-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U/R1Yh0+IrWQCMIlurgzSVcgOHa2w2ru9xjaDVU7fNCziVH290r9asC6UopylHwr rTn4zSKTLf6+5RR1HmZZgg== 0000943374-06-001343.txt : 20061024 0000943374-06-001343.hdr.sgml : 20061024 20061024100413 ACCESSION NUMBER: 0000943374-06-001343 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061024 DATE AS OF CHANGE: 20061024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BCB BANCORP INC CENTRAL INDEX KEY: 0001228454 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 260065262 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50275 FILM NUMBER: 061159148 BUSINESS ADDRESS: STREET 1: 860 BROADWAY CITY: BAYONNE STATE: NJ ZIP: 07002 8-K 1 form8k_earnings102306.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 23, 2006 BCB BANCORP, INC. ------------------- (Exact Name of Registrant as Specified in Charter) New Jersey 0-50275 26-0065262 - ----------------------------- ---------------- --------------- (State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer of Incorporation) Identification No.) 104-110 Avenue C, Bayonne, New Jersey 07002 - -------------------------------------- ----------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (201) 823-0700 -------------- Not Applicable ------------------ (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition ---------------------------------------------- By press release the Company announced quarterly earnings for the three months and nine months ended September 30, 2006. Item 9.01 Financial Statements and Exhibits ---------------------------------- (a) Financial Statements of businesses acquired. Not Applicable. (b) Pro forma financial information. Not Applicable. (c) Shell company transactions: None (d) Exhibits. The following Exhibit is attached as part of this report: 99.1 Press release dated October 23, 2006, announcing quarterly earnings for the three months and nine months ended September 30, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. BCB BANCORP, INC. DATE: October 24, 2006 By: /s/ Donald Mindiak ------------------------------- Donald Mindiak President and Chief Executive Officer EX-99 2 ex99_earnings102306.txt PRESS RELEASE BCB Bancorp, Inc. Announces Record Third Quarter Earnings Bayonne, N.J. - (BUSINESS WIRE) - October 23, 2006 - BCB Bancorp, Inc., Bayonne, N.J. (NASDAQ: BCBP - News), announced unaudited net earnings of $1,465,000 for the three months ended September 30, 2006, an increase of $274,000 or 23.0%, compared to $1,191,000 for the three months ended September 30, 2005. The Company further reported unaudited net earnings of $4,209,000, for the nine months ended September 30, 2006, an increase of $664,000 or 18.7% from $3,545,000 for the nine months ended September 30, 2005. As of September 30, 2006, total assets increased by $43.6 million or 9.4% to $509.8 million from $466.2 million at December 31, 2005. Loans receivable increased by $29.9 million or 10.5% to $314.4 million at September 30, 2006 from $284.5 million at December 31, 2005. Securities classified as held-to-maturity increased by $28.7 million or 20.5% to $168.7 million at September 30, 2006 from $140.0 million at December 31, 2005. Deposit liabilities increased by $19.9 million or 5.5% to $382.8 million at September 30, 2006 from $362.9 million at December 31, 2005. Borrowings increased by $20.0 million or 37.0% to $74.1 million at September 30, 2006 from $54.1 million at December 31, 2005. Total stockholders' equity increased by $2.8 million or 5.9% to $50.6 million at September 30, 2006 from $47.8 million at December 31, 2005. Net income increased by $274,000 or 23.0% to $1.5 million for the three months ended September 30, 2006 from $1.2 million for the three months ended September 30, 2005. The increase in net income was due to increases in net interest income, non-interest income and a decrease in the provision for loan losses partially offset by increases in non-interest expense and income taxes. Net interest income increased by $444,000 or 11.1% to $4.4 million for the three months ended September 30, 2006 from $4.0 million for the three months ended September 30, 2005. This increase resulted primarily from an increase in average interest earning assets of $78.6 million or 19.2% to $488.9 million for the three months ended September 30, 2006 from $410.3 million for the three months ended September 30, 2005. Average interest bearing liabilities increased $47.6 million or 13.1% to $412.3 million for the three months ended September 30, 2006 from $364.7 million for the three months ended September 30, 2005. Average stockholders' equity increased $22.5 million or 79.2% to $50.9 million for the three months ended September 30, 2006 from $28.4 million for the three months ended September 30, 2005. The Bank's net interest margin decreased to 3.62% for the three months ended September 30, 2006 from 3.88% for the three months ended September 30, 2005, reflecting the effect of the flat to inverted yield curve during the past three months. Net income increased by $664,000 or 18.7% to $4.2 million for the nine months ended September 30, 2006 from $3.6 million for the nine months ended September 30, 2005. The increase in net income was due to increases in net interest income, non-interest income and a decrease in the provision for loan losses partially offset by increases in non-interest expense and income taxes. Net interest income increased by $1.8 million or 15.4% to $13.5 million for the nine months ended September 30, 2006 from $11.7 million for the nine months ended September 30, 2005. This increase resulted primarily from an increase in average interest earning assets of $85.1 million or 21.8% to $476.1 million for the nine months ended September 30, 2006 from $391.0 million for the nine months ended September 30, 2005. Average interest bearing liabilities increased $57.0 million or 16.5% to $403.0 million for the nine months ended September 30, 2006 from $346.0 million for the nine months ended September 30, 2005. Average stockholders' equity increased $20.9 million or 72.6% to $49.7 million for the nine months ended September 30, 2006 from $28.8 million for the nine months ended September 30, 2005. Net interest margin decreased to 3.78% for the nine months ended September 30, 2006 from 4.00% for the nine months ended September 30, 2005, reflecting the effect of the flat to inverted yield curve during the past nine months. Donald Mindiak, President & CEO commented that, "operational results continue to be positive as we moderate our balance sheet growth. We were pleased to pay our first cash dividend during the quarter, and proud to learn that effective June 30, 2006, according to FDIC statistics, we have become the largest depository in the City of Bayonne. Asset quality remains a top priority. Despite a slowing in loan growth, we will continue to maintain stringent underwriting standards in order to maintain uncompromised asset quality. In our pursuit to expand our market area, the opening of our fourth office in Hoboken, New Jersey should occur during the first quarter of 2007. As we continue to face challenges from various perspectives, we will endeavor to embrace the opportunities these challenges present in our on-going effort to enhancing franchise and shareholder value." The Company's banking subsidiary, Bayonne Community Bank presently operates three offices located in Bayonne, New Jersey. Please contact Donald Mindiak, President, or Thomas Coughlin, Chief Financial Officer at 201-823-0700. This discussion, and other written material, and statements management may make, may contain certain forward-looking statements regarding the Company's prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of said safe harbor provisions. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in the Bank's Annual Report on Form 10-K and in other documents filed by the Bank with the FDIC or the Securities and Exchange Commission from time to time. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identified by the use of the words "plan," "believe," "expect," "intend," "anticipate," "estimate," "project," "may," "will," "should," "could," "predicts," "forecasts," "potential," or "continue" or similar terms or the negative of these terms. The Company's ability to predict results or the actual effects of its plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, general economic conditions, legislation, and regulation; changes in monetary and fiscal policies of the United States Government, including policies of the United States Treasury and Federal Reserve Board; changes in the quality or composition of the loan or investment portfolios; changes in deposit flows, competition, and demand for financial services, loan, deposit, and investment products in the Company's local markets; changes in accounting principles and guidelines; war or terrorist activities; and other economic, competitive, governmental, regulatory, geopolitical and technological factors affecting the Company's operations, pricing and services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this discussion. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made. PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENT
BCB BANCORP INC. AND SUBSIDIARY Consolidated Statements of Financial Condition at September 30, 2006 and December 31, 2005 (Unaudited) (in thousands except for share data ) At At 30-Sep-06 31-Dec-05 ASSETS Cash and amounts due from depository institutions.................. $ 2,608 $ 2,987 Interest-earning deposits ......................................... 7,680 22,160 --------- -------- Total cash and cash equivalents................................. 10,288 25,147 --------- -------- Securities held to maturity........................................ 168,738 140,002 Loans held for sale................................................ 1,716 780 Loans receivable, net.............................................. 314,441 284,451 Premises and equipment............................................. 5,355 5,518 Federal Home Loan Bank of New York stock........................... 3,724 2,778 Interest receivable, net........................................... 3,427 3,104 Subscriptions Receivable........................................... - 2,353 Deferred income taxes.............................................. 1,212 997 Other assets ...................................................... 857 1,112 --------- -------- Total assets................................................... 509,758 466,242 ========= ======== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits........................................................... 382,818 362,851 Long-term Debt..................................................... 74,124 54,124 Other Liabilities.................................................. 2,219 1,420 --------- -------- Total Liabilities.............................................. 459,161 418,395 --------- -------- STOCKHOLDERS' EQUITY Common stock, stated value $0.06 10,000,000 shares authorized; 5,060,480 and 5,050,552 shares, respectively, issued............................................... 324 323 Additional paid-in capital......................................... 45,617 45,518 Treasury stock, at cost, 54,820 and 51,316 shares, respectively....................................................... (851) (795) Retained Earnings.................................................. 5,507 2,801 --------- -------- Total stockholders' equity..................................... 50,597 47,847 --------- -------- Total liabilities and stockholders' equity.................... $ 509,758 $466,242 ========= =========
BCB BANCORP INC. AND SUBSIDIARY Consolidated Statements of Income For the three and nine months ended September 30, 2006 and 2005 (Unaudited) ( in thousands except for per share data)
Three Months Ended Nine Months Ended September 30, September 30, -------------------------------- ---------------------------- 2006 2005 2006 2005 -------------------------------- ---------------------------- Interest income: Loans.......................................... $ 5,844 $ 4,859 $ 16,903 13,741 Securities..................................... 2,083 1,570 5,774 4,475 Other interest-earning assets.................. 93 13 373 27 ------- ------- ------- ------- Total interest income....................... 8,020 6,442 23,050 18,243 ------- ------- ------- ------- Interest expense: Deposits: Demand...................................... 109 81 277 249 Savings and club............................ 591 984 2,066 3,059 Certificates of deposit..................... 2,156 1,008 5,428 2,511 ------- ------- ------- ------- 2,856 2,073 7,771 5,819 ------- ------- ------- ------- Borrowed money.............................. 737 386 1,781 696 ------- ------- ------- ------- Total interest expense.................... 3,593 2,459 9,552 6,515 ------- ------- ------- ------- Net interest income.............................. 4,427 3,983 13,498 11,728 Provision for loan losses ....................... 50 200 625 760 ------- ------- ------- ------- Net interest income after provision for loan losses 4,377 3,783 12,873 10,968 ------- ------- ------- ------- Non-interest income: Fees and service charges...................... 149 146 437 403 Gain on sales of loans originated for sale.... 151 52 489 157 Gain (loss) on sales of loans................. - - Gain on sale of securities.................... - - - 28 Other......................................... 8 7 21 19 ------- ------- ------- ------- Total non-interest income.................. 308 205 947 607 ------- ------- ------- ------- Non-interest expense: Salaries and employee benefits................ 1,306 1,125 3,858 3,240 Occupancy expense of premises................. 238 187 676 511 Equipment..................................... 408 436 1,299 1,170 Advertising................................... 86 34 241 111 Other......................................... 358 313 1,087 934 ------- ------- ------- ------- Total non-interest expense................ 2,396 2,095 7,161 5,966 ------- ------- ------- ------- Income before income tax provision.............. 2,289 1,893 6,659 5,609 Income tax provision............................ 824 702 2,450 2,064 ------- ------- ------- ------- Net Income...................................... $ 1,465 $ 1,191 $ 4,209 $ 3,545 ======= ======= ======= ======= Net Income per common share-basic and diluted basic............................. $ 0.29 $ 0.32 $ 0.84 $ 0.95 ======= ======= ======= ======= diluted .......................... $ 0.28 $ 0.31 $ 0.81 $ 0.91 ======= ======= ======= ======= Weighted average number of common shares outstanding- basic..................................... 5,006 3,716 5,004 3,731 ======= ======= ======= ======= diluted .................................. 5,181 3,901 5,176 3,910 ======= ======= ======= =======
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