BCB BANCORP INC
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
BCBP$9.170.0%Stored close · as of Nov 9, 2026
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Consolidated Statements of Income for the three months ended March 31, 2024, 2023 and 2022 (unaudited)
Consolidated Statements of Income
(In thousands, Except for Per Share Amounts, Unaudited)
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Interest and dividend income: | |||
| Loans, including fees | $43,722 | $38,889 | $26,321 |
| Mortgage-backed securities | 305 | 186 | 159 |
| Other investment securities | 975 | 1,120 | 948 |
| FHLB stock and other interest earning assets | 4,283 | 2,157 | 296 |
| Total interest income | 49,285 | 42,352 | 27,724 |
| Interest expense: | |||
| Deposits: | |||
| Demand | 5,257 | 3,154 | 758 |
| Savings and club | 166 | 118 | 108 |
| Certificates of deposit | 14,983 | 6,453 | 980 |
| 20,406 | 9,725 | 1,846 | |
| Borrowings | 5,736 | 5,156 | 806 |
| Total interest expense | 26,142 | 14,881 | 2,652 |
| Net interest income | 23,143 | 27,471 | 25,072 |
| Provision (benefit) for credit losses (1) | 2,088 | 622 | (2,575) |
| Net interest income after provision (benefit) for credit losses | 21,055 | 26,849 | 27,647 |
| Non-interest income: | |||
| Fees and service charges | 1,215 | 1,098 | 1,214 |
| BOLI income | 675 | 421 | 755 |
| Gain on sales of loans | 45 | 6 | 65 |
| Gain on sale of fixed asset | 4 | - | - |
| Realized and unrealized gains (losses) on equity investments | 130 | (3,227) | (2,685) |
| Other | 40 | 38 | 51 |
| Total non-interest income (loss) | 2,109 | (1,664) | (600) |
| Non-interest expense: | |||
| Salaries and employee benefits | 6,981 | 7,618 | 6,736 |
| Occupancy and equipment | 2,644 | 2,552 | 2,695 |
| Data processing and communications | 1,853 | 1,665 | 1,465 |
| Professional fees | 595 | 566 | 494 |
| Director fees | 277 | 265 | 321 |
| Regulatory assessments | 1,142 | 536 | 304 |
| Advertising and promotional | 216 | 278 | 141 |
| Other real estate owned, net | - | 1 | 1 |
| Other | 1,130 | 373 | 802 |
| Total non-interest expense | 14,838 | 13,854 | 12,959 |
| Income before income tax provision | 8,326 | 11,331 | 14,088 |
| Income tax provision | 2,460 | 3,225 | 4,136 |
| Net Income | $5,866 | $8,106 | $9,952 |
| Preferred stock dividends | 434 | 173 | 276 |
| Net Income available to common stockholders | $5,432 | $7,933 | $9,676 |
| Net Income per common share-basic and diluted | |||
| Basic | $0.32 | $0.47 | $0.57 |
| Diluted | $0.32 | $0.46 | $0.56 |
| Weighted average number of common shares outstanding | |||
| Basic | 16,930 | 16,949 | 16,980 |
| Diluted | 16,939 | 17,208 | 17,343 |
(1) The Company adopted ASU 2016-13 as of January 1, 2023. Prior year periods have not been restated.
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