BCB Bancorp Inc. (BCBP, Financial) filed Quarterly Report for the period ended 2009-06-30.
BCB Bancorp Inc. has a market cap of $43 million; its shares were traded at around $9.25 with a P/E ratio of 14.5 and P/S ratio of 1.2. The dividend yield of BCB Bancorp Inc. stocks is 5.2%.
June 30, 2009 from $1.28 million for the three months ended June 30, 2008. The
decrease in net income was due to a decrease in net interest income and an
increase in total non-interest expense, partially offset by an increase in total
non-interest income and a decrease in income taxes. Net interest income
decreased by $534,000 or 11.0% to $4.34 million for the three months ended June
30, 2009 from $4.87 million for the three months ended June 30, 2008. This
decrease in net interest income resulted primarily from a decrease in the
average yield on interest earning assets to 5.50% for the three months ended
June 30, 2009 from 6.41% for the three months ended June 30, 2008, partially
offset by an increase of $36.9 million or 6.6% in the average balance of
interest earning assets to $599.5 million for the three months ended June 30,
2009 from $562.6 million for the three months ended June 30, 2008. The average
The provision for loan losses totaled $300,000 for the three months ended June
30, 2009 as well as for the three months ended June 30, 2008. 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) significant level of loan growth and
(5) the existing level of reserves for loan losses that are probable and
estimable. During the three months ended June 30, 2009, the Bank experienced
$4,000 in net charge-offs, (consisting of $4,000 in charge-offs and no
recoveries). During the three months ended June 30, 2008, the Bank experienced
$4,000 in net recoveries, (consisting of $7,000 in recoveries and $3,000 in
charge-offs). The Bank had non-performing loans totaling $5.0 million or 1.20%
of gross loans at June 30, 2009, $2.7 million or 0.67% of gross loans at March
31, 2009 and $282,000 or 0.07% of gross loans at June 30, 2008. The allowance
for loan losses was $5.9 million or 1.43% of gross loans at June 30, 2009, $5.6
million or 1.38% of gross loans at March 31, 2009 and $4.6 million or 1.15% of
gross loans at June 30, 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 June 30, 2009, March
31, 2009 and June 30, 2008.
Total non-interest expense increased by $291,000 or 10.6% to $3.03 million for
the three months ended June 30, 2009 from $2.74 million for the three months
ended June 30, 2008. Salaries and employee benefits expense decreased by $72,000
or 5.2% to $1.31 million for the three months ended June 30, 2009 from $1.38
million for the three months ended June 30, 2008. This decrease occurred
primarily as the result of the departure of a highly compensated officer during
the three months ended June 30, 2009, partially offset by an increase in the
number of full time equivalent employees to 89 for the three months ended June
30, 2009, from 84 for the three months ended June 30, 2008. Equipment expense
increased by $22,000 or 4.4% to $526,000 for the three months ended June 30,
2009 from $504,000 for the three months ended June 30, 2008. The primary
component of this expense item is data service provider expense which increases
with the growth in the Bank\'s assets. Occupancy expense and advertising
increased by an aggregate of $21,000 or 6.3% to $354,000 for the three months
ended June 30, 2009 from $333,000 for the three months ended June 30, 2008.
Other non-interest expense increased by $320,000 or 61.1% to $844,000 for the
three months ended June 30, 2009 from $524,000 for the three months ended June
30, 2008. The increase in non-interest expense resulted primarily from the
one-time recapitalization assessment levied by the Federal Deposit Insurance
Corporation on all financial institutions. This assessment totaled $300,000 for
the Company which was required to be accrued for in the second quarter of 2009
and payable in the third quarter of 2009. Exclusive of the aforementioned, 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.
The provision for loan losses totaled $650,000 for the six months ended June 30,
2009 and $550,000 for the six months ended June 30, 2008. 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) significant level of loan growth and
(5) the existing level of reserves for loan losses that are probable and
estimable. During the six months ended June 30, 2009, the Bank experienced
$16,000 in net charge-offs (consisting of $16,000 in charge-offs and no
recoveries). During the six months ended June 30, 2008, the Bank experienced
$53,000 in net charge-offs (consisting of $93,000 in charge-offs and $40,000 in
recoveries). The Bank had non-performing loans totaling $5.0 million or 1.20% of
gross loans at June 30, 2009, $3.7 million or 0.90% of gross loans at December
31, 2008 and $282,000 or 0.07% of gross loans at June 30, 2008. The allowance
for loan losses was $5.9 million or 1.43% of gross loans at June 30, 2009, $5.3
million or 1.28% of gross loans at December 31, 2008 and $4.6 million or 1.15%
of gross loans at June 30, 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 June 30, 2009,
December 31, 2008 and June 30, 2008.
Total non-interest income increased by $2,000 or 0.5% to $423,000 for the six
months ended June 30, 2009 from $421,000 for the six months ended June 30, 2008.
The increase in non-interest income resulted primarily from an increase of
$28,000 or 28.0% in gain on sales of loans originated for sale to $128,000 for
the six months ended June 30, 2009 from $100,000 for the six months ended June
30, 2008 and a $5,000 increase in gain on sale of real estate owned, partially
offset by a decrease of $31,000 or 9.7% in general fees, service charges and
other income to $290,000 for the six months ended June 30, 2009 from $321,000
for the six months ended June 30, 2008. The increase in gain on sale of loans
Total non-interest expense increased by $250,000 or 4.7% to $5.62 million for
the six months ended June 30, 2009 from $5.37 million for the six months ended
June 30, 2008. Salaries and employee benefits expense decreased by $124,000 or
4.5% to $2.63 million for the six months ended June 30, 2009 from $2.75 million
for the six months ended June 30, 2008. This decrease occurred primarily as a
result of the departure of a highly compensated officer during the six months
ended June 30, 2009, partially offset by an increase in the number of full time
equivalent employees to 89 for the six months ended June 30, 2009, from 84 for
the six months ended June 30, 2008. Equipment expense increased by $39,000 or
3.9% to $1.04 million for the six months ended June 30, 2009 from $1.0 million
for the six months ended June 30, 2008. The primary component of this expense
item is data service provider expense which increases with the growth of the
Bank\'s assets. Occupancy expense increased by $21,000 or 4.0% to $546,000 for
the six months ended June 30, 2009 from $525,000 for the six months ended June
30, 2008. Advertising expense decreased by $3,000 to $119,000 for the six months
ended June 30, 2009 from $122,000 for the six months ended June 30, 2008. Other
non-interest expense increased by $317,000 or 32.9% to $1.28 million for the six
months ended June 30, 2009 from $964,000 for the six months ended June 30, 2008.
The increase in non-interest expense resulted primarily from the one-time
recapitalization assessment levied by the Federal Deposit Insurance Corporation
on all financial institutions. This assessment totaled $300,000 for the Company
which was required to be accrued for in the second quarter of 2009 and payable
in the third quarter of 2009. Exclusive of the aforementioned, 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 $43 million; its shares were traded at around $9.25 with a P/E ratio of 14.5 and P/S ratio of 1.2. The dividend yield of BCB Bancorp Inc. stocks is 5.2%.
Highlight of Business Operations:
Net income decreased by $534,000 or 41.8% to $742,000 for the three months endedJune 30, 2009 from $1.28 million for the three months ended June 30, 2008. The
decrease in net income was due to a decrease in net interest income and an
increase in total non-interest expense, partially offset by an increase in total
non-interest income and a decrease in income taxes. Net interest income
decreased by $534,000 or 11.0% to $4.34 million for the three months ended June
30, 2009 from $4.87 million for the three months ended June 30, 2008. This
decrease in net interest income resulted primarily from a decrease in the
average yield on interest earning assets to 5.50% for the three months ended
June 30, 2009 from 6.41% for the three months ended June 30, 2008, partially
offset by an increase of $36.9 million or 6.6% in the average balance of
interest earning assets to $599.5 million for the three months ended June 30,
2009 from $562.6 million for the three months ended June 30, 2008. The average
The provision for loan losses totaled $300,000 for the three months ended June
30, 2009 as well as for the three months ended June 30, 2008. 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) significant level of loan growth and
(5) the existing level of reserves for loan losses that are probable and
estimable. During the three months ended June 30, 2009, the Bank experienced
$4,000 in net charge-offs, (consisting of $4,000 in charge-offs and no
recoveries). During the three months ended June 30, 2008, the Bank experienced
$4,000 in net recoveries, (consisting of $7,000 in recoveries and $3,000 in
charge-offs). The Bank had non-performing loans totaling $5.0 million or 1.20%
of gross loans at June 30, 2009, $2.7 million or 0.67% of gross loans at March
31, 2009 and $282,000 or 0.07% of gross loans at June 30, 2008. The allowance
for loan losses was $5.9 million or 1.43% of gross loans at June 30, 2009, $5.6
million or 1.38% of gross loans at March 31, 2009 and $4.6 million or 1.15% of
gross loans at June 30, 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 June 30, 2009, March
31, 2009 and June 30, 2008.
Total non-interest expense increased by $291,000 or 10.6% to $3.03 million for
the three months ended June 30, 2009 from $2.74 million for the three months
ended June 30, 2008. Salaries and employee benefits expense decreased by $72,000
or 5.2% to $1.31 million for the three months ended June 30, 2009 from $1.38
million for the three months ended June 30, 2008. This decrease occurred
primarily as the result of the departure of a highly compensated officer during
the three months ended June 30, 2009, partially offset by an increase in the
number of full time equivalent employees to 89 for the three months ended June
30, 2009, from 84 for the three months ended June 30, 2008. Equipment expense
increased by $22,000 or 4.4% to $526,000 for the three months ended June 30,
2009 from $504,000 for the three months ended June 30, 2008. The primary
component of this expense item is data service provider expense which increases
with the growth in the Bank\'s assets. Occupancy expense and advertising
increased by an aggregate of $21,000 or 6.3% to $354,000 for the three months
ended June 30, 2009 from $333,000 for the three months ended June 30, 2008.
Other non-interest expense increased by $320,000 or 61.1% to $844,000 for the
three months ended June 30, 2009 from $524,000 for the three months ended June
30, 2008. The increase in non-interest expense resulted primarily from the
one-time recapitalization assessment levied by the Federal Deposit Insurance
Corporation on all financial institutions. This assessment totaled $300,000 for
the Company which was required to be accrued for in the second quarter of 2009
and payable in the third quarter of 2009. Exclusive of the aforementioned, 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.
The provision for loan losses totaled $650,000 for the six months ended June 30,
2009 and $550,000 for the six months ended June 30, 2008. 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) significant level of loan growth and
(5) the existing level of reserves for loan losses that are probable and
estimable. During the six months ended June 30, 2009, the Bank experienced
$16,000 in net charge-offs (consisting of $16,000 in charge-offs and no
recoveries). During the six months ended June 30, 2008, the Bank experienced
$53,000 in net charge-offs (consisting of $93,000 in charge-offs and $40,000 in
recoveries). The Bank had non-performing loans totaling $5.0 million or 1.20% of
gross loans at June 30, 2009, $3.7 million or 0.90% of gross loans at December
31, 2008 and $282,000 or 0.07% of gross loans at June 30, 2008. The allowance
for loan losses was $5.9 million or 1.43% of gross loans at June 30, 2009, $5.3
million or 1.28% of gross loans at December 31, 2008 and $4.6 million or 1.15%
of gross loans at June 30, 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 June 30, 2009,
December 31, 2008 and June 30, 2008.
Total non-interest income increased by $2,000 or 0.5% to $423,000 for the six
months ended June 30, 2009 from $421,000 for the six months ended June 30, 2008.
The increase in non-interest income resulted primarily from an increase of
$28,000 or 28.0% in gain on sales of loans originated for sale to $128,000 for
the six months ended June 30, 2009 from $100,000 for the six months ended June
30, 2008 and a $5,000 increase in gain on sale of real estate owned, partially
offset by a decrease of $31,000 or 9.7% in general fees, service charges and
other income to $290,000 for the six months ended June 30, 2009 from $321,000
for the six months ended June 30, 2008. The increase in gain on sale of loans
Total non-interest expense increased by $250,000 or 4.7% to $5.62 million for
the six months ended June 30, 2009 from $5.37 million for the six months ended
June 30, 2008. Salaries and employee benefits expense decreased by $124,000 or
4.5% to $2.63 million for the six months ended June 30, 2009 from $2.75 million
for the six months ended June 30, 2008. This decrease occurred primarily as a
result of the departure of a highly compensated officer during the six months
ended June 30, 2009, partially offset by an increase in the number of full time
equivalent employees to 89 for the six months ended June 30, 2009, from 84 for
the six months ended June 30, 2008. Equipment expense increased by $39,000 or
3.9% to $1.04 million for the six months ended June 30, 2009 from $1.0 million
for the six months ended June 30, 2008. The primary component of this expense
item is data service provider expense which increases with the growth of the
Bank\'s assets. Occupancy expense increased by $21,000 or 4.0% to $546,000 for
the six months ended June 30, 2009 from $525,000 for the six months ended June
30, 2008. Advertising expense decreased by $3,000 to $119,000 for the six months
ended June 30, 2009 from $122,000 for the six months ended June 30, 2008. Other
non-interest expense increased by $317,000 or 32.9% to $1.28 million for the six
months ended June 30, 2009 from $964,000 for the six months ended June 30, 2008.
The increase in non-interest expense resulted primarily from the one-time
recapitalization assessment levied by the Federal Deposit Insurance Corporation
on all financial institutions. This assessment totaled $300,000 for the Company
which was required to be accrued for in the second quarter of 2009 and payable
in the third quarter of 2009. Exclusive of the aforementioned, 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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