BCBP BCB Bancorp Inc

BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $5.9 million for the first quarter of 2024, compared to $6.1 million in the fourth quarter of 2023, and $8.1 million for the first quarter of 2023. Earnings per diluted share for the first quarter of 2024 were $0.32, compared to $0.35 in the preceding quarter and $0.46 in the first 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 May 17, 2024 to common shareholders of record on May 3, 2024.

“The macroeconomic environment remains challenging with the banking industry likely to experience higher interest rates for longer than expected and a possible softening of credit quality trends that could impact the balance sheets and profitability of community banks,” stated Michael Shriner, President and Chief Executive Officer.

“At BCB Community Bank, we remain focused on strengthening our balance sheet by continually solidifying our liquidity and capital positions while also ensuring that the Bank maintains a profitable profile and is well-positioned to navigate through a difficult economic environment over the next few quarters,” said Mr. Shriner.

Executive Summary

• Total deposits were $2.992 billion at March 31, 2024 compared to $2.979 billion at December 31, 2023.
• Net interest margin was 2.50 percent for the first quarter of 2024, compared to 2.57 percent for the fourth quarter of 2023, and 3.15 percent for the first quarter of 2023.
  • Total yield on interest-earning assets was 5.33 percent for the first quarter of 2024, unchanged compared to the fourth quarter of 2023, and an increase of 47 basis points over the yield of 4.86 percent for the first quarter of 2023.
  • Total cost of interest-bearing liabilities increased 9 basis points to 3.54 percent for the first quarter of 2024, compared to 3.45 percent for the fourth quarter of 2023, and increased 130 basis points from 2.24 percent for the first quarter of 2023.
• The efficiency ratio for the first quarter was 58.8 percent compared to 61.0 percent in the prior quarter, and 53.7 percent in the first quarter of 2023.
• The annualized return on average assets ratio for the first quarter was 0.61 percent, compared to 0.63 percent in the prior quarter, and 0.90 percent in the first quarter of 2023.
• The annualized return on average equity ratio for the first quarter was 7.46 percent, compared to 7.91 percent in the prior quarter, and 11.05 percent in the first quarter of 2023.
• The provision for credit losses was $2.1 million in the first quarter of 2024 compared to $1.9 million for the fourth quarter of 2023. In the first quarter of 2023 the Bank recorded a provision of $622 thousand.
• The allowance for credit losses (“ACL”) as a percentage of non-accrual loans was 155.4 percent at March 31, 2024 compared to 178.9 percent for the prior quarter-end and 571.0 percent at March 31, 2023. Total non-accrual loans were $22.2 million at March 31, 2024, $18.8 million at December 31, 2023 and $5.1 million at March 31, 2023.
• Total loans receivable, net of the allowance for credit losses, of $3.227 billion at March 31, 2024, decreased 1.6 percent from $3.280 billion at December 31, 2023, and decreased 0.2 percent, from $3.232 billion at March 31, 2023.

Balance Sheet Review

Total assets increased by $16.8 million, or 0.4 percent, to $3.849 billion at March 31, 2024, from $3.832 billion at December 31, 2023. The increase in total assets was mainly related to the cash received from the amortization of loans and an increase in deposits.

Total cash and cash equivalents increased by $72.9 million, or 26.1 percent, to $352.4 million at March 31, 2024, from $279.5 million at December 31, 2023. The increase was primarily due to an increase in deposits.

Loans receivable, net, decreased by $52.8 million, or 1.6 percent, to $3.227 billion at March 31, 2024, from $3.280 billion at December 31, 2023. Total loan decreases during the period included decreases of $58.1 million in commercial real estate and multi-family loans, construction loans, 1-4 family residential loans, home equity loans and consumer loans. Offsetting this was an increase in commercial business loans of $5.9 million. The allowance for credit losses increased $955 thousand to $34.6 million, or 155.4 percent of non-accruing loans and 1.06 percent of gross loans, at March 31, 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 decreased by $673 thousand, or 0.7 percent, to $96.2 million at March 31, 2024, from $96.9 million at December 31, 2023, representing unrealized losses, purchases, calls, maturities and repayments.

Deposits increased by $12.6 million, or 0.4 percent, to $2.992 billion at March 31, 2024, from $2.979 billion at December 31, 2023. Certificates of deposits increased $51.7 million, and were offset by interest bearing demand, savings and club accounts, money market accounts and non-interest-bearing accounts which declined by $39.1 million.

Debt obligations increased by $138 thousand to $510.6 million at March 31, 2024 from $510.4 million at December 31, 2023. The weighted average interest rate of FHLB advances was 4.21 percent at March 31, 2024 and 4.21 percent at December 31, 2023. The weighted average maturity of FHLB advances as of March 31, 2024 was 1.68 years. The interest rate of our subordinated debt balances was 8.29 percent at March 31, 2024 and 8.36 percent at December 31, 2023.

Stockholders’ equity increased by $6.1 million, or 1.9 percent, to $320.1 million at March 31, 2024, from $314.1 million at December 31, 2023. The increase was attributable to the increase in retained earnings of $2.7 million, or 2.0 percent, to $138.6 million at March 31, 2024 from $135.9 million at December 31, 2023, and an increase in additional paid in capital preferred stock of $2.7 million, or 10.7% to $27.7 million at March 31, 2024, from $25.0 million at December 31, 2023, due to the Company’s previously announced issuance of shares of its Series J Noncumulative Perpetual Preferred Stock resulting in gross proceeds to the Company of $2.7 million.

First Quarter 2024 Income Statement Review

Net income was $5.9 million for the first quarter ended March 31, 2024 and $8.1 million for the first quarter ended March 31, 2023. 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 first quarter of 2024 as compared with the first quarter of 2023.

Net interest income decreased by $4.3 million, or 15.8 percent, to $23.1 million for the first quarter of 2024, from $27.5 million for the first quarter of 2023. The decrease in net interest income resulted from higher interest expense which was partially offset by higher interest income.

Interest income increased by $6.9 million, or 16.4 percent, to $49.3 million for the first quarter of 2024 from $42.4 million for the first quarter of 2023. The average balance of interest-earning assets increased $216.1 million, or 6.2 percent, to $3.699 billion for the first quarter of 2024 from $3.483 billion for the first quarter of 2023, while the average yield increased 47 basis points to 5.33 percent for the first quarter of 2024 from 4.86 percent for the first quarter of 2023.

Interest expense increased by $11.3 million to $26.1 million for the first quarter of 2024 from $14.9 million for the first quarter of 2023. The increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 130 basis points to 3.54 percent for the first quarter of 2024 from 2.24 percent for the first quarter of 2023, while the average balance of interest-bearing liabilities increased by $296.5 million to $2.957 billion for the first quarter of 2024 from $2.661 billion for the first quarter of 2023.

The net interest margin was 2.50 percent for the first quarter of 2024 compared to 3.15 percent for the first quarter of 2023. The decrease in the net interest margin compared to the first 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 first quarter of 2024, the Company recognized $1.1 million in net charge-offs compared to a $52 thousand net recoveries in the first quarter of 2023. The Bank had non-accrual loans totaling $22.2 million, or 0.68 percent of gross loans, at March 31, 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 $34.6 million, or 1.06 percent of gross loans, at March 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The provision for credit losses was $2.1 million for the first 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 March 31, 2024 and December 31, 2023.

Non-interest income increased by $3.8 million to $2.1 million for the first quarter of 2024 from a net loss of $1.7 million in the first quarter of 2023. The increase in total non-interest income was mainly related to an increase in gains on equity securities of $3.4 million and an increase in BOLI income of $254 thousand.

Non-interest expense increased by $984 thousand, or 7.1 percent, to $14.8 million for the first quarter of 2024 from $13.9 million for the first quarter of 2023. The increase in these expenses for the first quarter of 2024 was primarily driven by higher regulatory assessment charges, and the increase in other expenses related to higher off-balance sheet reserves, in the first quarter of 2024 when compared with the first quarter of 2023.

The income tax provision decreased by $765 thousand, or 23.7 percent, to $2.5 million for the first quarter of 2024 from $3.2 million for the first quarter of 2023. The consolidated effective tax rate was 29.6 percent for the first quarter of 2024 compared to 28.5 percent for the first quarter of 2023.

Asset Quality

During the first quarter of 2024, the Company recognized $1.1 million in net charge offs, compared to a net $52 thousand in recoveries for the first quarter of 2023.

The Bank had non-accrual loans totaling $22.2 million, or 0.68 percent of gross loans, at March 31, 2024, as compared to $5.1 million, or 0.16 percent of gross loans, at March 31, 2023. The allowance for credit losses was $34.6 million, or 1.06 percent of gross loans, at March 31, 2024, and $28.9 million, or 0.89 percent of gross loans, at March 31, 2023. The allowance for credit losses was 155.4 percent of non-accrual loans at March 31, 2024, and 571.0 percent of non-accrual loans at March 31, 2023.

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, 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,
	March 31, 2024		December 31, 2023		March 31, 2023			Mar 31, 2024 vs. Dec 31, 2023			Mar 31, 2024 vs. Mar 31, 2023
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	43,722	$	43,893	$	38,889		-0.4	%		12.4	%
Mortgage-backed securities		305		293		186		4.1	%		64.0	%
Other investment securities		975		991		1,120		-1.6	%		-12.9	%
FHLB stock and other interest-earning assets		4,283		4,527		2,157		-5.4	%		98.6	%
Total interest and dividend income		49,285		49,704		42,352		-0.8	%		16.4	%
Interest expense:
Deposits:
Demand		5,257		5,015		3,154		4.8	%		66.7	%
Savings and club		166		177		118		-6.2	%		40.7	%
Certificates of deposit		14,983		13,308		6,453		12.6	%		132.2	%
		20,406		18,500		9,725		10.3	%		109.8	%
Borrowings		5,736		7,282		5,156		-21.2	%		11.2	%
Total interest expense		26,142		25,782		14,881		1.4	%		75.7	%
Net interest income		23,143		23,922		27,471		-3.3	%		-15.8	%
Provision for credit losses		2,088		1,927		622		8.4	%		235.7	%
Net interest income after provision for credit losses		21,055		21,995		26,849		-4.3	%		-21.6	%
Non-interest income (loss):
Fees and service charges		1,215		1,445		1,098		-15.9	%		10.7	%
Gain on sales of loans		45		11		6		309.1	%		650.0	%
Gain on sale of other real estate owned		-		77		-		-100.0	%		-
Realized and unrealized gain (loss) on equity investments		130		1,029		(3,227	)	-87.4	%		-104.0	%
BOLI income		675		597		421		13.1	%		60.3	%
Other		44		69		38		-36.2	%		15.8	%
Total non-interest income		2,109		3,228		(1,664	)	-34.7	%		-226.7	%
Non-interest expense:
Salaries and employee benefits		6,981		7,974		7,618		-12.5	%		-8.4	%
Occupancy and equipment		2,644		2,606		2,552		1.5	%		3.6	%
Data processing and communications		1,853		1,721		1,665		7.7	%		11.3	%
Professional fees		595		987		566		-39.7	%		5.1	%
Director fees		277		274		265		1.1	%		4.5	%
Regulatory assessment fees		1,142		1,142		536		0.0	%		113.1	%
Advertising and promotions		216		403		278		-46.4	%		-22.3	%
Other real estate owned, net		-		4		1		-100.0	%		-100.0	%
Other		1,130		1,457		373		-22.4	%		202.9	%
Total non-interest expense		14,838		16,568		13,854		-10.4	%		7.1	%
Income before income tax provision		8,326		8,655		11,331		-3.8	%		-26.5	%
Income tax provision		2,460		2,593		3,225		-5.1	%		-23.7	%
Net Income		5,866		6,062		8,106		-3.2	%		-27.6	%
Preferred stock dividends		434		182		173		138.5	%		150.5	%
Net Income available to common stockholders	$	5,432	$	5,880	$	7,933		-7.6	%		-31.5	%
Net Income per common
Basic	$	0.32	$	0.35	$	0.47		-7.9	%		-31.5	%
Diluted	$	0.32	$	0.35	$	0.46		-7.9	%		-30.4	%
Weighted average number of common shares outstanding
Basic		16,930		16,876		16,949		0.3	%		-0.1	%
Diluted		16,939		16,884		17,208		0.3	%		-1.6	%

Statements of Financial Condition	March 31, 2024			December 31, 2023			March 31, 2023			March 31, 2024 vs. December 31, 2023		March 31, 2024 vs. March 31, 2023
ASSETS	(In Thousands, Unaudited)
Cash and amounts due from depository institutions	$	11,795		$	16,597		$	13,213		-28.9	%	-10.7	%
Interest-earning deposits		340,653			262,926			247,862		29.6	%	37.4	%
Total cash and cash equivalents		352,448			279,523			261,075		26.1	%	35.0	%
Interest-earning time deposits		735			735			735		-		-
Debt securities available for sale		86,966			87,769			86,988		-0.9	%	-0.0	%
Equity investments		9,223			9,093			14,458		1.4	%	-36.2	%
Loans held for sale		-			1,287			-		-100.0	%	-
Loans receivable, net of allowance for credit losses
of $34,563, $33,608 and $28,882, respectively		3,226,877			3,279,708			3,231,864		-1.6	%	-0.2	%
Federal Home Loan Bank of New York stock, at cost		24,917			24,917			26,875		0.0	%	-7.3	%
Premises and equipment, net		12,744			13,057			10,106		-2.4	%	26.1	%
Accrued interest receivable		17,442			16,072			14,717		8.5	%	18.5	%
Other real estate owned		-			-			75		-		-100.0	%
Deferred income taxes		17,555			18,213			15,178		-3.6	%	15.7	%
Goodwill and other intangibles		5,253			5,253			5,359		0.0	%	-2.0	%
Operating lease right-of-use asset		12,186			12,935			15,111		-5.8	%	-19.4	%
Bank-owned life insurance ("BOLI")		74,081			73,407			72,077		0.9	%	2.8	%
Other assets		8,768			10,428			8,438		-15.9	%	3.9	%
Total Assets	$	3,849,195		$	3,832,397		$	3,763,056		0.4	%	2.3	%
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Non-interest bearing deposits	$	531,112		$	536,264		$	604,935		-1.0	%	-12.2	%
Interest bearing deposits		2,460,547			2,442,816			2,262,274		0.7	%	8.8	%
Total deposits		2,991,659			2,979,080			2,867,209		0.4	%	4.3	%
FHLB advances		472,949			472,811			532,399		0.0	%	-11.2	%
Subordinated debentures		37,624			37,624			37,566		0.0	%	0.2	%
Operating lease liability		12,579			13,315			15,436		-5.5	%	-18.5	%
Other liabilities		14,253			15,512			12,828		-8.1	%	11.1	%
Total Liabilities		3,529,064			3,518,342			3,465,438		0.3	%	1.8	%
STOCKHOLDERS' EQUITY
Preferred stock: $0.01 par value, 10,000 shares authorized		-			-			-		-		-
Additional paid-in capital preferred stock		27,733			25,043			21,003		10.7	%	32.0	%
Common stock: no par value, 40,000 shares authorized		-			-			-		0.0	%	0.0	%
Additional paid-in capital common stock		199,726			198,923			197,197		0.4	%	1.3	%
Retained earnings		138,643			135,927			123,121		2.0	%	12.6	%
Accumulated other comprehensive loss		(7,624	)		(7,491	)		(6,613	)	1.8	%	15.3	%
Treasury stock, at cost		(38,347	)		(38,347	)		(37,090	)	0.0	%	3.4	%
Total Stockholders' Equity		320,131			314,055			297,618		1.9	%	7.6	%
Total Liabilities and Stockholders' Equity	$	3,849,195		$	3,832,397		$	3,763,056		0.4	%	2.3	%
Outstanding common shares		16,957			16,904			16,884

	Three Months Ended March 31,
		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)	$	3,299,938		$	43,722	5.30	%		$	3,165,678		$	38,889	4.91	%
Investment Securities		96,226			1,280	5.32	%			108,869			1,306	4.80	%
FHLB stock and other interest-earning assets		303,291			4,283	5.65	%			208,842			2,157	4.13	%
Total Interest-earning assets		3,699,455			49,285	5.33	%			3,483,390			42,352	4.86	%
Non-interest-earning assets		125,480								116,769
Total assets	$	3,824,935							$	3,600,159
Interest-bearing liabilities:
Interest-bearing demand accounts	$	560,190		$	2,230	1.59	%		$	713,788		$	1,789	1.00	%
Money market accounts		369,096			3,027	3.28	%			314,427			1,365	1.74	%
Savings accounts		277,731			166	0.24	%			322,760			118	0.15	%
Certificates of Deposit		1,239,807			14,983	4.83	%			848,447			6,453	3.04	%
Total interest-bearing deposits		2,446,824			20,406	3.34	%			2,199,422			9,725	1.77	%
Borrowed funds		510,503			5,736	4.49	%			461,415			5,156	4.47	%
Total interest-bearing liabilities		2,957,327			26,142	3.54	%			2,660,837			14,881	2.24	%
Non-interest-bearing liabilities		552,959								645,883
Total liabilities		3,510,286								3,306,720
Stockholders' equity		314,649								293,439
Total liabilities and stockholders' equity	$	3,824,935							$	3,600,159
Net interest income				$	23,143							$	27,471
Net interest rate spread(1)						1.79	%							2.63	%
Net interest margin(2)						2.50	%							3.15	%
(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
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
	(In thousands, except book values)
Total assets	$	3,849,195		$	3,832,397		$	3,812,120		$	3,872,853		$	3,763,056
Cash and cash equivalents		352,448			279,523			251,916			273,212			261,075
Securities		96,189			96,862			94,444			100,473			101,446
Loans receivable, net		3,226,877			3,279,708			3,285,727			3,319,721			3,231,864
Deposits		2,991,659			2,979,080			2,819,556			2,885,721			2,867,209
Borrowings		510,573			510,435			660,298			660,160			569,965
Stockholders’ equity		320,131			314,055			303,636			299,623			297,618
Book value per common share1	$	17.24		$	17.10		$	16.79		$	16.60		$	16.38
Tangible book value per common share2	$	16.93		$	16.79		$	16.48		$	16.28		$	16.07
	Operating data by quarter
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
	(In thousands, except for per share amounts)
Net interest income	$	23,143		$	23,922		$	25,680		$	26,989		$	27,471
Provision (benefit) for credit losses		2,088			1,927			2,205			1,350			622
Non-interest income (loss)		2,109			3,228			1,406			1,118			(1,664	)
Non-interest expense		14,838			16,568			15,463			14,706			13,854
Income tax expense		2,460			2,593			2,707			3,447			3,225
Net income	$	5,866		$	6,062		$	6,711		$	8,604		$	8,106
Net income per diluted share	$	0.32		$	0.35		$	0.39		$	0.50		$	0.46
Common Dividends declared per share	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16
	Financial Ratios(3)
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
Return on average assets		0.61	%		0.63	%		0.70	%		0.90	%		0.90	%
Return on average stockholders' equity		7.46	%		7.91	%		8.92	%		11.57	%		11.05	%
Net interest margin		2.50	%		2.57	%		2.78	%		2.92	%		3.15	%
Stockholders' equity to total assets		8.32	%		8.19	%		7.97	%		7.74	%		7.91	%
Efficiency Ratio4		58.76	%		61.02	%		57.09	%		52.32	%		53.68	%
	Asset Quality Ratios
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
	(In thousands, except for ratio %)
Non-Accrual Loans	$	22,241		$	18,783		$	7,931		$	5,696		$	5,058
Non-Accrual Loans as a % of Total Loans		0.68	%		0.57	%		0.24	%		0.17	%		0.16	%
ACL as % of Non-Accrual Loans		155.4	%		178.9	%		402.4	%		530.3	%		571.0	%
Individually Analyzed Loans		65,731			54,019			35,868			28,250			17,585
Classified Loans		97,739			85,727			42,807			28,250			17,585
(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 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
	(In thousands)
Residential one-to-four family	$	244,762		$	248,295		$	251,845		$	250,345		$	246,683
Commercial and multi-family		2,392,970			2,434,115			2,444,887			2,490,883			2,466,932
Construction		180,975			192,816			185,202			179,156			162,553
Commercial business		378,073			372,202			370,512			368,948			327,598
Home equity		65,518			66,331			66,046			61,595			58,822
Consumer		2,847			3,643			3,647			3,994			3,383
	$	3,265,145		$	3,317,402		$	3,322,139		$	3,354,921		$	3,265,971
Less:
Deferred loan fees, net		(3,705	)		(4,086	)		(4,498	)		(4,995	)		(5,225	)
Allowance for credit losses		(34,563	)		(33,608	)		(31,914	)		(30,205	)		(28,882	)
Total loans, net	$	3,226,877		$	3,279,708		$	3,285,727		$	3,319,721		$	3,231,864
	Non-Accruing Loans in Portfolio by quarter
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
	(In thousands)
Residential one-to-four family	$	429		$	270		$	178		$	178		$	237
Commercial and multi-family		12,627			8,684			3,267			-			340
Construction		3,225			4,292			2,886			4,145			3,217
Commercial business		5,916			5,491			1,600			1,373			1,264
Home equity		44			46			-			-			-
Total:	$	22,241		$	18,783		$	7,931		$	5,696		$	5,058
	Distribution of Deposits by quarter
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
	(In thousands)
Demand:
Non-Interest Bearing	$	531,112		$	536,264		$	523,912		$	620,509		$	604,935
Interest Bearing		552,295			564,912			574,577			714,420			686,576
Money Market		361,791			370,934			348,732			328,543			361,558
Sub-total:	$	1,445,198		$	1,472,110		$	1,447,221		$	1,663,472		$	1,653,069
Savings and Club		272,051			284,273			293,962			307,435			319,131
Certificates of Deposit		1,274,410			1,222,697			1,078,373			914,814			895,009
Total Deposits:	$	2,991,659		$	2,979,080		$	2,819,556		$	2,885,721		$	2,867,209

	Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
	Tangible Book Value per Share
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
	(In thousands, except per share amounts)
Total Stockholders' Equity	$	320,131		$	314,055		$	303,636		$	299,623		$	297,618
Less: goodwill		5,253			5,253			5,253			5,253			5,253
Less: preferred stock		27,733			25,043			20,783			21,003			21,003
Total tangible common stockholders' equity		287,145			283,759			277,601			273,368			271,363
Shares common shares outstanding		16,957			16,904			16,848			16,788			16,884
Book value per common share	$	17.24		$	17.10		$	16.79		$	16.60		$	16.38
Tangible book value per common share	$	16.93		$	16.79		$	16.48		$	16.28		$	16.07
	Efficiency Ratios
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
	(In thousands, except for ratio %)
Net interest income	$	23,143		$	23,922		$	25,680		$	26,989		$	27,471
Non-interest income (loss)		2,109			3,228			1,406			1,118			(1,664	)
Total income		25,252			27,150			27,086			28,107			25,807
Non-interest expense		14,838			16,568			15,463			14,706			13,854
Efficiency Ratio		58.76	%		61.02	%		57.09	%		52.32	%		53.68	%