BCB Bancorp, Inc. Reports Net Loss of $8.3 Million in First Quarter 2025; Declares Quarterly Cash Dividend of $0.16 Per Share
BCB Bancorp (NASDAQ: BCBP) reported a net loss of $8.3 million in Q1 2025, compared to net income of $3.3 million in Q4 2024 and $5.9 million in Q1 2024. The loss per diluted share was ($0.51). The decline was primarily attributed to a $13.7 million specific reserve for a $34.2 million cannabis sector loan and increased reserves of $3.1 million for the Business Express Loan portfolio.
Key financial metrics include:
- Total deposits: $2.687 billion (March 31, 2025)
- Net interest margin: 2.59%
- Total non-accrual loans increased to $99.8 million
- Allowance for credit losses: $51.5 million (1.73% of gross loans)
The Board declared a quarterly cash dividend of $0.16 per share, payable on May 21, 2025. Despite credit challenges, management emphasizes the bank remains well-capitalized due to positive capital actions taken throughout 2024.
BCB Bancorp (NASDAQ: BCBP) ha riportato una perdita netta di 8,3 milioni di dollari nel primo trimestre del 2025, rispetto a un utile netto di 3,3 milioni di dollari nel quarto trimestre del 2024 e 5,9 milioni nel primo trimestre del 2024. La perdita per azione diluita è stata di ($0,51). Il calo è stato principalmente dovuto a una riserva specifica di 13,7 milioni di dollari per un prestito di 34,2 milioni nel settore della cannabis e a un aumento delle riserve di 3,1 milioni per il portafoglio Business Express Loan.
Le principali metriche finanziarie includono:
- Depositi totali: 2,687 miliardi di dollari (31 marzo 2025)
- Margine di interesse netto: 2,59%
- Prestiti non produttivi totali aumentati a 99,8 milioni di dollari
- Fondo per perdite su crediti: 51,5 milioni di dollari (1,73% dei prestiti lordi)
Il Consiglio ha dichiarato un dividendo trimestrale in contanti di 0,16 dollari per azione, pagabile il 21 maggio 2025. Nonostante le difficoltà creditizie, la direzione sottolinea che la banca rimane ben capitalizzata grazie alle azioni positive sul capitale adottate durante il 2024.
BCB Bancorp (NASDAQ: BCBP) reportó una pérdida neta de 8,3 millones de dólares en el primer trimestre de 2025, en comparación con una ganancia neta de 3,3 millones en el cuarto trimestre de 2024 y 5,9 millones en el primer trimestre de 2024. La pérdida por acción diluida fue de ($0,51). La disminución se atribuye principalmente a una reserva específica de 13,7 millones de dólares para un préstamo de 34,2 millones en el sector del cannabis y a un aumento de reservas de 3,1 millones para la cartera Business Express Loan.
Las métricas financieras clave incluyen:
- Depósitos totales: 2,687 mil millones de dólares (31 de marzo de 2025)
- Margen neto de interés: 2,59%
- Préstamos en mora aumentaron a 99,8 millones de dólares
- Provisión para pérdidas crediticias: 51,5 millones de dólares (1,73% de los préstamos brutos)
La Junta declaró un dividendo trimestral en efectivo de 0,16 dólares por acción, pagadero el 21 de mayo de 2025. A pesar de los desafíos crediticios, la gerencia enfatiza que el banco sigue bien capitalizado gracias a las acciones positivas de capital tomadas durante 2024.
BCB Bancorp (NASDAQ: BCBP)는 2025년 1분기에 830만 달러의 순손실을 보고했으며, 이는 2024년 4분기 330만 달러 순이익과 2024년 1분기 590만 달러 순이익과 비교됩니다. 희석 주당 손실은 ($0.51)였습니다. 손실은 주로 3,420만 달러 대마초 산업 대출에 대한 1,370만 달러의 특정 준비금과 비즈니스 익스프레스 대출 포트폴리오에 대한 310만 달러의 준비금 증가 때문입니다.
주요 재무 지표는 다음과 같습니다:
- 총 예금: 26억 8,700만 달러 (2025년 3월 31일 기준)
- 순이자마진: 2.59%
- 연체 대출 총액 9,980만 달러로 증가
- 대손충당금: 5,150만 달러 (총 대출의 1.73%)
이사회는 2025년 5월 21일 지급 예정인 주당 0.16달러의 분기 현금 배당을 선언했습니다. 신용 문제에도 불구하고 경영진은 2024년 동안 취한 긍정적인 자본 조치 덕분에 은행이 자본을 잘 유지하고 있음을 강조합니다.
BCB Bancorp (NASDAQ : BCBP) a annoncé une perte nette de 8,3 millions de dollars au premier trimestre 2025, contre un bénéfice net de 3,3 millions au quatrième trimestre 2024 et de 5,9 millions au premier trimestre 2024. La perte par action diluée s’est élevée à (0,51 $). Ce recul est principalement dû à une provision spécifique de 13,7 millions de dollars pour un prêt de 34,2 millions dans le secteur du cannabis, ainsi qu’à une augmentation des provisions de 3,1 millions pour le portefeuille de prêts Business Express Loan.
Les principaux indicateurs financiers sont les suivants :
- Dépôts totaux : 2,687 milliards de dollars (31 mars 2025)
- Marge nette d’intérêt : 2,59 %
- Augmentation des prêts non productifs à 99,8 millions de dollars
- Provision pour pertes sur prêts : 51,5 millions de dollars (1,73 % des prêts bruts)
Le conseil d’administration a déclaré un dividende trimestriel en espèces de 0,16 $ par action, payable le 21 mai 2025. Malgré les défis liés au crédit, la direction souligne que la banque reste bien capitalisée grâce aux mesures positives prises en matière de capital tout au long de 2024.
BCB Bancorp (NASDAQ: BCBP) meldete im ersten Quartal 2025 einen Nettoverlust von 8,3 Millionen US-Dollar, verglichen mit einem Nettogewinn von 3,3 Millionen im vierten Quartal 2024 und 5,9 Millionen im ersten Quartal 2024. Der Verlust je verwässerter Aktie betrug ($0,51). Der Rückgang ist hauptsächlich auf eine spezifische Rückstellung von 13,7 Millionen US-Dollar für einen 34,2 Millionen US-Dollar umfassenden Kredit im Cannabissektor sowie auf erhöhte Rückstellungen von 3,1 Millionen für das Business Express Loan-Portfolio zurückzuführen.
Wichtige Finanzkennzahlen umfassen:
- Gesamteinlagen: 2,687 Milliarden US-Dollar (31. März 2025)
- Nettozinsmarge: 2,59%
- Gesamte notleidende Kredite stiegen auf 99,8 Millionen US-Dollar
- Rückstellung für Kreditverluste: 51,5 Millionen US-Dollar (1,73 % der Bruttokredite)
Der Vorstand hat eine vierteljährliche Bardividende von 0,16 US-Dollar je Aktie beschlossen, zahlbar am 21. Mai 2025. Trotz der Kreditherausforderungen betont das Management, dass die Bank aufgrund positiver Kapitalmaßnahmen im Jahr 2024 gut kapitalisiert bleibt.
- Net interest margin improved to 2.59% from 2.50% year-over-year
- Efficiency ratio improved to 61.6% from 62.1% in prior quarter
- Maintained quarterly dividend at $0.16 per share despite losses
- Bank remains well-capitalized following 2024 capital actions
- Net loss of $8.3 million in Q1 2025 vs $5.9 million profit in Q1 2024
- $13.7 million specific reserve required for cannabis sector loan
- Non-accrual loans increased to $99.8 million from $44.7 million in Q4 2024
- Total loans decreased 9.6% year-over-year to $2.918 billion
- Total deposits declined 2.3% to $2.687 billion from previous quarter
Insights
BCB Bancorp reported a significant Q1 loss driven by credit deterioration, particularly a large cannabis loan reserve, while maintaining dividend despite earnings pressure.
BCB Bancorp's Q1 2025 results reveal a dramatic shift from profitability to a $8.3 million net loss (-$0.51 per share), compared to $5.9 million profit a year ago. The loss stems primarily from credit quality deterioration, with the bank establishing a $13.7 million specific reserve for a $34.2 million cannabis sector loan and an additional $3.1 million reserve for their discontinued Business Express Loan portfolio.
Credit metrics show concerning trends. Non-accrual loans surged to $99.8 million (3.36% of gross loans), compared to $44.7 million last quarter and $22.2 million a year ago. The bank noted that over 60% of non-accrual loans remain current on payments, including the cannabis loan, but were downgraded based on borrowers' deteriorating financial conditions. The allowance coverage ratio fell to 51.6% of non-accrual loans, down from 77.8% last quarter and 155.4% a year ago.
The provision for credit losses jumped to $20.8 million, significantly higher than the $4.2 million in Q4 2024 and $2.1 million in Q1 2024. Net charge-offs increased to $4.2 million from $1.1 million a year ago.
On a more positive note, the net interest margin improved slightly to 2.59% from 2.50% a year ago, and the efficiency ratio of 61.6% showed modest improvement from 62.1% last quarter. The bank reduced its wholesale funding exposure by decreasing brokered deposits by $112.5 million.
Balance sheet trends show strategic deleveraging, with total assets decreasing 3.5% to $3.474 billion, loans decreasing 2.6% to $2.918 billion, and deposits declining 2.3% to $2.687 billion. The bank maintained a $0.16 quarterly dividend despite the loss, signaling management's belief that capital levels remain adequate to absorb these credit issues.
Management noted they've bolstered their credit risk team with new hires and implemented a more conservative risk framework to address these challenges, while affirming the bank remains well-capitalized due to capital actions taken throughout 2024.
BAYONNE, N.J., April 22, 2025 (GLOBE NEWSWIRE) -- BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported a net loss of
The Company also announced that its Board of Directors declared a regular quarterly cash dividend of
“Our first-quarter loss was primarily driven by a
“While these credit actions have impacted short-term results, they reflect our disciplined and proactive approach to risk management,” added Mr. Shriner. “Thanks to the positive capital actions taken throughout 2024, we remain well-capitalized, giving us the flexibility to address credit challenges head-on.”
“BCB Bank has bolstered its credit risk team with new hires who we believe bring deep expertise and a rigorous approach to underwriting,” said Mr. Shriner. “These efforts are part of a broader initiative to strengthen our credit quality oversight. Following a comprehensive portfolio review using a conservative risk framework, we’ve adjusted the risk ratings on a number of loans to better reflect current market realities. Importantly, the majority of our customers remain current on their payments, and our team is actively engaging with borrowers to secure updated financials and support improved risk profiles.”
Executive Summary
- Total deposits were
$2.68 7 billion at March 31, 2025 compared to$2.75 1 billion at December 31, 2024. - Net interest margin was 2.59 percent for the first quarter of 2025, compared to 2.53 percent for the fourth quarter of 2024, and 2.50 percent for the first quarter of 2024.
- Total yield on interest-earning assets was 5.20 percent for the first quarter of 2025, compared to 5.33 percent for both the fourth quarter of 2024, and the first quarter of 2024.
- Total cost of interest-bearing liabilities decreased 24 basis points to 3.33 percent for the first quarter of 2025, compared to 3.57 percent for the fourth quarter of 2024, and decreased 21 basis points to 3.54 percent for the first quarter of 2024.
- The efficiency ratio for the first quarter was 61.6 percent compared to 62.1 percent in the prior quarter, and 58.8 percent in the first quarter of 2024.
- The annualized return on average assets ratio for the first quarter was (0.95) percent, compared to 0.36 percent in the prior quarter, and 0.61 percent in the first quarter of 2024.
- The annualized return on average equity ratio for the first quarter was (10.4) percent, compared to 4.0 percent in the prior quarter, and 7.5 percent in the first quarter of 2024.
- The provision for credit losses was
$20.8 million in the first quarter of 2025 compared to$4.2 million for the fourth quarter of 2024. In the first quarter of 2024, the Bank recorded a provision of$2.1 million . - The allowance for credit losses (“ACL”) as a percentage of non-accrual loans was 51.6 percent at March 31, 2025 compared to 77.8 percent for the prior quarter-end and 155.4 percent at March 31, 2024. Total non-accrual loans were
$99.8 million at March 31, 2025,$44.7 million at December 31, 2024 and$22.2 million at March 31, 2024. - Total loans receivable, net of the allowance for credit losses, of
$2.91 8 billion at March 31, 2025, decreased 2.6 percent from$2.99 6 billion at December 31, 2024, and decreased 9.6 percent, from$3.22 7 billion at March 31, 2024.
Balance Sheet Review
Total assets decreased by
Total cash and cash equivalents decreased by
Loans receivable, net, decreased by
Total investment securities increased by
Deposits decreased by
Debt obligations decreased by
Stockholders’ equity decreased by
First Quarter 2025 Income Statement Review
The Company reported a net loss of
Interest income decreased by
Interest expense decreased by
The net interest margin was 2.59 percent for the first quarter of 2025 compared to 2.50 percent for the first quarter of 2024. The increase in the net interest margin compared to the first quarter of 2024 was the result of a decrease in the cost of interest-bearing liabilities partially offset by the decrease in the yield on interest-earning assets.
During the first quarter of 2025, the Company recognized
Non-interest income decreased by
Non-interest expense decreased by
The income tax provision decreased by
Asset Quality
During the first quarter of 2025, the Company recognized
The Bank had non-accrual loans totaling
About BCB Bancorp, Inc.
Established in 2000 and headquartered in Bayonne, N.J., BCB Community 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 four branches 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 global tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause increased loan delinquencies, 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, and labor shortages. 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; 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 hire and 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.
| Statements of Operations - Three Months Ended, | ||||||||||||||||
| March 31,2025 | December 31, 2024 | March 31, 2024 | Mar 31, 2025 vs. Dec 31, 2024 | Mar 31, 2025 vs. Mar 31, 2024 | ||||||||||||
| Interest and dividend income: | (In thousands, except per share amounts, Unaudited) | |||||||||||||||
| Loans, including fees | $ | 38,927 | $ | 41,431 | $ | 43,722 | -6.0 | % | -11.0 | % | ||||||
| Mortgage-backed securities | 561 | 473 | 305 | 18.6 | % | 83.9 | % | |||||||||
| Other investment securities | 968 | 978 | 975 | -1.0 | % | -0.7 | % | |||||||||
| FHLB stock and other interest-earning assets | 3,736 | 3,771 | 4,283 | -0.9 | % | -12.8 | % | |||||||||
| Total interest and dividend income | 44,192 | 46,653 | 49,285 | -5.3 | % | -10.3 | % | |||||||||
| Interest expense: | ||||||||||||||||
| Deposits: | ||||||||||||||||
| Demand | 5,418 | 5,866 | 5,257 | -7.6 | % | 3.1 | % | |||||||||
| Savings and club | 151 | 156 | 166 | -3.2 | % | -9.0 | % | |||||||||
| Certificates of deposit | 10,762 | 12,218 | 14,983 | -11.9 | % | -28.2 | % | |||||||||
| 16,331 | 18,240 | 20,406 | -10.5 | % | -20.0 | % | ||||||||||
| Borrowings | 5,856 | 6,219 | 5,736 | -5.8 | % | 2.1 | % | |||||||||
| Total interest expense | 22,187 | 24,459 | 26,142 | -9.3 | % | -15.1 | % | |||||||||
| Net interest income | 22,005 | 22,194 | 23,143 | -0.9 | % | -4.9 | % | |||||||||
| Provision for credit losses | 20,845 | 4,154 | 2,088 | 401.8 | % | 898.3 | % | |||||||||
| Net interest income after provision for credit losses | 1,160 | 18,040 | 21,055 | -93.6 | % | -94.5 | % | |||||||||
| Non-interest income income : | ||||||||||||||||
| Fees and service charges | 1,173 | 1,187 | 1,215 | -1.2 | % | -3.5 | % | |||||||||
| (Loss) gain on sales of loans | - | (554 | ) | 45 | -100.0 | % | -100.0 | % | ||||||||
| Realized and unrealized (loss) gain on equity investments | (115 | ) | (661 | ) | 130 | -82.6 | % | -188.5 | % | |||||||
| Bank-owned life insurance ("BOLI") income | 608 | 636 | 675 | -4.4 | % | -9.9 | % | |||||||||
| Other | 125 | 330 | 44 | -62.1 | % | 184.1 | % | |||||||||
| Total non-interest income | 1,791 | 938 | 2,109 | 90.9 | % | -15.1 | % | |||||||||
| Non-interest expense: | ||||||||||||||||
| Salaries and employee benefits | 7,403 | 7,117 | 6,981 | 4.0 | % | 6.0 | % | |||||||||
| Occupancy and equipment | 2,723 | 2,483 | 2,644 | 9.7 | % | 3.0 | % | |||||||||
| Data processing and communications | 1,844 | 1,754 | 1,853 | 5.1 | % | -0.5 | % | |||||||||
| Professional fees | 692 | 599 | 595 | 15.5 | % | 16.3 | % | |||||||||
| Director fees | 418 | 269 | 277 | 55.4 | % | 50.9 | % | |||||||||
| Regulatory assessment fees | 709 | 769 | 1,142 | -7.8 | % | -37.9 | % | |||||||||
| Advertising and promotions | 179 | 212 | 216 | -15.6 | % | -17.1 | % | |||||||||
| Other | 692 | 1,164 | 1,130 | -40.5 | % | -38.8 | % | |||||||||
| Total non-interest expense | 14,660 | 14,367 | 14,838 | 2.0 | % | -1.2 | % | |||||||||
| (Loss) Income before income tax provision | (11,709 | ) | 4,611 | 8,326 | -353.9 | % | -240.6 | % | ||||||||
| Income tax (benefit) provision | (3,385 | ) | 1,339 | 2,460 | -352.8 | % | -237.6 | % | ||||||||
| Net (Loss) Income | (8,324 | ) | 3,272 | 5,866 | -354.4 | % | -241.9 | % | ||||||||
| Preferred stock dividends | 482 | 475 | 434 | 1.6 | % | 11.0 | % | |||||||||
| Net (Loss) Income available to common stockholders | $ | (8,806 | ) | $ | 2,797 | $ | 5,432 | -414.8 | % | -262.1 | % | |||||
| Net (Loss) Income per common share-basic and diluted | ||||||||||||||||
| Basic | $ | (0.51 | ) | $ | 0.16 | $ | 0.32 | -413.8 | % | -260.4 | % | |||||
| Diluted | $ | (0.51 | ) | $ | 0.16 | $ | 0.32 | -414.7 | % | -260.5 | % | |||||
| Weighted average number of common shares outstanding | ||||||||||||||||
| Basic | 17,113 | 17,056 | 16,930 | 0.3 | % | 1.1 | % | |||||||||
| Diluted | 17,113 | 17,108 | 16,939 | 0.0 | % | 1.0 | % | |||||||||
| Statements of Financial Condition | March 31,2025 | December 31,2024 | March 31, 2024 | March 31, 2025 vs. December 31, 2024 | March 31, 2025 vs. March 31, 2024 | ||||||||||
| ASSETS | (In Thousands, Unaudited) | ||||||||||||||
| Cash and amounts due from depository institutions | $ | 11,977 | $ | 14,075 | $ | 11,795 | -14.9 | % | 1.5 | % | |||||
| Interest-earning deposits | 240,773 | 303,207 | 340,653 | -20.6 | % | -29.3 | % | ||||||||
| Total cash and cash equivalents | 252,750 | 317,282 | 352,448 | -20.3 | % | -28.3 | % | ||||||||
| Interest-earning time deposits | 735 | 735 | 735 | - | - | ||||||||||
| Debt securities available for sale | 116,496 | 101,717 | 86,966 | 14.5 | % | 34.0 | % | ||||||||
| Equity investments | 9,357 | 9,472 | 9,223 | -1.2 | % | 1.5 | % | ||||||||
| Loans held for sale | - | - | - | - | - | ||||||||||
| Loans receivable, net of allowance for credit losses on loans | |||||||||||||||
| of | 2,917,610 | 2,996,259 | 3,226,877 | -2.6 | % | -9.6 | % | ||||||||
| Federal Home Loan Bank of New York ("FHLB") stock, at cost | 22,066 | 24,272 | 24,917 | -9.1 | % | -11.4 | % | ||||||||
| Premises and equipment, net | 12,474 | 12,569 | 12,744 | -0.8 | % | -2.1 | % | ||||||||
| Accrued interest receivable | 16,354 | 15,176 | 17,442 | 7.8 | % | -6.2 | % | ||||||||
| Deferred income taxes | 22,814 | 17,181 | 17,555 | 32.8 | % | 30.0 | % | ||||||||
| Goodwill and other intangibles | 5,253 | 5,253 | 5,253 | 0.0 | % | 0.0 | % | ||||||||
| Operating lease right-of-use asset | 12,622 | 12,686 | 12,186 | -0.5 | % | 3.6 | % | ||||||||
| Bank-owned life insurance ("BOLI") | 76,648 | 76,040 | 74,081 | 0.8 | % | 3.5 | % | ||||||||
| Other assets | 8,643 | 10,476 | 8,768 | -17.5 | % | -1.4 | % | ||||||||
| Total Assets | $ | 3,473,822 | $ | 3,599,118 | $ | 3,849,195 | -3.5 | % | -9.8 | % | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||
| LIABILITIES | |||||||||||||||
| Non-interest bearing deposits | $ | 542,621 | $ | 520,387 | $ | 531,112 | 4.3 | % | 2.2 | % | |||||
| Interest bearing deposits | 2,143,887 | 2,230,471 | 2,460,547 | -3.9 | % | -12.9 | % | ||||||||
| Total deposits | 2,686,508 | 2,750,858 | 2,991,659 | -2.3 | % | -10.2 | % | ||||||||
| FHLB advances | 405,499 | 455,361 | 472,949 | -10.9 | % | -14.3 | % | ||||||||
| Subordinated debentures | 43,024 | 42,961 | 37,624 | 0.1 | % | 14.4 | % | ||||||||
| Operating lease liability | 13,087 | 13,139 | 12,579 | -0.4 | % | 4.0 | % | ||||||||
| Other liabilities | 10,982 | 12,874 | 14,253 | -14.7 | % | -22.9 | % | ||||||||
| Total Liabilities | 3,159,100 | 3,275,193 | 3,529,064 | -3.5 | % | -10.5 | % | ||||||||
| STOCKHOLDERS' EQUITY | |||||||||||||||
| Preferred stock: | - | - | - | - | - | ||||||||||
| Additional paid-in capital preferred stock | 25,243 | 24,723 | 27,733 | 2.1 | % | -9.0 | % | ||||||||
| Common stock: no par value, 40,000 shares authorized | - | - | - | 0.0 | % | 0.0 | % | ||||||||
| Additional paid-in capital common stock | 201,804 | 200,935 | 199,726 | 0.4 | % | 1.0 | % | ||||||||
| Retained earnings | 130,291 | 141,853 | 138,643 | -8.2 | % | -6.0 | % | ||||||||
| Accumulated other comprehensive loss | (4,269 | ) | (5,239 | ) | (7,624 | ) | - | - | |||||||
| Treasury stock, at cost | (38,347 | ) | (38,347 | ) | (38,347 | ) | 0.0 | % | 0.0 | % | |||||
| Total Stockholders' Equity | 314,722 | 323,925 | 320,131 | -2.8 | % | -1.7 | % | ||||||||
| Total Liabilities and Stockholders' Equity | $ | 3,473,822 | $ | 3,599,118 | $ | 3,849,195 | -3.5 | % | -9.8 | % | |||||
| Outstanding common shares | 17,163 | 17,063 | 16,957 | ||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||
| 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) | $ | 2,994,529 | $ | 38,927 | 5.27 | % | $ | 3,299,938 | $ | 43,722 | 5.30 | % | |||||||
| Investment Securities | 117,205 | 1,529 | 5.22 | % | 96,226 | 1,280 | 5.32 | % | |||||||||||
| Other Interest-earning assets (6) | 331,808 | 3,736 | 4.57 | % | 303,291 | 4,283 | 5.65 | % | |||||||||||
| Total Interest-earning assets | 3,443,542 | 44,192 | 5.20 | % | 3,699,455 | 49,285 | 5.33 | % | |||||||||||
| Non-interest-earning assets | 125,974 | 125,480 | |||||||||||||||||
| Total assets | $ | 3,569,516 | $ | 3,824,935 | |||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||
| Interest-bearing demand accounts | $ | 560,565 | $ | 2,369 | 1.71 | % | $ | 560,190 | $ | 2,230 | 1.59 | % | |||||||
| Money market accounts | 394,282 | 3,049 | 3.14 | % | 369,096 | 3,027 | 3.28 | % | |||||||||||
| Savings accounts | 252,227 | 151 | 0.24 | % | 277,731 | 166 | 0.24 | % | |||||||||||
| Certificates of Deposit | 1,005,669 | 10,762 | 4.34 | % | 1,239,807 | 14,983 | 4.83 | % | |||||||||||
| Total interest-bearing deposits | 2,212,743 | 16,331 | 2.99 | % | 2,446,824 | 20,406 | 3.34 | % | |||||||||||
| Borrowed funds | 488,418 | 5,856 | 4.86 | % | 510,503 | 5,736 | 4.49 | % | |||||||||||
| Total interest-bearing liabilities | 2,701,161 | 22,187 | 3.33 | % | 2,957,327 | 26,142 | 3.54 | % | |||||||||||
| Non-interest-bearing liabilities | 543,660 | 552,959 | |||||||||||||||||
| Total liabilities | 3,244,821 | 3,510,286 | |||||||||||||||||
| Stockholders' equity | 324,695 | 314,649 | |||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,569,516 | $ | 3,824,935 | |||||||||||||||
| Net interest income | $ | 22,005 | $ | 23,143 | |||||||||||||||
| Net interest rate spread(1) | 1.87 | % | 1.79 | % | |||||||||||||||
| Net interest margin(2) | 2.59 | % | 2.50 | % | |||||||||||||||
| (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 | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| (In thousands, except book values) | |||||||||||||||
| Total assets | $ | 3,473,822 | $ | 3,599,118 | $ | 3,613,770 | $ | 3,793,941 | $ | 3,849,195 | |||||
| Cash and cash equivalents | 252,750 | 317,282 | 243,123 | 326,870 | 352,448 | ||||||||||
| Securities | 125,853 | 111,189 | 108,302 | 94,965 | 96,189 | ||||||||||
| Loans receivable, net | 2,917,610 | 2,996,259 | 3,087,914 | 3,161,925 | 3,226,877 | ||||||||||
| Deposits | 2,686,508 | 2,750,858 | 2,724,580 | 2,935,239 | 2,991,659 | ||||||||||
| Borrowings | 448,523 | 498,322 | 533,466 | 510,710 | 510,573 | ||||||||||
| Stockholders’ equity | 314,722 | 323,925 | 328,113 | 320,732 | 320,131 | ||||||||||
| Book value per common share1 | $ | 16.87 | $ | 17.54 | $ | 17.50 | $ | 17.17 | $ | 17.24 | |||||
| Tangible book value per common share2 | $ | 16.56 | $ | 17.23 | $ | 17.19 | $ | 16.86 | $ | 16.93 | |||||
| Operating data by quarter | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| (In thousands, except for per share amounts) | |||||||||||||||
| Net interest income | $ | 22,005 | $ | 22,194 | $ | 23,045 | $ | 23,639 | $ | 23,143 | |||||
| Provision for credit losses | 20,845 | 4,154 | 2,890 | 2,438 | 2,088 | ||||||||||
| Non-interest income (loss) | 1,791 | 938 | 3,127 | (3,234 | ) | 2,109 | |||||||||
| Non-interest expense | 14,660 | 14,367 | 13,929 | 13,987 | 14,838 | ||||||||||
| Income tax (benefit) expense | (3,385 | ) | 1,339 | 2,685 | 1,163 | 2,460 | |||||||||
| Net (loss) income | $ | (8,324 | ) | $ | 3,272 | $ | 6,668 | $ | 2,817 | $ | 5,866 | ||||
| Net (loss) income per diluted share | $ | (0.51 | ) | $ | 0.16 | $ | 0.36 | $ | 0.14 | $ | 0.32 | ||||
| Common Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||
| Financial Ratios(3) | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| Return on average assets | (0.95 | %) | 0.36 | % | 0.72 | % | 0.30 | % | 0.61 | % | |||||
| Return on average stockholders' equity | (10.40 | %) | 4.04 | % | 8.29 | % | 3.52 | % | 7.46 | % | |||||
| Net interest margin | 2.59 | % | 2.53 | % | 2.58 | % | 2.60 | % | 2.50 | % | |||||
| Stockholders' equity to total assets | 9.06 | % | 9.00 | % | 9.08 | % | 8.45 | % | 8.32 | % | |||||
| Efficiency Ratio4 | 61.61 | % | 62.11 | % | 53.22 | % | 68.55 | % | 58.76 | % | |||||
| Asset Quality Ratios | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| (In thousands, except for ratio %) | |||||||||||||||
| Non-Accrual Loans | $ | 99,833 | $ | 44,708 | $ | 35,330 | $ | 32,448 | $ | 22,241 | |||||
| Non-Accrual Loans as a % of Total Loans | 3.36 | % | 1.48 | % | 1.13 | % | 1.01 | % | 0.68 | % | |||||
| ACL as % of Non-Accrual Loans | 51.6 | % | 77.8 | % | 98.2 | % | 108.6 | % | 155.4 | % | |||||
| Individually Analyzed Loans | 122,517 | 83,399 | 66,048 | 60,798 | 65,731 | ||||||||||
| Classified Loans | 251,989 | 152,714 | 98,316 | 87,033 | 97,739 | ||||||||||
| (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 | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| (In thousands) | |||||||||||||||
| Residential one-to-four family | $ | 232,456 | $ | 239,870 | $ | 241,050 | $ | 242,706 | $ | 244,762 | |||||
| Commercial and multi-family | 2,221,218 | 2,246,677 | 2,296,886 | 2,340,385 | 2,392,970 | ||||||||||
| Construction | 118,779 | 135,434 | 146,471 | 173,207 | 180,975 | ||||||||||
| Commercial business | 330,358 | 342,799 | 371,365 | 375,355 | 378,073 | ||||||||||
| Home equity | 66,479 | 66,769 | 67,566 | 66,843 | 65,518 | ||||||||||
| Consumer | 2,271 | 2,235 | 2,309 | 2,053 | 2,847 | ||||||||||
| $ | 2,971,561 | $ | 3,033,784 | $ | 3,125,647 | $ | 3,200,549 | $ | 3,265,145 | ||||||
| Less: | |||||||||||||||
| Deferred loan fees, net | (2,467 | ) | (2,736 | ) | (3,040 | ) | (3,381 | ) | (3,705 | ) | |||||
| Allowance for credit losses | (51,484 | ) | (34,789 | ) | (34,693 | ) | (35,243 | ) | (34,563 | ) | |||||
| Total loans, net | $ | 2,917,610 | $ | 2,996,259 | $ | 3,087,914 | $ | 3,161,925 | $ | 3,226,877 | |||||
| Non-Accruing Loans in Portfolio by quarter | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| (In thousands) | |||||||||||||||
| Residential one-to-four family | $ | 1,138 | $ | 1,387 | $ | 410 | $ | 350 | $ | 429 | |||||
| Commercial and multi-family | 89,296 | 32,974 | 27,693 | 27,796 | 12,627 | ||||||||||
| Construction | 586 | 586 | 586 | 586 | 3,225 | ||||||||||
| Commercial business | 8,374 | 9,530 | 6,498 | 3,673 | 5,916 | ||||||||||
| Home equity | 439 | 231 | 123 | 43 | 44 | ||||||||||
| Consumer | - | - | 20 | - | - | ||||||||||
| Total: | $ | 99,833 | $ | 44,708 | $ | 35,330 | $ | 32,448 | $ | 22,241 | |||||
| Distribution of Deposits by quarter | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| (In thousands) | |||||||||||||||
| Demand: | |||||||||||||||
| Non-Interest Bearing | $ | 542,620 | $ | 520,387 | $ | 528,089 | $ | 523,816 | $ | 531,112 | |||||
| Interest Bearing | 537,468 | 553,731 | 527,862 | 549,239 | 552,295 | ||||||||||
| Money Market | 405,793 | 395,004 | 366,655 | 371,689 | 361,791 | ||||||||||
| Sub-total: | $ | 1,485,881 | $ | 1,469,122 | $ | 1,422,606 | $ | 1,444,744 | $ | 1,445,198 | |||||
| Savings and Club | 254,732 | 252,491 | 255,115 | 258,680 | 272,051 | ||||||||||
| Certificates of Deposit | 945,895 | 1,029,245 | 1,046,859 | 1,231,815 | 1,274,410 | ||||||||||
| Total Deposits: | $ | 2,686,508 | $ | 2,750,858 | $ | 2,724,580 | $ | 2,935,239 | $ | 2,991,659 | |||||
| Reconciliation of GAAP to Non-GAAP Financial Measures by quarter | |||||||||||||||
| Tangible Book Value per Share | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| Total Stockholders' Equity | $ | 314,722 | $ | 323,925 | $ | 328,113 | $ | 320,732 | $ | 320,131 | |||||
| Less: goodwill | 5,253 | 5,253 | 5,253 | 5,253 | 5,253 | ||||||||||
| Less: preferred stock | 25,243 | 24,723 | 29,763 | 28,403 | 27,733 | ||||||||||
| Total tangible common stockholders' equity | 284,226 | 293,949 | 293,097 | 287,076 | 287,145 | ||||||||||
| Shares common shares outstanding | 17,163 | 17,063 | 17,048 | 17,029 | 16,957 | ||||||||||
| Book value per common share | $ | 16.87 | $ | 17.54 | $ | 17.50 | $ | 17.17 | $ | 17.24 | |||||
| Tangible book value per common share | $ | 16.56 | $ | 17.23 | $ | 17.19 | $ | 16.86 | $ | 16.93 | |||||
| Efficiency Ratios | |||||||||||||||
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||
| (In thousands, except for ratio %) | |||||||||||||||
| Net interest income | $ | 22,005 | $ | 22,194 | $ | 23,045 | $ | 23,639 | $ | 23,143 | |||||
| Non-interest income (loss) | 1,791 | 938 | 3,127 | (3,234 | ) | 2,109 | |||||||||
| Total income | 23,796 | 23,132 | 26,172 | 20,405 | 25,252 | ||||||||||
| Non-interest expense | 14,660 | 14,367 | 13,929 | 13,987 | 14,838 | ||||||||||
| Efficiency Ratio | 61.61 | % | 62.11 | % | 53.22 | % | 68.55 | % | 58.76 | % | |||||
| Contact: | Michael Shriner, President & CEO Jawad Chaudhry, EVP & CFO (201) 823-0700 |
FAQ
What caused BCB Bancorp's $8.3 million loss in Q1 2025?
How much is BCBP's quarterly dividend payment in 2025?
What is BCBP's current non-accrual loan status as of Q1 2025?
How has BCBP's deposit base changed in Q1 2025?
What is BCBP's current allowance for credit losses ratio?
