BCB Bancorp reports Q1 EPS 32c, consensus 30c
Total cash and cash equivalents increased by $56.2M, or 40.9%, to $193.5M at March 31 from $137.3M at March 31, 2018, and decreased by $1.7M, or 0.9% compared to $195.2M 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 $1.4M or 1.1% to $125.9M at March 31, from $127.3M a year earlier and decreased by $1.1M, or 0.9%, to $125.9M compared to $127M three months earlier."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."