BCB Bancorp Inc. (BCBP, Financial) filed Quarterly Report for the period ended 2009-03-31.
BCB Bancorp Inc. has a market cap of $49.1 million; its shares were traded at around $9.47 with a P/E ratio of 12.6 and P/S ratio of 1.4. The dividend yield of BCB Bancorp Inc. stocks is 5.1%.
31, 2009 from $406.8 million at December 31, 2008. The decrease resulted
primarily from a $5.5 million decrease in real estate mortgages comprising
residential, commercial, construction and participation loans with other
financial institutions, net of amortization, and a $771,000 decrease in consumer
loans, net of amortization, partially offset by a $1.7 million increase in
commercial loans comprising business loans and commercial lines of credit, net
of amortization and a $338,000 increase in the allowance for loan losses. The
balance in the loan pipeline as of March 31, 2009 stood at $13.0 million. At
March 31, 2009, the allowance for loan losses was $5.6 million or 205.46% of
non-performing loans.
Stockholders' equity increased by $552,000 or 1.1% to $50.3 million at March 31,
2009 from $49.7 million at December 31, 2008. The increase in stockholders'
equity is primarily attributable to net income of the Company for the three
months ended March 31, 2009 of $1.36 million, partially offset by the payment of
a quarterly cash dividend totaling $558,000 representing a $0.12/share payment
during the three months ended March 31, 2009, a $231,000 decrease in the market
value of our available-for-sale securities portfolio, net of tax, and $25,000
paid to repurchase 2,515 shares of common stock. At March 31, 2009 the Bank's
Tier 1, Tier 1 Risk-Based and Total Risk Based Capital Ratios were 9.37%, 13.49%
and 14.75% respectively.
Net income increased by $59,000 or 4.5% to $1.36 million for the three months
ended March 31, 2009 from $1.30 million for the three months ended March 31,
2008. The increase in net income primarily reflects an increase in net interest
income and a decrease in non-interest expense, partially offset by a decrease in
non-interest income and increases in the provision for loan losses and income
taxes. Net interest income increased by $244,000 or 5.2% to $4.9 million for the
three months ended March 31, 2009 from $4.7 million for the three months ended
March 31, 2008. This increase resulted primarily from an increase in average
earning assets of $21.6 million or 3.9% to $571.6 million for the three months
ended March 31, 2009 from $550.0 million for the three months ended March 31,
2008, funded primarily through an increase in average interest bearing
liabilities of $24.4 million or 5.1% to $501.5 million for the three months
ended March 31, 2009 from $477.1 million for the three months ended March 31,
2008 and an increase in the net interest margin to 3.44% for the three months
ended March 31, 2009 from 3.40% for the three months ended March 31, 2008. Our
results have been positively
The provision for loan losses totaled $350,000 and $250,000 for the three month
periods ended March 31, 2009 and 2008, respectively. The provision for loan
losses is established based upon management's review of the Bank's loans and
consideration of a variety of factors including, but not limited to, (1) the
risk characteristics of the loan portfolio, (2) current economic conditions, (3)
actual losses previously experienced, (4) level of loan growth and (5) the
existing level of reserves for loan losses that are probable and estimable.
During the three months ended March 31, 2009, the Bank experienced $13,000 in
net charge-offs (consisting of no recoveries and $13,000 in charge-offs). During
the three months ended March 31, 2008, the Bank experienced $57,000 in net
charge-offs (consisting of $33,000 in recoveries and $90,000 in charge-offs).
The Bank had non-performing loans totaling $2.7 million or 0.67% of gross loans
at March 31, 2009, $3.7 million or 0.90% of gross loans at December 31, 2008 and
$1.5 million or 0.41% of gross loans at March 31, 2008. The allowance for loan
losses stood at $5.6 million or 1.38% of gross loans at March 31, 2009, $5.3
million or 1.28% of gross loans at December 31, 2008 and $4.3 million or 1.13%
of gross loans at March 31, 2008. The amount of the allowance is based on
estimates and the ultimate losses may vary from such estimates. Management
assesses the allowance for loan losses on a quarterly basis and makes provisions
for loan losses as necessary in order to maintain the adequacy of the allowance.
While management uses available information to recognize losses on loans, future
loan loss provisions may be necessary based on changes in the aforementioned
criteria. In addition, various regulatory agencies, as an integral part of their
examination process, periodically review the allowance for loan losses and may
require the Bank to recognize additional provisions based on their judgment of
information available to them at the time of their examination. Management
believes that the allowance for loan losses was adequate at March 31, 2009,
December 31, 2008 and March 31, 2008.
Total non-interest income decreased by $67,000 or 27.0% to $181,000 for the
three months ended March 31, 2009 from $248,000 for the three months ended March
31, 2008. The decrease in non-interest income resulted primarily from a $38,000
decrease in gains on sales of loans originated for sale to $42,000 for the three
months ended March 31, 2009 from $80,000 for the three months ended March 31,
2008 and a $29,000 decrease in general fees, service charges and other income to
$139,000 for the three months ended March 31, 2009 from $168,000 for the three
months ended March 31, 2008. The decrease in gain on sale of loans originated
for sale reflects the softening one- to four-family residential real estate
market during the three months ended March 31, 2009.
2008. Salaries and employee benefits expense decreased by $52,000 or 3.8% to
$1.32 million for the three months ended March 31, 2009 from $1.38 million for
the three months ended March 31, 2008. This decrease was primarily attributable
to a decrease in the number of full time equivalent employees to 82 for the
three months ended March 31, 2009, from 84 for the three months ended March 31,
2008, partially offset by salary increases in conjunction with annual reviews.
Equipment expense increased by $17,000 or 3.4% to $515,000 for the three months
ended March 31, 2009 from $498,000 for the three months ended March 31, 2008.
Occupancy expense increased marginally by $1,000 or 0.4% to $264,000 for the
three months ended March 31, 2009 from $263,000 for the three months ended March
31, 2008. Advertising expense decreased by $4,000 or 7.8% to $47,000 for the
three months ended March 31, 2009 from $51,000 for the three months ended March
31, 2008. Other non-interest expense decreased by $3,000 or 0.7% to $437,000 for
the three months ended March 31, 2009 from $440,000 for the three months ended
March 31, 2008. Other non-interest expense is comprised of directors' fees,
stationary, forms and printing, professional fees, legal fees, check printing,
correspondent bank fees, telephone and communication, shareholder relations and
other fees and expenses.
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BCB Bancorp Inc. has a market cap of $49.1 million; its shares were traded at around $9.47 with a P/E ratio of 12.6 and P/S ratio of 1.4. The dividend yield of BCB Bancorp Inc. stocks is 5.1%.
Highlight of Business Operations:
Loans receivable decreased by $5.7 million or 1.4% to $401.1 million at March31, 2009 from $406.8 million at December 31, 2008. The decrease resulted
primarily from a $5.5 million decrease in real estate mortgages comprising
residential, commercial, construction and participation loans with other
financial institutions, net of amortization, and a $771,000 decrease in consumer
loans, net of amortization, partially offset by a $1.7 million increase in
commercial loans comprising business loans and commercial lines of credit, net
of amortization and a $338,000 increase in the allowance for loan losses. The
balance in the loan pipeline as of March 31, 2009 stood at $13.0 million. At
March 31, 2009, the allowance for loan losses was $5.6 million or 205.46% of
non-performing loans.
Stockholders' equity increased by $552,000 or 1.1% to $50.3 million at March 31,
2009 from $49.7 million at December 31, 2008. The increase in stockholders'
equity is primarily attributable to net income of the Company for the three
months ended March 31, 2009 of $1.36 million, partially offset by the payment of
a quarterly cash dividend totaling $558,000 representing a $0.12/share payment
during the three months ended March 31, 2009, a $231,000 decrease in the market
value of our available-for-sale securities portfolio, net of tax, and $25,000
paid to repurchase 2,515 shares of common stock. At March 31, 2009 the Bank's
Tier 1, Tier 1 Risk-Based and Total Risk Based Capital Ratios were 9.37%, 13.49%
and 14.75% respectively.
Net income increased by $59,000 or 4.5% to $1.36 million for the three months
ended March 31, 2009 from $1.30 million for the three months ended March 31,
2008. The increase in net income primarily reflects an increase in net interest
income and a decrease in non-interest expense, partially offset by a decrease in
non-interest income and increases in the provision for loan losses and income
taxes. Net interest income increased by $244,000 or 5.2% to $4.9 million for the
three months ended March 31, 2009 from $4.7 million for the three months ended
March 31, 2008. This increase resulted primarily from an increase in average
earning assets of $21.6 million or 3.9% to $571.6 million for the three months
ended March 31, 2009 from $550.0 million for the three months ended March 31,
2008, funded primarily through an increase in average interest bearing
liabilities of $24.4 million or 5.1% to $501.5 million for the three months
ended March 31, 2009 from $477.1 million for the three months ended March 31,
2008 and an increase in the net interest margin to 3.44% for the three months
ended March 31, 2009 from 3.40% for the three months ended March 31, 2008. Our
results have been positively
The provision for loan losses totaled $350,000 and $250,000 for the three month
periods ended March 31, 2009 and 2008, respectively. The provision for loan
losses is established based upon management's review of the Bank's loans and
consideration of a variety of factors including, but not limited to, (1) the
risk characteristics of the loan portfolio, (2) current economic conditions, (3)
actual losses previously experienced, (4) level of loan growth and (5) the
existing level of reserves for loan losses that are probable and estimable.
During the three months ended March 31, 2009, the Bank experienced $13,000 in
net charge-offs (consisting of no recoveries and $13,000 in charge-offs). During
the three months ended March 31, 2008, the Bank experienced $57,000 in net
charge-offs (consisting of $33,000 in recoveries and $90,000 in charge-offs).
The Bank had non-performing loans totaling $2.7 million or 0.67% of gross loans
at March 31, 2009, $3.7 million or 0.90% of gross loans at December 31, 2008 and
$1.5 million or 0.41% of gross loans at March 31, 2008. The allowance for loan
losses stood at $5.6 million or 1.38% of gross loans at March 31, 2009, $5.3
million or 1.28% of gross loans at December 31, 2008 and $4.3 million or 1.13%
of gross loans at March 31, 2008. The amount of the allowance is based on
estimates and the ultimate losses may vary from such estimates. Management
assesses the allowance for loan losses on a quarterly basis and makes provisions
for loan losses as necessary in order to maintain the adequacy of the allowance.
While management uses available information to recognize losses on loans, future
loan loss provisions may be necessary based on changes in the aforementioned
criteria. In addition, various regulatory agencies, as an integral part of their
examination process, periodically review the allowance for loan losses and may
require the Bank to recognize additional provisions based on their judgment of
information available to them at the time of their examination. Management
believes that the allowance for loan losses was adequate at March 31, 2009,
December 31, 2008 and March 31, 2008.
Total non-interest income decreased by $67,000 or 27.0% to $181,000 for the
three months ended March 31, 2009 from $248,000 for the three months ended March
31, 2008. The decrease in non-interest income resulted primarily from a $38,000
decrease in gains on sales of loans originated for sale to $42,000 for the three
months ended March 31, 2009 from $80,000 for the three months ended March 31,
2008 and a $29,000 decrease in general fees, service charges and other income to
$139,000 for the three months ended March 31, 2009 from $168,000 for the three
months ended March 31, 2008. The decrease in gain on sale of loans originated
for sale reflects the softening one- to four-family residential real estate
market during the three months ended March 31, 2009.
2008. Salaries and employee benefits expense decreased by $52,000 or 3.8% to
$1.32 million for the three months ended March 31, 2009 from $1.38 million for
the three months ended March 31, 2008. This decrease was primarily attributable
to a decrease in the number of full time equivalent employees to 82 for the
three months ended March 31, 2009, from 84 for the three months ended March 31,
2008, partially offset by salary increases in conjunction with annual reviews.
Equipment expense increased by $17,000 or 3.4% to $515,000 for the three months
ended March 31, 2009 from $498,000 for the three months ended March 31, 2008.
Occupancy expense increased marginally by $1,000 or 0.4% to $264,000 for the
three months ended March 31, 2009 from $263,000 for the three months ended March
31, 2008. Advertising expense decreased by $4,000 or 7.8% to $47,000 for the
three months ended March 31, 2009 from $51,000 for the three months ended March
31, 2008. Other non-interest expense decreased by $3,000 or 0.7% to $437,000 for
the three months ended March 31, 2009 from $440,000 for the three months ended
March 31, 2008. Other non-interest expense is comprised of directors' fees,
stationary, forms and printing, professional fees, legal fees, check printing,
correspondent bank fees, telephone and communication, shareholder relations and
other fees and expenses.
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