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BCB Bancorp, Inc. reports banking developments as the holding company for BCB Community Bank. Company news centers on quarterly earnings, cash dividends, loan and deposit balances, capital and liquidity trends, and the performance of its community banking balance sheet.
Recurring updates also address commercial real estate and multi-family lending, commercial business loans, residential and home equity credit, core deposit activity, net interest margin, allowance for credit losses, non-accrual loans, charge-offs, real estate owned assets, and board or lending-management changes tied to the bank's credit policy and risk governance.
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.
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