for the first six months of 2018 from $1.3 million for the first six months of 2017.

Asset Quality
"Our asset quality improved again during the current quarter, excluding assets acquired from IAB, reflecting the overall improvements in past due loans, foreclosures, and non-performing loans," said Coughlin.
At June 30, 2018, past due loans, excluding those acquired in the IAB acquisition, decreased by $4.0 million, or 16.9% percent, compared to March 31, 2018 and by $4.2 million, or 17.7%, as compared to June 30, 2017.
Nonperforming loans totaled $10.8 million, or 0.50 percent of gross loans at June 30, 2018, compared to $10.6 million, or 0.60 percent of gross loans at March 31, 2018, and $15.5 million, or 0.97 percent of gross loans, a year earlier.
Performing restructured loans that were not included in nonaccrual loans at June 30, 2018, were $20.7 million, compared to $21.4 million at March 31, 2018 and $21.5 million at June 30, 2017. 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 restructured loans.
Other real estate owned (OREO) totaled $1.2 million at June 30, 2018, compared to $1.4 million at March 31, 2018, and $2.6 million at June 30, 2017.
The second quarter provision for loan losses was $2.1 million, compared to $1.3 million in the preceding quarter and $776,000 in the second quarter a year ago.  The allowance for loan losses was $20.6 million, or 191.8 percent of gross loans at June 30, 2018, compared to $18.3 million, or 1.03 percent of gross loans at March 31, 2018, and $18.0 million, or 1.13 percent of gross loans a year ago.  As of June 30, 2018, the allowance for loan losses represented 191.8 percent of nonaccrual loans compared to 172.7 percent three months earlier, and 116.2 percent one year earlier.  Net recoveries were $243,000 in the second quarter, compared to net charge-offs of $380,000 in the preceding quarter and net charge-offs of $338,000 in the second quarter a year ago.

BCBP Reports Second Quarter 2018 Earnings
July 30, 2018
Page 5


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 28 branch offices in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township, Parsippany, Plainsboro, Rutherford, South Orange, Union, and Woodbridge, New Jersey, three branches in Hicksville and Staten Island, New York, and a loan production office in Manhattan. 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.
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 document, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: difficulties and delays in integrating the Indus-American Bank business or fully realizing cost savings and other benefits of the Merger; business disruption following the Merger; 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.
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

BCBP Reports Second Quarter 2018 Earnings
July 30, 2018
Page 6
 

 
BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In Thousands, Except Share and Per Share Data, Unaudited)


 
             
   
June 30,
   
December 31,
 
   
2018
   
2017
 
             
ASSETS
           
Cash and amounts due from depository institutions
 
$
23,125
   
$
16,460
 
Interest-earning deposits
   
157,320
     
107,775
 
   Total cash and cash equivalents
   
180,445
     
124,235
 
                 
Interest-earning time deposits
   
980
     
980
 
Debt securities available for sale
   
127,291
     
114,295
 
Equity investments
   
8,134
     
8,294
 
Loans held for sale
   
1,405
     
1,295
 
Loans receivable, net of allowance for loan losses
               
   of $20,640 and $17,375 respectively
   
2,119,829
     
1,643,677
 
Federal Home Loan Bank of New York stock, at cost
   
16,744
     
10,211
 
Premises and equipment, net
   
21,055
     
18,768
 
Accrued interest receivable
   
7,563
     
6,153
 
Other real estate owned
   
1,178
     
532
 
Deferred income taxes
   
11,451
     
5,144
 
Goodwill
   
5,281
     
-
 
Other assets
   
15,208
     
9,253
 
    Total Assets
 
$
2,516,564
   
$
1,942,837
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
LIABILITIES
               
Non-interest bearing deposits
 
$
229,292
   
$
201,043
 
Interest bearing deposits
   
1,755,584
     
1,368,327
 
  Total deposits
   
1,984,876
     
1,569,370
 
FHLB advances
   
320,005
     
185,000
 
Subordinated debentures
   
4,124
     
4,124
 
Other liabilities and accrued interest payable
   
13,483
     
7,889
 
    Total Liabilities
   
2,322,488
     
1,766,383
 
                 
STOCKHOLDERS' EQUITY
               
Preferred stock: $0.01 par value, 10,000,000 shares authorized;
               
  issued and outstanding 7,807 shares of series C 6%, series D 4.5%, (liquidation value $10,000 per share)
               
   and series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock
               
   at June 30, 2018 and 1,342 shares of series C 6% and series D 4.5% (liquidation value $10,000 per share)
               
    noncumulative perpetual preferred stock at December 31, 2017
   
-
     
-
 
Additional paid-in capital preferred stock
   
19,706
     
13,241
 
Common stock: no par value; 20,000,000 shares authorized; issued 18,313,476 and 17,572,942
               
  at June 30, 2018 and December 31, 2017, respectively, outstanding 15,782,713 shares and
               
  15,042,179 shares, at June 30, 2018 and December 31, 2017, respectively
   
-
     
-
 
Additional paid-in capital common stock
   
175,716
     
164,230
 
Retained earnings
   
33,570
     
31,241
 
Accumulated other comprehensive (loss)
   
(5,800
)
   
(3,142
)
Treasury stock, at cost, 2,530,463 and 2,529,863 shares, respectively, at June 30, 2018 and December 31, 2017
   
(29,116
)
   
(29,116
)
    Total Stockholders' Equity
   
194,076
     
176,454
 
                 
     Total Liabilities and Stockholders' Equity
 
$
2,516,564
   
$
1,942,837
 




BCBP Reports Second Quarter 2018 Earnings
July 30, 2018
Page 7

                                             
BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In Thousands, except for per share amounts, Unaudited)

   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2018
   
2017
   
2018
   
2017
 
                         
Interest income:
                       
  Loans, including fees
 
$
24,048
   
$
18,026
   
$
43,569
   
$
35,568
 
  Mortgage-backed securities
   
837
     
603
     
1,536
     
1,131
 
  Municipal bonds and other debt
   
196
     
159
     
300
     
264
 
  FHLB stock and other interest earning assets
   
615
     
281
     
1,233
     
561
 
     Total interest income
   
25,696
     
19,069
     
46,638
     
37,524
 
                                 
Interest expense:
                               
  Deposits:
                               
     Demand
   
975
     
677
     
1,772
     
1,350
 
     Savings and club
   
105
     
100
     
202
     
199
 
     Certificates of deposit
   
3,405
     
2,142
     
6,135
     
4,153
 
     
4,485
     
2,919
     
8,109
     
5,702
 
     Borrowings
   
1,221
     
1,087
     
2,099
     
2,154
 
       Total interest expense
   
5,706
     
4,006
     
10,208
     
7,856
 
                                 
Net interest income
   
19,990
     
15,063
     
36,430
     
29,668
 
Provision for loan losses
   
2,060
     
776
     
3,402
     
1,274
 
                                 
Net interest income after provision for loan losses
   
17,930
     
14,287
     
33,028
     
28,394
 
                                 
Non-interest income:
                               
   Fees and service charges
   
971
     
838
     
1,681
     
1,634
 
   Gain on sales of loans
   
576
     
733
     
1,159
     
1,071
 
   Loss on bulk sale of impaired loans held in portfolio
   
-
     
-
     
(24
)
   
-
 
   Gain on sales of other real estate owned
   
(10
)
   
197
     
(10
)
   
1,348
 
   Loss on equity investments
   
(33
)
   
-
     
(160
)
   
-
 
   Other
   
59
     
254
     
2,303
     
282
 
      Total non-interest income
   
1,563
     
2,022
     
4,949
     
4,335
 
                                 
Non-interest expense:
                               
   Salaries and employee benefits
   
7,125
     
5,878
     
13,392
     
11,968
 
   Occupancy and equipment
   
2,476
     
1,989
     
4,538
     
4,147
 
   Data processing and service fees
   
828
     
678
     
1,557
     
1,331
 
   Professional fees
   
533
     
1,383
     
1,038
     
1,746
 
   Director fees
   
201
     
198
     
402
     
378
 
   Regulatory assessments
   
290
     
331
     
529
     
692
 
   Advertising and promotional
   
100
     
115
     
185
     
258
 
   Other real estate owned, net
   
160
     
13
     
191
     
55
 
   Merger related costs
   
2,039
     
-
     
2,184
     
-
 
   Other
   
2,228
     
1,563
     
3,975
     
3,135
 
      Total non-interest expense
   
15,980
     
12,148
     
27,991
     
23,710
 
                                 
Income before income tax provision
   
3,513
     
4,161
     
9,986
     
9,019
 
Income tax provision
   
1,200
     
1,648
     
3,041
     
3,593
 
                                 
Net Income
 
$
2,313
   
$
2,513
   
$
6,945
   
$
5,426
 
Preferred stock dividends
   
262
     
165
     
428
     
283
 
Net Income available to common stockholders
 
$
2,051
   
$
2,348
   
$
6,517
   
$
5,143
 
                                 
Net Income per common share-basic and diluted
                               
Basic
 
$
0.13
   
$
0.21
   
$
0.43
   
$
0.46
 
Diluted
 
$
0.13
   
$
0.21
   
$
0.42
   
$
0.45
 
                                 
Weighted average number of common shares outstanding
                               
Basic
   
15,610
     
11,295
     
15,329
     
11,278
 
Diluted
   
15,748
     
11,405
     
15,465
     
11,383
 
 
 
 

 
BCBP Reports Second Quarter 2018 Earnings
July 30, 2018
Page 8
 
 
 
 
 
 
 
 
 
Financial condition data by quarter
 
     
Q2 2018
     
Q1 2018
     
Q4 2017
     
Q3 2017
     
Q2 2017
     
Q1 2017
 
                                                 
   
(In thousands)
 
Total assets
 
$
2,516,564
   
$
2,082,313
   
$
1,942,837
   
$
1,871,740
   
$
1,815,843
   
$
1,805,332
 
Cash and cash equivalents
   
180,445
     
137,334
     
124,235
     
97,618
     
75,047
     
114,422
 
Securities available for sale
   
135,425
     
127,324
     
122,589
     
100,077
     
105,803
     
106,183
 
Loans receivable, net
   
2,119,829
     
1,764,597
     
1,643,677
     
1,619,245
     
1,577,181
     
1,528,756
 
Deposits
   
1,984,876
     
1,691,353
     
1,569,370
     
1,546,148
     
1,496,260
     
1,513,844
 
Borrowings
   
320,000
     
200,000
     
185,000
     
138,000
     
174,000
     
155,000
 
Stockholders' equity
   
194,076
     
177,386
     
176,454
     
177,568
     
132,781
     
127,011
 
Tangible Book Value
   
10.71
     
10.90
     
10.85
     
10.93
     
10.58
     
10.45
 
                                                 
   
Operating data by quarter
 
     
Q2 2018
     
Q1 2018
     
Q4 2017
     
Q3 2017
     
Q2 2017
     
Q1 2017
 
                                                 
           
(In thousands, except for per share amounts)
 
Net interest income
 
$
19,990
   
$
16,440
   
$
16,642
   
$
15,574
   
$
15,063
   
$
14,605
 
Provision for loan losses
   
2,060
     
1,342
     
325
     
511
     
776
     
498
 
Non-interest income
   
1,562
     
3,386
     
1,515
     
1,633
     
2,022
     
2,313
 
Non-interest expense
   
15,980
     
12,011
     
12,035
     
11,299
     
12,148
     
11,562
 
Income tax expense
   
1,200
     
1,841
     
4,458
     
2,180
     
1,648
     
1,945
 
Net income
 
$
2,312
   
$
4,632
   
$
1,339
   
$
3,217
   
$
2,513
   
$
2,913
 
Net income per share:
 
$
0.13
   
$
0.30
   
$
0.08
   
$
0.25
   
$
0.21
   
$
0.25
 
Common Dividends declared per share
 
$
0.14
   
$
0.14
   
$
0.14
   
$
0.14
   
$
0.14
   
$
0.14
 
                                                 
   
Financial Ratios
 
     
Q2 2018
     
Q1 2018
     
Q4 2017
     
Q3 2017
     
Q2 2017
     
Q1 2017
 
Return on average assets
   
0.40
%
   
0.92
%
   
0.28
%
   
0.70
%
   
0.56
%
   
0.68
%
Return on average stockholder's equity
   
4.90
%
   
10.48
%
   
3.01
%
   
9.17
%
   
7.90
%
   
9.48
%
Net interest margin
   
3.52
%
   
3.34
%
   
3.56
%
   
3.50
%
   
3.45
%
   
3.43
%
Stockholder's equity to total assets
   
7.71
%
   
8.52
%
   
9.08
%
   
9.49
%
   
7.31
%
   
7.04
%
                                                 
   
Asset Quality Ratios
 
   
(In thousands, except for per share amounts)
 
     
Q2 2018
     
Q1 2018
     
Q4 2017
     
Q3 2017
     
Q2 2017
     
Q1 2017
 
Non-Accrual Loans
 
$
10,762
   
$
10,619
   
$
13,036
   
$
16,958
   
$
15,456
   
$
16,987
 
Non-Accrual Loans as a % of Total Loans
   
0.50
%
   
0.60
%
   
0.78
%
   
1.03
%
   
0.97
%
   
1.10
%
ALLL as % of Non-Accrual Loans
   
191.79
%
   
172.68
%
   
133.28
%
   
108.79
%
   
116.23
%
   
103.17
%
Impaired Loans
   
50,899
     
36,199
     
37,786
     
40,992
     
43,326
     
45,830
 
Classified Loans
   
33,605
     
20,299
     
21,730
     
26,663
     
27,422
     
29,357
 

Transmitted on Globe Newswire on July 30, 2018 at 9:00 a.m. Eastern Time.
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