BCB Bancorp, Inc. (BCBP) has reported 13.84 percent rise in profit for the year ended Dec. 31, 2016. The company has earned $8 million, or $0.63 a share in the year, compared with $7.03 million, or $0.69 a share for the last year.
Revenue during the year grew 4.91 percent to $61.16 million from $58.30 million in the previous year. Net interest income for the quarter rose 2.89 percent over the prior year period to $55.06 million. Non-interest income for the year fell 13.33 percent over the last year to $6.12 million.
BCB Bancorp, Inc. has made provision of $0.03 million for loan losses during the year, down 98.82 percent from $2.28 million in the same period last year.
Thomas Coughlin, president and chief executive officer, commented, "Our strategy to grow the bank by expanding into new markets was accelerated in 2016 as we opened seven new branches, which affords us exciting new business opportunities in and around each of these communities. While there are costs associated with the opening of new branches related to personnel and infrastructure, we believe this investment will yield ample rewards in terms of new and profitable business."
Liabilities outpace assets growth
Total assets stood at $1,708.21 million as on Dec. 31, 2016, up 5.55 percent compared with $1,618.41 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,577.13 million as on Dec. 31, 2016, up 6.21 percent from $1,484.86 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,485.16 million as on Dec. 31, 2016, up 4.58 percent compared with $1,420.12 million on Dec. 31, 2015. Deposits stood at $1,392.20 million as on Dec. 31, 2016, up 9.28 percent compared with $1,273.93 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $158.52 million or 11.39 percent of total deposits on Dec. 31, 2016, compared with $130.92 million or 10.28 percent of total deposits on Dec. 31, 2015.
Investments stood at $94.76 million as on Dec. 31, 2016, up 884.78 percent or $85.14 million from year-ago. Shareholders equity stood at $131.08 million as on Dec. 31, 2016, down 1.84 percent or $2.46 million from year-ago.
Equity to assets ratio was 7.67 percent for the year, down from 8.25 percent for the previous year.
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