Form 8-K - Current report

BCB BANCORP INC false 0001228454 0001228454 2025-01-28 2025-01-28

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 28, 2025

 

 

BCB BANCORP, INC.

(Exact name of Registrant as Specified in its Charter)

 

 

 

New Jersey		0-50275		26-0065262
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

104-110 Avenue C
Bayonne, New Jersey				07002
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s telephone number, including area code: [phone]

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, no par value		BCBP		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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Item 2.02.

Results of Operations and Financial Condition.

On January 28, 2025, BCB Bancorp, Inc. (the “Company”), the holding company for BCB Community Bank, issued a press release (the “Press Release”) reporting the Company’s financial results at and for the quarter and year ended December 31, 2024. A copy of the Press Release and the accompanying financial statements are attached hereto as Exhibit 99.1 and are incorporated by reference into this Item 2.02.

The information provided in Item 2.02 of this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

 

Item 8.01.

Other Events.

The Press Release also announced that the Company’s board of directors declared a $0.16 per share regular quarterly cash dividend. The dividend is payable on February 24, 2025 to common shareholders of record on February 7, 2025.

 

Item 9.01.

Financial Statements and Exhibits.

 

(d)

Exhibits.

The following Exhibits are attached as part of this report.

 

Exhibit Number		Description
99.1		Press Release, dated January 28, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

						BCB BANCORP, INC.
DATE: January 28, 2025				By:		/s/ Jawad Chaudhry
						Jawad Chaudhry
						Executive Vice President and Chief Financial Officer
						(Duly Authorized Representative)

 

3

Exhibit 99.1

 

		CONTACT:		MICHAEL SHRINER,
				PRESIDENT & CEO JAWAD CHAUDHRY, EVP & CFO [phone]

 

BCB Bancorp, Inc. Earns $3.3 Million in Fourth Quarter 2024;

Reports $0.16 EPS and

Declares Quarterly Cash Dividend of $0.16 Per Share

BAYONNE, N.J., January 28, 2025 — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $3.3 million for the fourth quarter of 2024, compared to $6.7 million in the third quarter of 2024, and $6.1 million for the fourth quarter of 2023. Earnings per diluted share for the fourth quarter of 2024 were $0.16, compared to $0.36 in the preceding quarter and $0.35 in the fourth quarter of 2023. Net income and earnings per diluted share for the fourth quarter of 2024, without giving effect to the Company’s unrealized losses on equity investments and the loss on sale of non-performing loans, were $4.1 million and $0.24, respectively.

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 February 24, 2025 to common shareholders of record on February 7, 2025.

“We took a number of positive actions during 2024 that have strengthened our balance sheet position. We meaningfully reduced our exposure to wholesale funding and continue to work hard on replacing higher cost funding with core deposits. Additionally, we have strengthened our capital position through positive retained earnings, favorable capital actions and selective loan growth. We have been prudently building up our CECL reserves to address asset quality issues. As we tackle and remediate credit quality issues, we are also positioning the Bank to gradually start lending and booking new business with both existing and new customers,” stated Michael Shriner, President and Chief Executive Officer.

Executive Summary

 

•

Total deposits were $2.751 billion at December 31, 2024 compared to $2.725 billion at September 30, 2024.

 

•

Net interest margin was 2.53 percent for the fourth quarter of 2024, compared to 2.58 percent for the third quarter of 2024, and 2.57 percent for the fourth quarter of 2023.

 

•

Total yield on interest-earning assets was 5.33 percent for the fourth quarter of 2024 compared to 5.44 percent for the third quarter of 2024, and 5.33 percent for the fourth quarter of 2023.

 

•

Total cost of interest-bearing liabilities was 3.57 percent for the fourth quarter of 2024, compared to 3.62 percent for the third quarter of 2024, and 3.45 percent for the fourth quarter of 2023.

 

•

The efficiency ratio for the fourth quarter was 62.1 percent compared to 53.2 percent in the prior quarter, and 61.0 percent in the fourth quarter of 2023.

 

•

The annualized return on average assets ratio for the fourth quarter was 0.36 percent, compared to 0.72 percent in the prior quarter, and 0.63 percent in the fourth quarter of 2023.

 

•

The annualized return on average equity ratio for the fourth quarter was 4.0 percent, compared to 8.3 percent in the prior quarter, and 7.9 percent in the fourth quarter of 2023.

 

•

The provision for credit losses was $4.2 million in the fourth quarter of 2024 compared to $2.9 million for the third quarter of 2024, and $1.9 million for the fourth quarter of 2023.

 

•

The allowance for credit losses (“ACL”) as a percentage of total loans was 1.15 percent at December 31, 2024 compared to 1.11 percent at the prior quarter-end and 1.01 percent at December 31, 2023.

 

•

Total loans receivable, net of the allowance for credit losses, of $2.996 billion at December 31, 2024, decreased 8.6 percent from $3.280 billion at December 31, 2023.

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 2

 

Balance Sheet Review

Total assets decreased by $233.3 million, or 6.1 percent, to $3.599 billion at December 31, 2024, from $3.832 billion at December 31, 2023. The decrease in total assets was due to a decrease in loans of $283.4 million, offset by an increase of $37.8 million in cash and cash equivalents. The decrease in loans was primarily from loan sales and payoffs/paydowns that exceeded loan originations.

Total cash and cash equivalents increased by $37.8 million, or 13.5 percent, to $317.3 million at December 31, 2024, from $279.5 million at December 31, 2023. The increase was primarily due to loan sales and payoffs/paydowns that exceeded loan originations.

Loans receivable, net, decreased by $283.4 million, or 8.6 percent, to $2.996 billion at December 31, 2024, from $3.280 billion at December 31, 2023. Total loan decreases during the period included decreases of $187.4 million in commercial real estate multi-family loans, $57.4 million in construction loans, $29.4 million in commercial business loans, $8.4 million in residential 1-4 family loans, and $1.4 million in consumer loans. Home equity loans increased $438 thousand. The allowance for credit losses on loans increased $1.2 million to $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024, as compared to an allowance for credit losses on loans 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 increased by $14.3 million, or 14.8 percent, to $111.2 million at December 31, 2024, from $96.9 million at December 31, 2023, as excess liquidity has been deployed into the securities portfolio.

Deposits decreased by $228.2 million, or 7.7 percent, to $2.751 billion at December 31, 2024, from $2.979 billion at December 31, 2023. A majority of the decline was due to a decrease in certificates of deposit of $193.5 million. The reduction in certificates of deposit was mainly caused by the withdrawal of brokered deposits which was partially offset by an increase in retail time deposits.

Total borrowings decreased by $12.1 million to $498.3 million at December 31, 2024 from $510.4 million at December 31, 2023. The decrease in borrowings was primarily due to the maturity of $18.0 million of FHLB debt that was paid off during 2024. The weighted average interest rate of the Company’s outstanding FHLB advances was 4.35 percent at December 31, 2024 and 4.21 percent at December 31, 2023. The weighted average maturity of such FHLB advances as of December 31, 2024 was 0.97 years. The interest rate of the Company’s subordinated debt balances was 9.25 percent at December 31, 2024 and 8.36 percent at December 31, 2023.

Stockholders’ equity increased by $9.9 million, or 3.1 percent, to $323.9 million at December 31, 2024, from $314.1 million at December 31, 2023. The increase was primarily attributable to the increase in retained earnings of $5.9 million, or 4.4 percent, to $141.9 million at December 31, 2024 from $135.9 million at December 31, 2023.

Fourth Quarter 2024 Income Statement Review

Net income was $3.3 million for the quarter ended December 31, 2024 and $6.1 million for the quarter ended December 31, 2023. In the fourth quarter of 2024, the Bank recorded $2.2 million more in loan loss provisioning, and net interest income declined by $1.7 million. Non-interest income was also lower by $2.3 million. Offsetting these declines was a decrease in non-interest expense of $2.2 million. The Bank also recorded $1.3 million less for income tax provisioning.

Net interest income decreased by $1.7 million, or 7.2 percent, to $22.2 million for the fourth quarter of 2024, from $23.9 million for the fourth quarter of 2023. The decrease in net interest income resulted from lower interest income, offset by lower interest expense.

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 3

 

Interest income decreased by $3.1 million, or 6.1 percent, to $46.7 million for the fourth quarter of 2024, from $49.7 million for the fourth quarter of 2023. The average balance of interest-earning assets decreased $226.6 million, or 6.1 percent. The rate of return remained flat at 5.33 percent.

Interest expense declined $1.3 million, to $24.5 million, for the fourth quarter of 2024, from $25.8 million for the fourth quarter of 2023. Average interest-bearing liabilities decreased $247.2 million, or 8.3 percent. The average yield on these liabilities was 3.57 percent, versus 3.45 percent from one year earlier.

The net interest margin was 2.53 percent for the fourth quarter of 2024 compared to 2.57 percent for the fourth quarter of 2023. The decrease in the net interest margin compared to the fourth quarter of 2023 was the result of the increase in the cost of interest-bearing liabilities. The yield on interest earning assets remained the same from one year earlier.

During the fourth quarter of 2024, the Company recognized $4.1 million in net charge-offs compared to $233 thousand in net charge offs for the fourth quarter of 2023. The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 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 $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The provision for credit losses on loans was $4.2 million for the fourth 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 December 31, 2024 and December 31, 2023.

Non-interest income decreased by $2.3 million to $938 thousand for the fourth quarter of 2024 from $3.2 million in the fourth quarter of 2023. The decrease in total non-interest income was related to losses on equity investments of $661 thousand in the 2024 quarter as compared to a gain on such investments of $1.1 million in the 2023 quarter, as well as the recordation of a $570 thousand loss on the sale of a non-performing loan during the fourth quarter.

Non-interest expense decreased by $2.2 million, or 13.3 percent, to $14.4 million for the fourth quarter of 2024 from $16.6 million for the fourth quarter of 2023. The decrease in these expenses for the fourth quarter of 2024 was driven by lower salaries and benefits expense, which declined $857 thousand. The fourth quarter of 2023 salaries and benefits included a previously disclosed one-time payment of $1.17 million to a former executive officer. Professional fees, regulatory assessment fees and advertising and promotional costs also declined by $388 thousand, $373 thousand, and $191 thousand, respectively.

The income tax provision decreased by $1.3 million, or 48.4 percent, to $1.3 million for the fourth quarter of 2024. The provision was $2.6 million for the fourth quarter of 2023. The consolidated effective tax rate was 29.0 percent for the fourth quarter of 2024 and 29.9 percent for the fourth quarter of 2023.

Year-to-Date Income Statement Review

Net income decreased by $10.9 million, or 36.8 percent, to $18.6 million for the twelve months of 2024 from $29.5 million for the twelve months of 2023. The decrease in net income was driven, primarily, by lower net interest income of $12.0 million, or 11.6 percent, and an increase in the provision for credit losses by $5.5 million.

Net interest income decreased by $12.0 million, or 11.6 percent, to $92.0 million for the first twelve months of 2024 from $104.1 million for the twelve months of 2023. The decrease in net interest income resulted from an increase in interest expense of $17.7 million, partly offset by an increase in interest income of $5.6 million.

Interest income increased by $5.6 million, or 3.0 percent, to $194.0 million for the twelve months of 2024, from $188.4 million for the twelve months of 2023. The increase was due to an increase of 22 basis points on interest earning assets, from 5.16 percent to 5.38 percent. Offsetting this, somewhat, was a decrease in average interest earning assets of $47.5 million, for the comparable period, which was comprised of a decrease in average loans of $84.8 million offset by an increase in average other interest-earning assets of $37.6 million.

Interest expense increased by $17.7 million, or 21.0 percent, to $102.0 million for 2024, from $84.3 million for 2023. This increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 64 basis points to 3.57 percent for the twelve months of 2024, from 2.93 percent for the twelve months of 2023. Offsetting this was a decrease in average interest bearing liabilities of $18.5 million over the same comparable time period.

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 4

 

Net interest margin was 2.55 percent for the twelve months of 2024, compared to 2.85 percent for the twelve months of 2023. The decrease in the net interest margin compared to the prior period was largely the result of an increase in the cost of the Bank’s interest-bearing liabilities.

During the twelve months of 2024, the Company experienced $10.4 million in net charge offs compared to $704 thousand in net charge offs for the same period in 2023. The provision for credit losses was $11.6 million for the twelve months of 2024 compared to $6.1 million for the same period in 2023.

Non-interest income decreased by $1.1 million to $2.9 million for the twelve months of 2024 from $4.1 million for the twelve months of 2023. The decrease was due to losses on sales of loans of $5.3 million. This was offset by realized and unrealized gains or losses on equity investments, which were $3.7 million greater, and income on Bank-owned Life Insurance (BOLI), which was $883 thousand higher, for the comparable period. The realized and unrealized gains or losses on equity investments are based on prevailing market conditions.

Non-interest expense decreased by $3.5 million, or 5.7 percent, to $57.1 million for the twelve months of 2024 from $60.6 million for the same period in 2023. The decrease in operating expenses for 2024 was driven primarily by decreases in salaries and employee benefits of $2.6 million and advertising and promotional costs of $485 thousand. The 2023 salaries and benefits expense included the payment to a former executive described above.

The income tax provision decreased by $4.3 million, or 36.6 percent to $7.6 million for the twelve months of 2024 from $12.0 million for the same period in 2023. The consolidated effective tax rate was 29.1 percent for the twelve months of 2024 compared to 28.9 percent for the twelve months of 2023.

Asset Quality

During the fourth quarter of 2024, the Company recognized $4.1 million in net charge offs, compared to $233 thousand in net charge offs for the fourth quarter of 2023.

The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 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 $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was 77.8 percent of non-accrual loans at December 31, 2024, and 178.9 percent of non-accrual loans at December 31, 2023.

About BCB Bancorp, Inc.

BCB Bancorp, Inc. is a New Jersey corporation established in 2003, and is the holding company parent of BCB Community Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of the Bank. Established in 2000 and headquartered in Bayonne, N.J., the Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three New Jersey 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 New York branch offices 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.

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 5

 

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 and higher interest rates 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, and supply chain disruptions.. 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; the impact of any future pandemics or other natural disasters; 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.

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 6

 

		Statements of Income - Three Months Ended,
		December 31, 2024				September 30, 2024				December 31, 2023				Dec 31, 2024 vs. Sept 30, 2024				Dec 31, 2024 vs. Dec 31, 2023
Interest and dividend income:		(In thousands, except per share amounts, Unaudited)
Loans, including fees		$	41,431			$	42,857			$	43,893				-3.3	%			-5.6	%
Mortgage-backed securities			473				303				293				56.1	%			61.4	%
Other investment securities			978				994				991				-1.6	%			-1.3	%
FHLB stock and other interest-earning assets			3,771				4,472				4,527				-15.7	%			-16.7	%
Total interest and dividend income			46,653				48,626				49,704				-4.1	%			-6.1	%
Interest expense:
Deposits:
Demand			5,866				5,686				5,015				3.2	%			17.0	%
Savings and club			156				146				177				6.8	%			-11.9	%
Certificates of deposit			12,218				13,670				13,308				-10.6	%			-8.2	%
			18,240				19,502				18,500				-6.5	%			-1.4	%
Borrowings			6,219				6,079				7,282				2.3	%			-14.6	%
Total interest expense			24,459				25,581				25,782				-4.4	%			-5.1	%
Net interest income			22,194				23,045				23,922				-3.7	%			-7.2	%
Provision for credit losses			4,154				2,890				1,927				43.7	%			115.6	%
Net interest income after provision for credit losses			18,040				20,155				21,995				-10.5	%			-18.0	%
Non-interest income income (loss):
Fees and service charges			1,187				1,196				1,445				-0.8	%			-17.9	%
(Loss) gain on sales of loans			(554	)			35				11				-1682.9	%			-5136.4	%
Realized and unrealized gain (loss) on equity investments			(661	)			1,132				1,029				-158.4	%			-164.2	%
Bank-owned life insurance (“BOLI”) income			636				652				597				-2.5	%			6.5	%
Other			330				112				69				194.6	%			378.3	%
Total non-interest income			938				3,127				3,228				-70.0	%			-70.9	%
Non-interest expense:
Salaries and employee benefits			7,117				7,139				7,974				-0.3	%			-10.7	%
Occupancy and equipment			2,483				2,591				2,606				-4.2	%			-4.7	%
Data processing and communications			1,754				1,681				1,721				4.3	%			1.9	%
Professional fees			599				618				987				-3.1	%			-39.3	%
Director fees			269				351				274				-23.4	%			-1.8	%
Regulatory assessment fees			769				666				1,142				15.5	%			-32.7	%
Advertising and promotions			212				182				403				16.5	%			-47.4	%
Other real estate owned, net			—				—				4				0.0	%			-100.0	%
Other			1,164				701				1,457				66.0	%			-20.1	%
Total non-interest expense			14,367				13,929				16,568				3.1	%			-13.3	%
Income before income tax provision			4,611				9,353				8,655				-50.7	%			-46.7	%
Income tax provision			1,339				2,685				2,593				-50.1	%			-48.4	%
Net Income			3,272				6,668				6,062				-50.9	%			-46.0	%
Preferred stock dividends			475				475				182				0.0	%			160.7	%
Net Income available to common stockholders		$	2,797			$	6,193			$	5,880				-54.8	%			-52.4	%
Net Income per common share-basic and diluted
Basic		$	0.16			$	0.36			$	0.35				-54.9	%			-52.9	%
Diluted		$	0.16			$	0.36			$	0.35				-54.9	%			-53.0	%
Weighted average number of common shares outstanding
Basic			17,056				17,039				16,876				0.1	%			1.1	%
Diluted			17,108				17,064				16,884				0.3	%			1.3	%

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 7

 

		Statements of Income - Twelve Months Ended,
		December 31, 2024				December 31, 2023				Dec 31, 2024 vs. Dec 31, 2023
		(In thousands, except per share amounts, Unaudited)
Interest and dividend income:
Loans, including fees		$	172,046			$	169,559				1.5	%
Mortgage-backed securities			1,378				880				56.6	%
Other investment securities			3,953				4,226				-6.5	%
FHLB stock and other interest-earning assets			16,632				13,695				21.4	%
Total interest and dividend income			194,009				188,360				3.0	%
Interest expense:
Deposits:
Demand			22,158				16,915				31.0	%
Savings and club			620				620				0.0	%
Certificates of deposit			55,442				39,157				41.6	%
			78,220				56,692				38.0	%
Borrowings			23,768				27,606				-13.9	%
Total interest expense			101,988				84,298				21.0	%
Net interest income			92,021				104,062				-11.6	%
Provision for credit losses			11,570				6,104				89.5	%
Net interest income after provision for credit losses			80,451				97,958				-17.9	%
Non-interest income:
Fees and service charges			4,717				5,334				-11.6	%
(Loss) gain on sales of loans			(5,325	)			36				-14891.7	%
Realized and unrealized gain (loss) on equity investments			379				(3,361	)			-111.3	%
Bank-owned life insurance (“BOLI”) income			2,634				1,751				50.4	%
Other			535				251				113.1	%
Total non-interest income			2,940				4,088				-28.1	%
Non-interest expense:
Salaries and employee benefits			28,229				30,827				-8.4	%
Occupancy and equipment			10,247				10,340				-0.9	%
Data processing and communications			6,960				6,968				-0.1	%
Professional fees			2,416				2,735				-11.7	%
Director fees			1,151				1,083				6.3	%
Regulatory assessments			3,530				3,585				-1.5	%
Advertising and promotions			863				1,348				-36.0	%
Other real estate owned, net			—				7				-100.0	%
Other			3,725				3,698				0.7	%
Total non-interest expense			57,121				60,591				-5.7	%
Income before income tax provision			26,270				41,455				-36.6	%
Income tax provision			7,647				11,972				-36.1	%
Net Income			18,623				29,483				-36.8	%
Preferred stock dividends			1,832				702				160.9	%
Net Income available to common stockholders		$	16,791			$	28,781				-41.7	%
Net Income per common share-basic and diluted
Basic		$	0.99			$	1.71				-42.1	%
Diluted		$	0.99			$	1.70				-42.0	%
Weighted average number of common shares outstanding
Basic			17,007				16,870				0.8	%
Diluted			17,018				16,932				0.5	%

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 8

 

Statements of Financial Condition		December 31, 2024				September 30, 2024				December 31, 2023				Dec 31, 2024 vs. Sept 30, 2024				Dec 31, 2024 vs. Dec 31, 2023
		(In Thousands, Unaudited)
ASSETS
Cash and amounts due from depository institutions		$	14,075			$	12,617			$	16,597				11.6	%			-15.2	%
Interest-earning deposits			303,207				230,506				262,926				31.5	%			15.3	%
Total cash and cash equivalents			317,282				243,123				279,523				30.5	%			13.5	%
Interest-earning time deposits			735				735				735				—				—
Debt securities available for sale			101,717				98,169				87,769				3.6	%			15.9	%
Equity investments			9,472				10,133				9,093				-6.5	%			4.2	%
Loans held for sale			—				250				1,287				-100.0	%			-100.0	%
Loans receivable, net of allowance for credit losses on loans of $34,789, $34,693 and $33,608 , respectively			2,996,259				3,087,914				3,279,708				-3.0	%			-8.6	%
Federal Home Loan Bank of New York (“FHLB”) stock, at cost			24,272				24,732				24,917				-1.9	%			-2.6	%
Premises and equipment, net			12,569				12,008				13,057				4.7	%			-3.7	%
Accrued interest receivable			15,176				16,496				16,072				-8.0	%			-5.6	%
Deferred income taxes			17,181				17,370				18,213				-1.1	%			-5.7	%
Goodwill and other intangibles			5,253				5,253				5,253				0.0	%			0.0	%
Operating lease right-of-use asset			12,686				13,438				12,935				-5.6	%			-1.9	%
Bank-owned life insurance (“BOLI”)			76,040				75,404				73,407				0.8	%			3.6	%
Other assets			10,476				8,745				10,428				19.8	%			0.5	%
Total Assets		$	3,599,118			$	3,613,770			$	3,832,397				-0.4	%			-6.1	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Non-interest bearing deposits		$	520,387			$	528,089			$	536,264				-1.5	%			-3.0	%
Interest bearing deposits			2,230,471				2,196,491				2,442,816				1.5	%			-8.7	%
Total deposits			2,750,858				2,724,580				2,979,080				1.0	%			-7.7	%
FHLB advances			455,361				466,424				472,811				-2.4	%			-3.7	%
Subordinated debentures			42,961				67,042				37,624				-35.9	%			14.2	%
Operating lease liability			13,139				13,878				13,315				-5.3	%			-1.3	%
Other liabilities			12,874				13,733				15,512				-6.3	%			-17.0	%
Total Liabilities			3,275,193				3,285,657				3,518,342				-0.3	%			-6.9	%
STOCKHOLDERS’ EQUITY
Preferred stock: $0.01 par value, 10,000 shares authorized			—				—				—				—				—
Additional paid-in capital preferred stock			24,723				29,763				25,043				-16.9	%			-1.3	%
Common stock: no par value, 40,000 shares authorized			—				—				—				0.0	%			0.0	%
Additional paid-in capital common stock			200,935				200,605				198,923				0.2	%			1.0	%
Retained earnings			141,853				141,770				135,927				0.1	%			4.4	%
Accumulated other comprehensive loss			(5,239	)			(5,678	)			(7,491	)			-7.7	%			-30.1	%
Treasury stock, at cost			(38,347	)			(38,347	)			(38,347	)			0.0	%			0.0	%
Total Stockholders’ Equity			323,925				328,113				314,055				-1.3	%			3.1	%
Total Liabilities and Stockholders’ Equity		$	3,599,118			$	3,613,770			$	3,832,397				-0.4	%			-6.1	%
Outstanding common shares			17,063				17,048				16,904

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 9

 

		Three Months Ended December 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)		$	3,081,846			$	41,431				5.38	%		$	3,311,946			$	43,893				5.30	%
Investment Securities			110,447				1,451				5.26	%			93,638				1,284				5.48	%
Other Interest-earning assets (6)			309,804				3,771				4.87	%			323,064				4,527				5.61	%
Total Interest-earning assets			3,502,097				46,653				5.33	%			3,728,648				49,704				5.33	%
Non-interest-earning assets			124,554												124,809
Total assets		$	3,626,651											$	3,853,457
Interest-bearing liabilities:
Interest-bearing demand accounts		$	551,971			$	2,682				1.94	%		$	578,890			$	2,184				1.51	%
Money market accounts			380,136				3,184				3.35	%			359,366				2,832				3.15	%
Savings accounts			254,093				156				0.25	%			288,108				177				0.25	%
Certificates of Deposit			1,048,341				12,218				4.66	%			1,140,656				13,307				4.67	%
Total interest-bearing deposits			2,234,541				18,240				3.27	%			2,367,020				18,500				3.13	%
Borrowed funds			508,113				6,219				4.90	%			622,860				7,282				4.68	%
Total interest-bearing liabilities			2,742,654				24,459				3.57	%			2,989,880				25,782				3.45	%
Non-interest-bearing liabilities			560,345												557,156
Total liabilities			3,302,999												3,547,036
Stockholders’ equity			323,652												306,420
Total liabilities and stockholders’ equity		$	3,626,651											$	3,853,457
Net interest income						$	22,194											$	23,922
Net interest rate spread(1)											1.76	%											1.88	%
Net interest margin(2)											2.53	%											2.57	%

 

(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.

(6)	Includes Federal Home Loan Bank of New York Stock.

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 10

 

		Year Ended December 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)		$	3,196,538			$	172,046				5.38	%		$	3,281,334			$	169,559				5.17	%
Investment Securities			99,733				5,331				5.35	%			100,000				5,106				5.11	%
Other interest-earning assets (6)			308,248				16,632				5.40	%			270,659				13,695				5.06	%
Total Interest-earning assets			3,604,519				194,009				5.38	%			3,651,993				188,360				5.16	%
Non-interest-earning assets			124,441												123,652
Total assets		$	3,728,960											$	3,775,645
Interest-bearing liabilities:
Interest-bearing demand accounts		$	553,013			$	9,701				1.75	%		$	658,023			$	8,426				1.28	%
Money market accounts			372,205				12,457				3.35	%			334,353				8,489				2.54	%
Savings accounts			264,430				620				0.23	%			305,778				620				0.20	%
Certificates of Deposit			1,153,235				55,442				4.81	%			980,617				39,157				3.99	%
Total interest-bearing deposits			2,342,883				78,220				3.34	%			2,278,771				56,692				2.49	%
Borrowed funds			511,916				23,768				4.64	%			594,564				27,606				4.64	%
Total interest-bearing liabilities			2,854,799				101,988				3.57	%			2,873,335				84,298				2.93	%
Non-interest-bearing liabilities			554,037												602,691
Total liabilities			3,408,836												3,476,026
Stockholders’ equity			320,124												299,618
Total liabilities and stockholders’ equity		$	3,728,960											$	3,775,644
Net interest income						$	92,021											$	104,062
Net interest rate spread(1)											1.81	%											2.22	%
Net interest margin(2)											2.55	%											2.85	%

 

(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.

(6)	Includes Federal Home Loan Bank of New York Stock.

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 11

 

		Financial Condition data by quarter
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
		(In thousands, except book values)
Total assets		$	3,599,118			$	3,613,770			$	3,793,941			$	3,849,195			$	3,832,397
Cash and cash equivalents			317,282				243,123				326,870				352,448				279,523
Securities			111,189				108,302				94,965				96,189				96,862
Loans receivable, net			2,996,259				3,087,914				3,161,925				3,226,877				3,279,708
Deposits			2,750,858				2,724,580				2,935,239				2,991,659				2,979,080
Borrowings			498,322				533,466				510,710				510,573				510,435
Stockholders’ equity			323,925				328,113				320,732				320,131				314,055
Book value per common share1		$	17.54			$	17.50			$	17.17			$	17.24			$	17.10
Tangible book value per common share2		$	17.23			$	17.19			$	16.86			$	16.93			$	16.79
		Operating data by quarter
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
		(In thousands, except for per share amounts)
Net interest income		$	22,194			$	23,045			$	23,639			$	23,143			$	23,922
Provision for credit losses			4,154				2,890				2,438				2,088				1,927
Non-interest income (loss)			938				3,127				(3,234	)			2,109				3,228
Non-interest expense			14,367				13,929				13,987				14,838				16,568
Income tax expense			1,339				2,685				1,163				2,460				2,593
Net income		$	3,272			$	6,668			$	2,817			$	5,866			$	6,062
Net income per diluted share		$	0.16			$	0.36			$	0.14			$	0.32			$	0.35
Common Dividends declared per share		$	0.16			$	0.16			$	0.16			$	0.16			$	0.16
		Financial Ratios(3)
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
Return on average assets			0.36	%			0.72	%			0.30	%			0.61	%			0.63	%
Return on average stockholders’ equity			4.04	%			8.29	%			3.52	%			7.46	%			7.91	%
Net interest margin			2.53	%			2.58	%			2.60	%			2.50	%			2.57	%
Stockholders’ equity to total assets			9.00	%			9.08	%			8.45	%			8.32	%			8.19	%
Efficiency Ratio4			62.11	%			53.22	%			68.55	%			58.76	%			61.02	%
		Asset Quality Ratios
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
		(In thousands, except for ratio %)
Non-Accrual Loans		$	44,708			$	35,330			$	32,448			$	22,241			$	18,783
Non-Accrual Loans as a % of Total Loans			1.48	%			1.13	%			1.01	%			0.68	%			0.57	%
ACL as % of Non-Accrual Loans			77.8	%			98.2	%			108.6	%			155.4	%			178.9	%
Individually Analyzed Loans			83,399				66,048				60,798				65,731				54,019
Classified Loans			152,714				98,316				87,033				97,739				85,727

 

(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.”

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 12

 

		Recorded Investment in Loans Receivable by quarter
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
		(In thousands)
Residential one-to-four family		$	239,870			$	241,050			$	242,706			$	244,762			$	248,295
Commercial and multi-family			2,246,677				2,296,886				2,340,385				2,392,970				2,434,115
Construction			135,434				146,471				173,207				180,975				192,816
Commercial business			342,799				371,365				375,355				378,073				372,202
Home equity			66,769				67,566				66,843				65,518				66,331
Consumer			2,235				2,309				2,053				2,847				3,643
		$	3,033,784			$	3,125,647			$	3,200,549			$	3,265,145			$	3,317,402
Less:
Deferred loan fees, net			(2,736	)			(3,040	)			(3,381	)			(3,705	)			(4,086	)
Allowance for credit losses			(34,789	)			(34,693	)			(35,243	)			(34,563	)			(33,608	)
Total loans, net		$	2,996,259			$	3,087,914			$	3,161,925			$	3,226,877			$	3,279,708
		Non-Accruing Loans in Portfolio by quarter
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
		(In thousands)
Residential one-to-four family		$	1,387			$	410			$	350			$	429			$	270
Commercial and multi-family			32,973				27,693				27,796				12,627				8,684
Construction			586				586				586				3,225				4,292
Commercial business			10,530				6,498				3,673				5,916				5,491
Home equity			231				123				43				44				46
Consumer			—				20				—				—				—
Total:		$	45,707			$	35,330			$	32,448			$	22,241			$	18,783
		Distribution of Deposits by quarter
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
		(In thousands)
Demand:
Non-Interest Bearing		$	520,387			$	528,089			$	523,816			$	531,112			$	536,264
Interest Bearing			553,731				527,862				549,239				552,295				564,912
Money Market			395,004				366,655				371,689				361,791				370,934
Sub-total:		$	1,469,122			$	1,422,606			$	1,444,744			$	1,445,198			$	1,472,110
Savings and Club			252,491				255,115				258,680				272,051				284,273
Certificates of Deposit			1,029,245				1,046,859				1,231,815				1,274,410				1,222,697
Total Deposits:		$	2,750,858			$	2,724,580			$	2,935,239			$	2,991,659			$	2,979,080

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BCBP Reports Fourth Quarter 2024 Earnings

January 28, 2025

Page 13

 

		Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
		Tangible Book Value per Share
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
		(In thousands, except per share amounts)
Total Stockholders’ Equity		$	323,925			$	328,113			$	320,732			$	320,131			$	314,055
Less: goodwill			5,253				5,253				5,253				5,253				5,253
Less: preferred stock			24,723				29,763				28,403				27,733				25,043
Total tangible common stockholders’ equity			293,949				293,097				287,076				287,145				283,759
Shares common shares outstanding			17,063				17,048				17,029				16,957				16,904
Book value per common share		$	17.54			$	17.50			$	17.17			$	17.24			$	17.10
Tangible book value per common share		$	17.23			$	17.19			$	16.86			$	16.93			$	16.79
		Efficiency Ratios
		Q4 2024				Q3 2024				Q2 2024				Q1 2024				Q4 2023
		(In thousands, except for ratio %)
Net interest income		$	22,194			$	23,045			$	23,639			$	23,143			$	23,922
Non-interest income (loss)			938				3,127				(3,234	)			2,109				3,228
Total income			23,132				26,172				20,405				25,252				27,150
Non-interest expense			14,367				13,929				13,987				14,838				16,568
Efficiency Ratio			62.11	%			53.22	%			68.55	%			58.76	%			61.02	%

Document and Entity Information	Jan. 28, 2025
Cover [Abstract]
Entity Registrant Name	BCB BANCORP INC
Amendment Flag	false
Entity Central Index Key	0001228454
Document Type	8-K
Document Period End Date	Jan. 28, 2025
Entity Incorporation State Country Code	NJ
Entity File Number	0-50275
Entity Tax Identification Number	26-0065262
Entity Address, Address Line One	104-110 Avenue C
Entity Address, City or Town	Bayonne
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07002
City Area Code	(201)
Local Phone Number	823-0700
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, no par value
Trading Symbol	BCBP
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

---