- BCB Bancorp press release ( NASDAQ: BCBP ): Q3 GAAP EPS of $0.76 beats by $0.09 .
- Revenue of $32.39M (+24.9% Y/Y) beats by $1.18M .
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The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable November 15, 2022 to common shareholders of record on November 1, 2022.
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Net income was $13.4 million in the third quarter of 2022, compared to $10.2 million in the prior quarter, and $8.3 million in the third quarter a year ago.
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Net interest margin was 4.18 percent for the third quarter of 2022, a 44 basis point increase compared to 3.74 percent for the second quarter of 2022, and a 72 basis point increase compared to 3.46 percent for the third quarter of 2021.
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Total cost of interest-bearing liabilities increased 14 basis points to 0.64 percent for the third quarter of 2022, compared to 0.50 percent for the second quarter of 2022, and decreased two basis points from 0.66 percent for the third quarter of 2021.
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The interest rate spread increased by 40 basis points to 4.00 percent for the third quarter of 2022, compared to 3.60 percent for the second quarter of 2022, and increased 71 basis points from 3.29 percent for the third quarter of 2021
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The efficiency ratio for the third quarter was 41.5 percent compared to 47.6 percent in the prior quarter, and 52.2 percent in the third quarter of 2021.
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The annualized return on average assets ratio for the third quarter was 1.74 percent, compared to 1.32 percent in the prior quarter, and 1.13 percent in the third quarter of 2021.
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The annualized return on average equity ratio for the third quarter was 19.4 percent, compared to 15.0 percent in the prior quarter, and 12.8 percent in the third quarter of 2021.
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The Company had no provision for loan losses for the third quarter or the second quarter of 2022. This compared to a $680,000 provision for loan losses for the third quarter of 2021.
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Allowance for loan losses as a percentage of non-accrual loans was 390.3 percent at September 30, 2022, compared to 370.7 percent for the prior quarter, and 184.1 percent at September 30, 2021.
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Total non-accrual loans decreased to $8.5 million at September 30, 2022, compared to $9.2 million at June 30, 2022, and $20.7 million at September 30, 2021.
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Total loans receivable, net of allowance for loan losses, increased 21.7 percent to $2.787 billion at September 30, 2022, from $2.290 billion at September 30, 2021.
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Total deposits increased 6.7 percent to $2.713 billion at September 30, 2022, up from $2.541 billion at September 30, 2021, with noninterest bearing deposits increasing 12.1 percent over a year ago.
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BCB Bancorp GAAP EPS of $0.76 beats by $0.09, revenue of $32.39M beats by $1.18M