BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding
company for BCB Community Bank (the “Bank”), today reported net
income of $6.1 million for the fourth quarter of 2023, compared to
$6.7 million in the third quarter of 2023, and $12.1 million for
the fourth quarter of 2022. Earnings per diluted share for the
fourth quarter of 2023 were $0.35, compared to $0.39 in the
preceding quarter and $0.69 in the fourth quarter of 2022.
The Company announced that its Board of
Directors declared a regular quarterly cash dividend of $0.16 per
share. The dividend will be payable on February 16, 2024 to common
shareholders of record on February 5, 2024.
As previously announced, the Company named
Michael A. Shriner as the President and Chief Executive Officer of
BCB Bancorp, Inc. and BCB Bank, effective January 1, 2024. Mr.
Shriner, a 36-year veteran of banking, was formerly President and
Chief Executive Officer of Millington, New Jersey-based MSB
Financial Corp. and Millington Bank prior to being acquired by
Kearny Bank. Mr. Shriner joined Millington Bank in 1987 and held
various leadership positions including that of Chief Operating
Officer and Board member prior to his promotion to President and
Chief Executive Officer in 2012. Most recently, he held the role of
Market President for Kearny Bank where he transitioned legacy
Millington Bank customers to Kearny Bank following the merger.
“BCB Bank is committed to its community and
focused on providing best-in-class service to its customers.
Historically, the Bank has posted strong growth while prudently
managing its profitability, liquidity, capital, and asset quality
profile. I am thrilled to be a part of the BCB Bank team and I am
excited at the prospect of leading this organization and to achieve
our future financial goals and initiatives,” stated Mr.
Shriner.
Executive Summary
- Total deposits were $2.979 billion
at December 31, 2023 compared to $2.820 billion at September 30,
2023.
- Net interest margin was 2.57
percent for the fourth quarter of 2023, compared to 2.78 percent
for the third quarter of 2023, and 3.76 percent for the fourth
quarter of 2022.
- Total yield on interest-earning
assets increased 2 basis points to 5.33 percent for the fourth
quarter of 2023, compared to 5.31 percent for the third quarter of
2023, and increased 48 basis points from 4.85 percent for the
fourth quarter of 2022.
- Total cost of interest-bearing
liabilities increased 28 basis points to 3.45 percent for the
fourth quarter of 2023, compared to 3.17 percent for the third
quarter of 2023, and increased 199 basis points from 1.46 percent
for the fourth quarter of 2022.
- The efficiency ratio for the fourth
quarter was 61.0 percent compared to 57.1 percent in the prior
quarter, and 51.3 percent in the fourth quarter of 2022.
- The annualized return on average
assets ratio for the fourth quarter was 0.63 percent, compared to
0.70 percent in the prior quarter, and 1.46 percent in the fourth
quarter of 2022.
- The annualized return on average
equity ratio for the fourth quarter was 7.9 percent, compared to
8.9 percent in the prior quarter, and 17.0 percent in the fourth
quarter of 2022.
- The provision for credit losses was
$1.9 million in the fourth quarter of 2023 compared to $2.2 million
for the third quarter of 2023. In the fourth quarter of 2022 the
Bank recorded a credit to the provision of $500 thousand.
- The allowance for credit losses
(“ACL”) as a percentage of non-accrual loans was 178.9 percent at
December 31, 2023, compared to 402.4 percent for the prior
quarter-end and 633.6 percent at December 31, 2022. The total
non-accrual loans were $18.8 million at December 31, 2023, $7.9
million at September 30, 2023 and $5.1 million at December 31,
2022.
- Total loans receivable, net of the
allowance for credit losses, increased 7.7 percent to $3.280
billion at December 31, 2023, up from $3.045 billion at December
31, 2022, but down 0.2 percent from $3.286 billion at September 30,
2023.
Balance Sheet Review
Total assets increased by $286.2 million, or 8.1
percent, to $3.832 billion at December 31, 2023, from $3.546
billion at December 31, 2022. The increase in total assets was
mainly related to increases in total loans and in cash and cash
equivalents.
Total cash and cash equivalents increased by
$50.2 million, or 21.9 percent, to $279.5 million at December 31,
2023, from $229.4 million at December 31, 2022. The increase was
primarily due to an increase in Federal Home Loan Bank (“FHLB”)
borrowings and in deposits.
Loans receivable, net, increased by $234.4
million, or 7.7 percent, to $3.280 billion at December 31, 2023,
from $3.045 billion at December 31, 2022. Total loan increases
during 2023 included increases of $90.2 million in commercial
business loans, $88.9 million in commercial real estate and
multi-family loans, $47.9 million in construction loans and $9.8
million in home equity and consumer loans. 1-4 family residential
loans decreased $1.8 million. The allowance for credit losses
increased $1.2 million to $33.6 million, or 178.9 percent of
non-accruing loans and 1.01 percent of gross loans, at December 31,
2023, as compared to an allowance for credit losses of $32.4
million, or 633.6 percent of non-accruing loans and 1.05 percent of
gross loans, at December 31, 2022.
Total investment securities decreased by $12.5
million, or 11.5 percent, to $96.9 million at December 31, 2023,
from $109.4 million at December 31, 2022, representing unrealized
losses, calls and maturities, and repayments.
Deposit liabilities increased by $167.5 million,
or 6.0 percent, to $2.979 billion at December 31, 2023, from $2.812
billion at December 31, 2022. Certificates of deposits and money
market accounts increased $417.9 million and $65.4 million,
respectively, offset by interest bearing demand, non-interest
bearing and savings and club accounts which declined $315.8 million
during the twelve months of 2023.
Debt obligations increased by $90.7 million to
$510.4 million at December 31, 2023 from $419.7 million at December
31, 2022. The weighted average interest rate of FHLB advances was
4.21 percent at December 31, 2023 and 4.07 percent at December 31,
2022. The weighted average maturity of FHLB advances as of December
31, 2023 was 1.93 years. The interest rate of our subordinated debt
balances was 8.36 percent at December 31, 2023 and 5.62 percent at
December 31, 2022 due to the fixed-rate period on such debt ending
as of July 31, 2023.
Stockholders’ equity increased by $22.8 million,
or 7.8 percent, to $314.1 million at December 31, 2023, from $291.3
million at December 31, 2022. The increase was primarily
attributable to the increase in retained earnings of $20.8 million,
or 18.1 percent, to $135.9 million at December 31, 2023 from $115.1
million at December 31, 2023.
Fourth Quarter 2023 Income Statement
Review
Net income was $6.1 million for the fourth
quarter ended December 31, 2023 and $12.1 million for the
fourth quarter ended December 31, 2022. The decline was primarily
driven by lower net interest income, higher credit loss
provisioning and higher non-interest expenses, which were partially
offset by an increase in non-interest income for the fourth quarter
of 2023 as compared with the fourth quarter of 2022.
Net interest income decreased by $6.3 million,
or 20.7 percent, to $23.9 million for the fourth quarter of
2023, from $30.2 million for the fourth quarter of 2022. The
decrease in net interest income resulted from higher interest
expense which was partially offset by higher interest income.
Interest income increased by $10.8 million, or
27.9 percent, to $49.7 million for the fourth quarter of 2023 from
$38.9 million for the fourth quarter of 2022. The average
balance of interest-earning assets increased $521.4 million, or
16.3 percent, to $3.729 billion for the fourth quarter of 2023 from
$3.207 billion for the fourth quarter of 2022, while the average
yield increased 48 basis points to 5.33 percent for the fourth
quarter of 2023 from 4.85 percent for the fourth quarter of
2022.
Interest expense increased by $17.1 million to
$25.8 million for the fourth quarter of 2023 from
$8.7 million for the fourth quarter of 2022. The increase
resulted primarily from an increase in the average rate on
interest-bearing liabilities of 199 basis points to 3.45 percent
for the fourth quarter of 2023 from 1.46 percent for the fourth
quarter of 2022, while the average balance of interest-bearing
liabilities increased by $607.5 million to $2.990 billion for the
fourth quarter of 2023 from $2.382 billion for the fourth quarter
of 2022. The increase in the average cost of funds resulted
primarily from the persistently high interest rate environment.
The net interest margin was 2.57 percent for the
fourth quarter of 2023 compared to 3.76 percent for the fourth
quarter of 2022. The decrease in the net interest margin compared
to the fourth quarter of 2022 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 fourth quarter of 2023, the Company
recognized $233,000 in net charge-offs compared to $322,000 in net
charge-offs in the fourth quarter of 2022. The Bank had non-accrual
loans totaling $18.8 million, or 0.57 percent of gross loans,
at December 31, 2023 as compared to $5.1 million, or 0.17
percent of gross loans, at December 31, 2022. The allowance for
credit losses on loans was $33.6 million, or 1.01 percent of
gross loans at December 31, 2023, and $32.4 million, or 1.05
percent of gross loans at December 31, 2022. The provision for
credit losses was $1.9 million for the fourth quarter of 2023
compared to a $500,000 credit for the fourth quarter of 2022.
Management believes that the allowance for credit losses on loans
was adequate at December 31, 2023 and December 31, 2022.
Non-interest income increased by $2.2 million to
$3.2 million for the fourth quarter of 2023 from $1.1 million
for the fourth quarter of 2022. The increase in total non-interest
income was mainly related to gains on equity securities of $1.8
million and an increase in fees and service charges of
$307,000.
Non-interest expense increased by $531,000, or
3.3 percent, to $16.6 million for the fourth quarter of 2023
from $16.0 million for the fourth quarter of 2022. The
increase in such expenses for the fourth quarter of 2023 was
primarily driven by higher regulatory assessment charges, higher
salaries and employee benefits, and increased data processing
expenses compared to the fourth quarter of 2022. The fourth quarter
of 2023 salaries and benefits expense included a previously
disclosed one-time payment of $1.17 million to Thomas Coughlin, the
Company’s former President and Chief Executive Officer.
The income tax provision decreased by $1.0
million, or 28.6 percent, to $2.6 million for the fourth
quarter of 2023 from $3.6 million for the fourth quarter of
2022. The consolidated effective tax rate was 29.9 percent for the
fourth quarter of 2023 compared to 23.1 percent for the fourth
quarter of 2022. The income tax provision for the fourth quarter of
2022 benefited from the reversal of a portion of tax accrual that
was no longer required to cover the tax liability.
Year-to-Date Income Statement
Review
Net income decreased by $16.1 million, or
35.3 percent, to $29.5 million for the year ended December 31,
2023 from $45.6 million for the year ended December 31, 2022.
The decrease in net income was driven by less net interest income
and an increased provision for credit losses on loans being
recorded.
Net interest income decreased by
$9.9 million, or 8.7 percent, to $104.1 million for the year
of 2023 from $113.9 million for the year of 2022. The decrease in
net interest income resulted from a $66.8 million increase in
interest expense, offset by an increase of $56.9 million in
interest income.
The $56.9 million increase in interest income to
$188.4 million for the twelve months of 2023, was a 43.3 percent
increase from $131.4 million for the twelve months of 2022. The
average balance of interest-earning assets increased $641.0
million, or 21.3 percent, to $3.652 billion for the twelve months
of 2023, from $3.011 billion for the twelve months of 2022, while
the average yield increased 79 basis points to 5.16 percent from
4.37 percent for the same comparable period. The increase in the
average balance of interest-earning assets and in interest income
mainly related to an increase in the average balance of loans
receivable of $654.6 million to $3.281 billion for the twelve
months of 2023, from $2.627 billion for the twelve months of
2022.
The $66.8 million increase in interest expense
to $84.3 million for the twelve months of 2023, was a 381.8 percent
increase from $17.5 million for the 2022 comparable period. This
increase resulted primarily from an increase in the average rate on
interest-bearing liabilities of 214 basis points to 2.93 percent
for the twelve months of 2023, from 0.79 percent for the twelve
months of 2022, and an increase in the average balance of
interest-bearing liabilities of $667.5 million, or 30.3 percent, to
$2.873 billion from $2.206 billion over the same comparable
periods. The increase in the average cost of funds primarily
resulted from the high interest rate environment and an increase in
the level of borrowed funds in the twelve months of 2023 compared
to the same period in 2022.
Net interest margin was 2.85 percent for the
twelve months of 2023, compared to 3.78 percent for the twelve
months of 2022. The decrease in the net interest margin compared to
the prior period was the result of an increase in the average
volume of interest-bearing liabilities as well as an increase in
the cost of interest-bearing liabilities.
During the twelve months of 2023, the Company
recognized $704,000 in net-charge offs compared to $1.7 million in
net-charge offs for the same period in 2022.
Non-interest income increased by $2.5 million to
$4.1 million for the twelve months of 2023 from $1.6 million for
the twelve months of 2022. The improvement in total non-interest
income was mainly related to a $2.9 million decrease in the
realized and unrealized losses on equity securities. The realized
and unrealized losses on equity securities are based on market
conditions.
Non-interest expense increased by $5.1 million,
or 9.2 percent, to $60.6 million for the twelve months of 2023
from $55.5 million for the same period in 2022. The increase in
operating expenses for 2023 was driven primarily by an increase in
salaries and employee benefits, an increase in regulatory
assessments, and higher data processing expenses. The 2023 salaries
and benefits expense included the payment to Mr. Coughlin described
above.
The income tax provision decreased by $5.5
million or 31.7 percent, to $12.0 million for the twelve months of
2023 from $17.5 million for the same period in 2022. The decrease
in the income tax provision was a result of the lower taxable
income for the twelve months ended December 31, 2023 compared to
the same period in 2022. The consolidated effective tax rate was
28.9 percent for the twelve months of 2023 compared to 27.8 percent
for the twelve months of 2022.
Asset Quality
The Bank had non-accrual loans totaling
$18.8 million, or 0.57 percent, of gross loans at December 31,
2023, as compared to $5.1 million, or 0.17 percent, of gross
loans at December 31, 2022. The allowance for credit losses was
$33.6 million, or 1.01 percent of gross loans at December 31,
2023, and $32.4 million, or 1.05 percent of gross loans at December
31, 2022. The allowance for credit losses was 178.9 percent of
non-accrual loans at December 31, 2023, and 633.6 percent of
non-accrual loans at December 31, 2022.
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-four 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 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; 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, in Part II, Item 1A of our
quarterly reports on Form 10-Q, 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 & CEOJawad Chaudhry, EVP
& CFO(201) 823-0700
|
Statements
of Income - Three Months Ended, |
|
|
|
|
December 31, 2023 |
September 30, 2023 |
December 31, 2022 |
Dec 31, 2023 vs. Sept 30, 2023 |
|
Dec 31, 2023 vs. Dec 31, 2022 |
Interest and dividend income: |
(In
thousands, except per share amounts, Unaudited) |
|
|
|
Loans, including fees |
$ |
43,893 |
$ |
44,133 |
|
$ |
36,173 |
|
-0.5 |
% |
|
21.3 |
% |
Mortgage-backed securities |
|
293 |
|
217 |
|
|
185 |
|
35.0 |
% |
|
58.4 |
% |
Other investment securities |
|
991 |
|
1,045 |
|
|
1,177 |
|
-5.2 |
% |
|
-15.8 |
% |
FHLB stock and other interest-earning assets |
|
4,527 |
|
3,672 |
|
|
1,321 |
|
23.3 |
% |
|
242.7 |
% |
Total interest and dividend
income |
|
49,704 |
|
49,067 |
|
|
38,856 |
|
1.3 |
% |
|
27.9 |
% |
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand |
|
5,015 |
|
4,556 |
|
|
2,410 |
|
10.1 |
% |
|
108.1 |
% |
Savings and club |
|
177 |
|
182 |
|
|
118 |
|
-2.7 |
% |
|
50.0 |
% |
Certificates of deposit |
|
13,308 |
|
10,922 |
|
|
3,973 |
|
21.8 |
% |
|
235.0 |
% |
|
|
18,500 |
|
15,660 |
|
|
6,501 |
|
18.1 |
% |
|
184.6 |
% |
Borrowings |
|
7,282 |
|
7,727 |
|
|
2,174 |
|
-5.8 |
% |
|
235.0 |
% |
Total interest
expense |
|
25,782 |
|
23,387 |
|
|
8,675 |
|
10.2 |
% |
|
197.2 |
% |
|
|
|
|
|
|
|
Net
interest income |
|
23,922 |
|
25,680 |
|
|
30,181 |
|
-6.8 |
% |
|
-20.7 |
% |
Provision (benefit) for credit losses |
|
1,927 |
|
2,205 |
|
|
(500 |
) |
-12.6 |
% |
|
-485.4 |
% |
|
|
|
|
|
|
|
Net
interest income after provision (benefit) for credit
losses |
|
21,995 |
|
23,475 |
|
|
30,681 |
|
-6.3 |
% |
|
-28.3 |
% |
|
|
|
|
|
|
|
Non-interest income (loss): |
|
|
|
|
|
|
Fees and service charges |
|
1,445 |
|
1,349 |
|
|
1,138 |
|
7.1 |
% |
|
27.0 |
% |
Gain on sales of loans |
|
11 |
|
19 |
|
|
3 |
|
-42.1 |
% |
|
266.7 |
% |
Gain on sale of other real estate owned |
|
77 |
|
- |
|
|
- |
|
- |
|
|
- |
|
Realized and unrealized gain (loss) on equity
investments |
|
1,029 |
|
(494 |
) |
|
(723 |
) |
-308.3 |
% |
|
-242.3 |
% |
BOLI income |
|
597 |
|
466 |
|
|
584 |
|
28.1 |
% |
|
2.2 |
% |
Other |
|
69 |
|
66 |
|
|
60 |
|
4.5 |
% |
|
15.0 |
% |
Total non-interest
income |
|
3,228 |
|
1,406 |
|
|
1,062 |
|
129.6 |
% |
|
204.0 |
% |
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
7,974 |
|
7,524 |
|
|
7,626 |
|
6.0 |
% |
|
4.6 |
% |
Occupancy and equipment |
|
2,606 |
|
2,622 |
|
|
2,651 |
|
-0.6 |
% |
|
-1.7 |
% |
Data processing and communications |
|
1,721 |
|
1,787 |
|
|
1,579 |
|
-3.7 |
% |
|
9.0 |
% |
Professional fees |
|
987 |
|
560 |
|
|
2,169 |
|
76.3 |
% |
|
-54.5 |
% |
Director fees |
|
274 |
|
274 |
|
|
261 |
|
0.0 |
% |
|
5.0 |
% |
Regulatory assessment fees |
|
1,142 |
|
1,111 |
|
|
431 |
|
2.8 |
% |
|
165.0 |
% |
Advertising and promotions |
|
403 |
|
317 |
|
|
260 |
|
27.1 |
% |
|
55.0 |
% |
Other real estate owned, net |
|
4 |
|
1 |
|
|
4 |
|
300.0 |
% |
|
0.0 |
% |
Other |
|
1,457 |
|
1,267 |
|
|
1,056 |
|
15.0 |
% |
|
38.0 |
% |
Total non-interest
expense |
|
16,568 |
|
15,463 |
|
|
16,037 |
|
7.1 |
% |
|
3.3 |
% |
|
|
|
|
|
|
|
Income before income tax provision |
|
8,655 |
|
9,418 |
|
|
15,706 |
|
-8.1 |
% |
|
-44.9 |
% |
Income tax provision |
|
2,593 |
|
2,707 |
|
|
3,634 |
|
-4.2 |
% |
|
-28.6 |
% |
|
|
|
|
|
|
|
Net
Income |
|
6,062 |
|
6,711 |
|
|
12,072 |
|
-9.7 |
% |
|
-49.8 |
% |
Preferred stock dividends |
|
182 |
|
173 |
|
|
172 |
|
5.2 |
% |
|
5.6 |
% |
Net
Income available to common stockholders |
$ |
5,880 |
$ |
6,538 |
|
$ |
11,900 |
|
-10.1 |
% |
|
-50.6 |
% |
|
|
|
|
|
|
|
Net
Income per common share-basic and diluted |
|
|
|
|
|
|
Basic |
$ |
0.35 |
$ |
0.39 |
|
$ |
0.70 |
|
-10.3 |
% |
|
-50.5 |
% |
Diluted |
$ |
0.35 |
$ |
0.39 |
|
$ |
0.69 |
|
-10.2 |
% |
|
-49.4 |
% |
|
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
|
Basic |
|
16,876 |
|
16,830 |
|
|
16,916 |
|
0.3 |
% |
|
-0.2 |
% |
Diluted |
|
16,884 |
|
16,854 |
|
|
17,289 |
|
0.2 |
% |
|
-2.3 |
% |
|
|
|
|
|
|
|
|
Statements of Income - Twelve Months Ended, |
|
|
December 31, 2023 |
December 31, 2022 |
Dec 31, 2023 vs. Dec 31, 2022 |
Interest and dividend income: |
(In
thousands, except per share amounts, Unaudited) |
|
Loans, including fees |
$ |
169,559 |
|
$ |
123,577 |
|
37.2 |
% |
Mortgage-backed securities |
|
880 |
|
|
564 |
|
56.0 |
% |
Other investment securities |
|
4,226 |
|
|
4,167 |
|
1.4 |
% |
FHLB stock and other interest-earning assets |
|
13,695 |
|
|
3,133 |
|
337.1 |
% |
Total interest and dividend
income |
|
188,360 |
|
|
131,441 |
|
43.3 |
% |
|
|
|
|
Interest expense: |
|
|
|
Deposits: |
|
|
|
Demand |
|
16,915 |
|
|
5,283 |
|
220.2 |
% |
Savings and club |
|
620 |
|
|
449 |
|
38.1 |
% |
Certificates of deposit |
|
39,157 |
|
|
6,889 |
|
468.4 |
% |
|
|
56,692 |
|
|
12,621 |
|
349.2 |
% |
Borrowings |
|
27,606 |
|
|
4,875 |
|
466.3 |
% |
Total interest
expense |
|
84,298 |
|
|
17,496 |
|
381.8 |
% |
|
|
|
|
Net
interest income |
|
104,062 |
|
|
113,945 |
|
-8.7 |
% |
Provision (benefit) for credit
losses |
|
6,104 |
|
|
(3,075 |
) |
-298.5 |
% |
|
|
|
|
Net
interest income after provision (benefit) for credit
losses |
|
97,958 |
|
|
117,020 |
|
-16.3 |
% |
|
|
|
|
Non-interest income: |
|
|
|
Fees and service charges |
|
5,334 |
|
|
4,816 |
|
10.8 |
% |
Gain on sales of loans |
|
36 |
|
|
129 |
|
-72.1 |
% |
Gain on sales of other real estate owned |
|
77 |
|
|
- |
|
- |
|
Realized and unrealized loss on equity investments |
|
(3,361 |
) |
|
(6,269 |
) |
-46.4 |
% |
BOLI income |
|
1,751 |
|
|
2,671 |
|
-34.4 |
% |
Other |
|
251 |
|
|
248 |
|
1.2 |
% |
Total non-interest
income |
|
4,088 |
|
|
1,595 |
|
156.3 |
% |
|
|
|
|
Non-interest expense: |
|
|
|
Salaries and employee benefits |
|
30,827 |
|
|
28,021 |
|
10.0 |
% |
Occupancy and equipment |
|
10,340 |
|
|
10,627 |
|
-2.7 |
% |
Data processing and communications |
|
6,968 |
|
|
6,033 |
|
15.5 |
% |
Professional fees |
|
2,735 |
|
|
3,766 |
|
-27.4 |
% |
Director fees |
|
1,083 |
|
|
1,253 |
|
-13.6 |
% |
Regulatory assessments |
|
3,585 |
|
|
1,243 |
|
188.4 |
% |
Advertising and promotions |
|
1,348 |
|
|
941 |
|
43.3 |
% |
Other real estate owned, net |
|
7 |
|
|
10 |
|
-30.0 |
% |
Other |
|
3,698 |
|
|
3,611 |
|
2.4 |
% |
Total non-interest
expense |
|
60,591 |
|
|
55,505 |
|
9.2 |
% |
|
|
|
|
Income before income tax provision |
|
41,455 |
|
|
63,110 |
|
-34.3 |
% |
Income tax provision |
|
11,972 |
|
|
17,531 |
|
-31.7 |
% |
|
|
|
|
Net
Income |
|
29,483 |
|
|
45,579 |
|
-35.3 |
% |
Preferred stock dividends |
|
702 |
|
|
796 |
|
-11.9 |
% |
Net
Income available to common stockholders |
$ |
28,781 |
|
$ |
44,783 |
|
-35.7 |
% |
|
|
|
|
Net
Income per common share-basic and diluted |
|
|
|
Basic |
$ |
1.71 |
|
$ |
2.64 |
|
-35.4 |
% |
Diluted |
$ |
1.70 |
|
$ |
2.58 |
|
-34.1 |
% |
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
Basic |
|
16,870 |
|
|
16,969 |
|
-0.6 |
% |
Diluted |
|
16,932 |
|
|
17,349 |
|
-2.4 |
% |
|
|
|
|
Statements of Financial Condition |
December 31, 2023 |
September 30, 2023 |
December 31, 2022 |
December 31, 2023 vs. September 30, 2023 |
December 31, 2023 vs. December 31, 2022 |
ASSETS |
(In
Thousands, Unaudited) |
|
|
Cash and amounts due from depository institutions |
$ |
16,597 |
|
$ |
16,772 |
|
$ |
11,520 |
|
-1.0 |
% |
44.1 |
% |
Interest-earning deposits |
|
262,926 |
|
|
235,144 |
|
|
217,839 |
|
11.8 |
% |
20.7 |
% |
Total cash and cash equivalents |
|
279,523 |
|
|
251,916 |
|
|
229,359 |
|
11.0 |
% |
21.9 |
% |
|
|
|
|
|
|
Interest-earning time deposits |
|
735 |
|
|
735 |
|
|
735 |
|
- |
|
- |
|
Debt
securities available for sale |
|
87,769 |
|
|
86,172 |
|
|
91,715 |
|
1.9 |
% |
-4.3 |
% |
Equity
investments |
|
9,093 |
|
|
8,272 |
|
|
17,686 |
|
9.9 |
% |
-48.6 |
% |
Loans held
for sale |
|
1,287 |
|
|
472 |
|
|
658 |
|
172.7 |
% |
95.6 |
% |
Loans
receivable, net of allowance for credit losses |
|
|
|
|
|
of $33,608, $31,914 and $32,373,
respectively |
|
3,279,708 |
|
|
3,285,727 |
|
|
3,045,331 |
|
-0.18 |
% |
7.70 |
% |
Federal Home
Loan Bank of New York stock, at cost |
|
24,917 |
|
|
31,629 |
|
|
20,113 |
|
-21.2 |
% |
23.9 |
% |
Premises and
equipment, net |
|
13,057 |
|
|
13,363 |
|
|
10,508 |
|
-2.3 |
% |
24.3 |
% |
Accrued
interest receivable |
|
16,072 |
|
|
16,175 |
|
|
13,455 |
|
-0.6 |
% |
19.5 |
% |
Other real
estate owned |
|
- |
|
|
75 |
|
|
75 |
|
-100 |
% |
-100 |
% |
Deferred
income taxes |
|
18,213 |
|
|
16,749 |
|
|
16,462 |
|
8.7 |
% |
10.6 |
% |
Goodwill and
other intangibles |
|
5,253 |
|
|
5,288 |
|
|
5,382 |
|
-0.7 |
% |
-2.4 |
% |
Operating
lease right-of-use asset |
|
12,935 |
|
|
12,953 |
|
|
13,520 |
|
-0.1 |
% |
-4.3 |
% |
Bank-owned
life insurance ("BOLI") |
|
73,406 |
|
|
72,810 |
|
|
71,656 |
|
0.8 |
% |
2.4 |
% |
Other
assets |
|
10,429 |
|
|
9,784 |
|
|
9,538 |
|
6.6 |
% |
9.3 |
% |
Total Assets |
$ |
3,832,397 |
|
$ |
3,812,120 |
|
$ |
3,546,193 |
|
0.5 |
% |
8.1 |
% |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-interest
bearing deposits |
$ |
536,264 |
|
$ |
523,912 |
|
$ |
613,910 |
|
2.4 |
% |
-12.6 |
% |
Interest
bearing deposits |
|
2,442,816 |
|
|
2,295,644 |
|
|
2,197,697 |
|
6.4 |
% |
11.2 |
% |
Total deposits |
|
2,979,080 |
|
|
2,819,556 |
|
|
2,811,607 |
|
5.7 |
% |
6.0 |
% |
FHLB
advances |
|
472,811 |
|
|
622,674 |
|
|
382,261 |
|
-24.1 |
% |
23.7 |
% |
Subordinated
debentures |
|
37,624 |
|
|
37,624 |
|
|
37,508 |
|
0.0 |
% |
0.3 |
% |
Operating
lease liability |
|
13,315 |
|
|
13,318 |
|
|
13,859 |
|
-0.0 |
% |
-3.9 |
% |
Other
liabilities |
|
15,512 |
|
|
15,312 |
|
|
9,704 |
|
1.3 |
% |
59.9 |
% |
Total Liabilities |
|
3,518,342 |
|
|
3,508,484 |
|
|
3,254,939 |
|
0.3 |
% |
8.1 |
% |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Preferred
stock: $0.01 par value, 10,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
- |
|
- |
|
Additional
paid-in capital preferred stock |
|
25,043 |
|
|
20,783 |
|
|
21,003 |
|
20.5 |
% |
19.2 |
% |
Common
stock: no par value, 40,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
0.0 |
% |
0.0 |
% |
Additional
paid-in capital common stock |
|
198,923 |
|
|
198,097 |
|
|
196,164 |
|
0.4 |
% |
1.4 |
% |
Retained
earnings |
|
135,927 |
|
|
132,729 |
|
|
115,109 |
|
2.4 |
% |
18.1 |
% |
Accumulated
other comprehensive loss |
|
(7,491 |
) |
|
(9,626 |
) |
|
(6,491 |
) |
-22.2 |
% |
15.4 |
% |
Treasury
stock, at cost |
|
(38,347 |
) |
|
(38,347 |
) |
|
(34,531 |
) |
0.0 |
% |
11.1 |
% |
Total Stockholders'
Equity |
|
314,055 |
|
|
303,636 |
|
|
291,254 |
|
3.4 |
% |
7.8 |
% |
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity |
$ |
3,832,397 |
|
$ |
3,812,120 |
|
$ |
3,546,193 |
|
0.5 |
% |
8.1 |
% |
|
|
|
|
|
|
Outstanding common shares |
|
16,848 |
|
|
16,848 |
|
|
16,931 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
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) |
$ |
3,311,946 |
$ |
43,893 |
5.30 |
% |
|
$ |
2,939,281 |
$ |
36,173 |
4.92 |
% |
Investment Securities |
|
93,638 |
|
1284 |
5.48 |
% |
|
|
110,142 |
|
1,362 |
4.95 |
% |
FHLB
stock and other interest-earning assets |
|
323,064 |
|
4,527 |
5.61 |
% |
|
|
157,807 |
|
1,321 |
3.35 |
% |
Total Interest-earning assets |
|
3,728,648 |
|
49,704 |
5.33 |
% |
|
|
3,207,230 |
|
38,856 |
4.85 |
% |
Non-interest-earning assets |
|
124,809 |
|
|
|
|
110,701 |
|
|
Total assets |
$ |
3,853,457 |
|
|
|
$ |
3,317,931 |
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
578,890 |
$ |
2,184 |
1.51 |
% |
|
$ |
729,160 |
$ |
1,295 |
0.71 |
% |
Money
market accounts |
|
359,366 |
|
2,832 |
3.15 |
% |
|
|
345,343 |
|
1,114 |
1.29 |
% |
Savings
accounts |
|
288,108 |
|
177 |
0.25 |
% |
|
|
334,394 |
|
118 |
0.14 |
% |
Certificates of Deposit |
|
1,140,656 |
|
13,307 |
4.67 |
% |
|
|
734,216 |
|
3,974 |
2.17 |
% |
Total interest-bearing deposits |
|
2,367,020 |
|
18,500 |
3.13 |
% |
|
|
2,143,112 |
|
6,501 |
1.21 |
% |
Borrowed
funds |
|
622,860 |
|
7,282 |
4.68 |
% |
|
|
239,252 |
|
2,174 |
3.63 |
% |
Total interest-bearing liabilities |
|
2,989,880 |
|
25,782 |
3.45 |
% |
|
|
2,382,364 |
|
8,675 |
1.46 |
% |
Non-interest-bearing liabilities |
|
557,156 |
|
|
|
|
651,408 |
|
|
Total liabilities |
|
3,547,036 |
|
|
|
|
3,033,772 |
|
|
Stockholders' equity |
|
306,420 |
|
|
|
|
284,159 |
|
|
Total liabilities and stockholders' equity |
$ |
3,853,457 |
|
|
|
$ |
3,317,931 |
|
|
Net
interest income |
|
$ |
23,922 |
|
|
|
$ |
30,181 |
|
Net
interest rate spread(1) |
|
|
1.88 |
% |
|
|
|
3.39 |
% |
Net
interest margin(2) |
|
|
2.57 |
% |
|
|
|
3.76 |
% |
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
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) |
$ |
3,281,334 |
$ |
169,559 |
|
5.17 |
% |
|
$ |
2,626,710 |
$ |
123,577 |
|
4.70 |
% |
Investment Securities |
|
100,000 |
|
5,106 |
|
5.11 |
% |
|
|
109,604 |
|
4,731 |
|
4.32 |
% |
FHLB
stock and other interest-earning assets |
|
270,659 |
|
13,695 |
|
5.06 |
% |
|
|
274,649 |
|
3,133 |
|
1.14 |
% |
Total Interest-earning assets |
|
3,651,993 |
|
188,360 |
|
5.16 |
% |
|
|
3,010,963 |
|
131,441 |
|
4.37 |
% |
Non-interest-earning assets |
|
123,652 |
|
|
|
|
106,712 |
|
|
Total assets |
$ |
3,775,645 |
|
|
|
$ |
3,117,675 |
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
658,023 |
$ |
8,426 |
|
1.28 |
% |
|
$ |
751,708 |
$ |
2,970 |
|
0.40 |
% |
Money
market accounts |
|
334,353 |
|
8,489 |
|
2.54 |
% |
|
|
350,207 |
|
2,313 |
|
0.66 |
% |
Savings
accounts |
|
305,778 |
|
620 |
|
0.20 |
% |
|
|
340,232 |
|
449 |
|
0.13 |
% |
Certificates of Deposit |
|
980,617 |
|
39,157 |
|
3.99 |
% |
|
|
614,346 |
|
6,889 |
|
1.12 |
% |
Total interest-bearing deposits |
|
2,278,771 |
|
56,692 |
|
2.49 |
% |
|
|
2,056,494 |
|
12,621 |
|
0.61 |
% |
Borrowed
funds |
|
594,564 |
|
27,606 |
|
4.64 |
% |
|
|
149,354 |
|
4,875 |
|
3.26 |
% |
Total interest-bearing liabilities |
|
2,873,335 |
|
84,298 |
|
2.93 |
% |
|
|
2,205,848 |
|
17,496 |
|
0.79 |
% |
Non-interest-bearing liabilities |
|
602,691 |
|
|
|
|
636,216 |
|
|
Total liabilities |
|
3,476,026 |
|
|
|
|
2,842,064 |
|
|
Stockholders' equity |
|
299,618 |
|
|
|
|
275,611 |
|
|
Total liabilities and stockholders' equity |
$ |
3,775,644 |
|
|
|
$ |
3,117,675 |
|
|
Net
interest income |
|
$ |
104,062 |
|
|
|
|
$ |
113,945 |
|
|
Net
interest rate spread(1) |
|
|
2.22 |
% |
|
|
|
3.57 |
% |
Net
interest margin(2) |
|
|
2.85 |
% |
|
|
|
3.78 |
% |
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
Financial Condition
data by quarter |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
|
|
|
|
|
|
|
(In thousands,
except book values) |
Total
assets |
$ |
3,832,397 |
|
$ |
3,812,120 |
|
$ |
3,872,853 |
|
$ |
3,763,056 |
|
$ |
3,546,193 |
|
Cash and
cash equivalents |
|
279,523 |
|
|
251,916 |
|
|
273,212 |
|
|
261,075 |
|
|
229,359 |
|
Securities |
|
96,862 |
|
|
94,444 |
|
|
100,473 |
|
|
101,446 |
|
|
109,401 |
|
Loans
receivable, net |
|
3,279,708 |
|
|
3,285,727 |
|
|
3,319,721 |
|
|
3,231,864 |
|
|
3,045,331 |
|
Deposits |
|
2,979,080 |
|
|
2,819,556 |
|
|
2,885,721 |
|
|
2,867,209 |
|
|
2,811,607 |
|
Borrowings |
|
510,435 |
|
|
660,298 |
|
|
660,160 |
|
|
569,965 |
|
|
419,769 |
|
Stockholders’ equity |
|
314,055 |
|
|
303,636 |
|
|
299,623 |
|
|
297,618 |
|
|
291,254 |
|
Book value
per common share1 |
$ |
17.15 |
|
$ |
16.79 |
|
$ |
16.60 |
|
$ |
16.38 |
|
$ |
15.96 |
|
Tangible
book value per common share2 |
$ |
16.84 |
|
$ |
16.48 |
|
$ |
16.28 |
|
$ |
16.07 |
|
$ |
15.65 |
|
|
|
|
|
|
|
|
Operating data by quarter |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
|
(In thousands, except for per share amounts) |
Net interest
income |
$ |
23,922 |
|
$ |
25,680 |
|
$ |
26,989 |
|
$ |
27,471 |
|
$ |
30,181 |
|
Provision
(benefit) for credit losses |
|
1,927 |
|
|
2,205 |
|
|
1,350 |
|
|
622 |
|
|
(500 |
) |
Non-interest
income (loss) |
|
3,228 |
|
|
1,406 |
|
|
1,118 |
|
|
(1,664 |
) |
|
1,062 |
|
Non-interest
expense |
|
16,568 |
|
|
15,463 |
|
|
14,706 |
|
|
13,854 |
|
|
16,037 |
|
Income tax
expense |
|
2,593 |
|
|
2,707 |
|
|
3,447 |
|
|
3,225 |
|
|
3,634 |
|
Net
income |
$ |
6,062 |
|
$ |
6,711 |
|
$ |
8,604 |
|
$ |
8,106 |
|
$ |
12,072 |
|
Net income
per diluted share |
$ |
0.35 |
|
$ |
0.39 |
|
$ |
0.50 |
|
$ |
0.46 |
|
$ |
0.69 |
|
Common
Dividends declared per share |
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
|
|
|
|
|
|
|
Financial Ratios(3) |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
Return on
average assets |
|
0.63 |
% |
|
0.70 |
% |
|
0.90 |
% |
|
0.90 |
% |
|
1.46 |
% |
Return on
average stockholders' equity |
|
7.91 |
% |
|
8.92 |
% |
|
11.57 |
% |
|
11.05 |
% |
|
16.99 |
% |
Net interest
margin |
|
2.57 |
% |
|
2.78 |
% |
|
2.92 |
% |
|
3.15 |
% |
|
3.76 |
% |
Stockholders' equity to total assets |
|
8.19 |
% |
|
7.97 |
% |
|
7.74 |
% |
|
7.91 |
% |
|
8.21 |
% |
Efficiency
Ratio4 |
|
61.02 |
% |
|
57.09 |
% |
|
52.32 |
% |
|
53.68 |
% |
|
51.33 |
% |
|
|
|
|
|
|
|
Asset Quality Ratios |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
|
(In thousands, except for ratio %) |
Non-Accrual
Loans |
$ |
18,783 |
|
$ |
7,931 |
|
$ |
5,696 |
|
$ |
5,058 |
|
$ |
5,109 |
|
Non-Accrual
Loans as a % of Total Loans |
|
0.57 |
% |
|
0.24 |
% |
|
0.17 |
% |
|
0.16 |
% |
|
0.17 |
% |
ACL as % of
Non-Accrual Loans |
|
178.9 |
% |
|
402.4 |
% |
|
530.3 |
% |
|
571.0 |
% |
|
633.6 |
% |
Individually
Analyzed Loans |
|
54,019 |
|
|
35,868 |
|
|
28,250 |
|
|
17,585 |
|
|
28,272 |
|
Classified
Loans |
|
85,727 |
|
|
42,807 |
|
|
28,250 |
|
|
17,585 |
|
|
17,816 |
|
|
|
|
|
|
|
(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 |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
|
(In thousands) |
Residential one-to-four family |
$ |
248,295 |
|
$ |
251,845 |
|
$ |
250,345 |
|
$ |
246,683 |
|
$ |
250,123 |
|
Commercial
and multi-family |
|
2,434,115 |
|
|
2,444,887 |
|
|
2,490,883 |
|
|
2,466,932 |
|
|
2,345,229 |
|
Construction |
|
192,816 |
|
|
185,202 |
|
|
179,156 |
|
|
162,553 |
|
|
144,931 |
|
Commercial
business |
|
372,202 |
|
|
370,512 |
|
|
368,948 |
|
|
327,598 |
|
|
282,007 |
|
Home
equity |
|
66,331 |
|
|
66,046 |
|
|
61,595 |
|
|
58,822 |
|
|
56,888 |
|
Consumer |
|
3,643 |
|
|
3,647 |
|
|
3,994 |
|
|
3,383 |
|
|
3,240 |
|
|
$ |
3,317,402 |
|
$ |
3,322,139 |
|
$ |
3,354,921 |
|
$ |
3,265,971 |
|
$ |
3,082,418 |
|
Less: |
|
|
|
|
|
Deferred loan fees, net |
|
(4,086 |
) |
|
(4,498 |
) |
|
(4,995 |
) |
|
(5,225 |
) |
|
(4,714 |
) |
Allowance for credit losses |
|
(33,608 |
) |
|
(31,914 |
) |
|
(30,205 |
) |
|
(28,882 |
) |
|
(32,373 |
) |
|
|
|
|
|
|
Total loans, net |
$ |
3,279,708 |
|
$ |
3,285,727 |
|
$ |
3,319,721 |
|
$ |
3,231,864 |
|
$ |
3,045,331 |
|
|
|
|
|
|
|
|
Non-Accruing Loans in Portfolio by quarter |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
|
(In thousands) |
Residential
one-to-four family |
$ |
270 |
|
$ |
178 |
|
$ |
178 |
|
$ |
237 |
|
$ |
243 |
|
Commercial
and multi-family |
|
8,684 |
|
|
3,267 |
|
|
- |
|
|
340 |
|
|
346 |
|
Construction |
|
4,292 |
|
|
2,886 |
|
|
4,145 |
|
|
3,217 |
|
|
3,180 |
|
Commercial
business |
|
5,491 |
|
|
1,600 |
|
|
1,373 |
|
|
1,264 |
|
|
1,340 |
|
Home
equity |
|
46 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total: |
$ |
18,783 |
|
$ |
7,931 |
|
$ |
5,696 |
|
$ |
5,058 |
|
$ |
5,109 |
|
|
|
|
|
|
|
|
Distribution of Deposits by quarter |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
|
(In
thousands) |
Demand: |
|
|
|
|
|
Non-Interest Bearing |
$ |
536,264 |
|
$ |
523,912 |
|
$ |
620,509 |
|
$ |
604,935 |
|
$ |
613,910 |
|
Interest Bearing |
|
564,912 |
|
|
574,577 |
|
|
714,420 |
|
|
686,576 |
|
|
757,614 |
|
Money Market |
|
370,934 |
|
|
348,732 |
|
|
328,543 |
|
|
361,558 |
|
|
305,556 |
|
Sub-total: |
$ |
1,472,110 |
|
$ |
1,447,221 |
|
$ |
1,663,472 |
|
$ |
1,653,069 |
|
$ |
1,677,080 |
|
Savings and Club |
|
284,273 |
|
|
293,962 |
|
|
307,435 |
|
|
319,131 |
|
|
329,753 |
|
Certificates of Deposit |
|
1,222,697 |
|
|
1,078,373 |
|
|
914,814 |
|
|
895,009 |
|
|
804,774 |
|
Total Deposits: |
$ |
2,979,080 |
|
$ |
2,819,556 |
|
$ |
2,885,721 |
|
$ |
2,867,209 |
|
$ |
2,811,607 |
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures by
quarter |
|
|
|
|
|
|
|
Tangible Book Value per Share |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
|
(In thousands,
except per share amounts) |
Total Stockholders' Equity |
$ |
314,055 |
|
$ |
303,636 |
|
$ |
299,623 |
|
$ |
297,618 |
|
$ |
291,254 |
|
Less:
goodwill |
|
5,253 |
|
|
5,253 |
|
|
5,253 |
|
|
5,253 |
|
|
5,253 |
|
Less:
preferred stock |
|
25,043 |
|
|
20,783 |
|
|
21,003 |
|
|
21,003 |
|
|
21,003 |
|
Total
tangible common stockholders' equity |
|
283,759 |
|
|
277,601 |
|
|
273,368 |
|
|
271,363 |
|
|
264,999 |
|
Shares
common shares outstanding |
|
16,848 |
|
|
16,848 |
|
|
16,788 |
|
|
16,884 |
|
|
16,931 |
|
Book value
per common share |
$ |
17.15 |
|
$ |
16.79 |
|
$ |
16.60 |
|
$ |
16.38 |
|
$ |
15.96 |
|
Tangible
book value per common share |
$ |
16.84 |
|
$ |
16.48 |
|
$ |
16.28 |
|
$ |
16.07 |
|
$ |
15.65 |
|
|
|
|
|
|
|
|
Efficiency Ratios |
|
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
|
(In thousands,
except for ratio %) |
Net interest
income |
$ |
23,922 |
|
$ |
25,680 |
|
$ |
26,989 |
|
$ |
27,471 |
|
$ |
30,181 |
|
Non-interest
income (loss) |
|
3,228 |
|
|
1,406 |
|
|
1,118 |
|
|
(1,664 |
) |
|
1,062 |
|
Total
income |
|
27,150 |
|
|
27,086 |
|
|
28,107 |
|
|
25,807 |
|
|
31,243 |
|
Non-interest
expense |
|
16,568 |
|
|
15,463 |
|
|
14,706 |
|
|
13,854 |
|
|
16,037 |
|
Efficiency
Ratio |
|
61.02 |
% |
|
57.09 |
% |
|
52.32 |
% |
|
53.68 |
% |
|
51.33 |
% |
|
|
|
|
|
|
Grafico Azioni BCB Bancorp (NASDAQ:BCBP)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni BCB Bancorp (NASDAQ:BCBP)
Storico
Da Mag 2023 a Mag 2024