BCB Bancorp, Inc. (BCBP) has reported a 16.13 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $1.91 million, or $0.15 a share in the quarter, compared with $2.28 million, or $0.24 a share for the same period last year.
Revenue during the quarter went down marginally by 0.06 percent to $15.43 million from $15.44 million in the previous year period. Net interest income for the quarter rose 0.40 percent over the prior year period to $13.60 million. Non-interest income for the quarter fell 22.10 percent over the last year period to $1.53 million.
BCB Bancorp, Inc. has made negative provision of $0.30 million for loan losses during the quarter, compared with a positive provision of $0.07 million in the same period last year.
Net interest margin contracted 43 basis points to 3.22 percent in the quarter from 3.65 percent in the last year period.
Thomas Coughlin, President and Chief Executive Officer, commented, "Our strategy to expand in new market areas continued with the opening of five new branches so far this year. We are excited about this organic expansion and recognize the related increase in employee and infrastructure costs to support our goals and bring De novo branches to profitability quickly. We have recently launched a bank-wide cost savings initiative as we endeavor to improve our overall efficiency ratio consistent with top performing banks. Once fully implemented, the manner in which we operate will be elevated and the delivery channels with respect to our products and services will be enhanced across our geographic locations."
Assets outpace liabilities growth
Total assets stood at $1,678.94 million as on Sep. 30, 2016, up 7.98 percent compared with $1,554.86 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,546.64 million as on Sep. 30, 2016, up 6.91 percent from $1,446.65 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $1,431.21 million as on Sep. 30, 2016, up 2.50 percent compared with $1,396.27 million on Sep. 30, 2015. Deposits stood at $1,380.38 million as on Sep. 30, 2016, up 11.93 percent compared with $1,233.28 million on Sep. 30, 2015.
Investments stood at $52.91 million as on Sep. 30, 2016, up 440.58 percent or $43.12 million from year-ago. Shareholders equity stood at $132.30 million as on Sep. 30, 2016, up 22.27 percent or $24.10 million from year-ago.
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