Bcb Bancorp Stock Price, News & Analysis

BCB Bancorp (NASDAQ: BCBP) reported Q4 2024 net income of $3.3 million ($0.16 per diluted share), down from $6.7 million in Q3 2024 and $6.1 million in Q4 2023. The Board declared a quarterly cash dividend of $0.16 per share, payable February 24, 2025.

Key financial metrics show total deposits at $2.751 billion, net interest margin at 2.53%, and total assets decreased by 6.1% to $3.599 billion. The company experienced increased credit challenges with non-accrual loans rising to $44.7 million (1.48% of gross loans) from $18.8 million year-over-year. The provision for credit losses increased to $4.2 million in Q4 2024 compared to $1.9 million in Q4 2023.

Total loans receivable decreased by 8.6% to $2.996 billion, while the allowance for credit losses ratio increased to 1.15%. The company reported net charge-offs of $4.1 million in Q4 2024 compared to $233 thousand in Q4 2023.

BCB Bancorp (NASDAQ: BCBP) announced the election of Michael J. Widmer to the Board of Directors of both BCB Bancorp and BCB Community Bank, effective December 4, 2024. Widmer brings over 40 years of banking experience in New Jersey and previously served as a bank consultant for BCB Community Bank, where he helped implement loan origination systems, reviewed data processing contracts, and installed a new online banking system.

Prior to consulting, Widmer was Executive Vice President and Head of Operations at Northfield Bank for eighteen years, overseeing Deposit Operations, Loan Servicing, BSA, Security, Property Management, and Information Technology. He also held executive positions at Liberty Bank and holds an MBA from St. John's University and a BS in Accounting from Rutgers University.

BCB Bancorp (NASDAQ: BCBP) has extended its exchange offer for its 9.25% Fixed-to-Floating Rate Subordinated Notes due 2034. The offer allows holders to exchange up to $40 million aggregate principal amount of outstanding notes for an equivalent amount of notes registered under the Securities Act of 1933. The deadline has been extended from December 3, 2024, to December 5, 2024, at 5:00 p.m. Eastern Time. As of December 3, 2024, $39 million (97.5%) of the outstanding notes had been tendered in the exchange offer.

BCB Bancorp, Inc. reported net income of $6.7 million for the third quarter of 2024, with earnings per diluted share of $0.36. The company declared a quarterly cash dividend of $0.16 per share. Key financial highlights include:

- Total deposits decreased to $2.725 billion
- Net interest margin was 2.58%
- Efficiency ratio improved to 53.22%
- Return on average assets was 0.72%
- Return on average equity was 8.29%
- Allowance for credit losses increased to 1.11% of gross loans

The company successfully completed a $40 million subordinated debt offering, strengthening its capital position. Total assets decreased by 5.7% to $3.614 billion, mainly due to a decrease in loans. The company experienced higher non-interest income and lower non-interest expenses compared to the same quarter in 2023.

BCB Bancorp, Inc. (NASDAQ: BCBP) has successfully completed a $40.0 million private placement of subordinated notes due 2034. The notes initially bear a fixed rate of 9.250% for the first five years, then reset quarterly to the three-month SOFR plus 582 basis points. Rated BBB+ by Egan-Jones, the notes are intended to qualify as Tier 2 capital for the company and Tier 1 capital for BCB Community Bank.

The proceeds will be used to refinance $33.5 million of existing subordinated notes and for general corporate purposes. This transaction aligns with BCB Bancorp's long-term capital management strategy, providing additional regulatory capital without diluting shareholder value. Piper Sandler & Co. served as the sole placement agent, with Stevens & Lee, P.C. as legal counsel to the company.

BCB Bancorp, Inc. (NASDAQ: BCBP) reported net income of $2.8 million for Q2 2024, down from $5.9 million in Q1 2024 and $8.6 million in Q2 2023. Earnings per diluted share were $0.14, compared to $0.32 in Q1 2024 and $0.50 in Q2 2023. The Bank agreed to sell a $38.4 million loan pool, resulting in a $4.6 million pre-tax loss. Without this and other one-time items, Q2 net income would have been $6.4 million with EPS of $0.35. The Board declared a quarterly cash dividend of $0.16 per share. Key metrics include:

• Total deposits: $2.935 billion
• Net interest margin: 2.60%
• Efficiency ratio: 68.55%
• Return on average assets: 0.30%
• Return on average equity: 3.52%

BCB Bancorp (NASDAQ: BCBP) and BCB Community Bank announced the election of Raymond J. Vanaria to their Boards of Directors, effective immediately. A seasoned accountant, Vanaria joined Malesardi, Quackenbush, Swift & Co. in 1983 and became a member in 1988. He specializes in taxation, auditing, and small business consulting and has profound experience in corporate governance. Vanaria has previously served on the Boards of Fulton Bank, Millington Bank, and ConnectOne Bank, where he chaired the Audit Committee. His professional affiliations include the American Institute of Certified Public Accountants, the New Jersey Society of Certified Public Accountants, and MSI Global Alliance. Vanaria holds a BS and an MBA in Finance from Fairleigh Dickinson University. Mark D. Hogan, Chairman of BCB's Board, praised Vanaria’s skills and reputation, particularly in accounting and taxation, which will strengthen the Board.

BCB Bancorp, Inc. and BCB Community Bank have elected Tara L. French to their Boards of Directors. Ms. French brings extensive banking and finance experience from her previous roles at Northfield Bank and the Office of the Comptroller of the Currency. Her addition is expected to enhance the Boards' capabilities as they strive to expand their franchise.