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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

Or

 

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 0-50275

BCB Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

New Jersey

 

26-0065262

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

I.D. No.)

 

 

104-110 Avenue C Bayonne, New Jersey

 

07002

(Address of principal executive offices)

 

(Zip Code)

(201) 823-0700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year if changed since last report)

Securities registered pursuant to section 12(b) of the Securities and Exchange Act of 1934:

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   T   Yes    o   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x   Yes    o   No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

o

Accelerated Filer

x

Non-Accelerated Filer

o

Smaller Reporting Company

o

Emerging Growth Company

o

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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).    o  Yes    T  No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of May 1, 2024, BCB Bancorp, Inc., had 16,957,391 shares of common stock, no par value, outstanding.



 

BCB BANCORP INC. AND SUBSIDIARIES

INDEX

 

 

 

 

 

 

 

Page

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

Item 1. Consolidated Financial Statements

 

 

Consolidated Statements of Financial Condition as of March 31, 2024 (unaudited) and December 31, 2023 (unaudited)

1

  

Consolidated Statements of Income for the three months ended March 31, 2024, 2023 and 2022 (unaudited)

2

  

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024, 2023 and 2022 (unaudited)

3

Consolidated Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2024, 2023 and 2022 (unaudited)

4

  

Consolidated Statements of Cash Flows for the three months ended March 31, 2024, 2023 and 2022 (unaudited)

5

  

Notes to Unaudited Consolidated Financial Statements

6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3. Quantitative and Qualitative Disclosures about Market Risk

31

 

Item 4. Controls and Procedures

31

  

PART II. OTHER INFORMATION

32

 

Item 1. Legal Proceedings

32

  

Item 1A. Risk Factors

32

  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

32

  

Item 3. Defaults Upon Senior Securities

32

  

Item 4. Mine Safety Disclosures

32

  

Item 5. Other Information

32

  

Item 6. Exhibits

33

Signatures

34


PART I. CONSOLIDATED FINANCIAL INFORMATION

ITEM I. CONSOLIDATED FINANCIAL STATEMENTS

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

(In thousands, Except Share and Per Share Data, Unaudited)

 

March 31,

December 31,

2024

2023

ASSETS

Cash and amounts due from depository institutions

$

11,795 

$

16,597 

Interest-earning deposits

340,653 

262,926 

Total cash and cash equivalents

352,448 

279,523 

Interest-earning time deposits

735 

735 

Debt securities available for sale, at fair value

86,966 

87,769 

Equity investments, at fair value

9,223 

9,093 

Loans held for sale

-

1,287 

Loans receivable, net of allowance for credit losses

of $34,563 and $33,608 respectively

3,226,877 

3,279,708 

Federal Home Loan Bank of New York stock, at cost

24,917 

24,917 

Premises and equipment, net

12,744 

13,057 

Accrued interest receivable

17,442 

16,072 

Deferred income taxes, net

17,555 

18,213 

Goodwill and other intangibles

5,253 

5,253 

Operating lease right-of-use assets

12,186 

12,935 

Bank-owned life insurance ("BOLI")

74,081 

73,407 

Other assets

8,768 

10,428 

Total Assets

$

3,849,195 

$

3,832,397 

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Non-interest-bearing deposits

$

531,112 

$

536,264 

Interest-bearing deposits

2,460,547 

2,442,816 

Total deposits

2,991,659 

2,979,080 

FHLB advances

472,949 

472,811 

Subordinated debentures

37,624 

37,624 

Operating lease liability

12,579 

13,315 

Other liabilities

14,253 

15,512 

Total Liabilities

3,529,064 

3,518,342 

STOCKHOLDERS' EQUITY

Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,797 shares Series I 3.0% and Series J 8.0% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at March 31, 2024 and 2,528 shares of Series I 3.0% and Series J 8.0% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at December 31, 2023

-

-

Additional paid-in capital preferred stock

27,733 

25,043 

Common stock: no par value; 40,000,000 shares authorized; issued 20,191,362 and 20,138,294 at March 31, 2024 and December 31, 2023, respectively, outstanding 16,957,391 and 16,904,323, at March 31, 2024 and December 31, 2023, respectively

-

-

Additional paid-in capital common stock

199,726 

198,923 

Retained earnings

138,643 

135,927 

Accumulated other comprehensive loss

(7,624)

(7,491)

Treasury stock, at cost, 3,233,971 shares at March 31, 2024 and December 31, 2023

(38,347)

(38,347)

Total Stockholders' Equity

320,131 

314,055 

Total Liabilities and Stockholders' Equity

$

3,849,195 

$

3,832,397 

See accompanying notes to unaudited consolidated financial statements

 


1


BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Income

(In thousands, Except for Per Share Amounts, Unaudited)

 

Three Months Ended March 31,

2024

2023

2022

Interest and dividend income:

Loans, including fees

$

43,722 

$

38,889 

$

26,321 

Mortgage-backed securities

305 

186 

159 

Other investment securities

975 

1,120 

948 

FHLB stock and other interest earning assets

4,283 

2,157 

296 

Total interest income

49,285 

42,352 

27,724 

Interest expense:

Deposits:

Demand

5,257 

3,154 

758 

Savings and club

166 

118 

108 

Certificates of deposit

14,983 

6,453 

980 

20,406 

9,725 

1,846 

Borrowings

5,736 

5,156 

806 

Total interest expense

26,142 

14,881 

2,652 

Net interest income

23,143 

27,471 

25,072 

Provision (benefit) for credit losses (1)

2,088 

622 

(2,575)

Net interest income after provision (benefit) for credit losses

21,055 

26,849 

27,647 

Non-interest income:

Fees and service charges

1,215 

1,098 

1,214 

BOLI income

675 

421 

755 

Gain on sales of loans

45 

6 

65 

Gain on sale of fixed asset

4 

-

-

Realized and unrealized gains (losses) on equity investments

130 

(3,227)

(2,685)

Other

40 

38 

51 

Total non-interest income (loss)

2,109 

(1,664)

(600)

Non-interest expense:

Salaries and employee benefits

6,981 

7,618 

6,736 

Occupancy and equipment

2,644 

2,552 

2,695 

Data processing and communications

1,853 

1,665 

1,465 

Professional fees

595 

566 

494 

Director fees

277 

265 

321 

Regulatory assessments

1,142 

536 

304 

Advertising and promotional

216 

278 

141 

Other real estate owned, net

-

1 

1 

Other

1,130 

373 

802 

Total non-interest expense

14,838 

13,854 

12,959 

Income before income tax provision

8,326 

11,331 

14,088 

Income tax provision

2,460 

3,225 

4,136 

Net Income

$

5,866 

$

8,106 

$

9,952 

Preferred stock dividends

434 

173 

276 

Net Income available to common stockholders

$

5,432 

$

7,933 

$

9,676 

Net Income per common share-basic and diluted

Basic

$

0.32 

$

0.47 

$

0.57 

Diluted

$

0.32 

$

0.46 

$

0.56 

Weighted average number of common shares outstanding

Basic

16,930 

16,949 

16,980 

Diluted

16,939 

17,208 

17,343 

See accompanying notes to unaudited consolidated financial statements.