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CST: 26/05/2019 14:40:10   

BCB Bancorp, Inc. Reports Earnings of $5.5 Million in First Quarter 2019; An Increase of 18 Percent Over the First Quarter of 2018

37 Days ago

BAYONNE, N.J., April 18, 2019 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported that increases in total interest income and a decrease in the provision for loan losses contributed to first quarter 2019 profits.  Net income increased $819,000, or 17.7 percent, to $5.5 million for the first quarter of 2019, compared with $4.6 million for the first quarter a year ago. In the preceding quarter, the Company earned $5.2 million.

“We continued to deliver strong financial results and achieved an 18 percent increase in profits over the first quarter a year ago,” stated Thomas Coughlin, President and Chief Executive Officer.  “Solid earning assets and deposit growth resulted in higher net interest income.  That along with sound credit quality and a larger asset base as a result of the IAB acquisition completed a year ago contributed to our first quarter results.  We are well positioned to maintain our growth strategies as we continue to look for opportunities to expand our presence in both New Jersey as well as surrounding markets.”

The IAB acquisition, which was completed during the second quarter of 2018, added approximately $221.9 million in assets, $178.4 million in deposits and $182.6 million in net loans.

First Quarter 2019 Financial Highlights

  • Net income increased 17.7 percent to $5.5 million in the first quarter of 2019, compared to $4.6 million in the first quarter of 2018.
  • Earnings per diluted share increased to $0.32 in 1Q19 compared to $0.29 in 1Q18.
  • Net interest income, before the provision for loan losses, increased 27.1 percent to $20.9 million in the first quarter, compared to $16.4 million in the first quarter a year ago.
  • Net interest margin was 3.18 percent in the first quarter compared to 3.34 percent in the first quarter a year ago.
  • Total assets increased 30.5 percent to $2.718 billion at March 31, 2019, compared to $2.082 billion a year earlier.
  • Net loans receivable increased 30.7 percent to $2.307 billion at March 31, 2019, compared to $1.765 billion a year earlier.
  • Allowance for loan loss as a percentage of non-accrual loans was 405.7 percent at March 31, 2019, compared to 172.7 percent at March 31, 2018.
  • Tangible book value was $11.58 at March 31, 2019.
  • Earlier this month, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.14 per share. The dividend will be payable May 24, 2019, to common shareholders of record on May 10, 2019. 
  • The Company issued $6.3 million of private placement common stock which closed in February 2019 and $5.3 million of preferred series G stock, which was issued in January 2019. The Company had also issued $33.5 million of subordinated debt in July 2018 which, for regulatory purposes, is treated as Tier 1 capital for the Bank and Tier 2 capital for the Company.

Balance Sheet Review

Total assets increased by $636.1 million, or 30.5 percent, to $2.718 billion at March 31, 2019 from $2.082 billion at March 31, 2018 and increased by $43.7 million, or 1.6 percent, compared to December 31, 2018. The increase in total assets from March 31, 2018 included the acquisition of IAB, which added approximately $221.9 million in assets.

Loans receivable, net increased by $542.5 million, or 30.7 percent, to $2.307 billion at March 31, 2019 from $1.765 billion at March 31, 2018 and increased by $28.6 million, or 1.3 percent, from $2.278 billion at December 31, 2018. The organic growth in loans over the first three months of 2019 represented increases of $26.5 million in commercial real estate and multi-family loans, $6.7 million in construction loans, $1.9 million in commercial business loans, $100,000 in residential one-to-four family loans, partly offset by decreases of $6.0 million in home equity loans and $78,000 in consumer loans.

Total cash and cash equivalents increased by $56.2 million, or 40.9 percent, to $193.5 million at March 31, 2019 from $137.3 million at March 31, 2018, and decreased by $1.7 million, or 0.9 percent compared to $195.2 million at December 31, 2018. The Company’s level of cash and cash equivalents is a part of its strategy to maintain strong levels of liquidity. Total investment securities decreased by $1.4 million or 1.1% to $125.9 million at March 31, 2019, from $127.3 million a year earlier and decreased by $1.1 million, or 0.9 percent, to $125.9 million compared to $127.0 million three months earlier.

During the quarter ended March 31, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02 - Leases, requiring on-balance sheet reporting for all operating and financing leases, which resulted in the recording of $16.0 million in operating and financing lease right-of-use assets and a corresponding $16.0 million in operating and financing lease liabilities associated with the implementation of the standard.

Deposit liabilities increased by $497.3 million, or 29.4 percent, to $2.189 billion at March 31, 2019 from $1.691 billion at March 31, 2018, and increased by $7.9 million, or 0.4 percent, when compared to $2.181 billion at December 31, 2018. Increases over the first three months of 2019 included $43.2 million in certificates of deposit, excluding listing service and brokered deposits, $26.4 million in money market checking accounts, $4.3 million in transaction accounts and $2.4 million in savings and club accounts. The increases provided by the growth in these accounts was somewhat offset by reductions in the Company’s listing service and brokered certificate of deposits, which saw decreases of $1.8 million and $63.6 million, respectively. The Company uses listing service and brokered certificates of deposits as additional sources of deposit liquidity, which totaled $35.1 million and $184.4 million, respectively, at March 31, 2019.

Debt obligations increased by $78.3 million or 38.4 percent, to $282.4 million at March 31, 2019 compared to $204.1 million at March 31, 2018 and remained flat when compared to December 31, 2018.  Debt obligations consisted of both Federal Home Loan Bank (“FHLB”) borrowings and subordinated debt balances. The weighted average interest rate of FHLB advances was 2.18 percent at March 31, 2019. The issuance of subordinated debt was to maintain adequate capital ratios for further growth. The fixed interest rate of subordinated debt balances was 5.625 percent at March 31, 2019.

Stockholders’ equity increased by $39.3 million, or 22.2 percent, to $216.7 million at March 31, 2019 from $177.4 million at March 31, 2018 and increased by $16.5 million, or 8.2 percent, compared to $200.2 million at December 31, 2018. The increase in stockholders’ equity from March 31, 2018 was primarily attributable to an increase in additional paid-in capital of $17.4 million from common stock and preferred stock issued as part of the acquisition of IAB, the Company’s issuance of $6.3 million of private placement common stock which closed in February 2019 and the issuance of $5.3 million of preferred series G stock, which was issued in January 2019. Retained earnings increased by $7.1 million to $40.8 million at March 31, 2019 from $33.7 million at March 31, 2018, due primarily to the increase in net income, net of dividends paid.

First Quarter Income Statement Review

Net interest income increased by $4.5 million, or 27.1 percent, to $20.9 million for the first quarter of 2019 from $16.4 million for the first quarter of 2018. The increase in net interest income resulted primarily from an increase in the average balance of interest-earning assets of $662.0 million, or 33.6 percent, to $2.629 billion for the first quarter of 2019 from $1.968 billion for the first quarter of 2018. There was an increase in the average yield on interest-earning assets of 38 basis points to 4.64 percent for the first quarter of 2019, from 4.26 percent for the first quarter of 2018. There was also an increase in the average balance of interest-bearing liabilities of $574.9 million, or 35.2 percent, to $2.208 billion for the first quarter, from $1.633 billion for the first quarter a year ago, and an increase in the average rate on interest-bearing liabilities of 63 basis points to 1.73 percent for the first quarter, from 1.10 percent for the first quarter a year ago.

Net interest margin was 3.18 percent for the first quarter of 2019 compared to 3.24 percent in the preceding quarter and 3.34 percent for the first quarter a year ago. “The decrease in the net interest margin was the result of the rising interest rate environment, with the increase in the cost of funds outpacing the return on interest earning assets for the short term,” said Coughlin.

Total non-interest income decreased by $1.7 million, or 51.0 percent, to $1.7 million for the first quarter of 2019 from $3.4 million for the first quarter of 2018. The decrease in total non-interest income was primarily related to a decrease in the amount of other non-interest income of $2.2 million, or 97.6 percent, to $53,000 for the first quarter from $2.2 million for the first quarter a year ago. The decrease in other non-interest income was the result of $2.2 million in proceeds from a legal settlement recognized in the first quarter of 2018.

First quarter total non-interest expense increased by $1.8 million, or 14.7 percent, to $13.8 million from $12.0 million for the first quarter of 2018. The increases in non-interest expense over the prior year were largely attributable to the inclusion of IAB expenses since the merger in April 2018. These increases in total non-interest expense were partly offset by a decrease in merger-related costs, of which $145,000 was recognized in the first quarter of 2018 with no comparable expense during the first quarter of 2019.

The income tax provision increased by $604,000, or 32.8 percent, to $2.4 million for the first quarter of 2019 from $1.8 million for the first quarter of 2018. The increase in the income tax provision comes as a result of higher taxable income for the first quarter of 2019 as compared to that same period for 2018. The consolidated effective tax rate for the first quarter of 2019 was 31.0 percent compared to 28.4 percent for the first quarter of 2018. The higher effective tax rate in the current period primarily relates to an increase in the New Jersey corporate business tax of 2.5 percent which was enacted July 1, 2018 and effective retroactively to January 1, 2018.  

Asset Quality

The provision for loan losses decreased by $453,000, to $889,000 for the first quarter of 2019 from $1.3 million for the first quarter of 2018.  Non-accruing loans improved to $5.7 million, or 0.24 percent of gross loans at March 31, 2019, compared to $7.2 million, or 0.31 percent of gross loans at December 31, 2018, and $10.6 million, or 0.60 percent of gross loans, a year earlier.  Non-accruing loans exclude $7.0 million of Purchased Credit-Impaired loans acquired through the merger with IAB.

Performing troubled debt restructured (“TDR”) loans that were not included in nonaccrual loans at March 31, 2019, were $23.1 million, compared to $22.5 million at December 31, 2018 and $21.4 million at March 31, 2018. Borrowers who are in financial difficulty and who have been granted concessions that may include interest rate reductions, term extensions, or payment alterations are categorized as TDR loans. 

The allowance for loan losses was $23.0 million, or 405.7 percent of non-accruing loans and 0.99 percent of gross loans, at March 31, 2019 as compared to an allowance for loan losses of $22.4 million, or 309.6 percent of non-accruing loans and 0.97 percent of gross loans, at December 31, 2018 and an allowance of $18.3 million or 172.7 percent of non-accruing loans and 1.03 percent of gross loans, a year ago. The decline in the allowance as a percentage of gross loans from March 31, 2018 was primarily driven by the addition of IAB acquired loans with no allowance for loan losses as these loans were recorded at fair value at the acquisition date. The Company’s outstanding credit mark recorded on acquired portfolios of $238.5 million at March 31, 2019 totaled $6.1 million at March 31, 2019. The Company’s combined coverage of allowance for loan loss and credit mark on the acquired portfolios totaled $29.1 million, or 1.25 percent of the overall loan portfolio, at March 31, 2019. Net charge-offs were $244,000 in the first quarter of 2019, compared to $34,000 of net recoveries in the fourth quarter of 2018 and $380,000 in the first quarter of 2018.

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 29 branch offices in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, three branches in Hicksville and Staten Island, New York. The Bank provides business 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 document, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: difficulties and delays in integrating the Indus-American Bank business or fully realizing cost savings and other benefits of the Merger; business disruption following the Merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of BCB products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; 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.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.


  Three Months Ended,      
  March 31, 2019 December 31, 2018 March 31, 2018 March 31, 2019 vs.
December 31, 2018
March 31, 2019 vs.
March 31, 2018
 
Interest and dividend income:              
   Loans, including fees  $     28,233   $   28,243   $   19,521   0.0 % 44.6 %  
  Mortgage-backed securities      770       791       699   -2.7 % 10.2 %  
   Municipal bonds and other debt      128       191       104   -33.0 % 23.1 %  
  FHLB stock and other interest earning assets     1,347       1,263       618   6.7 % 118.0 %  
      Total interest and dividend income       30,478       30,488       20,942   0.0 % 45.5 %  
             
  Interest expense:              
  Deposits:            
    Demand      1,576       1,412       797   11.6 % 97.7 %  
   Savings and club      113       126       97   -10.3 % 16.5 %  
    Certificates of deposit      5,990       5,674       2,730   5.6 % 119.4 %  
      7,679       7,212       3,624   6.5 % 111.9 %  
    Borrowings      1,897       2,105       878   -9.9 % 116.1 %  
    Total interest expense     9,576       9,317       4,502   2.8 % 112.7 %  
             
Net interest income     20,902       21,171       16,440   -1.3 % 27.1 %  
  Provision for loan losses       889       821       1,342   8.3 % -33.8 %  
             
  Net interest income after provision for loan losses       20,013       20,350       15,098   -1.7 % 32.6 %  
             
  Non-interest income:              
  Fees and service charges     883       1,012       710   -12.7 % 24.4 %  
   Gain on sales of loans      318       436       583   -27.1 % -45.5 %  
  Gain (loss) on bulk sale of impaired loans held in portfolio     107       -        (24 ) -   -545.8 %  
   Gain on sales of other real estate owned      8       26       -    -69.2 % 0.0 %  
  Gain on sale of investment securities      -         -        -    -   -    
   Unrealized gain (loss) on equity investments      291       (380 )     (127 ) -176.6 % -329.1 %  
  Other     53       65       2,244   -18.5 % -97.6 %  
      Total non-interest income       1,660       1,159       3,386   43.2 % -51.0 %  
             
  Non-interest expense:              
  Salaries and employee benefits     6,915       7,042       6,267   -1.8 % 10.3 %  
   Occupancy and equipment      2,630       2,551       2,062   3.1 % 27.5 %  
  Data processing and service fees     721       876       729   -17.7 % -1.1 %  
   Professional fees      533       462       505   15.4 % 5.5 %  
  Director fees     318       158       201   101.3 % 58.2 %  
   Regulatory assessments      457       487       239   -6.2 % 91.2 %  
  Advertising and promotional     73       108       85   -32.4 % -14.1 %  
   Other real estate owned, net      (16 )     59       31   -127.1 % -151.6 %  
  Merger related costs     -         105       145   -100.0 % -100.0 %  
   Other      2,146       2,036       1,747   5.4 % 22.8 %  
      Total non-interest expense     13,777       13,884       12,011   -0.8 % 14.7 %  
             
Income before income tax provision     7,896       7,625       6,473   3.6 % 22.0 %  
 Income tax provision      2,445       2,401       1,841   1.8 % 32.8 %  
             
  Net Income   $     5,451   $   5,224   $   4,632   4.3 % 17.7 %  
Preferred stock dividends     317       262       166   21.0 % 91.0 %  
  Net Income available to common stockholders   $     5,134   $   4,962   $   4,466   3.5 % 15.0 %  
             
  Net Income per common share-basic and diluted              
Basic $     0.32   $   0.31   $   0.30   3.2 % 6.7 %  
  Diluted  $     0.32   $   0.31   $   0.29   3.2 % 10.3 %  
             
  Weighted average number of common shares outstanding              
Basic     16,078       15,820       15,048   1.6 % 6.8 %  
  Diluted      16,111       15,851       15,181   1.6 % 6.1 %  
           

 

  March 31, 2019 December 31, 2018 March 31, 2018 March 31, 2019 vs.
December 31, 2018
03/31/19 vs 03/31/18 March 31, 2019 vs.
March 31, 2018
 
  ASSETS                
 Cash and amounts due from depository institutions  $     18,610   $   18,970   $   13,299   -1.9 %   5,311   39.9 %  
Interest-earning deposits      174,938       176,294       124,035   -0.8 %   50,903   41.0 %  
  Total cash and cash equivalents      193,548       195,264       137,334   -0.9 %   56,214   40.9 %  
               
 Interest-earning time deposits      735       735       980   0.0 %   (245 ) -25.0 %  
Debt securities available for sale     117,942       119,335       119,158   -1.2 %   (1,216 ) -1.0 %  
 Equity investments      7,963       7,672       8,166   3.8 %   (203 ) -2.5 %  
Loans held for sale     1,347       1,153       208   16.8 %   1,139   547.6 %  
 Loans receivable, net of allowance for loan losses               
  of $23,004, $22,359, and $18,337, respectively     2,307,140       2,278,492       1,764,597   1.3 %   542,543   30.7 %  
 Federal Home Loan Bank of New York stock, at cost      13,405       13,405       10,886   0.0 %   2,519   23.1 %  
Premises and equipment, net     19,684       20,293       18,295   -3.0 %   1,389   7.6 %  
 Finance lease right-of-use asset (net)      673       -        -    0.0 %   673   0.0 %  
Operating lease right-of-use asset     15,346       -        -    0.0 %   15,346   0.0 %  
 Accrued interest receivable      9,750       8,378       6,052   16.4 %   3,698   61.1 %  
Other real estate owned     1,746       1,333       1,412   31.0 %   334   23.7 %  
 Deferred income taxes      13,302       13,601       6,144   -2.2 %   7,158   116.5 %  
Goodwill and other intangibles     5,584       5,604       -    -0.4 %   5,584   -    
 Other assets      10,235       9,466       9,081   8.1 %   1,154   12.7 %  
  Total Assets $     2,718,400   $   2,674,731   $   2,082,313   1.6 %   636,087   30.5 %  
               
LIABILITIES AND STOCKHOLDERS' EQUITY              
               
LIABILITIES              
 Non-interest bearing deposits  $     273,370   $   263,960   $   211,251   3.6 %   62,119   29.4 %  
Interest bearing deposits     1,915,263       1,916,764       1,480,102   -0.1 %   435,161   29.4 %  
  Total deposits      2,188,633       2,180,724       1,691,353   0.4 %   497,280   29.4 %  
FHLB advances      245,800       245,800       200,000   0.0 %   45,800   22.9 %  
 Subordinated debentures      36,635       36,577       4,124   0.2 %   32,511   788.3 %  
Finance lease liability     678       -        -    -     678   -    
 Operating lease liability      15,381       -        -    -     15,381   -    
Other liabilities     14,555       11,415       9,450   27.5 %   5,105   54.0 %  
  Total Liabilities       2,501,682       2,474,516       1,904,927   1.1 %   596,755   31.3 %  
               
STOCKHOLDERS' EQUITY              
Preferred stock: $0.01 par value, 10,000,000 shares authorized     -         -        -    -     -    
 Additional paid-in capital preferred stock      25,016       19,706       13,241   26.9 %   11,775   88.9 %  
Common stock: no par value, 20,000,000 shares authorized     -         -        -    -     -    
 Additional paid-in capital common stock      176,379       175,500       164,512   0.5 %   11,867   7.2 %  
Retained earnings      40,750       38,405       33,728   6.1 %   7,022   20.8 %  
 Accumulated other comprehensive (loss)      (3,379 )     (5,076 )     (4,979 ) -33.4 %   1,600   -32.1 %  
Treasury stock, at cost     (22,048 )     (28,320 )     (29,116 ) -22.1 %   7,068   -24.3 %  
  Total Stockholders' Equity       216,718       200,215       177,386   8.2 %   39,332   22.2 %  
               
  Total Liabilities and Stockholders' Equity   $     2,718,400   $   2,674,731   $   2,082,313   1.6 %   636,087   30.5 %  
               
Outstanding common shares     16,398       15,889       15,055          
               


    Three Months Ended March 31,
    2019       2018  
    Average
Balance
    Interest
Earned/Paid
  Average
Yield/Rate (3)
    Average
Balance
    Interest
Earned/Paid
  Average
Yield/Rate (3)
    (Dollars in thousands)
Interest-earning assets:                              
Loans Receivable $  2,317,250    $  28,233    4.87 %   $  1,720,865    $  19,521    4.54 %
Investment Securities    139,171       898    2.58 %      123,450       803    2.60 %
Interest-earning deposits    173,076       1,347    3.11 %      123,193       618    2.01 %
  Total Interest-earning assets    2,629,497       30,478    4.64 %      1,967,508       20,942    4.26 %
Non-interest-earning assets    60,741                 47,254           
  Total assets $  2,690,238              $  2,014,762           
Interest-bearing liabilities:                              
Interest-bearing demand accounts $  341,659    $  604    0.71 %   $  314,074    $  426    0.54 %
Money market accounts    237,011       972    1.64 %      157,421       371    0.94 %
Savings accounts    260,524       113    0.17 %      258,805       97    0.15 %
Certificates of Deposit    1,085,299       5,990    2.21 %      720,696       2,730    1.52 %
  Total interest-bearing deposits    1,924,493       7,679    1.60 %      1,450,996       3,624    1.00 %
Borrowed funds    283,460       1,897    2.68 %      182,013       878    1.93 %
  Total interest-bearing liabilities    2,207,953       9,576    1.74 %      1,633,009       4,502    1.11 %
Non-interest-bearing liabilities    275,575                 205,033           
  Total liabilities    2,483,528                 1,838,042           
Stockholders' equity    206,710                 176,720           
  Total liabilities and stockholders' equity $  2,690,238              $  2,014,762           
Net interest income       $  20,902              $  16,440     
Net interest rate spread(1)             2.90 %               3.15 %
Net interest margin(2)             3.18 %               3.34 %
                               
                               
  1. Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
  2. Net interest margin represents net interest income divided by average total interest-earning assets.
  3. Annualized.



  Financial condition data by quarter
  Q1 2019 Q4 2018 Q3 2018 Q2 2018
  Q1 2018
  Q4 2017
 
             
    (In thousands, except tangible book value)
Total assets $    2,718,400   $    2,674,731   $    2,637,868   $   2,516,564   $    2,082,313   $    1,942,837  
Cash and cash equivalents   193,548     195,264     206,710     180,445     137,334     124,235  
Securities   125,905     127,007     127,863     135,425     127,324     122,589  
Loans receivable, net   2,307,140     2,278,492     2,225,001     2,119,829     1,764,597     1,643,677  
Deposits   2,188,633     2,180,724     2,116,624     1,984,876     1,691,353     1,569,370  
Borrowings   282,435     282,377     312,319     324,124     204,124     189,124  
Stockholders’ equity   216,718     200,215     195,763     194,076     177,386     176,454  
Tangible Book Value   11.58     11.00     10.78     10.68     10.90     10.85  
             
  Operating data by quarter
  Q1 2019 Q4 2018 Q3 2018
  Q2 2018
  Q1 2018
  Q4 2017
 
             
  (In thousands, except for per share amounts)
Net interest income $    20,902   $    21,171   $    20,080   $    19,990   $   16,440   $    16,642  
Provision for loan losses     889       821       907       2,060       1,342       325  
Non-interest income   1,660     1,159     1,852     1,563     3,386     1,515  
Non-interest expense   13,777     13,884     14,391     15,980     12,011     12,035  
Income tax expense   2,445     2,401     2,040     1,200     1,841     4,458  
Net income $    5,451   $    5,224   $    4 ,594   $    2,313   $    4,632   $    1,339  
Diluted net income per share: $   0.32   $   0.31   $    0.27   $    0.13   $    0.29   $    0.08  
Common Dividends declared per share $   0.14   $   0.14   $   0.14   $   0.14   $   0.14   $    0.14  
             
  Financial Ratios
  Q1 2019 Q4 2018 Q3 2018
  Q2 2018
  Q1 2018
  Q4 2017
 
Return on average assets   0.81 %   0.78 %   0.72 %   0.40 %   0.92 %   0.28 %
Return on average stockholder’s equity   10.55 %   10.66 %   9.44 %   4.90 %   10.48 %   3.01 %
Net interest margin   3.18 %   3.24 %   3.22 %   3.52 %   3.34 %   3.56 %
Stockholder’s equity to total assets   7.97 %   7.49 %   7.42 %   7.71 %   8.52 %   9.08 %
             
  Asset Quality Ratios
  (In thousands, except for ratio %)
  Q1 2019 Q4 2018 Q3 2018
  Q2 2018
  Q1 2018
  Q4 2017
 
Non-Accrual Loans $   5,670   $   7,221   $   11,093   $   10,763   $   10,619   $   13,036  
Non-Accrual Loans as a % of Total Loans   0.24 %   0.31 %   0.49 %   0.50 %   0.60 %   0.78 %
ALLL as % of Non-Accrual Loans   405.71 %   309.64 %   193.85 %   191.79 %   172.68 %   133.28 %
Impaired Loans     40,533       42,408       47,251       50,899       36,199       37,786  
Classified Loans     23,977       26,161       30,179       33,605       20,299       21,730  

Contact:          Thomas Coughlin,
                        President & CEO
                        Thomas Keating, CFO
                        (201) 823-0700

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