BCB Bancorp, Inc. Earns $5.9 Million in First Quarter 2024; Reports $0.32 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share
- Total deposits were $2.992 billion at March 31, 2024.
- Net interest margin was 2.50 percent for the first quarter of 2024.
- Total yield on interest-earning assets was 5.33 percent for the first quarter of 2024.
- The provision for credit losses was $2.1 million in the first quarter of 2024.
- Total non-accrual loans were $22.2 million at March 31, 2024.
- Total assets increased to $3.849 billion at March 31, 2024.
- Net interest income decreased by 15.8 percent for the first quarter of 2024.
- Non-interest income increased significantly to $2.1 million.
- 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 in the first quarter of 2024.
- None.
Insights
The reported net income of $5.9 million represents a sequential quarter drop from $6.1 million and a year-over-year decline from $8.1 million. This trajectory suggests a tightening of margins likely influenced by the current macroeconomic factors, such as higher interest rates and potential softening of credit quality. The decrease in earnings per share (EPS) to $0.32 from $0.46 in the same quarter of the previous year highlights a reduction in profitability, potentially affecting shareholder returns.
Furthermore, the net interest margin contraction to 2.50 percent, from 3.15 percent year-over-year, indicates an increasing cost of funds which may squeeze future net interest income. The rise in the cost of interest-bearing liabilities by 130 basis points year-over-year confirms this pressure. However, the efficiency ratio improvement to 58.8 percent signals a relative increase in operational efficiency, which could mitigate some margin pressures.
Looking at asset quality, the rise in the provision for credit losses and non-accrual loans, coupled with a substantial drop in the allowance for credit losses to non-accrual loans ratio, raises concerns about potential future credit losses and merits close investor monitoring. The dividend declaration, despite these conditions, suggests confidence in the company's liquidity and capital management.
Investors should consider the broader banking industry trends, particularly the impact of prolonged higher interest rates on community banks like BCB Bancorp. The stability of the company's deposit base, with a modest increase to $2.992 billion, is a positive sign in terms of customer confidence and funding stability. However, the decline in total loans receivable indicates a contraction in the bank's core business of lending.
While the company has tactically adjusted its capital with the issuance of Series J Preferred Stock, an assessment of the company’s long-term strategy in terms of loan portfolio growth and asset quality management becomes critical. The increase in investments in commercial business loans may reflect a strategic pivot to higher-yielding assets, which could benefit the bank if credit quality is maintained.
The increased allowance for credit losses and higher proportion of non-accrual loans year-over-year are indicative of deteriorating asset quality. A comprehensive risk evaluation is necessary to assess the potential impact on future earnings. Investors should analyze how the bank's risk management strategies, including its ACL ratio above industry norms, can absorb potential credit losses without eroding capital positions.
The bank's acknowledgment of a challenging macroeconomic environment and focus on balance sheet strength may be seen as preemptive measures to uphold credit quality. However, the reported figures demand vigilance, as the adequacy of the ACL should be continually reassessed against the backdrop of economic headwinds.
BAYONNE, N.J., April 19, 2024 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of
The Company also announced that its Board of Directors declared a regular quarterly cash dividend of
“The macroeconomic environment remains challenging with the banking industry likely to experience higher interest rates for longer than expected and a possible softening of credit quality trends that could impact the balance sheets and profitability of community banks,” stated Michael Shriner, President and Chief Executive Officer.
“At BCB Community Bank, we remain focused on strengthening our balance sheet by continually solidifying our liquidity and capital positions while also ensuring that the Bank maintains a profitable profile and is well-positioned to navigate through a difficult economic environment over the next few quarters,” said Mr. Shriner.
Executive Summary
- Total deposits were
$2.99 2 billion at March 31, 2024 compared to$2.97 9 billion at December 31, 2023. - Net interest margin was 2.50 percent for the first quarter of 2024, compared to 2.57 percent for the fourth quarter of 2023, and 3.15 percent for the first quarter of 2023.
- Total yield on interest-earning assets was 5.33 percent for the first quarter of 2024, unchanged compared to the fourth quarter of 2023, and an increase of 47 basis points over the yield of 4.86 percent for the first quarter of 2023.
- Total cost of interest-bearing liabilities increased 9 basis points to 3.54 percent for the first quarter of 2024, compared to 3.45 percent for the fourth quarter of 2023, and increased 130 basis points from 2.24 percent for the first quarter of 2023.
- The efficiency ratio for the first quarter was 58.8 percent compared to 61.0 percent in the prior quarter, and 53.7 percent in the first quarter of 2023.
- The annualized return on average assets ratio for the first quarter was 0.61 percent, compared to 0.63 percent in the prior quarter, and 0.90 percent in the first quarter of 2023.
- The annualized return on average equity ratio for the first quarter was 7.46 percent, compared to 7.91 percent in the prior quarter, and 11.05 percent in the first quarter of 2023.
- The provision for credit losses was
$2.1 million in the first quarter of 2024 compared to$1.9 million for the fourth quarter of 2023. In the first quarter of 2023 the Bank recorded a provision of$622 thousand . - The allowance for credit losses (“ACL”) as a percentage of non-accrual loans was 155.4 percent at March 31, 2024 compared to 178.9 percent for the prior quarter-end and 571.0 percent at March 31, 2023. Total non-accrual loans were
$22.2 million at March 31, 2024,$18.8 million at December 31, 2023 and$5.1 million at March 31, 2023. - Total loans receivable, net of the allowance for credit losses, of
$3.22 7 billion at March 31, 2024, decreased 1.6 percent from$3.28 0 billion at December 31, 2023, and decreased 0.2 percent, from$3.23 2 billion at March 31, 2023.
Balance Sheet Review
Total assets increased by
Total cash and cash equivalents increased by
Loans receivable, net, decreased by
Total investment securities decreased by
Deposits increased by
Debt obligations increased by
Stockholders’ equity increased by
First Quarter 2024 Income Statement Review
Net income was
Net interest income decreased by
Interest income increased by
Interest expense increased by
The net interest margin was 2.50 percent for the first quarter of 2024 compared to 3.15 percent for the first quarter of 2023. The decrease in the net interest margin compared to the first quarter of 2023 was the result of the increase in the cost of interest-bearing liabilities partially offset by the increase in the yield on interest-earning assets.
During the first quarter of 2024, the Company recognized
Non-interest income increased by
Non-interest expense increased by
The income tax provision decreased by
Asset Quality
During the first quarter of 2024, the Company recognized
The Bank had non-accrual loans totaling
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 twenty-four 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 four 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.
The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, higher interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, supply chain disruptions, labor shortages and additional interest rate increases by the Federal Reserve. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.
The Company provides measurements and ratios based on tangible stockholders' equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see "Reconciliation of GAAP to Non-GAAP Financial Measures" below.
Contact:
Michael Shriner,
President & CEO
Jawad Chaudhry,
EVP & CFO
(201) 823-0700
| Statements of Income - Three Months Ended, | ||||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | Mar 31, 2024 vs. Dec 31, 2023 | Mar 31, 2024 vs. Mar 31, 2023 | ||||||||
| Interest and dividend income: | (In thousands, except per share amounts, Unaudited) | |||||||||||
| Loans, including fees | $ | 43,722 | $ | 43,893 | $ | 38,889 | -0.4 | % | 12.4 | % | ||
| Mortgage-backed securities | 305 | 293 | 186 | 4.1 | % | 64.0 | % | |||||
| Other investment securities | 975 | 991 | 1,120 | -1.6 | % | -12.9 | % | |||||
| FHLB stock and other interest-earning assets | 4,283 | 4,527 | 2,157 | -5.4 | % | 98.6 | % | |||||
| Total interest and dividend income | 49,285 | 49,704 | 42,352 | -0.8 | % | 16.4 | % | |||||
| Interest expense: | ||||||||||||
| Deposits: | ||||||||||||
| Demand | 5,257 | 5,015 | 3,154 | 4.8 | % | 66.7 | % | |||||
| Savings and club | 166 | 177 | 118 | -6.2 | % | 40.7 | % | |||||
| Certificates of deposit | 14,983 | 13,308 | 6,453 | 12.6 | % | 132.2 | % | |||||
| 20,406 | 18,500 | 9,725 | 10.3 | % | 109.8 | % | ||||||
| Borrowings | 5,736 | 7,282 | 5,156 | -21.2 | % | 11.2 | % | |||||
| Total interest expense | 26,142 | 25,782 | 14,881 | 1.4 | % | 75.7 | % | |||||
| Net interest income | 23,143 | 23,922 | 27,471 | -3.3 | % | -15.8 | % | |||||
| Provision for credit losses | 2,088 | 1,927 | 622 | 8.4 | % | 235.7 | % | |||||
| Net interest income after provision for credit losses | 21,055 | 21,995 | 26,849 | -4.3 | % | -21.6 | % | |||||
| Non-interest income (loss): | ||||||||||||
| Fees and service charges | 1,215 | 1,445 | 1,098 | -15.9 | % | 10.7 | % | |||||
| Gain on sales of loans | 45 | 11 | 6 | 309.1 | % | 650.0 | % | |||||
| Gain on sale of other real estate owned | - | 77 | - | -100.0 | % | - | ||||||
| Realized and unrealized gain (loss) on equity investments | 130 | 1,029 | (3,227 | ) | -87.4 | % | -104.0 | % | ||||
| BOLI income | 675 | 597 | 421 | 13.1 | % | 60.3 | % | |||||
| Other | 44 | 69 | 38 | -36.2 | % | 15.8 | % | |||||
| Total non-interest income | 2,109 | 3,228 | (1,664 | ) | -34.7 | % | -226.7 | % | ||||
| Non-interest expense: | ||||||||||||
| Salaries and employee benefits | 6,981 | 7,974 | 7,618 | -12.5 | % | -8.4 | % | |||||
| Occupancy and equipment | 2,644 | 2,606 | 2,552 | 1.5 | % | 3.6 | % | |||||
| Data processing and communications | 1,853 | 1,721 | 1,665 | 7.7 | % | 11.3 | % | |||||
| Professional fees | 595 | 987 | 566 | -39.7 | % | 5.1 | % | |||||
| Director fees | 277 | 274 | 265 | 1.1 | % | 4.5 | % | |||||
| Regulatory assessment fees | 1,142 | 1,142 | 536 | 0.0 | % | 113.1 | % | |||||
| Advertising and promotions | 216 | 403 | 278 | -46.4 | % | -22.3 | % | |||||
| Other real estate owned, net | - | 4 | 1 | -100.0 | % | -100.0 | % | |||||
| Other | 1,130 | 1,457 | 373 | -22.4 | % | 202.9 | % | |||||
| Total non-interest expense | 14,838 | 16,568 | 13,854 | -10.4 | % | 7.1 | % | |||||
| Income before income tax provision | 8,326 | 8,655 | 11,331 | -3.8 | % | -26.5 | % | |||||
| Income tax provision | 2,460 | 2,593 | 3,225 | -5.1 | % | -23.7 | % | |||||
| Net Income | 5,866 | 6,062 | 8,106 | -3.2 | % | -27.6 | % | |||||
| Preferred stock dividends | 434 | 182 | 173 | 138.5 | % | 150.5 | % | |||||
| Net Income available to common stockholders | $ | 5,432 | $ | 5,880 | $ | 7,933 | -7.6 | % | -31.5 | % | ||
| Net Income per common | ||||||||||||
| Basic | $ | 0.32 | $ | 0.35 | $ | 0.47 | -7.9 | % | -31.5 | % | ||
| Diluted | $ | 0.32 | $ | 0.35 | $ | 0.46 | -7.9 | % | -30.4 | % | ||
| Weighted average number of common shares outstanding | ||||||||||||
| Basic | 16,930 | 16,876 | 16,949 | 0.3 | % | -0.1 | % | |||||
| Diluted | 16,939 | 16,884 | 17,208 | 0.3 | % | -1.6 | % | |||||
| Statements of Financial Condition | March 31, 2024 | December 31, 2023 | March 31, 2023 | March 31, 2024 vs. December 31, 2023 | March 31, 2024 vs. March 31, 2023 | ||||||||
| ASSETS | (In Thousands, Unaudited) | ||||||||||||
| Cash and amounts due from depository institutions | $ | 11,795 | $ | 16,597 | $ | 13,213 | -28.9 | % | -10.7 | % | |||
| Interest-earning deposits | 340,653 | 262,926 | 247,862 | 29.6 | % | 37.4 | % | ||||||
| Total cash and cash equivalents | 352,448 | 279,523 | 261,075 | 26.1 | % | 35.0 | % | ||||||
| Interest-earning time deposits | 735 | 735 | 735 | - | - | ||||||||
| Debt securities available for sale | 86,966 | 87,769 | 86,988 | -0.9 | % | -0.0 | % | ||||||
| Equity investments | 9,223 | 9,093 | 14,458 | 1.4 | % | -36.2 | % | ||||||
| Loans held for sale | - | 1,287 | - | -100.0 | % | - | |||||||
| Loans receivable, net of allowance for credit losses | |||||||||||||
| of | 3,226,877 | 3,279,708 | 3,231,864 | -1.6 | % | -0.2 | % | ||||||
| Federal Home Loan Bank of New York stock, at cost | 24,917 | 24,917 | 26,875 | 0.0 | % | -7.3 | % | ||||||
| Premises and equipment, net | 12,744 | 13,057 | 10,106 | -2.4 | % | 26.1 | % | ||||||
| Accrued interest receivable | 17,442 | 16,072 | 14,717 | 8.5 | % | 18.5 | % | ||||||
| Other real estate owned | - | - | 75 | - | -100.0 | % | |||||||
| Deferred income taxes | 17,555 | 18,213 | 15,178 | -3.6 | % | 15.7 | % | ||||||
| Goodwill and other intangibles | 5,253 | 5,253 | 5,359 | 0.0 | % | -2.0 | % | ||||||
| Operating lease right-of-use asset | 12,186 | 12,935 | 15,111 | -5.8 | % | -19.4 | % | ||||||
| Bank-owned life insurance ("BOLI") | 74,081 | 73,407 | 72,077 | 0.9 | % | 2.8 | % | ||||||
| Other assets | 8,768 | 10,428 | 8,438 | -15.9 | % | 3.9 | % | ||||||
| Total Assets | $ | 3,849,195 | $ | 3,832,397 | $ | 3,763,056 | 0.4 | % | 2.3 | % | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
| LIABILITIES | |||||||||||||
| Non-interest bearing deposits | $ | 531,112 | $ | 536,264 | $ | 604,935 | -1.0 | % | -12.2 | % | |||
| Interest bearing deposits | 2,460,547 | 2,442,816 | 2,262,274 | 0.7 | % | 8.8 | % | ||||||
| Total deposits | 2,991,659 | 2,979,080 | 2,867,209 | 0.4 | % | 4.3 | % | ||||||
| FHLB advances | 472,949 | 472,811 | 532,399 | 0.0 | % | -11.2 | % | ||||||
| Subordinated debentures | 37,624 | 37,624 | 37,566 | 0.0 | % | 0.2 | % | ||||||
| Operating lease liability | 12,579 | 13,315 | 15,436 | -5.5 | % | -18.5 | % | ||||||
| Other liabilities | 14,253 | 15,512 | 12,828 | -8.1 | % | 11.1 | % | ||||||
| Total Liabilities | 3,529,064 | 3,518,342 | 3,465,438 | 0.3 | % | 1.8 | % | ||||||
| STOCKHOLDERS' EQUITY | |||||||||||||
| Preferred stock: | - | - | - | - | - | ||||||||
| Additional paid-in capital preferred stock | 27,733 | 25,043 | 21,003 | 10.7 | % | 32.0 | % | ||||||
| Common stock: no par value, 40,000 shares authorized | - | - | - | 0.0 | % | 0.0 | % | ||||||
| Additional paid-in capital common stock | 199,726 | 198,923 | 197,197 | 0.4 | % | 1.3 | % | ||||||
| Retained earnings | 138,643 | 135,927 | 123,121 | 2.0 | % | 12.6 | % | ||||||
| Accumulated other comprehensive loss | (7,624 | ) | (7,491 | ) | (6,613 | ) | 1.8 | % | 15.3 | % | |||
| Treasury stock, at cost | (38,347 | ) | (38,347 | ) | (37,090 | ) | 0.0 | % | 3.4 | % | |||
| Total Stockholders' Equity | 320,131 | 314,055 | 297,618 | 1.9 | % | 7.6 | % | ||||||
| Total Liabilities and Stockholders' Equity | $ | 3,849,195 | $ | 3,832,397 | $ | 3,763,056 | 0.4 | % | 2.3 | % | |||
| Outstanding common shares | 16,957 | 16,904 | 16,884 | ||||||||||
| Three Months Ended March 31, | |||||||||||||||
| 2024 | 2023 | ||||||||||||||
| 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 (4)(5) | $ | 3,299,938 | $ | 43,722 | 5.30 | % | $ | 3,165,678 | $ | 38,889 | 4.91 | % | |||
| Investment Securities | 96,226 | 1,280 | 5.32 | % | 108,869 | 1,306 | 4.80 | % | |||||||
| FHLB stock and other interest-earning assets | 303,291 | 4,283 | 5.65 | % | 208,842 | 2,157 | 4.13 | % | |||||||
| Total Interest-earning assets | 3,699,455 | 49,285 | 5.33 | % | 3,483,390 | 42,352 | 4.86 | % | |||||||
| Non-interest-earning assets | 125,480 | 116,769 | |||||||||||||
| Total assets | $ | 3,824,935 | $ | 3,600,159 | |||||||||||
| Interest-bearing liabilities: | |||||||||||||||
| Interest-bearing demand accounts | $ | 560,190 | $ | 2,230 | 1.59 | % | $ | 713,788 | $ | 1,789 | 1.00 | % | |||
| Money market accounts | 369,096 | 3,027 | 3.28 | % | 314,427 | 1,365 | 1.74 | % | |||||||
| Savings accounts | 277,731 | 166 | 0.24 | % | 322,760 | 118 | 0.15 | % | |||||||
| Certificates of Deposit | 1,239,807 | 14,983 | 4.83 | % | 848,447 | 6,453 | 3.04 | % | |||||||
| Total interest-bearing deposits | 2,446,824 | 20,406 | 3.34 | % | 2,199,422 | 9,725 | 1.77 | % | |||||||
| Borrowed funds | 510,503 | 5,736 | 4.49 | % | 461,415 | 5,156 | 4.47 | % | |||||||
| Total interest-bearing liabilities | 2,957,327 | 26,142 | 3.54 | % | 2,660,837 | 14,881 | 2.24 | % | |||||||
| Non-interest-bearing liabilities | 552,959 | 645,883 | |||||||||||||
| Total liabilities | 3,510,286 | 3,306,720 | |||||||||||||
| Stockholders' equity | 314,649 | 293,439 | |||||||||||||
| Total liabilities and stockholders' equity | $ | 3,824,935 | $ | 3,600,159 | |||||||||||
| Net interest income | $ | 23,143 | $ | 27,471 | |||||||||||
| Net interest rate spread(1) | 1.79 | % | 2.63 | % | |||||||||||
| Net interest margin(2) | 2.50 | % | 3.15 | % | |||||||||||
| (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. | |||||||||||||||
| (4) Excludes allowance for credit losses. | |||||||||||||||
| (5) Includes non-accrual loans. | |||||||||||||||
| Financial Condition data by quarter | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| (In thousands, except book values) | |||||||||||||||
| Total assets | $ | 3,849,195 | $ | 3,832,397 | $ | 3,812,120 | $ | 3,872,853 | $ | 3,763,056 | |||||
| Cash and cash equivalents | 352,448 | 279,523 | 251,916 | 273,212 | 261,075 | ||||||||||
| Securities | 96,189 | 96,862 | 94,444 | 100,473 | 101,446 | ||||||||||
| Loans receivable, net | 3,226,877 | 3,279,708 | 3,285,727 | 3,319,721 | 3,231,864 | ||||||||||
| Deposits | 2,991,659 | 2,979,080 | 2,819,556 | 2,885,721 | 2,867,209 | ||||||||||
| Borrowings | 510,573 | 510,435 | 660,298 | 660,160 | 569,965 | ||||||||||
| Stockholders’ equity | 320,131 | 314,055 | 303,636 | 299,623 | 297,618 | ||||||||||
| Book value per common share1 | $ | 17.24 | $ | 17.10 | $ | 16.79 | $ | 16.60 | $ | 16.38 | |||||
| Tangible book value per common share2 | $ | 16.93 | $ | 16.79 | $ | 16.48 | $ | 16.28 | $ | 16.07 | |||||
| Operating data by quarter | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| (In thousands, except for per share amounts) | |||||||||||||||
| Net interest income | $ | 23,143 | $ | 23,922 | $ | 25,680 | $ | 26,989 | $ | 27,471 | |||||
| Provision (benefit) for credit losses | 2,088 | 1,927 | 2,205 | 1,350 | 622 | ||||||||||
| Non-interest income (loss) | 2,109 | 3,228 | 1,406 | 1,118 | (1,664 | ) | |||||||||
| Non-interest expense | 14,838 | 16,568 | 15,463 | 14,706 | 13,854 | ||||||||||
| Income tax expense | 2,460 | 2,593 | 2,707 | 3,447 | 3,225 | ||||||||||
| Net income | $ | 5,866 | $ | 6,062 | $ | 6,711 | $ | 8,604 | $ | 8,106 | |||||
| Net income per diluted share | $ | 0.32 | $ | 0.35 | $ | 0.39 | $ | 0.50 | $ | 0.46 | |||||
| Common Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||
| Financial Ratios(3) | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| Return on average assets | 0.61 | % | 0.63 | % | 0.70 | % | 0.90 | % | 0.90 | % | |||||
| Return on average stockholders' equity | 7.46 | % | 7.91 | % | 8.92 | % | 11.57 | % | 11.05 | % | |||||
| Net interest margin | 2.50 | % | 2.57 | % | 2.78 | % | 2.92 | % | 3.15 | % | |||||
| Stockholders' equity to total assets | 8.32 | % | 8.19 | % | 7.97 | % | 7.74 | % | 7.91 | % | |||||
| Efficiency Ratio4 | 58.76 | % | 61.02 | % | 57.09 | % | 52.32 | % | 53.68 | % | |||||
| Asset Quality Ratios | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| (In thousands, except for ratio %) | |||||||||||||||
| Non-Accrual Loans | $ | 22,241 | $ | 18,783 | $ | 7,931 | $ | 5,696 | $ | 5,058 | |||||
| Non-Accrual Loans as a % of Total Loans | 0.68 | % | 0.57 | % | 0.24 | % | 0.17 | % | 0.16 | % | |||||
| ACL as % of Non-Accrual Loans | 155.4 | % | 178.9 | % | 402.4 | % | 530.3 | % | 571.0 | % | |||||
| Individually Analyzed Loans | 65,731 | 54,019 | 35,868 | 28,250 | 17,585 | ||||||||||
| Classified Loans | 97,739 | 85,727 | 42,807 | 28,250 | 17,585 | ||||||||||
| (1) Calculated by dividing stockholders' equity, less preferred equity, to shares outstanding. | |||||||||||||||
| (2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ | |||||||||||||||
| common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.” | |||||||||||||||
| (3) Ratios are presented on an annualized basis, where appropriate. | |||||||||||||||
| (4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income | |||||||||||||||
| and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.” | |||||||||||||||
| Recorded Investment in Loans Receivable by quarter | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| (In thousands) | |||||||||||||||
| Residential one-to-four family | $ | 244,762 | $ | 248,295 | $ | 251,845 | $ | 250,345 | $ | 246,683 | |||||
| Commercial and multi-family | 2,392,970 | 2,434,115 | 2,444,887 | 2,490,883 | 2,466,932 | ||||||||||
| Construction | 180,975 | 192,816 | 185,202 | 179,156 | 162,553 | ||||||||||
| Commercial business | 378,073 | 372,202 | 370,512 | 368,948 | 327,598 | ||||||||||
| Home equity | 65,518 | 66,331 | 66,046 | 61,595 | 58,822 | ||||||||||
| Consumer | 2,847 | 3,643 | 3,647 | 3,994 | 3,383 | ||||||||||
| $ | 3,265,145 | $ | 3,317,402 | $ | 3,322,139 | $ | 3,354,921 | $ | 3,265,971 | ||||||
| Less: | |||||||||||||||
| Deferred loan fees, net | (3,705 | ) | (4,086 | ) | (4,498 | ) | (4,995 | ) | (5,225 | ) | |||||
| Allowance for credit losses | (34,563 | ) | (33,608 | ) | (31,914 | ) | (30,205 | ) | (28,882 | ) | |||||
| Total loans, net | $ | 3,226,877 | $ | 3,279,708 | $ | 3,285,727 | $ | 3,319,721 | $ | 3,231,864 | |||||
| Non-Accruing Loans in Portfolio by quarter | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| (In thousands) | |||||||||||||||
| Residential one-to-four family | $ | 429 | $ | 270 | $ | 178 | $ | 178 | $ | 237 | |||||
| Commercial and multi-family | 12,627 | 8,684 | 3,267 | - | 340 | ||||||||||
| Construction | 3,225 | 4,292 | 2,886 | 4,145 | 3,217 | ||||||||||
| Commercial business | 5,916 | 5,491 | 1,600 | 1,373 | 1,264 | ||||||||||
| Home equity | 44 | 46 | - | - | - | ||||||||||
| Total: | $ | 22,241 | $ | 18,783 | $ | 7,931 | $ | 5,696 | $ | 5,058 | |||||
| Distribution of Deposits by quarter | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| (In thousands) | |||||||||||||||
| Demand: | |||||||||||||||
| Non-Interest Bearing | $ | 531,112 | $ | 536,264 | $ | 523,912 | $ | 620,509 | $ | 604,935 | |||||
| Interest Bearing | 552,295 | 564,912 | 574,577 | 714,420 | 686,576 | ||||||||||
| Money Market | 361,791 | 370,934 | 348,732 | 328,543 | 361,558 | ||||||||||
| Sub-total: | $ | 1,445,198 | $ | 1,472,110 | $ | 1,447,221 | $ | 1,663,472 | $ | 1,653,069 | |||||
| Savings and Club | 272,051 | 284,273 | 293,962 | 307,435 | 319,131 | ||||||||||
| Certificates of Deposit | 1,274,410 | 1,222,697 | 1,078,373 | 914,814 | 895,009 | ||||||||||
| Total Deposits: | $ | 2,991,659 | $ | 2,979,080 | $ | 2,819,556 | $ | 2,885,721 | $ | 2,867,209 | |||||
| Reconciliation of GAAP to Non-GAAP Financial Measures by quarter | |||||||||||||||
| Tangible Book Value per Share | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| Total Stockholders' Equity | $ | 320,131 | $ | 314,055 | $ | 303,636 | $ | 299,623 | $ | 297,618 | |||||
| Less: goodwill | 5,253 | 5,253 | 5,253 | 5,253 | 5,253 | ||||||||||
| Less: preferred stock | 27,733 | 25,043 | 20,783 | 21,003 | 21,003 | ||||||||||
| Total tangible common stockholders' equity | 287,145 | 283,759 | 277,601 | 273,368 | 271,363 | ||||||||||
| Shares common shares outstanding | 16,957 | 16,904 | 16,848 | 16,788 | 16,884 | ||||||||||
| Book value per common share | $ | 17.24 | $ | 17.10 | $ | 16.79 | $ | 16.60 | $ | 16.38 | |||||
| Tangible book value per common share | $ | 16.93 | $ | 16.79 | $ | 16.48 | $ | 16.28 | $ | 16.07 | |||||
| Efficiency Ratios | |||||||||||||||
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||
| (In thousands, except for ratio %) | |||||||||||||||
| Net interest income | $ | 23,143 | $ | 23,922 | $ | 25,680 | $ | 26,989 | $ | 27,471 | |||||
| Non-interest income (loss) | 2,109 | 3,228 | 1,406 | 1,118 | (1,664 | ) | |||||||||
| Total income | 25,252 | 27,150 | 27,086 | 28,107 | 25,807 | ||||||||||
| Non-interest expense | 14,838 | 16,568 | 15,463 | 14,706 | 13,854 | ||||||||||
| Efficiency Ratio | 58.76 | % | 61.02 | % | 57.09 | % | 52.32 | % | 53.68 | % | |||||
FAQ
What was BCB Bancorp, Inc.'s net income for the first quarter of 2024?
What was the total yield on interest-earning assets for the first quarter of 2024?
How much did total assets increase to at March 31, 2024?
What was the provision for credit losses in the first quarter of 2024?
What was the total amount of non-accrual loans at March 31, 2024?
How much did non-interest income increase by for the first quarter of 2024?
What was the net interest income decrease percentage for the first quarter of 2024?
