Bcb Bancorp Stock Price, News & Analysis

BCB Bancorp (NASDAQ: BCBP) announced the final issuance of its Series H preferred stock, raising a total of $11.2 million over three rounds. The company redeemed $10.2 million of its preferred stock, including Series C and F, during Q3 2020. These strategic moves are expected to strengthen BCBP's capital position and reduce dividend costs by approximately $55,000 per quarter. The bank operates 31 branches in New Jersey and New York, providing a range of banking services.

BCB Bancorp announces a new stock repurchase program, effective December 16, 2020, allowing the company to buy back up to 500,000 shares, approximately 2.9% of its outstanding stock. As of December 10, 2020, BCB Bancorp had around 17.1 million shares outstanding. President and CEO Thomas Coughlin highlighted that share repurchases can enhance shareholder value and contribute to a strong return on equity. The program permits flexibility in purchase timing and methods, although it does not guarantee the repurchase of any specific number of shares.

BCB Bancorp, Inc. (NASDAQ: BCBP) announced a new stock repurchase program following the completion of its previous buyback of 500,000 shares. The new program aims to enhance long-term shareholder value. CEO Thomas Coughlin conveyed optimism about the company's stock attractiveness, asserting that share repurchases signify confidence in future growth. The extent and timing of purchases will depend on market conditions and the company's financial performance.

BCB Bancorp reported a net income of $8.3 million for Q3 2020, up from $2.7 million in Q2 2020 and $5.2 million in Q3 2019. Earnings per diluted share rose to $0.47, significantly higher than $0.14 in the previous quarter. Despite strong quarterly gains, year-to-date profit fell to $13.6 million from $15.9 million in 2019. The bank's net interest margin increased by 53 basis points to 2.98%, while total reserves for loan losses reached $31.8 million. The company also reduced loan deferrals from over 30% to less than 1% since Q2.

BCB Bancorp (NASDAQ: BCBP) announced a quarterly cash dividend of $0.14 per share, payable on November 20, 2020, to shareholders of record by November 6, 2020. The dividend yield stands at 6.93% annualized based on the stock's last closing price of $8.08 on October 13, 2020. CEO Thomas Coughlin emphasized the company's commitment to providing value to shareholders during uncertain times.

BCB Bancorp, Inc. (NASDAQ: BCBP) reported significant reductions in its COVID-19 Loan Deferral Program as of October 14, 2020. Deferrals dropped from over 30% in Q2 2020 to below 1%. The bank noted a strong trend in customer repayments, reflecting the effectiveness of its underwriting practices and customer engagement. Currently, only 12 loans, totaling $10.8 million, remain in deferment, with no specific reserve deemed necessary. The report highlights BCBP's resilience and commitment to supporting its customers amidst the pandemic.

BCB Bancorp, Inc. (NASDAQ: BCBP) reported a Q2 2020 net income of $2.7 million, a slight rise from $2.5 million in Q1 2020 but down from $5.2 million in Q2 2019. Earnings per diluted share increased to $0.14 from $0.12 in Q1 2020 but decreased from $0.30 in Q2 2019. The Board declared a quarterly cash dividend of $0.14 per share, payable August 21, 2020. The COVID-19 pandemic impacted earnings, increasing loan loss reserves by $3.3 million, totaling $28.8 million, while total assets grew 9.1% to $2.987 billion.