BCB Bancorp, Inc., Announces Increase in First Quarter Earnings and Declaration of Quarterly Dividend to Common Shareholders

  BCB Bancorp, Inc., Announces Increase in First Quarter Earnings and
  Declaration of Quarterly Dividend to Common Shareholders

Business Wire

BAYONNE, N.J. -- April 24, 2013

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ: BCBP) announced an increase in net
income of $822,000 or 51.8% to $2.4 million for the three months ended March
31, 2013 from $1.6 million for the three months ended March 31, 2012. Basic
and diluted earnings per share were $0.27 for the three months ended March 31,
2013 compared with $0.17 for the three months ended March 31, 2012. The
weighted average number of common shares outstanding for the three months
ended March 31, 2013 for basic and diluted earnings per share calculations was
8,492,000 and 8,494,000, respectively. The weighted average number of common
shares outstanding for the three months ended March 31, 2012 for basic and
diluted earnings per share calculations was 9,436,000 and 9,449,000,
respectively.

Total assets decreased by $13.2 million or 1.1% to $1.158 billion at March 31,
2013 from $1.171 billion at December31, 2012. Total cash and cash equivalents
increased by $2.9 million or 8.5% to $37.0 million at March31, 2013 from
$34.1 million at December31, 2012. Investment securities classified as
held-to-maturity decreased by $22.4 million or 13.6% to $142.2 million at
March31, 2013 from $164.6 million at December31, 2012. Loans receivable
increased by $8.0 million or 0.9% to $930.3 million at March31, 2013 from
$922.3 million at December31, 2012. Deposit liabilities increased by $3.0
million or 0.3% to $943.8 million at March31, 2013 from $940.8 million at
December31, 2012. We had no short-term borrowed money at March 31, 2013
compared with $17.0 million in short term borrowings at December 31, 2012.
Long-term borrowed money remained constant at $114.1 million at March 31, 2013
and December 31, 2012, respectively. Stockholders’ equity increased by $1.1
million or 1.2% to $92.7 million at March31, 2013 from $91.6 million at
December31, 2012.

Net income increased by $822,000 or 51.8% to $2.41 million for the three
months ended March 31, 2013 compared with net income of $1.59 million for
three months ended March 31, 2012. The increase in net income was due to an
increase in total interest income along with decreases in total interest
expense and non-interest expenses, partially offset by increases in the
provision for loan losses and the income tax provision and a decrease in
non-interest income.

Net interest income increased by $1.1 million or 10.7% to $11.4 million for
the three months ended March 31, 2013 from $10.3 million for the three months
ended March 31, 2012. The increase in net interest income resulted primarily
from an increase in the average yield on interest earning assets of 43 basis
points to 4.97% for the three months ended March 31, 2013 from 4.54% for the
three months ended March 31, 2012, partially offset by a decrease in the
average balance of interest earning assets of $61.0 million or 5.1% to $1.132
billion for the three months ended March 31, 2013 from $1.193 billion for the
three months ended March 31, 2012. The increased yield on assets was the
result of an improved asset mix which saw increased loan balances and
decreased balances of investment securities and interest-earning cash.

Total non-interest income decreased by $498,000 or 38.8% to $784,000 for the
three months ended March 31, 2013 from $1.28 million for the three months
ended March31, 2012. The decrease in non-interest income primarily reflects a
decrease in gain on sale of loans originated for sale, partially offset by
gain on sale of securities held to maturity.

Total non-interest expense decreased by $1.48 million or 17.7% to $6.9 million
for the three months ended March 31, 2013 from $8.38 million for the three
months ended March 31, 2012. Expense reductions were recorded in certain areas
of the income statement which included salaries and benefits, occupancy
expense, equipment, director fees, regulatory assessments, advertising, REO
expense and other non-interest expense.

Donald Mindiak, President & CEO commented, “Our increase in both earnings and
earnings per share were positively impacted as a result of the successful
implementation of several initiatives executed during 2012. An asset
re-allocation initiative coupled with the disposal of a significant portion of
our non-performing loan portfolio resulted in the redeployment of significant
asset balances into yielding instruments. Net loan balances increased by
$101.9 million or 12.3% to $930.3 million at March 31, 2013 as compared to
$828.4 million at March 31, 2012. As a result of this increase in net loans,
interest income on loans increased by $1.02 million or 8.5% to $12.99 million
for the three months ended March 31, 2013 from $11.97 million for the three
months ended March 31, 2012. As a result of the aforementioned, we were able
to realize an increase in our net interest spread to 3.87% at March 31, 2013
as compared to 3.29% at March 31, 2012, and an increase in our net interest
margin to 4.03% at March 31, 2013 as compared to 3.45% at March 31, 2012.
Additionally, cost containment efforts in several areas such as salaries,
occupancy, equipment, REO expense and other non-interest expense provided a
positive impact in reducing total non-interest expense by approximately $1.48
million or 17.7% to $6.9 million for the three months ended March 31, 2013
from $8.38 million for the three months ended March 31, 2012.”

Mr. Mindiak continued, “The Board of Directors unanimously declared a
quarterly cash dividend of $0.12/common share payable on Friday, May 17, 2013,
with a record date of May 7, 2013, consistent with our prior quarter’s amount.
The maintenance of our quarterly cash dividend continues to be a source of
pride that we can continue to provide our shareholders a competitive return on
their equity while maintaining our standing as a well capitalized financial
institution predicated upon all quantitative measurements promulgated by our
regulatory agencies. We remain diligent in our exploration of corporate
initiatives that we believe provide the opportunity for growth in both
franchise and shareholder value.”

Forward-looking Statements and Associated Risk Factors

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.

There are a number of factors, many of which are beyond our control, that
could cause actual conditions, events, or results to differ significantly from
those described in our forward-looking statements. These factors include, but
are not limited to: general economic conditions and trends, either nationally
or in some or all of the areas in which we and our customers conduct our
respective businesses; conditions in the securities markets or the banking
industry; changes in interest rates, which may affect our net income,
prepayment penalties and other future cash flows, or the market value of our
assets; changes in deposit flows, and in the demand for deposit, loan, and
investment products and other financial services in the markets we serve;
changes in the financial or operating performance of our customers’
businesses; changes in real estate values, which could impact the quality of
the assets securing the loans in our portfolio; changes in the quality or
composition of our loan or investment portfolios; changes in competitive
pressures among financial institutions or from non-financial institutions;
changes in our customer base; potential exposure to unknown or contingent
liabilities of companies targeted for acquisition; our ability to retain key
members of management; our timely development of new lines of business and
competitive products or services in a changing environment, and the acceptance
of such products or services by our customers; any interruption or breach of
security resulting in failures or disruptions in customer account management,
general ledger, deposit, loan or other systems; any interruption in customer
service due to circumstances beyond our control; the outcome of pending or
threatened litigation, or of other matters before regulatory agencies, or of
matters resulting from regulatory exams, whether currently existing or
commencing in the future; environmental conditions that exist or may exist on
properties owned by, leased by, or mortgaged to the Company; changes in
estimates of future reserve requirements based upon the periodic review
thereof under relevant regulatory and accounting requirements; changes in
legislation, regulation, and policies, including, but not limited to, those
pertaining to banking, securities, tax, environmental protection, and
insurance, and the ability to comply with such changes in a timely manner;
changes in accounting principles, policies, practices, or guidelines;
operational issues stemming from, and/or capital spending necessitated by, the
potential need to adapt to industry changes in information technology systems,
on which we are highly dependent; the ability to keep pace with, and implement
on a timely basis, technological changes; changes in the monetary and fiscal
policies of the U.S. Government, including policies of the U.S. Treasury and
the Federal Reserve Board; war or terrorist activities; and other economic,
competitive, governmental, regulatory, and geopolitical factors affecting our
operations, pricing and services.

It also should be noted that the Company occasionally evaluates opportunities
to expand through acquisition and may conduct due diligence activities in
connection with such opportunities. As a result, acquisition discussions and,
in some cases, negotiations, may take place in the future, and acquisitions
involving cash, debt, or equity securities may occur. Furthermore, the timing
and occurrence or non-occurrence of these events may be subject to
circumstances beyond the Company’s control.

Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. Except as
required by applicable law or regulation, the Company undertakes no obligation
to update these forward-looking statements to reflect events or circumstances
that occur after the date on which such statements were made.


BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In Thousands, except share and per share data, Unaudited)
                                                              
                                                 March 31,       December 31,
                                                 2013            2012
                                                                 
ASSETS
Cash and amounts due from depository             $ 5,558         $ 6,242
institutions
Interest-earning deposits                         31,476        27,905    
Total cash and cash equivalents                   37,034        34,147    
                                                                 
Interest-earning time deposits                     986             986
Securities available for sale                      1,418           1,240
Securities held to maturity, fair value            142,217         164,648
$147,897 and $171,603 respectively
Loans held for sale                                1,328           1,602
Loans receivable, net of allowance for loan        930,276         922,301
losses of $13,344 and $12,363 respectively
Premises and equipment                             13,356          13,568
Federal Home Loan Bank of New York stock           6,933           7,698
Interest receivable                                4,275           4,063
Other real estate owned                            4,339           3,274
Deferred income taxes                              10,322          10,053
Other assets                                      5,706         7,778     
Total Assets                                     $ 1,158,190    $ 1,171,358 
                                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                 
LIABILITIES
Non-interest bearing deposits                    $ 102,084       $ 85,950
Interest bearing deposits                         841,712       854,836   
Total deposits                                     943,796         940,786
Short-term Borrowings                              -               17,000
Long-term Debt                                     114,124         114,124
Other Liabilities                                 7,526         7,867     
Total Liabilities                                 1,065,446     1,079,777 
                                                                 
STOCKHOLDERS' EQUITY
Preferred stock: $0.01 par value, 10,000,000
shares authorized, issued and outstanding 865
shares of Series A 6% noncumulative perpetual      -               -
preferred stock at March 31, 2013 and at
December 31, 2012
Additional paid-in capital preferred stock         8,570           8,570
Common stock; $0.064 stated value; 20,000,000
shares authorized, 10,842,479 and 10,841,079       694             694
shares, respectively, issued; 8,472,683 shares
and 8,496,508 shares, respectively outstanding
Additional paid-in capital common stock            91,875          91,846
Treasury stock, at cost, 2,369,796 and             (27,424   )     (27,177   )
2,344,571 shares, respectively
Retained earnings                                  20,146          18,883
Accumulated other comprehensive loss, net of      (1,117    )    (1,235    )
taxes
Total Stockholders' equity                        92,744        91,581    
                                                                 
Total Liabilities and Stockholders' equity       $ 1,158,190    $ 1,171,358 


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

                                                      Three Months Ended
                                                       March 31,
                                                       2013        2012
                                                                  
Interest income:
Loans                                                  $ 12,992     $ 11,973
Investments, taxable                                     1,062        1,534
Investments, non-taxable                                 12           12
Other interest-earning assets                           11         30
Total interest income                                    14,077       13,549
                                                                    
Interest expense:
Deposits:
Demand                                                   103          194
Savings and club                                         86           167
Certificates of deposit                                 1,248      1,568
                                                         1,437        1,929
                                                                    
Borrowed money                                          1,223      1,323
                                                                    
Total interest expense                                  2,660      3,252
                                                                    
Net interest income                                      11,417       10,297
Provision for loan losses                               1,200      600
                                                                    
Net interest income after provision for loan losses     10,217     9,697
                                                                    
Non-interest income:
Fees and service charges                                 424          490
Gain on sales of loans originated for sale               119          640
Gain on sale of securities held to maturity              224          128
Other                                                   17         24
Total non-interest income                               784        1,282
                                                                    
Non-interest expense:
Salaries and employee benefits                           3,466        3,933
Occupancy expense of premises                            812          846
Equipment                                                1,166        1,448
Professional fees                                        459          431
Director fees                                            168          210
Regulatory assessments                                   265          310
Advertising                                              102          117
Other real estate owned                                  (84    )     245
Other                                                   550        842
Total non-interest expense                              6,904      8,382
                                                                    
Income before income tax provision                       4,097        2,597
Income tax provision                                    1,687      1,009
                                                                    
Net Income                                             $ 2,410      $ 1,588
Preferred stock dividends                              $ 130       $ -
Net Income available to common stockholders            $ 2,280     $ 1,588
                                                                    
                                                                    
Net Income per common share-basic and diluted
Basic                                                  $ 0.27      $ 0.17
Diluted                                                $ 0.27      $ 0.17
                                                                    
Weighted average number of common shares outstanding
Basic                                                   8,492      9,436
Diluted                                                 8,494      9,449
                                                                      

Contact:

BCB Bancorp, Inc.
Donald Mindiak, President & Chief Executive Officer
Thomas Coughlin, Chief Operating Officer
201-823-0700