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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

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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. ha riportato un utile netto di 5,9 milioni di dollari per il primo trimestre del 2024, con un utile per azione diluita di 0,32 dollari. La società ha dichiarato un dividendo trimestrale in contanti di 0,16 dollari per azione. I depositi totali ammontavano a 2,992 miliardi di dollari, il margine di interesse netto era del 2,50 percento e la redditività complessiva sulle attività produttive di interesse era del 5,33 percento. La provvista per le perdite su crediti era di 2,1 milioni di dollari, con prestiti non riscuotibili totali pari a 22,2 milioni di dollari. Gli asset totali sono aumentati a 3,849 miliardi di dollari, mentre il reddito d'interesse netto è diminuito del 15,8 percento. I redditi non derivanti da interessi sono aumentati significativamente e le spese non derivanti da interessi sono cresciute del 7,1 percento. La provvista per le imposte sul reddito è diminuita del 23,7 percento. La qualità degli asset ha registrato 1,1 milioni di dollari in svalutazioni nette e prestiti non riscuotibili per un totale di 22,2 milioni di dollari.
BCB Bancorp, Inc. reportó un ingreso neto de $5.9 millones para el primer trimestre de 2024, con ganancias por acción diluida de $0.32. La compañía declaró un dividendo en efectivo trimestral de $0.16 por acción. Los depósitos totales fueron de $2.992 mil millones, el margen de interés neto fue del 2.50 por ciento, y el rendimiento total sobre activos generadores de interés fue de 5.33 por ciento. La provisión para pérdidas crediticias fue de $2.1 millones, con préstamos totales no acumulativos de $22.2 millones. Los activos totales aumentaron a $3.849 mil millones, mientras que el ingreso neto por intereses disminuyó en un 15.8 por ciento. Los ingresos no generados por intereses aumentaron significativamente, y los gastos no generados por intereses se incrementaron en un 7.1 por ciento. La provisión por impuestos sobre la renta disminuyó en un 23.7 por ciento. La calidad de los activos mostró $1.1 millones en cargos netos y préstamos no acumulativos totalizando $22.2 millones.
BCB Bancorp, Inc.는 2024년 첫 분기에 590만 달러의 순이익을 보고했으며, 희석 주당 이익은 0.32달러였습니다. 회사는 주당 0.16달러의 분기 현금 배당을 선언했습니다. 총 예금은 29억 9200만 달러였으며, 순이자마진은 2.50%, 이자 수익 자산의 총 수익률은 5.33%였습니다. 여신손실준비금은 210만 달러였고, 총 부실 대출은 2220만 달러였습니다. 총 자산은 38억 4900만 달러로 증가했지만, 순이자수입은 15.8% 감소했습니다. 비이자수입은 크게 증가하였고 비이자 비용은 7.1% 상승했습니다. 소득세 부담은 23.7% 감소했습니다. 자산의 질에서는 순상각이 110만 달러 있었고 부실 대출은 총 2220만 달러였습니다.
BCB Bancorp, Inc. a rapporté un bénéfice net de 5,9 millions de dollars pour le premier trimestre de 2024, avec un bénéfice par action diluée de 0,32 dollar. La société a déclaré un dividende en espèces trimestriel de 0,16 dollar par action. Les dépôts totaux étaient de 2,992 milliards de dollars, la marge d'intérêt nette était de 2,50 pour cent, et le rendement total sur les actifs générant des intérêts était de 5,33 pour cent. La provision pour pertes sur crédits s'élevait à 2,1 millions de dollars, avec un total de prêts non productifs de 22,2 millions de dollars. Les actifs totaux ont augmenté pour atteindre 3,849 milliards de dollars, tandis que le revenu net d'intérêts a diminué de 15,8 pourcent. Le revenu non lié aux intérêts a augmenté de manière significative, et les dépenses non liées aux intérêts ont augmenté de 7,1 pourcent. La provision pour impôts sur le revenu a diminué de 23,7 pourcent. La qualité des actifs a affiché 1,1 million de dollars en dépréciations nettes et des prêts non productifs totalisant 22,2 millions de dollars.
BCB Bancorp, Inc. berichtete ein Nettoeinkommen von 5,9 Millionen Dollar für das erste Quartal 2024, mit einem Gewinn pro verwässerter Aktie von 0,32 Dollar. Das Unternehmen erklärte eine vierteljährliche Barausschüttung von 0,16 Dollar pro Aktie. Die Gesamteinlagen beliefen sich auf 2,992 Milliarden Dollar, die Nettozinsmarge betrug 2,50 Prozent, und die Gesamtrendite der zinstragenden Vermögenswerte lag bei 5,33 Prozent. Die Rückstellung für Kreditverluste betrug 2,1 Millionen Dollar, bei Gesamt-Non-Accrual-Krediten von 22,2 Millionen Dollar. Die Gesamtaktiva stiegen auf 3,849 Milliarden Dollar, während das Nettozinsenkommen um 15,8 Prozent sank. Die Nichtzinsenkommen sind erheblich gestiegen und die Nichtzinsenausgaben stiegen um 7,1 Prozent. Die Steuerrückstellungen sanken um 23,7 Prozent. Die Vermögensqualität zeigte Nettoverlustabschreibungen von 1,1 Millionen Dollar und Non-Accrual-Kredite insgesamt 22,2 Millionen Dollar.
Positive
  • 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.
Negative
  • 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 $5.9 million for the first quarter of 2024, compared to $6.1 million in the fourth quarter of 2023, and $8.1 million for the first quarter of 2023. Earnings per diluted share for the first quarter of 2024 were $0.32, compared to $0.35 in the preceding quarter and $0.46 in the first quarter of 2023.

The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on May 17, 2024 to common shareholders of record on May 3, 2024.

“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 $2.992 billion at March 31, 2024 compared to $2.979 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 $3.227 billion at March 31, 2024, decreased 1.6 percent from $3.280 billion at December 31, 2023, and decreased 0.2 percent, from $3.232 billion at March 31, 2023.

Balance Sheet Review

Total assets increased by $16.8 million, or 0.4 percent, to $3.849 billion at March 31, 2024, from $3.832 billion at December 31, 2023. The increase in total assets was mainly related to the cash received from the amortization of loans and an increase in deposits.

Total cash and cash equivalents increased by $72.9 million, or 26.1 percent, to $352.4 million at March 31, 2024, from $279.5 million at December 31, 2023. The increase was primarily due to an increase in deposits.

Loans receivable, net, decreased by $52.8 million, or 1.6 percent, to $3.227 billion at March 31, 2024, from $3.280 billion at December 31, 2023. Total loan decreases during the period included decreases of $58.1 million in commercial real estate and multi-family loans, construction loans, 1-4 family residential loans, home equity loans and consumer loans. Offsetting this was an increase in commercial business loans of $5.9 million. The allowance for credit losses increased $955 thousand to $34.6 million, or 155.4 percent of non-accruing loans and 1.06 percent of gross loans, at March 31, 2024, as compared to an allowance for credit losses of $33.6 million, or 178.9 percent of non-accruing loans and 1.01 percent of gross loans, at December 31 2023.

Total investment securities decreased by $673 thousand, or 0.7 percent, to $96.2 million at March 31, 2024, from $96.9 million at December 31, 2023, representing unrealized losses, purchases, calls, maturities and repayments.

Deposits increased by $12.6 million, or 0.4 percent, to $2.992 billion at March 31, 2024, from $2.979 billion at December 31, 2023. Certificates of deposits increased $51.7 million, and were offset by interest bearing demand, savings and club accounts, money market accounts and non-interest-bearing accounts which declined by $39.1 million.

Debt obligations increased by $138 thousand to $510.6 million at March 31, 2024 from $510.4 million at December 31, 2023. The weighted average interest rate of FHLB advances was 4.21 percent at March 31, 2024 and 4.21 percent at December 31, 2023. The weighted average maturity of FHLB advances as of March 31, 2024 was 1.68 years. The interest rate of our subordinated debt balances was 8.29 percent at March 31, 2024 and 8.36 percent at December 31, 2023.

Stockholders’ equity increased by $6.1 million, or 1.9 percent, to $320.1 million at March 31, 2024, from $314.1 million at December 31, 2023. The increase was attributable to the increase in retained earnings of $2.7 million, or 2.0 percent, to $138.6 million at March 31, 2024 from $135.9 million at December 31, 2023, and an increase in additional paid in capital preferred stock of $2.7 million, or 10.7% to $27.7 million at March 31, 2024, from $25.0 million at December 31, 2023, due to the Company’s previously announced issuance of shares of its Series J Noncumulative Perpetual Preferred Stock resulting in gross proceeds to the Company of $2.7 million.

First Quarter 2024 Income Statement Review

Net income was $5.9 million for the first quarter ended March 31, 2024 and $8.1 million for the first quarter ended March 31, 2023. The decline was primarily driven by lower net interest income, higher credit loss provisioning and higher non-interest expenses, which were partially offset by an increase in non-interest income for the first quarter of 2024 as compared with the first quarter of 2023.

Net interest income decreased by $4.3 million, or 15.8 percent, to $23.1 million for the first quarter of 2024, from $27.5 million for the first quarter of 2023. The decrease in net interest income resulted from higher interest expense which was partially offset by higher interest income.

Interest income increased by $6.9 million, or 16.4 percent, to $49.3 million for the first quarter of 2024 from $42.4 million for the first quarter of 2023. The average balance of interest-earning assets increased $216.1 million, or 6.2 percent, to $3.699 billion for the first quarter of 2024 from $3.483 billion for the first quarter of 2023, while the average yield increased 47 basis points to 5.33 percent for the first quarter of 2024 from 4.86 percent for the first quarter of 2023.

Interest expense increased by $11.3 million to $26.1 million for the first quarter of 2024 from $14.9 million for the first quarter of 2023. The increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 130 basis points to 3.54 percent for the first quarter of 2024 from 2.24 percent for the first quarter of 2023, while the average balance of interest-bearing liabilities increased by $296.5 million to $2.957 billion for the first quarter of 2024 from $2.661 billion for the first quarter of 2023.

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 $1.1 million in net charge-offs compared to a $52 thousand net recoveries in the first quarter of 2023. The Bank had non-accrual loans totaling $22.2 million, or 0.68 percent of gross loans, at March 31, 2024 as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.6 million, or 1.06 percent of gross loans, at March 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The provision for credit losses was $2.1 million for the first quarter of 2024 compared to $1.9 million for the fourth quarter of 2023. Management believes that the allowance for credit losses on loans was adequate at March 31, 2024 and December 31, 2023.

Non-interest income increased by $3.8 million to $2.1 million for the first quarter of 2024 from a net loss of $1.7 million in the first quarter of 2023. The increase in total non-interest income was mainly related to an increase in gains on equity securities of $3.4 million and an increase in BOLI income of $254 thousand.

Non-interest expense increased by $984 thousand, or 7.1 percent, to $14.8 million for the first quarter of 2024 from $13.9 million for the first quarter of 2023. The increase in these expenses for the first quarter of 2024 was primarily driven by higher regulatory assessment charges, and the increase in other expenses related to higher off-balance sheet reserves, in the first quarter of 2024 when compared with the first quarter of 2023.

The income tax provision decreased by $765 thousand, or 23.7 percent, to $2.5 million for the first quarter of 2024 from $3.2 million for the first quarter of 2023. The consolidated effective tax rate was 29.6 percent for the first quarter of 2024 compared to 28.5 percent for the first quarter of 2023.

Asset Quality

During the first quarter of 2024, the Company recognized $1.1 million in net charge offs, compared to a net $52 thousand in recoveries for the first quarter of 2023.

The Bank had non-accrual loans totaling $22.2 million, or 0.68 percent of gross loans, at March 31, 2024, as compared to $5.1 million, or 0.16 percent of gross loans, at March 31, 2023. The allowance for credit losses was $34.6 million, or 1.06 percent of gross loans, at March 31, 2024, and $28.9 million, or 0.89 percent of gross loans, at March 31, 2023. The allowance for credit losses was 155.4 percent of non-accrual loans at March 31, 2024, and 571.0 percent of non-accrual loans at March 31, 2023.

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 ConditionMarch 31,
2024		December 31,
2023		March 31,
2023		March 31, 2024 vs. December 31, 2023March 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 $34,563, $33,608 and $28,882, respectively 3,226,877  3,279,708  3,231,864 -1.6%-0.2%
Federal Home Loan Bank of New York stock, at cost 24,917  24,917  26,875 0.0%-7.3%
Premises and equipment, net 12,744  13,057  10,106 -2.4%26.1%
Accrued interest receivable 17,442  16,072  14,717 8.5%18.5%
Other real estate owned -  -  75 - -100.0%
Deferred income taxes 17,555  18,213  15,178 -3.6%15.7%
Goodwill and other intangibles 5,253  5,253  5,359 0.0%-2.0%
Operating lease right-of-use asset 12,186  12,935  15,111 -5.8%-19.4%
Bank-owned life insurance ("BOLI") 74,081  73,407  72,077 0.9%2.8%
Other assets 8,768  10,428  8,438 -15.9%3.9%
Total Assets$ 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: $0.01 par value, 10,000 shares authorized -  -  - - - 
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 BalanceInterest Earned/PaidAverage Yield/Rate (3) Average BalanceInterest Earned/PaidAverage Yield/Rate (3)
 (Dollars in thousands)
Interest-earning assets:       
Loans Receivable (4)(5)$ 3,299,938 $ 43,7225.30% $3,165,678 $38,8894.91%
Investment Securities 96,226  1,2805.32%  108,869  1,3064.80%
FHLB stock and other interest-earning assets 303,291  4,2835.65%  208,842  2,1574.13%
Total Interest-earning assets 3,699,455  49,2855.33%  3,483,390  42,3524.86%
Non-interest-earning assets 125,480     116,769   
Total assets$ 3,824,935    $3,600,159   
Interest-bearing liabilities:       
Interest-bearing demand accounts$ 560,190 $ 2,2301.59% $713,788 $1,7891.00%
Money market accounts 369,096  3,0273.28%  314,427  1,3651.74%
Savings accounts 277,731  1660.24%  322,760  1180.15%
Certificates of Deposit 1,239,807  14,9834.83%  848,447  6,4533.04%
Total interest-bearing deposits 2,446,824  20,4063.34%  2,199,422  9,7251.77%
Borrowed funds 510,503  5,7364.49%  461,415  5,1564.47%
Total interest-bearing liabilities 2,957,327  26,1423.54%  2,660,837  14,8812.24%
Non-interest-bearing liabilities 552,959     645,883   
Total liabilities 3,510,286     3,306,720   
Stockholders' equity 314,649     293,439   
Total liabilities and stockholders' equity$ 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 2024Q4 2023Q3 2023Q2 2023Q1 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 2024Q4 2023Q3 2023Q2 2023Q1 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 2024Q4 2023Q3 2023Q2 2023Q1 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 2024Q4 2023Q3 2023Q2 2023Q1 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 2024Q4 2023Q3 2023Q2 2023Q1 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 2024Q4 2023Q3 2023Q2 2023Q1 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 2024Q4 2023Q3 2023Q2 2023Q1 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 2024Q4 2023Q3 2023Q2 2023Q1 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 2024Q4 2023Q3 2023Q2 2023Q1 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?

BCB Bancorp, Inc. reported a net income of $5.9 million for the first quarter of 2024.

What was the total yield on interest-earning assets for the first quarter of 2024?

The total yield on interest-earning assets was 5.33 percent for the first quarter of 2024.

How much did total assets increase to at March 31, 2024?

Total assets increased to $3.849 billion at March 31, 2024.

What was the provision for credit losses in the first quarter of 2024?

The provision for credit losses was $2.1 million in the first quarter of 2024.

What was the total amount of non-accrual loans at March 31, 2024?

Total non-accrual loans were $22.2 million at March 31, 2024.

How much did non-interest income increase by for the first quarter of 2024?

Non-interest income increased significantly to $2.1 million.

What was the net interest income decrease percentage for the first quarter of 2024?

Net interest income decreased by 15.8 percent for the first quarter of 2024.

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BCB Bancorp Inc (NJ)

NASDAQ:BCBP

BCBP Rankings

#3769 Ranked by Market Cap
#586 Ranked by Dividends

BCBP Latest News

Oct 18, 2024
BCB Bancorp, Inc. Earns $6.7 Million in Third Quarter 2024; Reports $0.36 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share
Aug 28, 2024
BCB Bancorp, Inc. Completes Private Placement of $40.0 Million of Subordinated Notes
Jul 19, 2024
BCB Bancorp, Inc. Earns $2.8 Million in Second Quarter 2024; Reports $0.14 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share
Jul 2, 2024
BCB Bancorp, Inc. and BCB Community Bank Elect Raymond J. Vanaria to its Boards of Directors
May 2, 2024
Tara L. French Elected to BCB Bancorp, Inc. and BCB Community Bank Boards of Directors

BCBP Stock Data

226.74M
17.05M
13.03%
39.05%
0.48%
Banks - Regional
Savings Institution, Federally Chartered
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United States of America
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