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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 September 30, 2023

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 November 1, 2023, BCB Bancorp, Inc., had 16,848,006 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 September 30, 2023 (unaudited) and December 31, 2022 (unaudited)

1

  

Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

2

  

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

3

Consolidated Statement of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)

4

  

Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2023 and 2022 (unaudited)

6

  

Notes to Unaudited Consolidated Financial Statements

7

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

28

Item 3. Quantitative and Qualitative Disclosures about Market Risk

34

 

Item 4. Controls and Procedures

34

  

PART II. OTHER INFORMATION

35

 

Item 1. Legal Proceedings

35

  

Item 1A. Risk Factors

35

  

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

35

  

Item 3. Defaults Upon Senior Securities

35

  

Item 4. Mine Safety Disclosures

35

  

Item 5. Other Information

35

  

Item 6. Exhibits

36

Signature

37

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)

 

September 30,

December 31,

2023

2022

ASSETS

Cash and amounts due from depository institutions

$

16,772 

$

11,520 

Interest-earning deposits

235,144 

217,839 

Total cash and cash equivalents

251,916 

229,359 

Interest-earning time deposits

735 

735 

Debt securities available for sale

86,172 

91,715 

Equity investments

8,272 

17,686 

Loans held for sale

472 

658 

Loans receivable, net of allowance for credit losses

of $31,914 and $32,373 respectively (1)

3,285,727 

3,045,331 

Federal Home Loan Bank of New York stock, at cost

31,629 

20,113 

Premises and equipment, net

13,363 

10,508 

Accrued interest receivable

16,175 

13,455 

Other real estate owned

75 

75 

Deferred income taxes

16,749 

16,462 

Goodwill and other intangibles

5,288 

5,382 

Operating lease right-of-use assets

12,953 

13,520 

Bank-owned life insurance ("BOLI")

72,810 

71,656 

Other assets

9,784 

9,538 

Total Assets

$

3,812,120 

$

3,546,193 

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Non-interest -bearing deposits

$

523,912 

$

613,910 

Interest bearing deposits

2,295,644 

2,197,697 

Total deposits

2,819,556 

2,811,607 

FHLB advances

622,674 

382,261 

Subordinated debentures

37,624 

37,508 

Operating lease liability

13,318 

13,859 

Other liabilities

15,312 

9,704 

Total Liabilities

3,508,484 

3,254,939 

STOCKHOLDERS' EQUITY

Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,101 shares of Series H 3.5% and Series I 3.0%, (liquidation value $10,000 per share) noncumulative perpetual preferred stock at September 30, 2023 and 2,123 shares of Series H 3.5% and Series I 3.0% at December 31, 2022, respectively

-

-

Additional paid-in capital preferred stock

20,783 

21,003 

Common stock: no par value; 40,000,000 shares authorized; issued 20,081,977 and 19,898,197 at September 30, 2023 and December 31, 2022, respectively, outstanding 16,848,006 and 16,930,979, at September 30, 2023 and December 31, 2022, respectively

-

-

Additional paid-in capital common stock

198,097 

196,164 

Retained earnings

132,729 

115,109 

Accumulated other comprehensive loss

(9,626)

(6,491)

Treasury stock, at cost, 3,233,971 and 2,967,218 shares at September 30, 2023 and December 31, 2022, respectively

(38,347)

(34,531)

Total Stockholders' Equity

303,636 

291,254 

Total Liabilities and Stockholders' Equity

$

3,812,120 

$

3,546,193 

See accompanying notes to unaudited consolidated financial statements

 

(1) The Company adopted ASU 2016-13 as of January 1, 2023. Prior year periods have not been restated.
‎

1

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Income

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

 

Three Months Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

Interest and dividend income:

Loans, including fees

$

44,133 

$

32,302 

$

125,666 

$

87,404 

Mortgage-backed securities

217 

173 

587 

379 

Other investment securities

1,045 

1,103 

3,235 

2,990 

FHLB stock and other interest earning assets

3,672 

822 

9,168 

1,812 

Total interest income

49,067 

34,400 

138,656 

92,585 

Interest expense:

Deposits:

Demand

4,556 

1,169 

11,900 

2,873 

Savings and club

182 

113 

443 

331 

Certificates of deposit

10,922 

1,087 

25,849 

2,916 

15,660 

2,369 

38,192 

6,120 

Borrowings

7,727 

1,080 

20,324 

2,701 

Total interest expense

23,387 

3,449 

58,516 

8,821 

Net interest income

25,680 

30,951 

80,140 

83,764 

Provision (benefit) for credit losses (1)

2,205 

-

4,177 

(2,575)

Net interest income after (provision) benefit for credit losses

23,475 

30,951 

75,963 

86,339 

Non-interest income:

Fees and service charges

1,349 

1,251 

3,889 

3,678 

BOLI income

466 

646 

1,154 

2,087 

Gain on sales of loans

19 

18 

25 

126 

Realized and unrealized losses on equity investments

(494)

(559)

(4,390)

(5,546)

Other

66 

90 

182 

188 

Total non-interest income

1,406 

1,446 

860 

533 

Non-interest expense:

Salaries and employee benefits

7,524 

6,944 

22,853 

20,395 

Occupancy and equipment

2,622 

2,608 

7,734 

7,976 

Data processing and communications

1,787 

1,520 

5,247 

4,454 

Professional fees

560 

614 

1,748 

1,597 

Director fees

274 

375 

809 

992 

Regulatory assessments

1,111 

264 

2,443 

812 

Advertising and promotional

317 

286 

945 

681 

Other real estate owned, net

1 

1 

3 

6 

Other

1,267 

841 

2,241 

2,555 

Total non-interest expense

15,463 

13,453 

44,023 

39,468 

Income before income tax provision

9,418 

18,944 

32,800 

47,404 

Income tax provision

2,707 

5,552