BCB Bancorp Inc (BCBP) Reports Q3 2023 Earnings: Net Income of $6.7 Million and EPS of $0.39
BCB Bancorp Inc (NASDAQ:BCBP) reported Q3 2023 net income of $6.7 million, down from $8.6 million in Q2 2023 and $13.4 million in Q3 2022.
Earnings per diluted share for Q3 2023 were $0.39, compared to $0.50 in the preceding quarter and $0.76 in Q3 2022.
The company declared a regular quarterly cash dividend of $0.16 per share.
Total assets increased by $265.9 million, or 7.5 percent, to $3.812 billion at the end of Q3 2023.
BCB Bancorp Inc (NASDAQ:BCBP) released its Q3 2023 earnings report on October 19, 2023. The company reported a net income of $6.7 million, down from $8.6 million in the previous quarter and $13.4 million in the same quarter last year. The earnings per diluted share for Q3 2023 were $0.39, compared to $0.50 in Q2 2023 and $0.76 in Q3 2022. Adjusted for unrealized losses on equity investments, the net income and earnings per diluted share for Q3 2023 were $7.1 million and $0.41, respectively.
Financial Performance and Dividend Announcement
BCB Bancorp Inc (NASDAQ:BCBP) announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share, payable on November 17, 2023, to common shareholders of record on November 3, 2023. The company's total assets increased by $265.9 million, or 7.5 percent, to $3.812 billion at the end of Q3 2023, mainly due to increases in total loans and cash equivalents.
Company's Statement
Thomas Coughlin, President and Chief Executive Officer, stated,
We remain profitable with a favorable asset quality profile and solid liquidity and capital levels. The persistently high interest rate environment with a bias for staying elevated continues to adversely impact the availability and the pricing of liquidity for the banking industry. We have intentionally slowed down the growth of our balance sheet, as we are very focused on protecting our profitability, liquidity and capital position in an uncertain economic environment."
Balance Sheet Review
Loans receivable, net, increased by $240.4 million, or 7.9 percent, to $3.286 billion at the end of Q3 2023. The allowance for credit losses decreased to $31.9 million, or 402.4 percent of non-accruing loans and 0.96 percent of gross loans, at the end of Q3 2023. Total investment securities decreased by $15.0 million, or 13.7 percent, to $94.4 million at the end of Q3 2023.
Income Statement Review
Net interest income decreased by $5.3 million, or 17.0 percent, to $25.7 million for Q3 2023, from $31.0 million for Q3 2022. The decrease in net interest income resulted from higher interest expense which was partially offset by higher interest income. Non-interest income decreased by $40,000 to $1.41 million for Q3 2023 from $1.45 million for Q3 2022. Non-interest expense increased by $2.0 million, or 14.9 percent, to $15.5 million for Q3 2023 from $13.5 million for Q3 2022.
About BCB Bancorp Inc (NASDAQ:BCBP)
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 24 branch offices in New Jersey and New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please visit www.bcb.bank.
This article first appeared on GuruFocus.
