(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2004.
Or
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________________ to _______________________
Commission File Number: 0-50275
| BCB Bancorp, Inc. | ||
| (Exact name of registrant as specified in its charter) |
| New Jersey | 26-0065262 | |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer I.D. No.) |
| 104-110 Avenue C Bayonne, New Jersey | 07002 | |
| (Address of principal executive offices) | (Zip Code) |
| (201) 823-0700 | ||
| (Registrant’s telephone number, including area code) |
|
|
||
| (Former name, former address and former fiscal year if changed since last report) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|X| Yes |_| No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
|_| Yes |X| No
APPLICABLE ONLY TO
ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by the court.
|_| Yes |_| No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of October 22, 2004, BCB Bancorp, Inc., had 2,394,319 shares of common stock with no par value issued and outstanding.
PART I. FINANCIAL
INFORMATION
ITEM I. FINANCIAL STATEMENT
BCB BANCORP INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition at
September 30, 2004 and December 31, 2003
(Unaudited)
(in thousands except for share data )
| At 30-Sep-04 |
At 31-Dec-03 |
|||||||
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Cash and amounts due from depository institutions | $ | 2,809 | $ | 2,895 | ||||
| Interest-earning deposits | 14,045 | 8,891 | ||||||
| Total cash and cash equivalents | 16,854 | 11,786 | ||||||
| Securities held to maturity | 120,929 | 90,313 | ||||||
| Loans receivable, net | 234,668 | 188,786 | ||||||
| Premises and equipment | 5,740 | 5,704 | ||||||
| Federal Home Loan Bank of New York stock | 1,250 | 1,250 | ||||||
| Interest receivable, net | 2,350 | 1,856 | ||||||
| Deferred income taxes | 753 | 697 | ||||||
| Other assets | 607 | 284 | ||||||
| Total assets | 383,151 | $ | 300,676 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| LIABILITIES | ||||||||
| Deposits | 328,334 | $ | 253,650 | |||||
| Borrowed Money | 25,000 | 25,000 | ||||||
| Trust Preferred Borrowing | 4,124 | — | ||||||
| Other Liabilities | 947 | 859 | ||||||
| Total Liabilities | 358,405 | 279,509 | ||||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Common Stock, $0.10 stated value: 10,000,000 shares | ||||||||
| authorized, 2,394,319 and 2,296,984 shares issued | ||||||||
| and outstanding | 239 | 230 | ||||||
| Additional paid-in capital | 27,541 | 26,484 | ||||||
| Accumulated deficit | (3,034 | ) | (5,547 | ) | ||||
| Total stockholders’ equity | 24,746 | 21,167 | ||||||
| Total liabilities and stockholders’ equity | $ | 383,151 | $ | 300,676 | ||||
See accompanying notes to consolidated financial statements.
1
BCB BANCORP INC. AND SUBSIDIARY
Consolidated Statements of Income
For the three and nine months ended
September 30, 2004 and September 30, 2003
(Unaudited)
(in thousands except for per share data)
| Three Months Ended Sept. 30, |
Nine Months Ended Sept. 30, |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004 |
2003 |
2004 |
2003 |
|||||||||||
| Interest income: | ||||||||||||||
| Loans | $ | 3,824 | $ | 2,796 | 10,706 | 7,690 | ||||||||
| Securities | 1,520 | 772 | 4,228 | 2,243 | ||||||||||
| Other interest-earning assets | 51 | 18 | 121 | 74 | ||||||||||
| Total interest income | 5,395 | 3,586 | 15,055 | 10,007 | ||||||||||
| Interest expense: | ||||||||||||||
| Deposits: | ||||||||||||||
| Demand | 95 | 69 | 246 | 178 | ||||||||||
| Savings and club | 1,023 | 819 | 2,905 | 2,354 | ||||||||||
| Certificates of deposit | 582 | 214 | 1,512 | 518 | ||||||||||
| 1,700 | 1,102 | 4,663 | 3,050 | |||||||||||
| Borrowed money | 136 | — | 327 | — | ||||||||||
| Total interest expense | 1,836 | 1,102 | 4,990 | 3,050 | ||||||||||
| Net interest income | 3,559 | 2,484 | 10,065 | 6,957 | ||||||||||
| Provision for loan losses | 90 | 210 | 440 | 660 | ||||||||||
| Net interest income, after provision for loan losses | 3,469 | 2,274 | 9,625 | 6,297 | ||||||||||
| Non-interest income: | ||||||||||||||
| Fees and service charges | 137 | 90 | 407 | 257 | ||||||||||
| Gain on sales of loans originated for sale | 46 | 39 | 109 | 39 | ||||||||||
| Gain (loss) on sales of loans | — | (56 | ) | |||||||||||
| Other | 6 | 4 | 17 | 13 | ||||||||||
| Total non-interest income | 189 | 133 | 477 | 309 | ||||||||||
| Non-interest expense: | ||||||||||||||
| Salaries and employee benefits | 1,039 | 755 | 3,038 | 1,933 | ||||||||||
| Occupancy expense of premises | 175 | 101 | 498 | 277 | ||||||||||
| Equipment | 365 | 237 | 1,076 | 662 | ||||||||||
| Advertising | 48 | 41 | 100 | 103 | ||||||||||
| Other | 296 | 281 | 1,202 | 737 | ||||||||||
| Total non-interest expense | 1,923 | 1,415 | 5,914 | 3,712 | ||||||||||
| Income before income tax provision | 1,735 | 992 | 4,188 | 2,894 | ||||||||||
| Income tax provision | 692 | 396 | 1,675 | 1,153 | ||||||||||
| Net Income | $ | 1,043 | $ | 596 | $ | 2,513 | $ | 1,741 | ||||||
| Net Income per common share-basic and diluted | ||||||||||||||
| basic | $ | 0.44 | $ | 0.26 | $ | 1.06 | $ | 0.76 | ||||||
| diluted | $ | 0.42 | $ | 0.25 | $ | 1.01 | $ | 0.74 | ||||||
| Weighted average number of common shares outstanding- | ||||||||||||||
| basic | 2,394 | 2,297 | 2,370 | 2,297 | ||||||||||
| diluted | 2,455 | 2,365 | 2,477 | 2,366 | ||||||||||
See accompanying notes to consolidated financial statements.
2
BCB BANCORP INC. AND SUBSIDIARY
Consolidated Statement of Changes in Stockholders’ Equity
For the nine months ended September 30, 2004
(Unaudited)
(in thousands)
| Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Total |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance, December 31, 2003 | $ | 230 | $ | 26,484 | $ | (5,547 | ) | $ | 21,167 | |||||
| Exercise of Stock Options | 9 | 1,057 | 1,066 | |||||||||||
| Net income for the nine months ended | ||||||||||||||
| September 30, 2004 | — | — | 2,513 | 2,513 | ||||||||||
| Balance, September 30, 2004 | $ | 239 | $ | 27,541 | $ | (3,034 | ) | $ | 24,746 | |||||
See accompanying notes to consolidated financial statements.
3
BCB BANCORP INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
For the Nine months ended
September 30, 2004 and 2003
(Unaudited)
(in thousands)
| Nine Months Ended SEPT. 30, |
||||||||
|---|---|---|---|---|---|---|---|---|
| 2004 |
2003 |
|||||||
| Cash flows from operating activities : | ||||||||
| Net Income | $ | 2,513 | $ | 1,741 | ||||
| Adjustments to reconcile net income to net cash provided | ||||||||
| by operating activities: | ||||||||
| Depreciation | 255 | 96 | ||||||
| Amortization and accretion, net | (179 | ) | (166 | ) | ||||
| Provision for loan losses | 440 | 660 | ||||||