Bcb Bancorp Inc 8-K, filed Jul 19, 2024

Bcb Bancorp Inc (BCBP)

8-K 2024-07-19 For: 2024-07-19

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Added on April 08, 2026

About this 8-K

Bcb Bancorp Inc filed this 8-K on July 19, 2024.

Items reported

Item 2.02: Financial results
Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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


Exhibit Number		Description

99.1		Press Release, dated July 19, 2024

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


		BCB BANCORP, INC.

DATE: July 19, 2024	By:	/s/ Jawad Chaudhry
		Jawad Chaudhry
		Executive Vice President and Chief Financial Officer
		(Duly Authorized Representative)


	Statements of Income - Three Months Ended,
	June 30, 2024			March 31, 2024		June 30, 2023			June 30, 2024 vs. Mar 31, 2024			June 30, 2024 vs. June 30, 2023
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	44,036		$	43,722	$	42,644			0.7	%		3.3	%
Mortgage-backed securities		297			305		184			-2.6	%		61.4	%
Other investment securities		1,006			975		1,070			3.2	%		-6.0	%
FHLB stock and other interest-earning assets		4,106			4,283		3,339			-4.1	%		23.0	%

Total interest and dividend income		49,445			49,285		47,237			0.3	%		4.7	%

Interest expense:
Deposits:
Demand		5,349			5,257		4,190			1.8	%		27.7	%
Savings and club		152			166		143			-8.4	%		6.3	%
Certificates of deposit		14,571			14,983		8,474			-2.7	%		71.9	%

		20,072			20,406		12,807			-1.6	%		56.7	%
Borrowings		5,734			5,736		7,441			0.0	%		-22.9	%

Total interest expense		25,806			26,142		20,248			-1.3	%		27.4	%

Net interest income		23,639			23,143		26,989			2.1	%		-12.4	%
Provision for credit losses		2,438			2,088		1,350			16.8	%		80.6	%

Net interest income after provision for credit losses		21,201			21,055		25,639			0.7	%		-17.3	%

Non-interest (loss) income :
Fees and service charges		1,119			1,215		1,442			-7.9	%		-22.4	%
(Loss) gain on sales of loans		(4,563	)		45		—			—			—
Loss on sale of impaired loans		(288	)		—		—			—			—
Realized and unrealized (loss) gain on equity investments		(222	)		130		(669	)		-270.8	%		-66.8	%
Bank-owned life insurance (“BOLI”) income		671			675		267			-0.6	%		151.3	%
Other		49			44		78			11.4	%		-37.2	%

Total non-interest (loss) income		(3,234	)		2,109		1,118			-253.3	%		-389.3	%

Non-interest expense:
Salaries and employee benefits		6,992			6,981		7,711			0.2	%		-9.3	%
Occupancy and equipment		2,529			2,644		2,560			-4.3	%		-1.2	%
Data processing and communications		1,672			1,853		1,795			-9.8	%		-6.9	%
Professional fees		604			595		622			1.5	%		-2.9	%
Director fees		254			277		270			-8.3	%		-5.9	%
Regulatory assessment fees		953			1,142		796			-16.5	%		19.7	%
Advertising and promotions		253			216		350			17.1	%		-27.7	%
Other real estate owned, net		—			—		1			—			-100.0	%
Other		730			1,130		601			-35.4	%		21.5	%

Total non-interest expense		13,987			14,838		14,706			-5.7	%		-4.9	%

Income before income tax provision		3,980			8,326		12,051			-52.2	%		-67.0	%
Income tax provision		1,163			2,460		3,447			-52.7	%		-66.3	%

Net Income		2,817			5,866		8,604			-52.0	%		-67.3	%
Preferred stock dividends		448			434		174			3.2	%		157.3	%

Net Income available to common stockholders	$	2,369		$	5,432	$	8,430			-56.4	%		-71.9	%

Net Income per common share-basic and diluted
Basic	$	0.14		$	0.32	$	0.50			-56.6	%		-72.2	%

Diluted	$	0.14		$	0.32	$	0.50			-56.5	%		-72.2	%

Weighted average number of common shares outstanding
Basic		17,005			16,930		16,824			0.4	%		1.1	%

Diluted		17,005			16,939		16,831			0.4	%		1.0	%


	Statements of Income - Six Months Ended,
	June 30, 2024			June 30, 2023			June 30, 2024 vs. June 30, 2023
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	87,758		$	81,533			7.6	%
Mortgage-backed securities		602			370			62.7	%
Other investment securities		1,981			2,190			-9.5	%
FHLB stock and other interest-earning assets		8,389			5,496			52.6	%

Total interest and dividend income		98,730			89,589			10.2	%

Interest expense:
Deposits:
Demand		10,606			7,344			44.4	%
Savings and club		318			261			21.8	%
Certificates of deposit		29,554			14,927			98.0	%

		40,478			22,532			79.6	%
Borrowings		11,470			12,597			-8.9	%

Total interest expense		51,948			35,129			47.9	%

Net interest income		46,782			54,460			-14.1	%
Provision for credit losses		4,526			1,972			129.5	%

Net interest income after provision for credit losses		42,256			52,488			-19.5	%

Non-interest (loss) income:
Fees and service charges		2,334			2,540			-8.1	%
(Loss) gain on sales of loans		(4,518	)		6			—
Loss on sale of impaired loans		(288	)		—			—
Realized and unrealized loss on equity investments		(92	)		(3,896	)		-97.6	%
Bank-owned life insurance (“BOLI”) income		1,346			688			95.6	%
Other		93			116			-19.8	%

Total non-interest loss		(1,125	)		(546	)		106.0	%

Non-interest expense:
Salaries and employee benefits		13,973			15,329			-8.8	%
Occupancy and equipment		5,173			5,112			1.2	%
Data processing and communications		3,525			3,460			1.9	%
Professional fees		1,199			1,188			0.9	%
Director fees		531			535			-0.7	%
Regulatory assessments		2,095			1,332			57.3	%
Advertising and promotions		469			628			-25.3	%
Other real estate owned, net		—			2			-100.0	%
Other		1,860			974			91.0	%

Total non-interest expense		28,825			28,560			0.9	%

Income before income tax provision		12,306			23,382			-47.4	%
Income tax provision		3,623			6,672			-45.7	%

Net Income		8,683			16,710			-48.0	%
Preferred stock dividends		882			347			154.2	%

Net Income available to common stockholders	$	7,801		$	16,363			-52.3	%

Net Income per common share-basic and diluted
Basic	$	0.46		$	0.97			-52.6	%

Diluted	$	0.46		$	0.96			-52.6	%

Weighted average number of common shares outstanding
Basic		16,968			16,886			0.5	%

Diluted		17,102			17,010			0.5	%


Statements of Financial Condition	June 30, 2024			March 31, 2024			December 31, 2023			June 30, 2024 vs. March 31, 2024			June 30, 2024 vs. December 31,2023
ASSETS	(In Thousands, Unaudited)
Cash and amounts due from depository institutions	$	11,146		$	11,795		$	16,597			-5.5	%		-32.8	%
Interest-earning deposits		315,724			340,653			262,926			-7.3	%		20.1	%

Total cash and cash equivalents		326,870			352,448			279,523			-7.3	%		16.9	%

Interest-earning time deposits		735			735			735			—			—
Debt securities available for sale		85,964			86,966			87,769			-1.2	%		-2.1	%
Equity investments		9,001			9,223			9,093			-2.4	%		-1.0	%
Loans held for sale		35,187			—			1,287			—			2634.0	%
Loans receivable, net of allowance for credit losses of $35, 243, $34,563 and $33,608 , respectively		3,161,925			3,226,877			3,279,708			-2.0	%		-3.6	%
Federal Home Loan Bank of New York (“FHLB”) stock, at cost		25,001			24,917			24,917			0.3	%		0.3	%
Premises and equipment, net		12,346			12,744			13,057			-3.1	%		-5.4	%
Accrued interest receivable		16,576			17,442			16,072			-5.0	%		3.1	%
Deferred income taxes		17,227			17,555			18,213			-1.9	%		-5.4	%
Goodwill and other intangibles		5,253			5,253			5,253			0.0	%		0.0	%
Operating lease right-of-use asset		13,556			12,186			12,935			11.2	%		4.8	%
Bank-owned life insurance (“BOLI”)		74,752			74,081			73,407			0.9	%		1.8	%
Other assets		9,548			8,768			10,428			8.9	%		-8.4	%

Total Assets	$	3,793,941		$	3,849,195		$	3,832,397			-1.4	%		-1.0	%

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Non-interest bearing deposits	$	523,816		$	531,112		$	536,264			-1.4	%		-2.3	%
Interest bearing deposits		2,411,423			2,460,547			2,442,816			-2.0	%		-1.3	%

Total deposits		2,935,239			2,991,659			2,979,080			-1.9	%		-1.5	%
FHLB advances		473,086			472,949			472,811			0.0	%		0.1	%
Subordinated debentures		37,624			37,624			37,624			0.0	%		0.0	%
Operating lease liability		13,973			12,579			13,315			11.1	%		4.9	%
Other liabilities		13,287			14,253			15,512			-6.8	%		-14.3	%

Total Liabilities		3,473,209			3,529,064			3,518,342			-1.6	%		-1.3	%

STOCKHOLDERS’ EQUITY
Preferred stock: $0.01 par value, 10,000 shares authorized		—			—			—			—			—
Additional paid-in capital preferred stock		28,403			27,733			25,043			2.4	%		13.4	%
Common stock: no par value, 40,000 shares authorized		—			—			—			0.0	%		0.0	%
Additional paid-in capital common stock		200,162			199,726			198,923			0.2	%		0.6	%
Retained earnings		138,309			138,643			135,927			-0.2	%		1.8	%
Accumulated other comprehensive loss		(7,795	)		(7,624	)		(7,491	)		2.2	%		4.1	%
Treasury stock, at cost		(38,347	)		(38,347	)		(38,347	)		0.0	%		0.0	%

Total Stockholders’ Equity		320,732			320,131			314,055			0.2	%		2.1	%

Total Liabilities and Stockholders’ Equity	$	3,793,941		$	3,849,195		$	3,832,397			-1.4	%		-1.0	%

Outstanding common shares		17,029			16,957			16,904


	Three Months Ended June 30,
	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⁾	$	3,246,612	$	44,036		5.43	%	$	3,315,120	$	42,644		5.15	%
Investment Securities		95,241		1,303		5.47	%		100,971		1,254		4.97	%
FHLB stock and other interest-earning assets		297,574		4,106		5.52	%		278,746		3,339		4.79	%

Total Interest-earning assets		3,639,428		49,445		5.43	%		3,694,837		47,237		5.11	%

Non-interest-earning assets		123,550							125,032
Total assets	$	3,762,978						$	3,819,869

Interest-bearing liabilities:
Interest-bearing demand accounts	$	546,391	$	2,279		1.67	%	$	712,414	$	2,209		1.24	%
Money market accounts		370,204		3,070		3.32	%		331,339		1,981		2.39	%
Savings accounts		267,919		152		0.23	%		312,201		143		0.18	%
Certificates of Deposit		1,202,306		14,571		4.85	%		904,766		8,474		3.75	%

Total interest-bearing deposits		2,386,819		20,072		3.36	%		2,260,721		12,807		2.27	%
Borrowed funds		510,634		5,734		4.49	%		630,706		7,441		4.72	%

Total interest-bearing liabilities		2,897,452		25,806		3.56	%		2,891,427		20,248		2.80	%

Non-interest-bearing liabilities		545,269							630,928

Total liabilities		3,442,721							3,522,355
Stockholders’ equity		320,257							297,514

Total liabilities and stockholders’ equity	$	3,762,978						$	3,819,869

Net interest income			$	23,639						$	26,989

Net interest rate spread⁽¹⁾						1.87	%						2.31	%

Net interest margin⁽²⁾						2.60	%						2.92	%


	Six Months Ended June 30,
	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⁾	$	3,273,200	$	87,758		5.36	%	$	3,240,812	$	81,533		5.03	%
Investment Securities		95,747		2,583		5.40	%		104,898		2,560		4.88	%
FHLB stock and other interest-earning assets		300,433		8,389		5.58	%		243,987		5,496		4.51	%

Total Interest-earning assets		3,669,380		98,730		5.38	%		3,589,697		89,589		4.99	%

Non-interest-earning assets		124,477							120,965
Total assets	$	3,793,857						$	3,710,663

Interest-bearing liabilities:
Interest-bearing demand accounts	$	553,290	$	4,509		1.63	%	$	713,097	$	3,998		1.12	%
Money market accounts		369,650		6,097		3.30	%		322,930		3,346		2.07	%
Savings accounts		272,825		318		0.23	%		317,451		261		0.16	%
Certificates of Deposit		1,221,056		29,554		4.84	%		876,762		14,927		3.40	%

Total interest-bearing deposits		2,416,821		40,478		3.35	%		2,230,241		22,532		2.02	%
Borrowed funds		510,569		11,470		4.49	%		546,528		12,597		4.61	%

Total interest-bearing liabilities		2,927,390		51,948		3.55	%		2,776,769		35,129		2.53	%

Non-interest-bearing liabilities		548,985							638,406

Total liabilities		3,476,375							3,415,175
Stockholders’ equity		317,482							295,488

Total liabilities and stockholders’ equity	$	3,793,857						$	3,710,663

Net interest income			$	46,782						$	54,460

Net interest rate spread⁽¹⁾						1.83	%						2.46	%

Net interest margin⁽²⁾						2.55	%						3.03	%


	Financial Condition data by quarter
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
				(In thousands, except book values)
Total assets	$	3,793,941		$	3,849,195		$	3,832,397		$	3,812,120		$	3,872,853
Cash and cash equivalents		326,870			352,448			279,523			251,916			273,212
Securities		94,965			96,189			96,862			94,444			100,473
Loans receivable, net		3,161,925			3,226,877			3,279,708			3,285,727			3,319,721
Deposits		2,935,239			2,991,659			2,979,080			2,819,556			2,885,721
Borrowings		510,710			510,573			510,435			660,298			660,160
Stockholders’ equity		320,732			320,131			314,055			303,636			299,623
Book value per common share¹	$	17.17		$	17.24		$	17.10		$	16.79		$	16.60
Tangible book value per common share²	$	16.86		$	16.93		$	16.79		$	16.48		$	16.28

	Operating data by quarter
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
	(In thousands, except for per share amounts)
Net interest income	$	23,639		$	23,143		$	23,922		$	25,680		$	26,989
Provision for credit losses		2,438			2,088			1,927			2,205			1,350
Non-interest (loss) income		(3,234	)		2,109			3,228			1,406			1,118
Non-interest expense		13,987			14,838			16,568			15,463			14,706
Income tax expense		1,163			2,460			2,593			2,707			3,447

Net income	$	2,817		$	5,866		$	6,062		$	6,711		$	8,604

Net income per diluted share	$	0.14		$	0.32		$	0.35		$	0.39		$	0.50

Common Dividends declared per share	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16


	Financial Ratios(3)
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
Return on average assets		0.30	%		0.61	%		0.63	%		0.70	%		0.90	%
Return on average stockholders’ equity		3.52	%		7.46	%		7.91	%		8.92	%		11.57	%
Net interest margin		2.60	%		2.50	%		2.57	%		2.78	%		2.92	%
Stockholders’ equity to total assets		8.45	%		8.32	%		8.19	%		7.97	%		7.74	%
Efficiency Ratio⁴		68.55	%		58.76	%		61.02	%		57.09	%		52.32	%

	Asset Quality Ratios
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
	(In thousands, except for ratio %)
Non-Accrual Loans	$	32,448		$	22,241		$	18,783		$	7,931		$	5,696
Non-Accrual Loans as a % of Total Loans		1.01	%		0.68	%		0.57	%		0.24	%		0.17	%
ACL as % of Non-Accrual Loans		108.6	%		155.4	%		178.9	%		402.4	%		530.3	%
Individually Analyzed Loans		60,798			65,731			54,019			35,868			28,250
Classified Loans		87,033			97,739			85,727			42,807			28,250


	Recorded Investment in Loans Receivable by quarter
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
	(In thousands)
Residential one-to-four family	$	242,706		$	244,762		$	248,295		$	251,845		$	250,345
Commercial and multi-family		2,340,385			2,392,970			2,434,115			2,444,887			2,490,883
Construction		173,207			180,975			192,816			185,202			179,156
Commercial business		375,355			378,073			372,202			370,512			368,948
Home equity		66,843			65,518			66,331			66,046			61,595
Consumer		2,053			2,847			3,643			3,647			3,994

	$	3,200,549		$	3,265,145		$	3,317,402		$	3,322,139		$	3,354,921
Less:
Deferred loan fees, net		(3,381	)		(3,705	)		(4,086	)		(4,498	)		(4,995	)
Allowance for credit losses		(35,243	)		(34,563	)		(33,608	)		(31,914	)		(30,205	)

Total loans, net	$	3,161,925		$	3,226,877		$	3,279,708		$	3,285,727		$	3,319,721


	Non-Accruing Loans in Portfolio by quarter
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
	(In thousands)
Residential one-to-four family	$	350		$	429		$	270		$	178		$	178
Commercial and multi-family		27,796			12,627			8,684			3,267			—
Construction		586			3,225			4,292			2,886			4,145
Commercial business		3,673			5,916			5,491			1,600			1,373
Home equity		43			44			46			—			—

Total:	$	32,448		$	22,241		$	18,783		$	7,931		$	5,696


	Distribution of Deposits by quarter
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
	(In thousands)
Demand:
Non-Interest Bearing	$	523,816		$	531,112		$	536,264		$	523,912		$	620,509
Interest Bearing		549,239			552,295			564,912			574,577			714,420
Money Market		371,689			361,791			370,934			348,732			328,543

Sub-total:	$	1,444,744		$	1,445,198		$	1,472,110		$	1,447,221		$	1,663,472
Savings and Club		258,680			272,051			284,273			293,962			307,435
Certificates of Deposit		1,231,815			1,274,410			1,222,697			1,078,373			914,814

Total Deposits:	$	2,935,239		$	2,991,659		$	2,979,080		$	2,819,556		$	2,885,721


	Tangible Book Value per Share
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
	(In thousands, except per share amounts)
Total Stockholders’ Equity	$	320,732		$	320,131		$	314,055		$	303,636		$	299,623
Less: goodwill		5,253			5,253			5,253			5,253			5,253
Less: preferred stock		28,403			27,733			25,043			20,783			21,003

Total tangible common stockholders’ equity		287,076			287,145			283,759			277,601			273,368
Shares common shares outstanding		17,029			16,957			16,904			16,848			16,788
Book value per common share	$	17.17		$	17.24		$	17.10		$	16.79		$	16.60

Tangible book value per common share	$	16.86		$	16.93		$	16.79		$	16.48		$	16.28


	Efficiency Ratios
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023
	(In thousands, except for ratio %)
Net interest income	$	23,639		$	23,143		$	23,922		$	25,680		$	26,989
Non-interest (loss) income		(3,234	)		2,109			3,228			1,406			1,118

Total income		20,405			25,252			27,150			27,086			28,107
Non-interest expense		13,987			14,838			16,568			15,463			14,706

Efficiency Ratio		68.55	%		58.76	%		61.02	%		57.09	%		52.32	%