BCB Bancorp Inc (NJ) - BCBP STOCK NEWS

BCB Bancorp (NASDAQ: BCBP) has extended its exchange offer for its 9.25% Fixed-to-Floating Rate Subordinated Notes due 2034. The offer allows holders to exchange up to $40 million aggregate principal amount of outstanding notes for an equivalent amount of notes registered under the Securities Act of 1933. The deadline has been extended from December 3, 2024, to December 5, 2024, at 5:00 p.m. Eastern Time. As of December 3, 2024, $39 million (97.5%) of the outstanding notes had been tendered in the exchange offer.

BCB Bancorp, Inc. reported net income of $6.7 million for the third quarter of 2024, with earnings per diluted share of $0.36. The company declared a quarterly cash dividend of $0.16 per share. Key financial highlights include:

- Total deposits decreased to $2.725 billion
- Net interest margin was 2.58%
- Efficiency ratio improved to 53.22%
- Return on average assets was 0.72%
- Return on average equity was 8.29%
- Allowance for credit losses increased to 1.11% of gross loans

The company successfully completed a $40 million subordinated debt offering, strengthening its capital position. Total assets decreased by 5.7% to $3.614 billion, mainly due to a decrease in loans. The company experienced higher non-interest income and lower non-interest expenses compared to the same quarter in 2023.

BCB Bancorp, Inc. (NASDAQ: BCBP) has successfully completed a $40.0 million private placement of subordinated notes due 2034. The notes initially bear a fixed rate of 9.250% for the first five years, then reset quarterly to the three-month SOFR plus 582 basis points. Rated BBB+ by Egan-Jones, the notes are intended to qualify as Tier 2 capital for the company and Tier 1 capital for BCB Community Bank.

The proceeds will be used to refinance $33.5 million of existing subordinated notes and for general corporate purposes. This transaction aligns with BCB Bancorp's long-term capital management strategy, providing additional regulatory capital without diluting shareholder value. Piper Sandler & Co. served as the sole placement agent, with Stevens & Lee, P.C. as legal counsel to the company.

BCB Bancorp, Inc. (NASDAQ: BCBP) reported net income of $2.8 million for Q2 2024, down from $5.9 million in Q1 2024 and $8.6 million in Q2 2023. Earnings per diluted share were $0.14, compared to $0.32 in Q1 2024 and $0.50 in Q2 2023. The Bank agreed to sell a $38.4 million loan pool, resulting in a $4.6 million pre-tax loss. Without this and other one-time items, Q2 net income would have been $6.4 million with EPS of $0.35. The Board declared a quarterly cash dividend of $0.16 per share. Key metrics include:

• Total deposits: $2.935 billion
• Net interest margin: 2.60%
• Efficiency ratio: 68.55%
• Return on average assets: 0.30%
• Return on average equity: 3.52%

BCB Bancorp (NASDAQ: BCBP) and BCB Community Bank announced the election of Raymond J. Vanaria to their Boards of Directors, effective immediately. A seasoned accountant, Vanaria joined Malesardi, Quackenbush, Swift & Co. in 1983 and became a member in 1988. He specializes in taxation, auditing, and small business consulting and has profound experience in corporate governance. Vanaria has previously served on the Boards of Fulton Bank, Millington Bank, and ConnectOne Bank, where he chaired the Audit Committee. His professional affiliations include the American Institute of Certified Public Accountants, the New Jersey Society of Certified Public Accountants, and MSI Global Alliance. Vanaria holds a BS and an MBA in Finance from Fairleigh Dickinson University. Mark D. Hogan, Chairman of BCB's Board, praised Vanaria’s skills and reputation, particularly in accounting and taxation, which will strengthen the Board.

BCB Bancorp, Inc. and BCB Community Bank have elected Tara L. French to their Boards of Directors. Ms. French brings extensive banking and finance experience from her previous roles at Northfield Bank and the Office of the Comptroller of the Currency. Her addition is expected to enhance the Boards' capabilities as they strive to expand their franchise.

BCB Bancorp, Inc. reported net income of $5.9 million for the first quarter of 2024, with earnings per diluted share of $0.32. The company declared a quarterly cash dividend of $0.16 per share. Total deposits were $2.992 billion, net interest margin was 2.50 percent, and total yield on interest-earning assets was 5.33 percent. The provision for credit losses was $2.1 million, with total non-accrual loans at $22.2 million. Total assets increased to $3.849 billion, while net interest income decreased by 15.8 percent. Non-interest income increased significantly, and non-interest expenses rose by 7.1 percent. The income tax provision decreased by 23.7 percent. Asset quality saw $1.1 million in net charge-offs and non-accrual loans totaling $22.2 million.

BCB Bancorp, Inc. reported a decrease in net income for the fourth quarter of 2023 compared to the previous quarter and the same period in 2022. The company also declared a regular quarterly cash dividend and appointed a new President and CEO. Total deposits and assets increased, while net interest margin, total yield on interest-earning assets, and efficiency ratio decreased. Non-accrual loans and total loans receivable also showed fluctuations.

BCB Bancorp, Inc. (NASDAQ: BCBP) announced the appointment of Michael A. Shriner as President and CEO, effective January 1, 2024. He brings 35 years of banking experience, previously serving as President and CEO of MSB Financial Corp. and Millington Bank. Shriner's success in leading a growing franchise will be an asset as BCB continues to expand.