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Press Release

BCB Bancorp, Inc. Reports Earnings of $5.5 Million in First Quarter 2019; An Increase of 18 Percent Over the First Quarter of 2018

Company Release - 4/18/2019 4:15 PM ET

BAYONNE, N.J., April 18, 2019 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported that increases in total interest income and a decrease in the provision for loan losses contributed to first quarter 2019 profits.  Net income increased $819,000, or 17.7 percent, to $5.5 million for the first quarter of 2019, compared with $4.6 million for the first quarter a year ago. In the preceding quarter, the Company earned $5.2 million.

“We continued to deliver strong financial results and achieved an 18 percent increase in profits over the first quarter a year ago,” stated Thomas Coughlin, President and Chief Executive Officer.  “Solid earning assets and deposit growth resulted in higher net interest income.  That along with sound credit quality and a larger asset base as a result of the IAB acquisition completed a year ago contributed to our first quarter results.  We are well positioned to maintain our growth strategies as we continue to look for opportunities to expand our presence in both New Jersey as well as surrounding markets.”

The IAB acquisition, which was completed during the second quarter of 2018, added approximately $221.9 million in assets, $178.4 million in deposits and $182.6 million in net loans.

First Quarter 2019 Financial Highlights

  • Net income increased 17.7 percent to $5.5 million in the first quarter of 2019, compared to $4.6 million in the first quarter of 2018.
  • Earnings per diluted share increased to $0.32 in 1Q19 compared to $0.29 in 1Q18.
  • Net interest income, before the provision for loan losses, increased 27.1 percent to $20.9 million in the first quarter, compared to $16.4 million in the first quarter a year ago.
  • Net interest margin was 3.18 percent in the first quarter compared to 3.34 percent in the first quarter a year ago.
  • Total assets increased 30.5 percent to $2.718 billion at March 31, 2019, compared to $2.082 billion a year earlier.
  • Net loans receivable increased 30.7 percent to $2.307 billion at March 31, 2019, compared to $1.765 billion a year earlier.
  • Allowance for loan loss as a percentage of non-accrual loans was 405.7 percent at March 31, 2019, compared to 172.7 percent at March 31, 2018.
  • Tangible book value was $11.58 at March 31, 2019.
  • Earlier this month, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.14 per share. The dividend will be payable May 24, 2019, to common shareholders of record on May 10, 2019. 
  • The Company issued $6.3 million of private placement common stock which closed in February 2019 and $5.3 million of preferred series G stock, which was issued in January 2019. The Company had also issued $33.5 million of subordinated debt in July 2018 which, for regulatory purposes, is treated as Tier 1 capital for the Bank and Tier 2 capital for the Company.

Balance Sheet Review

Total assets increased by $636.1 million, or 30.5 percent, to $2.718 billion at March 31, 2019 from $2.082 billion at March 31, 2018 and increased by $43.7 million, or 1.6 percent, compared to December 31, 2018. The increase in total assets from March 31, 2018 included the acquisition of IAB, which added approximately $221.9 million in assets.

Loans receivable, net increased by $542.5 million, or 30.7 percent, to $2.307 billion at March 31, 2019 from $1.765 billion at March 31, 2018 and increased by $28.6 million, or 1.3 percent, from $2.278 billion at December 31, 2018. The organic growth in loans over the first three months of 2019 represented increases of $26.5 million in commercial real estate and multi-family loans, $6.7 million in construction loans, $1.9 million in commercial business loans, $100,000 in residential one-to-four family loans, partly offset by decreases of $6.0 million in home equity loans and $78,000 in consumer loans.

Total cash and cash equivalents increased by $56.2 million, or 40.9 percent, to $193.5 million at March 31, 2019 from $137.3 million at March 31, 2018, and decreased by $1.7 million, or 0.9 percent compared to $195.2 million at December 31, 2018. The Company’s level of cash and cash equivalents is a part of its strategy to maintain strong levels of liquidity. Total investment securities decreased by $1.4 million or 1.1% to $125.9 million at March 31, 2019, from $127.3 million a year earlier and decreased by $1.1 million, or 0.9 percent, to $125.9 million compared to $127.0 million three months earlier.

During the quarter ended March 31, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02 - Leases, requiring on-balance sheet reporting for all operating and financing leases, which resulted in the recording of $16.0 million in operating and financing lease right-of-use assets and a corresponding $16.0 million in operating and financing lease liabilities associated with the implementation of the standard.

Deposit liabilities increased by $497.3 million, or 29.4 percent, to $2.189 billion at March 31, 2019 from $1.691 billion at March 31, 2018, and increased by $7.9 million, or 0.4 percent, when compared to $2.181 billion at December 31, 2018. Increases over the first three months of 2019 included $43.2 million in certificates of deposit, excluding listing service and brokered deposits, $26.4 million in money market checking accounts, $4.3 million in transaction accounts and $2.4 million in savings and club accounts. The increases provided by the growth in these accounts was somewhat offset by reductions in the Company’s listing service and brokered certificate of deposits, which saw decreases of $1.8 million and $63.6 million, respectively. The Company uses listing service and brokered certificates of deposits as additional sources of deposit liquidity, which totaled $35.1 million and $184.4 million, respectively, at March 31, 2019.

Debt obligations increased by $78.3 million or 38.4 percent, to $282.4 million at March 31, 2019 compared to $204.1 million at March 31, 2018 and remained flat when compared to December 31, 2018.  Debt obligations consisted of both Federal Home Loan Bank (“FHLB”) borrowings and subordinated debt balances. The weighted average interest rate of FHLB advances was 2.18 percent at March 31, 2019. The issuance of subordinated debt was to maintain adequate capital ratios for further growth. The fixed interest rate of subordinated debt balances was 5.625 percent at March 31, 2019.

Stockholders’ equity increased by $39.3 million, or 22.2 percent, to $216.7 million at March 31, 2019 from $177.4 million at March 31, 2018 and increased by $16.5 million, or 8.2 percent, compared to $200.2 million at December 31, 2018. The increase in stockholders’ equity from March 31, 2018 was primarily attributable to an increase in additional paid-in capital of $17.4 million from common stock and preferred stock issued as part of the acquisition of IAB, the Company’s issuance of $6.3 million of private placement common stock which closed in February 2019 and the issuance of $5.3 million of preferred series G stock, which was issued in January 2019. Retained earnings increased by $7.1 million to $40.8 million at March 31, 2019 from $33.7 million at March 31, 2018, due primarily to the increase in net income, net of dividends paid.

First Quarter Income Statement Review

Net interest income increased by $4.5 million, or 27.1 percent, to $20.9 million for the first quarter of 2019 from $16.4 million for the first quarter of 2018. The increase in net interest income resulted primarily from an increase in the average balance of interest-earning assets of $662.0 million, or 33.6 percent, to $2.629 billion for the first quarter of 2019 from $1.968 billion for the first quarter of 2018. There was an increase in the average yield on interest-earning assets of 38 basis points to 4.64 percent for the first quarter of 2019, from 4.26 percent for the first quarter of 2018. There was also an increase in the average balance of interest-bearing liabilities of $574.9 million, or 35.2 percent, to $2.208 billion for the first quarter, from $1.633 billion for the first quarter a year ago, and an increase in the average rate on interest-bearing liabilities of 63 basis points to 1.73 percent for the first quarter, from 1.10 percent for the first quarter a year ago.

Net interest margin was 3.18 percent for the first quarter of 2019 compared to 3.24 percent in the preceding quarter and 3.34 percent for the first quarter a year ago. “The decrease in the net interest margin was the result of the rising interest rate environment, with the increase in the cost of funds outpacing the return on interest earning assets for the short term,” said Coughlin.

Total non-interest income decreased by $1.7 million, or 51.0 percent, to $1.7 million for the first quarter of 2019 from $3.4 million for the first quarter of 2018. The decrease in total non-interest income was primarily related to a decrease in the amount of other non-interest income of $2.2 million, or 97.6 percent, to $53,000 for the first quarter from $2.2 million for the first quarter a year ago. The decrease in other non-interest income was the result of $2.2 million in proceeds from a legal settlement recognized in the first quarter of 2018.

First quarter total non-interest expense increased by $1.8 million, or 14.7 percent, to $13.8 million from $12.0 million for the first quarter of 2018. The increases in non-interest expense over the prior year were largely attributable to the inclusion of IAB expenses since the merger in April 2018. These increases in total non-interest expense were partly offset by a decrease in merger-related costs, of which $145,000 was recognized in the first quarter of 2018 with no comparable expense during the first quarter of 2019.

The income tax provision increased by $604,000, or 32.8 percent, to $2.4 million for the first quarter of 2019 from $1.8 million for the first quarter of 2018. The increase in the income tax provision comes as a result of higher taxable income for the first quarter of 2019 as compared to that same period for 2018. The consolidated effective tax rate for the first quarter of 2019 was 31.0 percent compared to 28.4 percent for the first quarter of 2018. The higher effective tax rate in the current period primarily relates to an increase in the New Jersey corporate business tax of 2.5 percent which was enacted July 1, 2018 and effective retroactively to January 1, 2018.  

Asset Quality

The provision for loan losses decreased by $453,000, to $889,000 for the first quarter of 2019 from $1.3 million for the first quarter of 2018.  Non-accruing loans improved to $5.7 million, or 0.24 percent of gross loans at March 31, 2019, compared to $7.2 million, or 0.31 percent of gross loans at December 31, 2018, and $10.6 million, or 0.60 percent of gross loans, a year earlier.  Non-accruing loans exclude $7.0 million of Purchased Credit-Impaired loans acquired through the merger with IAB.

Performing troubled debt restructured (“TDR”) loans that were not included in nonaccrual loans at March 31, 2019, were $23.1 million, compared to $22.5 million at December 31, 2018 and $21.4 million at March 31, 2018. Borrowers who are in financial difficulty and who have been granted concessions that may include interest rate reductions, term extensions, or payment alterations are categorized as TDR loans. 

The allowance for loan losses was $23.0 million, or 405.7 percent of non-accruing loans and 0.99 percent of gross loans, at March 31, 2019 as compared to an allowance for loan losses of $22.4 million, or 309.6 percent of non-accruing loans and 0.97 percent of gross loans, at December 31, 2018 and an allowance of $18.3 million or 172.7 percent of non-accruing loans and 1.03 percent of gross loans, a year ago. The decline in the allowance as a percentage of gross loans from March 31, 2018 was primarily driven by the addition of IAB acquired loans with no allowance for loan losses as these loans were recorded at fair value at the acquisition date. The Company’s outstanding credit mark recorded on acquired portfolios of $238.5 million at March 31, 2019 totaled $6.1 million at March 31, 2019. The Company’s combined coverage of allowance for loan loss and credit mark on the acquired portfolios totaled $29.1 million, or 1.25 percent of the overall loan portfolio, at March 31, 2019. Net charge-offs were $244,000 in the first quarter of 2019, compared to $34,000 of net recoveries in the fourth quarter of 2018 and $380,000 in the first quarter of 2018.

About BCB Bancorp, Inc.

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 29 branch offices in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, three branches in Hicksville and Staten Island, New York. The Bank provides business and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

Forward-Looking Statements

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.

In addition to factors previously disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission (the "SEC") and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: difficulties and delays in integrating the Indus-American Bank business or fully realizing cost savings and other benefits of the Merger; business disruption following the Merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of BCB products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.


 Three Months Ended,   
 March 31, 2019December 31, 2018March 31, 2018March 31, 2019 vs.
December 31, 2018
March 31, 2019 vs.
March 31, 2018
 
Interest and dividend income:       
   Loans, including fees $   28,233  $  28,243 $  19,521 0.0%44.6% 
  Mortgage-backed securities    770     791    699 -2.7%10.2% 
   Municipal bonds and other debt    128     191    104 -33.0%23.1% 
  FHLB stock and other interest earning assets   1,347     1,263    618 6.7%118.0% 
     Total interest and dividend income    30,478     30,488    20,942 0.0%45.5% 
       
 Interest expense:       
  Deposits:      
    Demand    1,576     1,412    797 11.6%97.7% 
   Savings and club    113     126    97 -10.3%16.5% 
    Certificates of deposit    5,990     5,674    2,730 5.6%119.4% 
    7,679     7,212    3,624 6.5%111.9% 
    Borrowings    1,897     2,105    878 -9.9%116.1% 
   Total interest expense   9,576     9,317    4,502 2.8%112.7% 
       
Net interest income   20,902     21,171    16,440 -1.3%27.1% 
 Provision for loan losses    889     821    1,342 8.3%-33.8% 
       
 Net interest income after provision for loan losses    20,013     20,350    15,098 -1.7%32.6% 
       
 Non-interest income:       
  Fees and service charges   883     1,012    710 -12.7%24.4% 
   Gain on sales of loans    318     436    583 -27.1%-45.5% 
  Gain (loss) on bulk sale of impaired loans held in portfolio   107     -     (24)- -545.8% 
   Gain on sales of other real estate owned    8     26    -  -69.2%0.0% 
  Gain on sale of investment securities    -      -     -  - -  
   Unrealized gain (loss) on equity investments    291     (380)   (127)-176.6%-329.1% 
  Other   53     65    2,244 -18.5%-97.6% 
     Total non-interest income    1,660     1,159    3,386 43.2%-51.0% 
       
 Non-interest expense:       
  Salaries and employee benefits   6,915     7,042    6,267 -1.8%10.3% 
   Occupancy and equipment    2,630     2,551    2,062 3.1%27.5% 
  Data processing and service fees   721     876    729 -17.7%-1.1% 
   Professional fees    533     462    505 15.4%5.5% 
  Director fees   318     158    201 101.3%58.2% 
   Regulatory assessments    457     487    239 -6.2%91.2% 
  Advertising and promotional   73     108    85 -32.4%-14.1% 
   Other real estate owned, net    (16)   59    31 -127.1%-151.6% 
  Merger related costs   -      105    145 -100.0%-100.0% 
   Other    2,146     2,036    1,747 5.4%22.8% 
     Total non-interest expense   13,777     13,884    12,011 -0.8%14.7% 
       
Income before income tax provision   7,896     7,625    6,473 3.6%22.0% 
 Income tax provision    2,445     2,401    1,841 1.8%32.8% 
       
 Net Income $   5,451  $  5,224 $  4,632 4.3%17.7% 
Preferred stock dividends   317     262    166 21.0%91.0% 
 Net Income available to common stockholders $   5,134  $  4,962 $  4,466 3.5%15.0% 
       
 Net Income per common share-basic and diluted       
Basic$   0.32  $  0.31 $  0.30 3.2%6.7% 
  Diluted $   0.32  $  0.31 $  0.29 3.2%10.3% 
       
 Weighted average number of common shares outstanding       
Basic   16,078     15,820    15,048 1.6%6.8% 
  Diluted    16,111     15,851    15,181 1.6%6.1% 
      

 

 March 31, 2019December 31, 2018March 31, 2018March 31, 2019 vs.
December 31, 2018
03/31/19 vs 03/31/18March 31, 2019 vs.
March 31, 2018
 
 ASSETS        
 Cash and amounts due from depository institutions $   18,610  $  18,970 $  13,299 -1.9%  5,311 39.9% 
Interest-earning deposits    174,938     176,294    124,035 -0.8%  50,903 41.0% 
  Total cash and cash equivalents    193,548     195,264    137,334 -0.9%  56,214 40.9% 
        
 Interest-earning time deposits    735     735    980 0.0%  (245)-25.0% 
Debt securities available for sale   117,942     119,335    119,158 -1.2%  (1,216)-1.0% 
 Equity investments    7,963     7,672    8,166 3.8%  (203)-2.5% 
Loans held for sale   1,347     1,153    208 16.8%  1,139 547.6% 
 Loans receivable, net of allowance for loan losses        
  of $23,004, $22,359, and $18,337, respectively   2,307,140     2,278,492    1,764,597 1.3%  542,543 30.7% 
 Federal Home Loan Bank of New York stock, at cost    13,405     13,405    10,886 0.0%  2,519 23.1% 
Premises and equipment, net   19,684     20,293    18,295 -3.0%  1,389 7.6% 
 Finance lease right-of-use asset (net)    673     -     -  0.0%  673 0.0% 
Operating lease right-of-use asset   15,346     -     -  0.0%  15,346 0.0% 
 Accrued interest receivable    9,750     8,378    6,052 16.4%  3,698 61.1% 
Other real estate owned   1,746     1,333    1,412 31.0%  334 23.7% 
 Deferred income taxes    13,302     13,601    6,144 -2.2%  7,158 116.5% 
Goodwill and other intangibles   5,584     5,604    -  -0.4%  5,584 -  
 Other assets    10,235     9,466    9,081 8.1%  1,154 12.7% 
  Total Assets$   2,718,400  $  2,674,731 $  2,082,313 1.6%  636,087 30.5% 
        
LIABILITIES AND STOCKHOLDERS' EQUITY       
        
LIABILITIES       
 Non-interest bearing deposits $   273,370  $  263,960 $  211,251 3.6%  62,119 29.4% 
Interest bearing deposits   1,915,263     1,916,764    1,480,102 -0.1%  435,161 29.4% 
  Total deposits    2,188,633     2,180,724    1,691,353 0.4%  497,280 29.4% 
FHLB advances    245,800     245,800    200,000 0.0%  45,800 22.9% 
 Subordinated debentures    36,635     36,577    4,124 0.2%  32,511 788.3% 
Finance lease liability   678     -     -  -   678 -  
 Operating lease liability    15,381     -     -  -   15,381 -  
Other liabilities   14,555     11,415    9,450 27.5%  5,105 54.0% 
  Total Liabilities    2,501,682     2,474,516    1,904,927 1.1%  596,755 31.3% 
        
STOCKHOLDERS' EQUITY       
Preferred stock: $0.01 par value, 10,000,000 shares authorized   -      -     -  -  -  
 Additional paid-in capital preferred stock    25,016     19,706    13,241 26.9%  11,775 88.9% 
Common stock: no par value, 20,000,000 shares authorized   -      -     -  -  -  
 Additional paid-in capital common stock    176,379     175,500    164,512 0.5%  11,867 7.2% 
Retained earnings    40,750     38,405    33,728 6.1%  7,022 20.8% 
 Accumulated other comprehensive (loss)    (3,379)   (5,076)   (4,979)-33.4%  1,600 -32.1% 
Treasury stock, at cost   (22,048)   (28,320)   (29,116)-22.1%  7,068 -24.3% 
  Total Stockholders' Equity    216,718     200,215    177,386 8.2%  39,332 22.2% 
        
  Total Liabilities and Stockholders' Equity $   2,718,400  $  2,674,731 $  2,082,313 1.6%  636,087 30.5% 
        
Outstanding common shares   16,398     15,889    15,055     
        


  Three Months Ended March 31,
  2019   2018 
  Average
Balance
  Interest
Earned/Paid
 Average
Yield/Rate (3)
  Average
Balance
  Interest
Earned/Paid
 Average
Yield/Rate (3)
  (Dollars in thousands)
Interest-earning assets:               
Loans Receivable$ 2,317,250  $ 28,233  4.87% $ 1,720,865  $ 19,521  4.54%
Investment Securities  139,171    898  2.58%   123,450    803  2.60%
Interest-earning deposits  173,076    1,347  3.11%   123,193    618  2.01%
  Total Interest-earning assets  2,629,497    30,478  4.64%   1,967,508    20,942  4.26%
Non-interest-earning assets  60,741         47,254      
  Total assets$ 2,690,238       $ 2,014,762      
Interest-bearing liabilities:               
Interest-bearing demand accounts$ 341,659  $ 604  0.71% $ 314,074  $ 426  0.54%
Money market accounts  237,011    972  1.64%   157,421    371  0.94%
Savings accounts  260,524    113  0.17%   258,805    97  0.15%
Certificates of Deposit  1,085,299    5,990  2.21%   720,696    2,730  1.52%
  Total interest-bearing deposits  1,924,493    7,679  1.60%   1,450,996    3,624  1.00%
Borrowed funds  283,460    1,897  2.68%   182,013    878  1.93%
  Total interest-bearing liabilities  2,207,953    9,576  1.74%   1,633,009    4,502  1.11%
Non-interest-bearing liabilities  275,575         205,033      
  Total liabilities  2,483,528         1,838,042      
Stockholders' equity  206,710         176,720      
  Total liabilities and stockholders' equity$ 2,690,238       $ 2,014,762      
Net interest income   $ 20,902       $ 16,440   
Net interest rate spread(1)      2.90%       3.15%
Net interest margin(2)      3.18%       3.34%
                
                
  1. Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
  2. Net interest margin represents net interest income divided by average total interest-earning assets.
  3. Annualized.



 Financial condition data by quarter
 Q1 2019Q4 2018Q3 2018Q2 2018
 Q1 2018
 Q4 2017
 
       
  (In thousands, except tangible book value)
Total assets$   2,718,400 $   2,674,731 $   2,637,868 $  2,516,564 $   2,082,313 $   1,942,837 
Cash and cash equivalents 193,548  195,264  206,710  180,445  137,334  124,235 
Securities 125,905  127,007  127,863  135,425  127,324  122,589 
Loans receivable, net 2,307,140  2,278,492  2,225,001  2,119,829  1,764,597  1,643,677 
Deposits 2,188,633  2,180,724  2,116,624  1,984,876  1,691,353  1,569,370 
Borrowings 282,435  282,377  312,319  324,124  204,124  189,124 
Stockholders’ equity 216,718  200,215  195,763  194,076  177,386  176,454 
Tangible Book Value 11.58  11.00  10.78  10.68  10.90  10.85 
       
 Operating data by quarter
 Q1 2019Q4 2018Q3 2018
 Q2 2018
 Q1 2018
 Q4 2017
 
       
 (In thousands, except for per share amounts)
Net interest income$   20,902 $   21,171 $   20,080 $   19,990 $  16,440 $   16,642 
Provision for loan losses   889    821    907    2,060    1,342    325 
Non-interest income 1,660  1,159  1,852  1,563  3,386  1,515 
Non-interest expense 13,777  13,884  14,391  15,980  12,011  12,035 
Income tax expense 2,445  2,401  2,040  1,200  1,841  4,458 
Net income$   5,451 $   5,224 $   4 ,594 $   2,313 $   4,632 $   1,339 
Diluted net income per share:$  0.32 $  0.31 $   0.27 $   0.13 $   0.29 $   0.08 
Common Dividends declared per share$  0.14 $  0.14 $  0.14 $  0.14 $  0.14 $   0.14 
       
 Financial Ratios
 Q1 2019Q4 2018Q3 2018
 Q2 2018
 Q1 2018
 Q4 2017
 
Return on average assets 0.81% 0.78% 0.72% 0.40% 0.92% 0.28%
Return on average stockholder’s equity 10.55% 10.66% 9.44% 4.90% 10.48% 3.01%
Net interest margin 3.18% 3.24% 3.22% 3.52% 3.34% 3.56%
Stockholder’s equity to total assets 7.97% 7.49% 7.42% 7.71% 8.52% 9.08%
       
 Asset Quality Ratios
 (In thousands, except for ratio %)
 Q1 2019Q4 2018Q3 2018
 Q2 2018
 Q1 2018
 Q4 2017
 
Non-Accrual Loans$  5,670 $  7,221 $  11,093 $  10,763 $  10,619 $  13,036 
Non-Accrual Loans as a % of Total Loans 0.24% 0.31% 0.49% 0.50% 0.60% 0.78%
ALLL as % of Non-Accrual Loans 405.71% 309.64% 193.85% 191.79% 172.68% 133.28%
Impaired Loans   40,533    42,408    47,251    50,899    36,199    37,786 
Classified Loans   23,977    26,161    30,179    33,605    20,299    21,730 

Contact:          Thomas Coughlin,
                        President & CEO
                        Thomas Keating, CFO
                        (201) 823-0700

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Source: BCB Bancorp, Inc.