BCB Bank CEO Highlights the Bank’s Stability, Strong Capital and Diversified Sources of Funding
13 Marzo 2023 - 5:55PM
BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding
company for BCB Bank (the “Bank”), reported the following
statements made by the President and CEO of the Company and the
Bank, Thomas Coughlin.
“The sudden collapse of Silicon Valley Bank and
Signature Bank underscores the importance of maintaining strong
capitalization and diversified sources of funding as key operating
measures to ensure the safety and soundness of a bank,” said Thomas
Coughlin. “Unlike many other financial institutions, BCB Bank’s
securities portfolio does not carry any meaningful unrealized
losses that could negatively impact its capital position. BCB
Bank’s philosophy is deeply rooted in maintaining robust
capitalization and a diversified funding profile. Consistent
profitability, evidenced by the last two successive years of record
earnings, have helped BCB Bank to generate capital organically and
support the growth of its balance sheet. Additionally, strong asset
quality maintains a positive trend reflecting the Company’s
conservative underwriting culture that further solidifies its
capital position.”
“The rising rate environment has increased the
competition for liquidity and the price at which liquidity is
available to meet funding needs. Our community-focused,
relationship-building approach has helped us develop a diversified
and stable deposit funding foundation that continues to perform
well in a challenging macroeconomic environment,” said Mr.
Coughlin.
BCB Bank’s strong capital position is a direct
result of the Company’s history of producing a high level of
retained earnings, and management’s prudent use of capital
generated organically. BCB Bank ended the fiscal year 2022 with a
tangible equity to total assets ratio of 8.1% with regulatory
capital ratios well in excess of the requirements for being
considered well-capitalized. The Company’s robust capitalization is
further bolstered by its credit quality that has continued to show
improvement over the past several quarters. At December 31, 2022,
the Company reported non-accrual loans as a percent of total loans
ratio of only 0.17% and the allowance for loan losses as a
percentage of non-accrual loans ratio of 633.6%. Additionally, the
net-charge offs as a percent of average loans were only 0.06% for
the year ended December 31, 2022.
BCB Bank’s liquidity position is strong and the
Company’s funding profile remains very diverse and continues to
perform well despite the challenges posed by the rising rate
environment. The Bank does not have any funding exposure tied to
the crypto-sector or to venture capital technology-focused
companies. The Bank’s deposit funding is segmented amongst a large
number of consumer and commercial customers. The average deposit
size was $35.2 thousand for the consumer segment and $79.7 thousand
for the commercial segment for the month ending February 28, 2023.
In addition to stable deposit funding, the Company has ample
capacity to borrow funds from the wholesale markets including
ability to borrow from Federal Home Loan Bank, brokered deposits
relationships, and other third-party channels.
“We believe that recent actions taken by
Treasury, Federal Reserve, and FDIC will serve to restore investor
and customer confidence in the industry in these uncertain times.
BCB Bank is proactively reaching out to its investors and customers
to highlight the strength and resilience of the Company’s
liquidity, capital, and asset quality position,” said Mr.
Coughlin.
About BCB Bancorp,
Inc.
Established in 2000 and headquartered
in Bayonne, N.J., BCB Community Bank is the
wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ:
BCBP). The Bank has 27 branch offices in Bayonne, Edison,
Hoboken, Fairfield, Holmdel, Jersey
City, Lyndhurst, Maplewood, Monroe Township, Newark,
Parsippany, Plainsboro, River Edge, Rutherford, South Orange,
Union, and Woodbridge, New Jersey, and three branches in Hicksville
and Staten Island, New York. The Bank provides businesses and
individuals a wide range of loans, deposit products, and retail and
commercial banking services. For more information, please go to
www.bcb.bank.
Forward-Looking Statements
This release, like many written and oral
communications presented by BCB Bancorp, Inc., and our
authorized officers, may contain certain forward-looking statements
regarding our 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.
We intend 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 are including
this statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies, and expectations of the
Company, are generally identified by use of words “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “plan,” “project,”
“seek,” “strive,” “try,” or future or conditional verbs such as
“could,” “may,” “should,” “will,” “would,” or similar expressions.
Our ability to predict results or the actual effects of our plans
or strategies is inherently uncertain. Accordingly, actual results
may differ materially from anticipated results.
In addition to factors previously disclosed in
the Company’s reports filed with the U.S. Securities and
Exchange Commission (the "SEC") and those identified elsewhere
in this release, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: the inability to close loans in our
pipeline; changes in asset quality and credit risk; the inability
to sustain revenue and earnings growth; changes in interest rates
and capital markets; inflation; supply chain disruptions; any
future pandemics and the related adverse local and national
economic consequences; civil unrest in the communities that the
company serves; customer acceptance of the Bank’s products and
services; customer borrowing, repayment, investment and deposit
practices; customer disintermediation; the introduction,
withdrawal, success and timing of business initiatives; competitive
conditions; economic conditions; and the impact, extent and timing
of technological changes, capital management activities, and
actions of governmental agencies and legislative and regulatory
actions and reforms.
Contact: |
Thomas
Coughlin, |
|
President & CEO |
|
Jawad Chaudhry, CFO |
|
(201) 823-0700 |
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