BCB Bancorp, Inc., Announces First Quarter Earnings.Business Editors BAYONNE Bayonne, town, France Bayonne (bäyôn`), town (1990 pop. 41,846), Pyrénées-Atlantiques dept., SW France, in Gascony, on the Adour River near its entrance into the Bay of Biscay. , N.J.--(BUSINESS WIRE)--May 13, 2003 Bayonne Community Bank, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BCB BCB Banco Central do Brasil (Brazil's central bank) BCB Borland C++ Builder BCB Bangladesh Cricket Board BCB Benzocyclobutene (low loss dielectric substrate) BCB Bumiputra-Commerce Bank BCB Broadcast Band Bancorp, Inc., Bayonne, NJ (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BCBP BCBP Bureau of Customs and Border Protection (US Department of Homeland Security) BCBP Bar Coded Boarding Pass BCBP Brotherhood of Christian Businessmen and Professionals ) announced unaudited net earnings for the quarter ended march 31, 2003 of $573,000 compared to $184,000 for the quarter ended March 31, 2002. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.27 for the three months ended March 31, 2003, and $0.13 per share for the three months ended March 31, 2002. The weighted average number of common shares outstanding for the three months ended March 31, 2003 for basic and diluted earnings per share calculation purposes was 2,088,000 and 2,143,000 respectively. The weighted average number of common shares outstanding for the three months ended March 31, 2002 for basic and diluted earnings per share calculation purposes was 1,408,000. BCB Bancorp, Inc., completed its acquisition of Bayonne Community Bank on May 1, 2003 consequently the information provided in this release is for Bayonne Community Bank. As of March 31, 2003 total assets increased by $24.5 million or 13.4% to $207.6 million from $183.1 million at December December: see month. 31, 2002. Loans receivable increased by $15.0 million or 12.3% to $137.1 million at March 31, 2003 from $122.1 million at December 31, 2002. Investment securities held-to-maturity decreased by $1.3 million or 2.6% to $49.3 million at March 31, 2003 from $50.6 million at December 31, 2002. Deposits increased by $24.1 million or 14.7% to $187.6 million at March 31, 2003 from $163.5 million at December 31, 2002. Net income increased by $389,000 or 211.4% to $573,000 for the three months ended March 31, 2003 from $184,000 for the three months ended March 31, 2002. This improvement in operations was due to increases in net interest income and non-interest income partially offset by increases in the provision for loan losses, non-interest expense and income taxes. Net interest income increased by $1.0 million or 90.9% to $2.1 million for the three months ended March 31, 2003 from $1.1 million for the three months ended March 31, 2002. This increase resulted primarily from an increase in average net interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin of $13.5 million or 78.0% to $30.8 million for the three months ended March 31, 2003 from $17.3 million for the three months ended March 31, 2002 and an increase in the net interest margin to 4.51% for the three months ended March 31, 2003 from 3.66% for the three months ended March 31, 2002. The increase in the net interest margin resulted primarily from an increase in net interest income to $2.1 million from $1.1 million while average interest earning assets increased to $189.2 million from $119.3 million. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. Mindiak, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented that, "encouraging retail deposit growth continues to contribute to increasing interest earning asset Earning asset An asset that generates income, e.g., income from rental property. growth which has resulted in increased profitability. As the Bank continues to grow, we look forward with eager anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, to the opening of two additional offices later this year in our marketplace in an effort to enhance both service and market share." Bayonne Community Bank presently operates one office located in Bayonne, New Jersey Bayonne is a city in Hudson County, New Jersey, United States, south of Jersey City. As of the United States 2000 Census, the city had a total population of 61,842. According to tradition, the city derives its name from the city of Bayonne in France. . Pursuant to regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , BCB Bancorp, Inc., has filed its Form 10-QSB for the period ending March 31, 2003 with the Securities and Exchange Commission. Any individual who wishes to receive a copy of this filing can contact the Bank at the number listed below. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 contains safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions regarding forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Statements in this report relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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-KSB and in other documents filed by the Bank with the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). or the Securities and Exchange Commission from time to time. Forward looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue" or similar terms or the negative of these terms. Although the bank believes that the expectations reflected in the forward-looking statements are reasonable, the bank cannot guarantee future results, levels of activity, performance or achievements. The bank has no obligation to update these forward-looking statements.
BAYONNE COMMUNITY BANK
Statement of Financial Condition at
March 31, 2003 and December 31, 2002
(Unaudited)
(in thousands except for share data )
At At
31-Mar-03 31-Dec-02
--------- ---------
ASSETS
------
Cash and amounts due from depository institutions. $ 650 $ 1,232
Interest-bearing deposits 14,993 3,912
--------- ---------
Total cash and cash equivalents 15,643 5,144
--------- ---------
Securities held to maturity 49,290 50,602
Loans receivable 137,130 122,085
Premises and equipment 2,925 2,627
Federal Home Loan Bank of New York stock 760 760
Interest receivable, net 1,062 1,130
Deferred income taxes 533 533
Other assets 270 227
--------- ---------
Total assets 207,613 183,108
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
LIABILITIES
-----------
Deposits 187,620 163,548
Other Liabilities 648 788
--------- ---------
Total Liabilities 188,268 164,336
--------- ---------
STOCKHOLDERS' EQUITY
Common Stock, $5 par value: 10,000,000 shares
authorized, 2,088,198 and 1,898,057 shares
outstanding 10,441 9,490
Additional paid-in capital 12,254 9,782
Accumulated deficit (3,350) (500)
--------- ---------
Total stockholders' equity 19,345 18,772
--------- ---------
Total liabilities and stockholders' equity $207,613 $183,108
========= =========
BAYONNE COMMUNITY BANK
Statements of Income
For the three months ended
March 31, 2003 and March 31, 2002
(Unaudited)
(in thousands except for per share data)
Three Months Ended
--------------------------
March 31,
--------------------------
2003 2002
---------- ---------
Interest income:
Loans $2,314 $1,039
Securities 727 675
Other interest-earning assets 29 97
---------- ---------
Total interest income 3,070 1,811
---------- ---------
Interest expense:
Deposits:
Demand 51 48
Savings and club 747 606
Certificates of deposit 138 72
---------- ---------
Total interest expense 936 726
---------- ---------
Net interest income 2,134 1,085
Provision for loan losses 225 138
---------- ---------
Net interest income after
provision for loan losses 1,909 947
---------- ---------
Non-interest income:
Fees and service charges 83 51
Other 5 3
---------- ---------
Total non-interest income 88 54
---------- ---------
Non-interest expense:
Salaries and employee benefits 531 333
Occupancy expense of premises 85 59
Equipment 191 143
Advertising 30 18
Other 211 157
---------- ---------
Total non-interest expense 1,048 710
---------- ---------
Income before income tax
provision 949 291
Income tax provision 376 107
---------- ---------
Net Income $573 $184
========== =========
Net Income per common share-basic
and diluted $0.27 $0.13
========== =========
Weighted average number of common
shares outstanding-
basic and diluted 2,088 1,408
diluted 2,143 1,408
========== =========
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