BCB Bancorp reports Q3 EPS 39c, consensus 50c

Total assets increased by $265.9 million, or 7.5 percent, to $3.812 billion at September 30, 2023, from $3.546 billion at December 31, 2022. The increase in total assets was mainly related to increases in total loans and in cash and cash equivalents. Net income was $6.7 million for the third quarter ended September 30, 2023 and $13.4 million for the third quarter ended September 30, 2022. The decline was primarily driven by lower net interest income, higher credit loss provisioning and higher non-interest expenses for the third quarter of 2023 as compared with the third quarter of 2022. “We remain profitable with a favorable asset quality profile and solid liquidity and capital levels. The persistently high interest rate environment with a bias for staying elevated continues to adversely impact the availability and the pricing of liquidity for the banking industry. We have intentionally slowed down the growth of our balance sheet, as we are very focused on protecting our profitability, liquidity and capital position in an uncertain economic environment,” stated Thomas Coughlin, President and Chief Executive Officer.