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BCB Bancorp, Inc., Announces an Increase in Earnings for the Three and Nine Months Ended September 30, 2013



  BCB Bancorp, Inc., Announces an Increase in Earnings for the Three and Nine
  Months Ended September 30, 2013

Business Wire

BAYONNE, N.J. -- October 31, 2013

BCB Bancorp, Inc., Bayonne, NJ (NASDAQ:BCBP) announced net income of $2.14
million for the three months ended September 30, 2013 compared with a net loss
of $1.35 million for the three months ended September 30, 2012. Basic and
diluted earnings per share were $0.24 for the three months ended September 30,
2013 as compared to a loss per share of ($0.15) for the three months ended
September 30, 2012. The weighted average number of common shares outstanding
for the three months ended September 30, 2013 for basic and diluted earnings
per share calculations was approximately 8,365,000 and 8,368,000,
respectively. The weighted average number of common shares outstanding for the
three months ended September 30, 2012 for basic and diluted earnings per share
calculations was approximately 8,685,000 and 8,685,000, respectively. Net
income was $7.1 million for the nine months ended September 30, 2013 compared
with a net loss of ($3.1) million for the nine months ended September 30,
2012. Basic and diluted earnings per share were $0.80 for the nine months
ended September 30, 2013 as compared to a loss per share of ($0.34) for the
nine months ended September 30, 2012. The weighted average number of common
shares outstanding for the nine months ended September 30, 2013 for basic and
diluted earnings per share calculations was approximately 8,419,000 and
8,423,000, respectively. The weighted average number of common shares
outstanding for the nine months ended September 30, 2012 for basic and diluted
earnings per share calculations was approximately 9,088,000 and 9,088,000,
respectively.

Total assets increased by $12.0 million or 1.0% to $1.183 billion at September
30, 2013 from $1.171 billion at December 31, 2012. The increase in total
assets occurred as a result of an increase in net loans receivable of $65.1
million, partially offset by a decrease in securities held to maturity of
$45.7 million and a decrease in total cash and cash equivalents of $1.9
million. Total cash and cash equivalents decreased by $1.9 million or 5.6% to
$32.2 million at September 30, 2013 from $34.1 million at December 31, 2012.
Investment securities classified as held-to-maturity decreased by $45.7
million or 27.8% to $118.9 million at September 30, 2013 from $164.6 million
at December 31, 2012. Net loans receivable increased by $65.1 million or 7.1%
to $987.4 million at September 30, 2013 from $922.3 million at December 31,
2012. Deposit liabilities increased by $27.2 million or 2.9% to $968.0 million
at September 30, 2013 from $940.8 million at December 31, 2012. We had no
outstanding short-term borrowing money at September 30, 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 September 30, 2013 and
December 31, 2012, respectively. Stockholders’ equity increased by $2.3
million or 2.5% to $93.9 million at September 30, 2013 from $91.6 million at
December 31, 2012. The increase in stockholders’ equity is primarily
attributable to net income of $7.1 million offset by the Company repurchasing
during the period 183,199 shares of the Company’s common stock at a cost of
$1.9 million as well as the payment and accrual of cash dividends during the
period totaling $3.0 million on outstanding common shares of stock and
$390,000 on outstanding preferred shares of stock.

Net income was $2.14 million for the three months ended September 30, 2013
compared with a net loss of ($1.35) million for three months ended September
30, 2012. Our net income is primarily reflective of an increase in total
interest income and total non-interest income as well as with decreases in
total interest expense, provision for loan losses and non-interest expense,
partially offset by an increase in the income tax provision.

Net interest income increased by $1.3 million or 12.6% to $11.6 million for
the three months ended September 30, 2013 from $10.3 million for the three
months ended September 30, 2012. The increase in net interest income resulted
primarily from an increase in the average yield on interest earning assets of
thirty-four basis points to 4.92% for the three months ended September 30,
2013 from 4.58% for the three months ended September 30, 2012, along with an
increase in the average balance of interest earning assets of $13.0 million or
1.1% to $1.158 billion for the three months ended September 30, 2013 from
$1.145 billion for the three months ended September 30, 2012. While yields on
the individual components of interest-earning assets generally declined, the
overall yield on interest-earning assets increased due to a reallocation of
assets into higher yielding loans. The average balance of interest bearing
liabilities decreased by $15.7 million or 1.6% to $976.3 million for the three
months ended September 30, 2013 from $992.0 million for the three months ended
September 30, 2012, while the average cost of interest bearing liabilities
decreased by six basis points to 1.09% for the three months ended September
30, 2013 from 1.15% for the three months ended September 30, 2012. As a
consequence of the aforementioned, our net interest margin increased by
forty-two basis points to 4.00% for the three months ended September 30, 2013
from 3.58% for the three months ended September 30, 2012.

Net income was $7.1 million for the nine months ended September 30, 2013
compared with a net loss of ($3.1) million for the nine months ended September
30, 2012. Our net income reflects increases in net interest income and
non-interest income and decreases in non-interest expense and provision for
loan losses, partially offset by an increase in income tax provision. Net
interest income increased by $3.8 million or 12.3% to $34.6 million for the
nine months ended September 30, 2013 from $30.8 million for the nine months
ended September 30, 2012. This increase in net interest income resulted
primarily from an increase in the average yield of interest earning assets to
4.95% for the nine months ended September 30, 2013 from 4.55% for the nine
months ended September 30, 2012, partially offset by a decrease of $25.0
million or 2.1% in the average balance of interest earning assets to $1.146
billion for the nine months ended September 30, 2013 from $1.171 billion for
the nine months ended September 30, 2012. The average balance of interest
bearing liabilities decreased by $42.4 million or 4.2% to $971.6 million for
the nine months ended September 30, 2013 from $1.014 billion for the nine
months ended September 30, 2012, while the average cost of interest bearing
liabilities decreased to 1.09% for the nine months ended September 30, 2013
from 1.21% for the nine months ended September 30, 2012. As a consequence of
the aforementioned, our net interest margin increased to 4.02% for the nine
months ended September 30, 2013 from 3.51% for the nine months ended September
30, 2012. The increase in the average yield of interest earning assets and the
decrease in the average cost of interest bearing liabilities represents
management’s efforts to competitively price certain products to maximize
profitability. The decrease in the average balance of both interest earning
assets and interest bearing liabilities represents a pre-planned minor
deleveraging of the balance sheet.

Donald Mindiak, CEO commented, “We are encouraged by the results of operations
and the accompanying quantitative measurements that have been positively
impacted by the successful implementation of several initiatives executed
during 2012. Average net loan balances increased by $110.4 million or 12.9% to
$967.5 million at September 30, 2013 from $857.1 million at September 30,
2012. As a result of this increase in net loans, interest income on loans
increased by $4.2 million or 11.9% to $39.6 million for the nine months ended
September 30, 2013 from $35.4 million for the nine months ended September 30,
2012. This increase in interest income coupled with a decrease of $1.2 million
or 13.5% in interest expense over the comparative nine month periods ended
September 30, 2013 and September 30, 2012, respectively, resulted in an
increase in our net interest spread to 3.86% at September 30, 2013 as compared
to 3.34% at September 30, 2012 and an increase in our net interest margin to
4.02% at September 30, 2013 as compared to 3.51% at September 30, 2012.
Further, cost containment efforts have proven successful as non-interest
expense was reduced by $2.6 million or 10.1% to $22.8 million for the nine
months ended September 30, 2013 as compared to $25.4 million for the nine
months ended September 30, 2012.”

Mr. Mindiak continued, “The Board of Directors unanimously declared a
quarterly cash dividend of $0.12/common share payable on November 15, 2013
with a record date of November 5, 2013, consistent with our prior quarter’s
amount. This marks the 27^th consecutive quarter of paying a cash dividend to
our common shareholders and the 20^th consecutive quarter that we have
maintained that dividend at $0.12/share, despite the increasingly complex and
challenging regulatory and economic environment. As we continue to grow our
balance sheet and franchise organically, we will only do so as prudent capital
management and conservatively underwritten opportunities permit.”

BCB Community Bank presently operates ten full service offices in Bayonne,
Hoboken, Jersey City, Monroe Township and South Orange and an office of the
Bank of Woodbridge, a division of BCB Community Bank, in Woodbridge, New
Jersey.

Questions regarding the content of this release should be directed to either
Donald Mindiak, Chief Executive Officer or Thomas Coughlin, President & Chief
Operating Officer at (201) 823-0700.

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)
 
                                                 September 30,   December 31,
                                                 2013            2012
                                                                  
ASSETS
Cash and amounts due from depository             $ 9,840         $ 6,242
institutions
Interest-earning deposits                          22,349          27,905     
Total cash and cash equivalents                    32,189          34,147     
                                                                  
Interest-earning time deposits                     986             986
Securities available for sale                      789             1,240
Securities held to maturity, fair value            118,947         164,648
$120,980 and $171,603 respectively
Loans held for sale                                1,370           1,602
Loans receivable, net of allowance for loan        987,436         922,301
losses of $13,881 and $12,363 respectively
Premises and equipment                             14,118          13,568
Federal Home Loan Bank of New York stock           7,030           7,698
Interest receivable                                4,049           4,063
Other real estate owned                            2,742           3,274
Deferred income taxes                              9,792           10,053
Other assets                                       3,527           7,778      
Total Assets                                     $ 1,182,975     $ 1,171,358  
                                                                  
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                  
LIABILITIES
Non-interest bearing deposits                    $ 103,642       $ 85,950
Interest bearing deposits                          864,325         854,836    
Total deposits                                     967,967         940,786
Short-term Borrowings                              -               17,000
Long-term Debt                                     114,124         114,124
Other Liabilities                                  6,951           7,867      
Total Liabilities                                  1,089,042       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
Additional paid-in capital preferred stock         8,570           8,570
Common stock; $0.064 stated value; 20,000,000
shares authorized, 10,860,616 and 10,841,079       694             694
shares, respectively, issued; 8,332,846 shares
and 8,496,508 shares, respectively outstanding
Additional paid-in capital common stock            92,051          91,846
Treasury stock, at cost, 2,527,770 and             (29,072   )     (27,177   )
2,344,571 shares, respectively
Retained earnings                                  22,568          18,883
Accumulated other comprehensive loss, net of       (878      )     (1,235    )
taxes
Total Stockholders' equity                         93,933          91,581     
                                                                  
Total Liabilities and Stockholders' equity       $ 1,182,975     $ 1,171,358  
 

BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In Thousands, except for per share amounts, Unaudited)
 
                            Three Months Ended        Nine Months Ended
                            September 30,             September 30,
                            2013         2012         2013         2012
                                                                  
Interest income:
Loans                       $ 13,341     $ 11,629     $ 39,580     $ 35,358
Investments, taxable          872          1,441        2,861        4,493
Investments, non-taxable      12           12           37           37
Other interest-earning        14           26           38           91       
assets
Total interest income         14,239       13,108       42,516       39,979   
                                                                    
Interest expense:
Deposits:
Demand                        114          106          324          460
Savings and club              93           88           270          390
Certificates of deposit       1,192        1,410        3,633        4,521    
                              1,399        1,604        4,227        5,371
                                                                    
Borrowed money                1,250        1,249        3,714        3,808    
                                                                    
Total interest expense        2,649        2,853        7,941        9,179    
                                                                    
Net interest income           11,590       10,255       34,575       30,800
Provision for loan losses     450          1,600        2,250        3,400    
                                                                    
Net interest income after     11,140       8,655        32,325       27,400   
provision for loan losses
                                                                    
Non-interest income:
Fees and service charges      444          368          1,347        1,466
Gain on sales of loans        263          288          609          957
originated for sale
Gain on sale of loans         -            -            -            286
acquired
Loss on bulk sale of
impaired loans held in        -            (3,462 )     -            (10,804 )
portfolio
Gain on sale of
securities held to            18           31           378          224
maturity
Other                         38           36           94           102      
Total non-interest income     763          (2,739 )     2,428        (7,769  )
                                                                    
Non-interest expense:
Salaries and employee         4,024        3,780        11,210       11,603
benefits
Occupancy expense of          933          855          2,612        2,587
premises
Equipment                     1,397        1,147        3,845        3,746
Professional fees             693          1,344        1,720        2,370
Director fees                 168          168          504          560
Regulatory assessments        286          294          829          900
Advertising                   149          125          429          371
Other real estate owned       99           443          (17    )     705
Other                         584          845          1,693        2,540    
Total non-interest            8,333        9,001        22,825       25,382   
expense
                                                                    
Income (loss) before          3,570        (3,085 )     11,928       (5,751  )
income tax provision
Income tax provision          1,428        (1,740 )     4,823        (2,632  )
(benefit)
                                                                    
Net Income (loss)           $ 2,142      $ (1,345 )   $ 7,105      $ (3,119  )
Preferred stock dividends   $ 130        $ -          $ 390        $ -        
Net Income (loss)
available to common         $ 2,012      $ (1,345 )   $ 6,715      $ (3,119  )
stockholders
                                                                    
                                                                    
Net Income (loss) per
common share-basic and
diluted
Basic                       $ 0.24       $ (0.15  )   $ 0.80       $ (0.34   )
Diluted                     $ 0.24       $ (0.15  )   $ 0.80       $ (0.34   )
                                                                    
Weighted average number
of common shares
outstanding
Basic                         8,365        8,685        8,419        9,088    
Diluted                       8,368        8,685        8,423        9,088    

Contact:

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