BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding
company for BCB Community Bank (the “Bank”), today reported net
income of $6.7 million for the third quarter of 2024, compared to
$2.8 million in the second quarter of 2024, and $6.7 million for
the third quarter of 2023. Earnings per diluted share for the third
quarter of 2024 were $0.36, compared to $0.14 in the preceding
quarter and $0.39 in the third 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 November 15, 2024 to common
shareholders of record on November 1, 2024.
“Our liquidity profile and capital position
continue to strengthen as management remains focused on optimizing
the Bank’s balance sheet. We are very pleased with the successful
completion of our subordinated debt offering during the third
quarter that generated a positive response from the investors. The
offering was upsized from an initial target of $33.5 million to
$40.0 million and further bolstered our capital position. The
transaction was in line with our strategy of refinancing our
existing $33.5 million of subordinated debt that had started to
lose Tier 2 regulatory capital status,” stated Michael Shriner,
President and Chief Executive Officer.
Executive Summary
- Total deposits were $2.725 billion
at September 30, 2024 compared to $2.935 billion at June 30,
2024.
- Net interest margin was 2.58
percent for the third quarter of 2024, compared to 2.60 percent for
the second quarter of 2024, and 2.78 percent for the third quarter
of 2023.
- Total yield on interest-earning
assets was 5.44 percent for the third quarter of 2024 compared to
5.43 percent for the second quarter of 2024, and 5.31 percent for
the third quarter of 2023.
- Total cost of interest-bearing
liabilities was 3.62 percent for the third quarter of 2024,
compared to 3.56 percent for the second quarter of 2024, and 3.17
percent for the third quarter of 2023.
- The efficiency ratio for the third
quarter was 53.22 percent compared to 68.55 percent in the prior
quarter, and 57.09 percent in the third quarter of 2023.
- The annualized return on average
assets ratio for the third quarter was 0.72 percent, compared to
0.30 percent in the prior quarter, and 0.70 percent in the third
quarter of 2023.
- The annualized return on average
equity ratio for the third quarter was 8.29 percent, compared to
3.52 percent in the prior quarter, and 8.92 percent in the third
quarter of 2023.
- The provision for credit losses was
$2.9 million in the third quarter of 2024 compared to $2.4 million
for the second quarter of 2024, and $2.2 million for the third
quarter of 2023.
- The allowance for credit losses
(“ACL”) as a percentage of total loans was 1.11 percent at
September 30, 2024 compared to 1.10 percent at the prior
quarter-end and 0.96 percent at September 30, 2023.
- Total loans receivable, net of the
allowance for credit losses, of $3.088 billion at September 30,
2024, decreased 6.4 percent from $3.286 billion at September 30,
2023.
Balance Sheet Review
Total assets decreased by $218.6 million, or 5.7
percent, to $3.614 billion at September 30, 2024, from $3.832
billion at December 31, 2023. The decrease in total assets was
mainly related to a decrease in loans of $191.8 million. The
decrease was primarily from loan payoffs/paydowns that exceeded
loan originations.
Total cash and cash equivalents decreased by
$36.4 million, or 13.0 percent, to $243.1 million at September 30,
2024, from $279.5 million at December 31, 2023. The decrease was
primarily due to the withdrawal of brokered deposits.
Loans receivable, net, decreased by $191.8
million, or 5.8 percent, to $3.088 billion at September 30, 2024,
from $3.280 billion at December 31, 2023. Total loan decreases
during the period included decreases of $137.2 million in
commercial real estate multi-family loans, $46.3 million in
construction loans and 1-4 family residential loans of $7.2 million
for the same period. Commercial business loans also decreased $837
thousand. The allowance for credit losses increased $1.1 million to
$34.7 million, or 98.2 percent of non-accruing loans and 1.11
percent of gross loans, at September 30, 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 increased by $11.4
million, or 11.8 percent, to $108.3 million at September 30, 2024,
from $96.9 million at December 31, 2023, as excess liquidity has
been deployed into the securities portfolio.
Deposits decreased by $254.5 million, or 8.5
percent, to $2.725 billion at September 30, 2024, from $2.979
billion at December 31, 2023. A majority of the decline was due to
a decrease in certificates of deposit of $175.8 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 increased by $23.0 million to
$533.4 million at September 30, 2024 from $510.4 million at
December 31, 2023. The increase in borrowings was primarily due to
the successful completion of the $40 million subordinated debt
offering during the third quarter of 2024. The weighted average
interest rate of FHLB advances was 4.26 percent at September 30,
2024 and 4.21 percent at December 31, 2023. The weighted average
maturity of FHLB advances as of September 30, 2024 was 1.20 years.
The interest rate of the Company’s subordinated debt balances was
8.87 percent at September 30, 2024 and 8.36 percent at December 31,
2023.
Stockholders’ equity increased by $14.1 million,
or 4.5 percent, to $328.1 million at September 30, 2024, from
$314.1 million at December 31, 2023. The increase was attributable
to an increase in additional paid in capital attributable to the
issuance of additional shares of preferred stock of $4.7 million
during 2024, or 18.8 percent, to $29.8 million at September 30,
2024, and an increase in retained earnings of $5.8 million, or 4.3
percent, to $141.8 million at September 30, 2024 from $135.9
million at December 31, 2023. The increase in preferred stock paid
in capital was due to the issuance of 427 shares of its Series J
Noncumulative Perpetual Preferred Stock during the nine-month
period.
Third Quarter 2024 Income Statement
Review
Net income was $6.7 million for the quarter
ended September 30, 2024 and $6.7 million for the quarter
ended September 30, 2023. The third quarter of 2024 benefited from
higher non-interest income of $1.7 million and lower non-interest
expense of $1.5 million, compared to the third quarter of 2023.
This was offset by net interest income that was lower by $2.6
million relative to the third quarter of 2023, driven by higher
interest expense and lower interest income.
Net interest income decreased by $2.6 million,
or 10.3 percent, to $23.0 million for the third quarter of
2024, from $25.7 million for the third quarter of 2023. The
decrease in net interest income resulted from higher interest
expense and lower interest income.
Interest income decreased by $441 thousand, or
0.9 percent, to $48.6 million for the third quarter of 2024 from
$49.1 million for the third quarter of 2023. The average
balance of interest-earning assets decreased $119.3 million, or 3.2
percent, to $3.579 billion for the third quarter of 2024 from
$3.698 billion for the third quarter of 2023, while the average
yield increased 13 basis points to 5.44 percent for the third
quarter of 2024 from 5.31 percent for the third quarter of
2023.
Interest expense increased by $2.2 million to
$25.6 million for the third quarter of 2024 from
$23.4 million for the third quarter of 2023. The increase
resulted from an increase in the average rate on interest-bearing
liabilities of 45 basis points to 3.62 percent for the third
quarter of 2024 from 3.17 percent for the third quarter of 2023,
offset by a decrease in interest-bearing liabilities of $123.4
million to $2.823 billion for the third quarter of 2024 from $2.947
billion for the third quarter of 2023.
The net interest margin was 2.58 percent for the
third quarter of 2024 compared to 2.78 percent for the third
quarter of 2023. The decrease in the net interest margin compared
to the third 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 third quarter of 2024, the Company
recognized $3.4 million in net charge-offs compared to $496
thousand in net charge offs for the third quarter of 2023. The Bank
had non-accrual loans totaling $35.3 million, or 1.11 percent
of gross loans, at September 30, 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
$34.7 million, or 1.11 percent of gross loans, at September
30, 2024, and $33.6 million, or 1.01 percent of gross loans, at
December 31, 2023. The provision for credit losses was $2.9 million
for the third 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 September 30, 2024 and
December 31, 2023.
Non-interest income increased by $1.7 million to
$3.1 million for the third quarter of 2024 from $1.4 million in the
third quarter of 2023. The increase in total non-interest income
was mainly related to gains on equity investments of $1.6
million.
Non-interest expense decreased by $1.5 million,
or 9.9 percent, to $13.9 million for the third quarter of 2024
from $15.5 million for the third quarter of 2023. The decrease
in these expenses for the third quarter of 2024 was driven by lower
regulatory assessment fees of $445 thousand, salaries and employee
benefits expense, which declined $385 thousand, and advertising and
promotion costs, which declined by $135 thousand.
The income tax provision decreased by $22
thousand, or 0.8 percent, to $2.7 million for the third
quarter of 2024. The provision was $2.7 million for the third
quarter of 2023. The consolidated effective tax rate was 28.7
percent for both the third quarter of 2024 and for the third
quarter of 2023.
Year-to-Date Income Statement
Review
Net income decreased by $8.1 million, or
34.5 percent, to $15.4 million for the first nine months of
2024 from $23.4 million for the first nine months of 2023. The
decrease in net income was driven, primarily, by lower net interest
income of $10.3 million, or 12.9 percent.
Net interest income decreased by
$10.3 million, or 12.9 percent, to $69.8 million for the first
nine months of 2024 from $80.1 million for the first nine months of
2023. The decrease in net interest income resulted from an increase
in interest expense of $19.0 million, partly offset by an increase
in interest income of $8.7 million.
Interest income increased by $8.7 million, or
6.3 percent, to $147.4 million for the first nine months of 2024,
from $138.7 million for the first nine months of 2023. The average
balance of interest-earning assets increased $12.7 million, or 0.4
percent, to $3.639 billion for the first nine months of 2024, from
$3.626 billion for the first nine months of 2023, while the average
yield increased 30 basis points to 5.40 percent from 5.10 percent
for the same comparable period. The increase in average cash
balances mainly related to the increase in the Company’s level of
average interest-bearing bank balances, partially offset by a
decline in loan receivables and investments for the first nine
months of 2024, as compared to the same period in 2023.
Interest expense increased by $19.0 million, or
32.5 percent, to $77.5 million for 2024, from $58.5 million for
2023. This increase resulted primarily from an increase in the
average rate on interest-bearing liabilities of 82 basis points to
3.57 percent for the first nine months of 2024, from 2.75 percent
for the first nine months of 2023, and an increase in the average
balance of interest-bearing liabilities of $58.4 million, or 2.1
percent, to $2.892 billion from $2.834 billion over the same
period. The increase in the average cost of funds primarily
resulted from the higher interest rate environment in the first
nine months of 2024 compared to the same period in 2023.
Net interest margin was 2.56 percent for the
first nine months of 2024, compared to 2.95 percent for the first
nine months of 2023. The decrease in the net interest margin
compared to the prior period was the result of an increase in the
cost of the Bank’s interest-bearing liabilities.
During the first nine months of 2024, the
Company experienced $6.3 million in net charge offs compared to
$471 thousand in net recoveries for the same period in 2023. The
provision for credit losses was $7.4 million for the first nine
months of 2024 compared to $4.2 million for the same period in
2023.
Non-interest income increased by $1.1 million to
$2.0 million for the first nine months of 2024 from $860 thousand
for the first nine months of 2023. Realized and unrealized gains on
equity securities and income on Bank Owned Life Insurance (BOLI)
increased $5.4 million and $844 thousand, respectively. Offsetting
this were losses on the sale of loans of $4.8 million. The realized
and unrealized gains or losses on equity investments are based on
prevailing market conditions.
Non-interest expense decreased by $1.3 million,
or 2.9 percent, to $42.8 million for the first nine months of
2024 from $44.0 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 $1.7 million. This was partially
offset by regulatory assessment costs being $318 thousand greater
in 2024.
The income tax provision decreased by $3.1
million, or 32.7 percent to $6.3 million for the first nine months
of 2024 from $9.4 million for the same period in 2023. The
consolidated effective tax rate was 29.1 percent for the first nine
months of 2024 compared to 28.6 percent for the first nine months
of 2023.
Asset Quality
During the third quarter of 2024, the Company
recognized $3.4 million in net charge offs, compared to $496
thousand in net charge offs for the third quarter of 2023.
The Bank had non-accrual loans totaling
$35.3 million, or 1.11 percent of gross loans, at September
30, 2024, as compared to $7.9 million, or 0.24 percent of
gross loans, at September 30, 2023. The allowance for credit losses
was $34.7 million, or 1.11 percent of gross loans, at
September 30, 2024, and $31.9 million, or 0.96 percent of gross
loans, at September 30, 2023. The allowance for credit losses was
98.2 percent of non-accrual loans at September 30, 2024, and 402.4
percent of non-accrual loans at September 30, 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 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 three 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. 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; 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.
| Contact: |
Michael
Shriner, |
| |
President & CEO |
| |
Jawad Chaudhry, |
| |
EVP & CFO |
| |
(201) 823-0700 |
| |
Statements
of Income - Three Months Ended, |
|
|
|
| |
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 vs. June 30, 2024 |
|
September 30, 2024 vs. September 30, 2023 |
|
Interest and dividend income: |
(In
thousands, except per share amounts, Unaudited) |
|
|
|
|
Loans, including fees |
$ |
42,857 |
$ |
44,036 |
|
$ |
44,133 |
|
-2.7 |
% |
|
-2.9 |
% |
|
Mortgage-backed securities |
|
303 |
|
297 |
|
|
217 |
|
2.0 |
% |
|
39.6 |
% |
|
Other investment securities |
|
994 |
|
1,006 |
|
|
1,045 |
|
-1.2 |
% |
|
-4.9 |
% |
|
FHLB stock and other interest-earning assets |
|
4,472 |
|
4,106 |
|
|
3,672 |
|
8.9 |
% |
|
21.8 |
% |
|
Total interest and dividend income |
|
48,626 |
|
49,445 |
|
|
49,067 |
|
-1.7 |
% |
|
-0.9 |
% |
| |
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
Demand |
|
5,686 |
|
5,349 |
|
|
4,556 |
|
6.3 |
% |
|
24.8 |
% |
|
Savings and club |
|
146 |
|
152 |
|
|
182 |
|
-3.9 |
% |
|
-19.8 |
% |
|
Certificates of deposit |
|
13,670 |
|
14,571 |
|
|
10,922 |
|
-6.2 |
% |
|
25.2 |
% |
| |
|
19,502 |
|
20,072 |
|
|
15,660 |
|
-2.8 |
% |
|
24.5 |
% |
|
Borrowings |
|
6,079 |
|
5,734 |
|
|
7,727 |
|
6.0 |
% |
|
-21.3 |
% |
|
Total interest expense |
|
25,581 |
|
25,806 |
|
|
23,387 |
|
-0.9 |
% |
|
9.4 |
% |
| |
|
|
|
|
|
|
| Net
interest income |
|
23,045 |
|
23,639 |
|
|
25,680 |
|
-2.5 |
% |
|
-10.3 |
% |
|
Provision for credit losses |
|
2,890 |
|
2,438 |
|
|
2,205 |
|
18.5 |
% |
|
31.1 |
% |
| |
|
|
|
|
|
|
| Net
interest income after provision for credit losses |
|
20,155 |
|
21,201 |
|
|
23,475 |
|
-4.9 |
% |
|
-14.1 |
% |
| |
|
|
|
|
|
|
|
Non-interest income income (loss) : |
|
|
|
|
|
|
|
Fees and service charges |
|
1,196 |
|
1,119 |
|
|
1,349 |
|
6.9 |
% |
|
-11.3 |
% |
|
Gain (loss) on sales of loans |
|
35 |
|
(4,563 |
) |
|
19 |
|
-100.8 |
% |
|
84.2 |
% |
|
Loss on sale of impaired loans |
|
- |
|
(288 |
) |
|
- |
|
- |
|
|
- |
|
|
Realized and unrealized gain (loss) on equity investments |
|
1,132 |
|
(222 |
) |
|
(494 |
) |
-609.9 |
% |
|
-329.1 |
% |
|
Bank-owned life insurance ("BOLI") income |
|
652 |
|
671 |
|
|
466 |
|
-2.8 |
% |
|
39.9 |
% |
|
Other |
|
112 |
|
49 |
|
|
66 |
|
128.6 |
% |
|
69.7 |
% |
|
Total non-interest income income (loss) |
|
3,127 |
|
(3,234 |
) |
|
1,406 |
|
-196.7 |
% |
|
122.4 |
% |
| |
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
7,139 |
|
6,992 |
|
|
7,524 |
|
2.1 |
% |
|
-5.1 |
% |
|
Occupancy and equipment |
|
2,591 |
|
2,529 |
|
|
2,622 |
|
2.5 |
% |
|
-1.2 |
% |
|
Data processing and communications |
|
1,681 |
|
1,672 |
|
|
1,787 |
|
0.5 |
% |
|
-5.9 |
% |
|
Professional fees |
|
618 |
|
604 |
|
|
560 |
|
2.3 |
% |
|
10.4 |
% |
|
Director fees |
|
351 |
|
254 |
|
|
274 |
|
38.2 |
% |
|
28.1 |
% |
|
Regulatory assessment fees |
|
666 |
|
953 |
|
|
1,111 |
|
-30.1 |
% |
|
-40.1 |
% |
|
Advertising and promotions |
|
182 |
|
253 |
|
|
317 |
|
-28.1 |
% |
|
-42.6 |
% |
|
Other real estate owned, net |
|
- |
|
- |
|
|
1 |
|
- |
|
|
-100.0 |
% |
|
Other |
|
701 |
|
730 |
|
|
1,267 |
|
-4.0 |
% |
|
-44.7 |
% |
|
Total non-interest expense |
|
13,929 |
|
13,987 |
|
|
15,463 |
|
-0.4 |
% |
|
-9.9 |
% |
| |
|
|
|
|
|
|
|
Income before income tax provision |
|
9,353 |
|
3,980 |
|
|
9,418 |
|
135.0 |
% |
|
-0.7 |
% |
|
Income tax provision |
|
2,685 |
|
1,163 |
|
|
2,707 |
|
130.9 |
% |
|
-0.8 |
% |
| |
|
|
|
|
|
|
| Net
Income |
|
6,668 |
|
2,817 |
|
|
6,711 |
|
136.7 |
% |
|
-0.6 |
% |
|
Preferred stock dividends |
|
475 |
|
448 |
|
|
173 |
|
6.1 |
% |
|
174.3 |
% |
| Net
Income available to common stockholders |
$ |
6,193 |
$ |
2,369 |
|
$ |
6,538 |
|
161.4 |
% |
|
-5.3 |
% |
|
|
|
|
|
|
|
|
| Net
Income per common share-basic and diluted |
|
|
|
|
|
|
|
Basic |
$ |
0.36 |
$ |
0.14 |
|
$ |
0.39 |
|
160.9 |
% |
|
-6.4 |
% |
|
Diluted |
$ |
0.36 |
$ |
0.14 |
|
$ |
0.39 |
|
160.5 |
% |
|
-6.4 |
% |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
|
|
Basic |
|
17,039 |
|
17,005 |
|
|
16,830 |
|
0.2 |
% |
|
1.2 |
% |
|
Diluted |
|
17,064 |
|
17,005 |
|
|
16,854 |
|
0.3 |
% |
|
1.2 |
% |
| |
Statements of Income - Nine Months Ended, |
|
| |
September 30, 2024 |
September 30, 2023 |
September 30, 2024 vs. September 30, 2023 |
|
Interest and dividend income: |
(In
thousands, except per share amounts, Unaudited) |
|
|
Loans, including fees |
$ |
130,615 |
|
$ |
125,666 |
|
3.9 |
% |
|
Mortgage-backed securities |
|
905 |
|
|
587 |
|
54.2 |
% |
|
Other investment securities |
|
2,975 |
|
|
3,235 |
|
-8.0 |
% |
|
FHLB stock and other interest-earning assets |
|
12,861 |
|
|
9,168 |
|
40.3 |
% |
|
Total interest and dividend income |
|
147,356 |
|
|
138,656 |
|
6.3 |
% |
| |
|
|
|
|
Interest expense: |
|
|
|
|
Deposits: |
|
|
|
|
Demand |
|
16,292 |
|
|
11,900 |
|
36.9 |
% |
|
Savings and club |
|
464 |
|
|
443 |
|
4.7 |
% |
|
Certificates of deposit |
|
43,224 |
|
|
25,849 |
|
67.2 |
% |
| |
|
59,980 |
|
|
38,192 |
|
57.0 |
% |
|
Borrowings |
|
17,549 |
|
|
20,324 |
|
-13.7 |
% |
|
Total interest expense |
|
77,529 |
|
|
58,516 |
|
32.5 |
% |
| |
|
|
|
| Net
interest income |
|
69,827 |
|
|
80,140 |
|
-12.9 |
% |
|
Provision for credit losses |
|
7,416 |
|
|
4,177 |
|
77.5 |
% |
| |
|
|
|
| Net
interest income after provision for credit losses |
|
62,411 |
|
|
75,963 |
|
-17.8 |
% |
| |
|
|
|
|
Non-interest income: |
|
|
|
|
Fees and service charges |
|
3,530 |
|
|
3,889 |
|
-9.2 |
% |
|
(Loss) gain on sales of loans |
|
(4,483 |
) |
|
25 |
|
- |
|
|
Loss on sale of impaired loans |
|
(288 |
) |
|
- |
|
- |
|
|
Realized and unrealized gain (loss) on equity investments |
|
1,040 |
|
|
(4,390 |
) |
-123.7 |
% |
|
Bank-owned life insurance ("BOLI") income |
|
1,998 |
|
|
1,154 |
|
73.1 |
% |
|
Other |
|
205 |
|
|
182 |
|
12.6 |
% |
|
Total non-interest income |
|
2,002 |
|
|
860 |
|
132.8 |
% |
| |
|
|
|
|
Non-interest expense: |
|
|
|
|
Salaries and employee benefits |
|
21,112 |
|
|
22,853 |
|
-7.6 |
% |
|
Occupancy and equipment |
|
7,764 |
|
|
7,734 |
|
0.4 |
% |
|
Data processing and communications |
|
5,206 |
|
|
5,247 |
|
-0.8 |
% |
|
Professional fees |
|
1,817 |
|
|
1,748 |
|
3.9 |
% |
|
Director fees |
|
882 |
|
|
809 |
|
9.0 |
% |
|
Regulatory assessments |
|
2,761 |
|
|
2,443 |
|
13.0 |
% |
|
Advertising and promotions |
|
651 |
|
|
945 |
|
-31.1 |
% |
|
Other real estate owned, net |
|
- |
|
|
3 |
|
-100.0 |
% |
|
Other |
|
2,561 |
|
|
2,241 |
|
14.3 |
% |
|
Total non-interest expense |
|
42,754 |
|
|
44,023 |
|
-2.9 |
% |
| |
|
|
|
|
Income before income tax provision |
|
21,659 |
|
|
32,800 |
|
-34.0 |
% |
|
Income tax provision |
|
6,308 |
|
|
9,379 |
|
-32.7 |
% |
| |
|
|
|
| Net
Income |
|
15,351 |
|
|
23,421 |
|
-34.5 |
% |
|
Preferred stock dividends |
|
1,357 |
|
|
520 |
|
161.0 |
% |
| Net
Income available to common stockholders |
$ |
13,994 |
|
$ |
22,901 |
|
-38.9 |
% |
| |
|
|
|
| Net
Income per common share-basic and diluted |
|
|
|
|
Basic |
$ |
0.82 |
|
$ |
1.36 |
|
-39.3 |
% |
|
Diluted |
$ |
0.82 |
|
$ |
1.35 |
|
-39.0 |
% |
| |
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
Basic |
|
16,991 |
|
|
16,868 |
|
0.7 |
% |
|
Diluted |
|
16,992 |
|
|
16,951 |
|
0.2 |
% |
|
Statements of Financial Condition |
September 30, 2024 |
June 30, 2024 |
December 31, 2023 |
September 30, 2024 vs. June 30, 2024 |
September 30, 2024 vs. December 31, 2023 |
|
ASSETS |
(In Thousands, Unaudited) |
|
|
|
Cash and amounts due from depository institutions |
$ |
12,617 |
|
$ |
11,146 |
|
$ |
16,597 |
|
13.2 |
% |
-24.0 |
% |
|
Interest-earning deposits |
|
230,506 |
|
|
315,724 |
|
|
262,926 |
|
-27.0 |
% |
-12.3 |
% |
|
Total cash and cash equivalents |
|
243,123 |
|
|
326,870 |
|
|
279,523 |
|
-25.6 |
% |
-13.0 |
% |
| |
|
|
|
|
|
|
Interest-earning time deposits |
|
735 |
|
|
735 |
|
|
735 |
|
- |
|
- |
|
| Debt
securities available for sale |
|
98,169 |
|
|
85,964 |
|
|
87,769 |
|
14.2 |
% |
11.8 |
% |
| Equity
investments |
|
10,133 |
|
|
9,001 |
|
|
9,093 |
|
12.6 |
% |
11.4 |
% |
| Loans held
for sale |
|
250 |
|
|
35,187 |
|
|
1,287 |
|
-99.3 |
% |
-80.6 |
% |
| Loans
receivable, net of allowance for credit losses of $34,693, $35,243
and $33,608 , respectively |
|
3,087,914 |
|
|
3,161,925 |
|
|
3,279,708 |
|
-2.3 |
% |
-5.8 |
% |
| Federal Home
Loan Bank of New York ("FHLB") stock, at cost |
|
24,732 |
|
|
25,001 |
|
|
24,917 |
|
-1.1 |
% |
-0.7 |
% |
| Premises and
equipment, net |
|
12,008 |
|
|
12,346 |
|
|
13,057 |
|
-2.7 |
% |
-8.0 |
% |
| Accrued
interest receivable |
|
16,496 |
|
|
16,576 |
|
|
16,072 |
|
-0.5 |
% |
2.6 |
% |
| Deferred
income taxes |
|
17,370 |
|
|
17,227 |
|
|
18,213 |
|
0.8 |
% |
-4.6 |
% |
| Goodwill and
other intangibles |
|
5,253 |
|
|
5,253 |
|
|
5,253 |
|
0.0 |
% |
0.0 |
% |
| Operating
lease right-of-use asset |
|
13,438 |
|
|
13,556 |
|
|
12,935 |
|
-0.9 |
% |
3.9 |
% |
| Bank-owned
life insurance ("BOLI") |
|
75,404 |
|
|
74,752 |
|
|
73,407 |
|
0.9 |
% |
2.7 |
% |
| Other
assets |
|
8,745 |
|
|
9,548 |
|
|
10,428 |
|
-8.4 |
% |
-16.1 |
% |
|
Total Assets |
$ |
3,613,770 |
|
$ |
3,793,941 |
|
$ |
3,832,397 |
|
-4.7 |
% |
-5.7 |
% |
| |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
| Non-interest
bearing deposits |
$ |
528,089 |
|
$ |
523,816 |
|
$ |
536,264 |
|
0.8 |
% |
-1.5 |
% |
| Interest
bearing deposits |
|
2,196,491 |
|
|
2,411,423 |
|
|
2,442,816 |
|
-8.9 |
% |
-10.1 |
% |
|
Total deposits |
|
2,724,580 |
|
|
2,935,239 |
|
|
2,979,080 |
|
-7.2 |
% |
-8.5 |
% |
| FHLB
advances |
|
466,424 |
|
|
473,086 |
|
|
472,811 |
|
-1.4 |
% |
-1.4 |
% |
| Subordinated
debentures |
|
67,042 |
|
|
37,624 |
|
|
37,624 |
|
78.2 |
% |
78.2 |
% |
| Operating
lease liability |
|
13,878 |
|
|
13,973 |
|
|
13,315 |
|
-0.7 |
% |
4.2 |
% |
| Other
liabilities |
|
13,733 |
|
|
13,287 |
|
|
15,512 |
|
3.4 |
% |
-11.5 |
% |
|
Total Liabilities |
|
3,285,657 |
|
|
3,473,209 |
|
|
3,518,342 |
|
-5.4 |
% |
-6.6 |
% |
| |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Preferred
stock: $0.01 par value, 10,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
| Additional
paid-in capital preferred stock |
|
29,763 |
|
|
28,403 |
|
|
25,043 |
|
4.8 |
% |
18.8 |
% |
| Common
stock: no par value, 40,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
0.0 |
% |
0.0 |
% |
| Additional
paid-in capital common stock |
|
200,605 |
|
|
200,162 |
|
|
198,923 |
|
0.2 |
% |
0.8 |
% |
| Retained
earnings |
|
141,770 |
|
|
138,309 |
|
|
135,927 |
|
2.5 |
% |
4.3 |
% |
| Accumulated
other comprehensive loss |
|
(5,678 |
) |
|
(7,795 |
) |
|
(7,491 |
) |
-27.2 |
% |
-24.2 |
% |
| Treasury
stock, at cost |
|
(38,347 |
) |
|
(38,347 |
) |
|
(38,347 |
) |
0.0 |
% |
0.0 |
% |
|
Total Stockholders' Equity |
|
328,113 |
|
|
320,732 |
|
|
314,055 |
|
2.3 |
% |
4.5 |
% |
| |
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
3,613,770 |
|
$ |
3,793,941 |
|
$ |
3,832,397 |
|
-4.7 |
% |
-5.7 |
% |
| |
|
|
|
|
|
|
Outstanding common shares |
|
17,048 |
|
|
17,029 |
|
|
16,904 |
|
|
|
|
|
Three Months Ended September 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) |
$ |
3,159,574 |
|
$ |
42,857 |
5.43 |
% |
|
$ |
3,330,446 |
|
$ |
44,133 |
5.30 |
% |
|
Investment Securities |
|
96,893 |
|
|
1,297 |
5.35 |
% |
|
|
96,723 |
|
|
1,262 |
5.22 |
% |
|
Interest-earning assets(6) |
|
322,154 |
|
|
4,472 |
5.55 |
% |
|
|
270,729 |
|
|
3,672 |
5.43 |
% |
|
Total Interest-earning assets |
|
3,578,621 |
|
|
48,626 |
5.44 |
% |
|
|
3,697,898 |
|
|
49,067 |
5.31 |
% |
|
Non-interest-earning assets |
|
124,254 |
|
|
|
|
|
127,780 |
|
|
|
|
Total assets |
$ |
3,702,875 |
|
|
|
|
$ |
3,825,678 |
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
553,506 |
|
$ |
2,509 |
1.81 |
% |
|
$ |
628,804 |
|
$ |
2,244 |
1.43 |
% |
| Money
market accounts |
|
369,329 |
|
|
3,177 |
3.44 |
% |
|
|
331,813 |
|
|
2,311 |
2.79 |
% |
| Savings
accounts |
|
258,158 |
|
|
146 |
0.23 |
% |
|
|
300,484 |
|
|
182 |
0.24 |
% |
|
Certificates of Deposit |
|
1,123,960 |
|
|
13,670 |
4.86 |
% |
|
|
1,024,900 |
|
|
10,923 |
4.26 |
% |
|
Total interest-bearing deposits |
|
2,304,953 |
|
|
19,502 |
3.38 |
% |
|
|
2,286,001 |
|
|
15,660 |
2.74 |
% |
| Borrowed
funds |
|
518,385 |
|
|
6,079 |
4.69 |
% |
|
|
660,773 |
|
|
7,727 |
4.68 |
% |
|
Total interest-bearing liabilities |
|
2,823,338 |
|
|
25,581 |
3.62 |
% |
|
|
2,946,774 |
|
|
23,387 |
3.17 |
% |
|
Non-interest-bearing liabilities |
|
557,754 |
|
|
|
|
|
577,963 |
|
|
|
|
Total liabilities |
|
3,381,092 |
|
|
|
|
|
3,524,737 |
|
|
|
|
Stockholders' equity |
|
321,783 |
|
|
|
|
|
300,941 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
3,702,875 |
|
|
|
|
$ |
3,825,678 |
|
|
|
| Net
interest income |
|
$ |
23,045 |
|
|
|
$ |
25,680 |
|
| Net
interest rate spread(1) |
|
|
1.82 |
% |
|
|
|
2.13 |
% |
| Net
interest margin(2) |
|
|
2.58 |
% |
|
|
|
2.78 |
% |
|
|
|
|
|
|
|
|
|
| (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. |
|
|
Nine Months Ended September 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) |
$ |
3,235,048 |
$ |
130,615 |
5.38 |
% |
|
$ |
3,271,018 |
$ |
125,666 |
5.12 |
% |
|
Investment Securities |
|
96,136 |
|
3,880 |
5.38 |
% |
|
|
102,143 |
|
3,822 |
4.99 |
% |
|
Interest-earning assets(6) |
|
307,726 |
|
12,861 |
5.57 |
% |
|
|
252,999 |
|
9,168 |
4.83 |
% |
|
Total Interest-earning assets |
|
3,638,910 |
|
147,356 |
5.40 |
% |
|
|
3,626,161 |
|
138,656 |
5.10 |
% |
|
Non-interest-earning assets |
|
124,401 |
|
|
|
|
123,262 |
|
|
|
Total assets |
$ |
3,763,311 |
|
|
|
$ |
3,749,422 |
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
553,363 |
$ |
7,018 |
1.69 |
% |
|
$ |
684,691 |
$ |
6,242 |
1.22 |
% |
| Money
market accounts |
|
369,542 |
|
9,274 |
3.35 |
% |
|
|
325,923 |
|
5,657 |
2.31 |
% |
| Savings
accounts |
|
267,900 |
|
464 |
0.23 |
% |
|
|
311,733 |
|
443 |
0.19 |
% |
|
Certificates of Deposit |
|
1,188,454 |
|
43,224 |
4.85 |
% |
|
|
926,684 |
|
25,849 |
3.72 |
% |
|
Total interest-bearing deposits |
|
2,379,259 |
|
59,980 |
3.36 |
% |
|
|
2,249,032 |
|
38,192 |
2.26 |
% |
| Borrowed
funds |
|
513,193 |
|
17,549 |
4.56 |
% |
|
|
585,028 |
|
20,324 |
4.63 |
% |
| Total
interest-bearing liabilities |
|
2,892,452 |
|
77,529 |
3.57 |
% |
|
|
2,834,060 |
|
58,516 |
2.75 |
% |
|
Non-interest-bearing liabilities |
|
551,919 |
|
|
|
|
618,037 |
|
|
|
Total liabilities |
|
3,444,371 |
|
|
|
|
3,452,097 |
|
|
|
Stockholders' equity |
|
318,940 |
|
|
|
|
297,326 |
|
|
|
Total liabilities and stockholders' equity |
$ |
3,763,311 |
|
|
|
$ |
3,749,422 |
|
|
| Net
interest income |
|
$ |
69,827 |
|
|
|
$ |
80,140 |
|
| Net
interest rate spread(1) |
|
|
1.83 |
% |
|
|
|
2.35 |
% |
| Net
interest margin(2) |
|
|
2.56 |
% |
|
|
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
| (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. |
| |
Financial Condition
data by quarter |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| |
|
|
|
|
|
| |
(In thousands,
except book values) |
|
Total assets |
$ |
3,613,770 |
|
$ |
3,793,941 |
|
$ |
3,849,195 |
|
$ |
3,832,397 |
|
$ |
3,812,120 |
|
| Cash and
cash equivalents |
|
243,123 |
|
|
326,870 |
|
|
352,448 |
|
|
279,523 |
|
|
251,916 |
|
|
Securities |
|
108,302 |
|
|
94,965 |
|
|
96,189 |
|
|
96,862 |
|
|
94,444 |
|
| Loans
receivable, net |
|
3,087,914 |
|
|
3,161,925 |
|
|
3,226,877 |
|
|
3,279,708 |
|
|
3,285,727 |
|
|
Deposits |
|
2,724,580 |
|
|
2,935,239 |
|
|
2,991,659 |
|
|
2,979,080 |
|
|
2,819,556 |
|
|
Borrowings |
|
533,466 |
|
|
510,710 |
|
|
510,573 |
|
|
510,435 |
|
|
660,298 |
|
|
Stockholders’ equity |
|
328,113 |
|
|
320,732 |
|
|
320,131 |
|
|
314,055 |
|
|
303,636 |
|
| Book value
per common share1 |
$ |
17.50 |
|
$ |
17.17 |
|
$ |
17.24 |
|
$ |
17.10 |
|
$ |
16.79 |
|
| Tangible
book value per common share2 |
$ |
17.19 |
|
$ |
16.86 |
|
$ |
16.93 |
|
$ |
16.79 |
|
$ |
16.48 |
|
| |
|
|
|
|
|
| |
Operating data by quarter |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| |
(In thousands, except for per share amounts) |
| Net interest
income |
$ |
23,045 |
|
$ |
23,639 |
|
$ |
23,143 |
|
$ |
23,922 |
|
$ |
25,680 |
|
| Provision
for credit losses |
|
2,890 |
|
|
2,438 |
|
|
2,088 |
|
|
1,927 |
|
|
2,205 |
|
| Non-interest
income (loss) income |
|
3,127 |
|
|
(3,234 |
) |
|
2,109 |
|
|
3,228 |
|
|
1,406 |
|
| Non-interest
expense |
|
13,929 |
|
|
13,987 |
|
|
14,838 |
|
|
16,568 |
|
|
15,463 |
|
| Income tax
expense |
|
2,685 |
|
|
1,163 |
|
|
2,460 |
|
|
2,593 |
|
|
2,707 |
|
| Net
income |
$ |
6,668 |
|
$ |
2,817 |
|
$ |
5,866 |
|
$ |
6,062 |
|
$ |
6,711 |
|
| Net income
per diluted share |
$ |
0.36 |
|
$ |
0.14 |
|
$ |
0.32 |
|
$ |
0.35 |
|
$ |
0.39 |
|
| Common
Dividends declared per share |
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
| |
|
|
|
|
|
| |
Financial Ratios(3) |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| Return on
average assets |
|
0.72 |
% |
|
0.30 |
% |
|
0.61 |
% |
|
0.63 |
% |
|
0.70 |
% |
| Return on
average stockholders' equity |
|
8.29 |
% |
|
3.52 |
% |
|
7.46 |
% |
|
7.91 |
% |
|
8.92 |
% |
| Net interest
margin |
|
2.58 |
% |
|
2.60 |
% |
|
2.50 |
% |
|
2.57 |
% |
|
2.78 |
% |
|
Stockholders' equity to total assets |
|
9.08 |
% |
|
8.45 |
% |
|
8.32 |
% |
|
8.19 |
% |
|
7.97 |
% |
| Efficiency
Ratio4 |
|
53.22 |
% |
|
68.55 |
% |
|
58.76 |
% |
|
61.02 |
% |
|
57.09 |
% |
| |
|
|
|
|
|
| |
Asset Quality Ratios |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| |
(In thousands, except for ratio %) |
| Non-Accrual
Loans |
$ |
35,330 |
|
$ |
32,448 |
|
$ |
22,241 |
|
$ |
18,783 |
|
$ |
7,931 |
|
| Non-Accrual
Loans as a % of Total Loans |
|
1.13 |
% |
|
1.01 |
% |
|
0.68 |
% |
|
0.57 |
% |
|
0.24 |
% |
| ACL as % of
Non-Accrual Loans |
|
98.2 |
% |
|
108.6 |
% |
|
155.4 |
% |
|
178.9 |
% |
|
402.4 |
% |
| Individually
Analyzed Loans |
|
66,048 |
|
|
60,798 |
|
|
65,731 |
|
|
54,019 |
|
|
35,868 |
|
| Classified
Loans |
|
98,316 |
|
|
87,033 |
|
|
97,739 |
|
|
85,727 |
|
|
42,807 |
|
| |
|
|
|
|
|
| (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 |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| |
(In thousands) |
|
Residential one-to-four family |
$ |
241,050 |
|
$ |
242,706 |
|
$ |
244,762 |
|
$ |
248,295 |
|
$ |
251,845 |
|
| Commercial
and multi-family |
|
2,296,886 |
|
|
2,340,385 |
|
|
2,392,970 |
|
|
2,434,115 |
|
|
2,444,887 |
|
|
Construction |
|
146,471 |
|
|
173,207 |
|
|
180,975 |
|
|
192,816 |
|
|
185,202 |
|
| Commercial
business |
|
371,365 |
|
|
375,355 |
|
|
378,073 |
|
|
372,202 |
|
|
370,512 |
|
| Home
equity |
|
67,566 |
|
|
66,843 |
|
|
65,518 |
|
|
66,331 |
|
|
66,046 |
|
|
Consumer |
|
2,309 |
|
|
2,053 |
|
|
2,847 |
|
|
3,643 |
|
|
3,647 |
|
| |
$ |
3,125,647 |
|
$ |
3,200,549 |
|
$ |
3,265,145 |
|
$ |
3,317,402 |
|
$ |
3,322,139 |
|
| Less: |
|
|
|
|
|
|
Deferred loan fees, net |
|
(3,040 |
) |
|
(3,381 |
) |
|
(3,705 |
) |
|
(4,086 |
) |
|
(4,498 |
) |
|
Allowance for credit losses |
|
(34,693 |
) |
|
(35,243 |
) |
|
(34,563 |
) |
|
(33,608 |
) |
|
(31,914 |
) |
| |
|
|
|
|
|
|
Total loans, net |
$ |
3,087,914 |
|
$ |
3,161,925 |
|
$ |
3,226,877 |
|
$ |
3,279,708 |
|
$ |
3,285,727 |
|
| |
|
|
|
|
|
| |
Non-Accruing Loans in Portfolio by quarter |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| |
(In thousands) |
| Residential
one-to-four family |
$ |
410 |
|
$ |
350 |
|
$ |
429 |
|
$ |
270 |
|
$ |
178 |
|
| Commercial
and multi-family |
|
27,693 |
|
|
27,796 |
|
|
12,627 |
|
|
8,684 |
|
|
3,267 |
|
|
Construction |
|
586 |
|
|
586 |
|
|
3,225 |
|
|
4,292 |
|
|
2,886 |
|
| Commercial
business |
|
6,498 |
|
|
3,673 |
|
|
5,916 |
|
|
5,491 |
|
|
1,600 |
|
| Home
equity |
|
123 |
|
|
43 |
|
|
44 |
|
|
46 |
|
|
- |
|
|
Consumer |
|
20 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Total: |
$ |
35,330 |
|
$ |
32,448 |
|
$ |
22,241 |
|
$ |
18,783 |
|
$ |
7,931 |
|
| |
|
|
|
|
|
| |
Distribution of Deposits by quarter |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| |
(In
thousands) |
| Demand: |
|
|
|
|
|
|
Non-Interest Bearing |
$ |
528,089 |
|
$ |
523,816 |
|
$ |
531,112 |
|
$ |
536,264 |
|
$ |
523,912 |
|
|
Interest Bearing |
|
527,862 |
|
|
549,239 |
|
|
552,295 |
|
|
564,912 |
|
|
574,577 |
|
|
Money Market |
|
366,655 |
|
|
371,689 |
|
|
361,791 |
|
|
370,934 |
|
|
348,732 |
|
|
Sub-total: |
$ |
1,422,606 |
|
$ |
1,444,744 |
|
$ |
1,445,198 |
|
$ |
1,472,110 |
|
$ |
1,447,221 |
|
|
Savings and Club |
|
255,115 |
|
|
258,680 |
|
|
272,051 |
|
|
284,273 |
|
|
293,962 |
|
|
Certificates of Deposit |
|
1,046,859 |
|
|
1,231,815 |
|
|
1,274,410 |
|
|
1,222,697 |
|
|
1,078,373 |
|
|
Total Deposits: |
$ |
2,724,580 |
|
$ |
2,935,239 |
|
$ |
2,991,659 |
|
$ |
2,979,080 |
|
$ |
2,819,556 |
|
| |
|
|
|
|
|
| |
Reconciliation of GAAP to Non-GAAP Financial Measures by
quarter |
| |
|
|
|
|
|
| |
Tangible Book Value per Share |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| |
(In thousands,
except per share amounts) |
|
Total Stockholders' Equity |
$ |
328,113 |
|
$ |
320,732 |
|
$ |
320,131 |
|
$ |
314,055 |
|
$ |
303,636 |
|
| Less:
goodwill |
|
5,253 |
|
|
5,253 |
|
|
5,253 |
|
|
5,253 |
|
|
5,253 |
|
| Less:
preferred stock |
|
29,763 |
|
|
28,403 |
|
|
27,733 |
|
|
25,043 |
|
|
20,783 |
|
| Total
tangible common stockholders' equity |
|
293,097 |
|
|
287,076 |
|
|
287,145 |
|
|
283,759 |
|
|
277,601 |
|
| Shares
common shares outstanding |
|
17,048 |
|
|
17,029 |
|
|
16,957 |
|
|
16,904 |
|
|
16,848 |
|
| Book value
per common share |
$ |
17.50 |
|
$ |
17.17 |
|
$ |
17.24 |
|
$ |
17.10 |
|
$ |
16.79 |
|
| Tangible
book value per common share |
$ |
17.19 |
|
$ |
16.86 |
|
$ |
16.93 |
|
$ |
16.79 |
|
$ |
16.48 |
|
| |
|
|
|
|
|
| |
Efficiency Ratios |
| |
Q3 2024 |
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
| |
(In thousands,
except for ratio %) |
| Net interest
income |
$ |
23,045 |
|
$ |
23,639 |
|
$ |
23,143 |
|
$ |
23,922 |
|
$ |
25,680 |
|
| Non-interest
income (loss) |
|
3,127 |
|
|
(3,234 |
) |
|
2,109 |
|
|
3,228 |
|
|
1,406 |
|
| Total
income |
|
26,172 |
|
|
20,405 |
|
|
25,252 |
|
|
27,150 |
|
|
27,086 |
|
| Non-interest
expense |
|
13,929 |
|
|
13,987 |
|
|
14,838 |
|
|
16,568 |
|
|
15,463 |
|
| Efficiency
Ratio |
|
53.22 |
% |
|
68.55 |
% |
|
58.76 |
% |
|
61.02 |
% |
|
57.09 |
% |
| |
|
|
|
|
|
BCB Bancorp (NASDAQ:BCBP)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
BCB Bancorp (NASDAQ:BCBP)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
