BCB Bancorp, Inc. (BCBP) has reported a 43.14 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.91 million, or $0.25 a share in the quarter, compared with $2.04 million, or $0.16 a share for the same period last year.
Revenue during the quarter grew 8.29 percent to $16.42 million from $15.16 million in the previous year period. Net interest income for the quarter rose 6.62 percent over the prior year period to $14.60 million. Non-interest income for the quarter rose 39.84 percent over the last year period to $2.31 million.
BCB Bancorp, Inc. has made provision of $0.50 million for loan losses during the quarter, up 163.49 percent from $0.19 million in the same period last year.
Net interest margin improved 6 basis points to 3.43 percent in the quarter from 3.37 percent in the last year period.
Thomas Coughlin, President and Chief Executive Officer, commented, "I am very pleased to see our first quarter results coming in consistent with our strategic goals. Over the past 18 months, our key performance ratios continue to trend in the right direction and we continue to enhance our overall operating effectiveness and efficiency while maintaining quality in our overall loan portfolio."
Liabilities outpace assets growth Total assets stood at $1,805.33 million as on Mar. 31, 2017, up 5.81 percent compared with $1,706.15 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,678.32 million as on Mar. 31, 2017, up 6.64 percent from $1,573.84 million on Mar. 31, 2016. Loans outpace deposit growth Net loans stood at $1,528.76 million as on Mar. 31, 2017, up 6.94 percent compared with $1,429.55 million on Mar. 31, 2016. Deposits stood at $1,513.84 million as on Mar. 31, 2017, up 12.10 percent compared with $1,350.42 million on Mar. 31, 2016. Investments stood at $106.18 million as on Mar. 31, 2017, up 1,001.60 percent or $96.54 million from year-ago. Shareholders equity stood at $127.01 million as on Mar. 31, 2017, down 4.01 percent or $5.30 million from year-ago.
Return on average assets moved up 5 basis points to 0.17 percent in the quarter from 0.12 percent in the last year period. At the same time, return on average equity increased 83 basis points to 2.37 percent in the quarter from 1.54 percent in the last year period.
Equity to assets ratio was 7.04 percent for the quarter, down from 7.75 percent for the previous year quarter.
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