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Midas Edge

BCB BANCORP INC

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

View on SEC.gov

About this filing

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.

Jun 30, 2024 · Filed Aug 2, 2024

BCBP$9.170.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Consolidated Statements of Income for the three and six months ended June 30, 2024, 2023 and 2022 (unaudited)

Consolidated Statements of Income

(In thousands, Except for Per Share Amounts, Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
202420232022202420232022
Interest and dividend income:
Loans, including fees$44,036$42,644$28,781$87,758$81,533$55,102
Mortgage-backed securities29718447602370206
Other investment securities1,0061,0709391,9812,1901,887
FHLB stock and other interest earning assets4,1063,3396948,3895,496990
Total interest income49,44547,23730,46198,73089,58958,185
Interest expense:
Deposits:
Demand5,3494,19094610,6067,3441,704
Savings and club152143110318261218
Certificates of deposit14,5718,47484929,55414,9271,829
20,07212,8071,90540,47822,5323,751
Borrowings5,7347,44181511,47012,5971,621
Total interest expense25,80620,2482,72051,94835,1295,372
Net interest income23,63926,98927,74146,78254,46052,813
Provision (benefit) for credit losses (1)2,4381,350-4,5261,972(2,575)
Net interest income after provision (benefit) for credit losses21,20125,63927,74142,25652,48855,388
Non-interest (loss) income:
Fees and service charges1,1191,4421,2132,3342,5402,427
BOLI income6712676861,3466881,441
(Loss) gain on sales of loans(4,851)-43(4,806)6108
Realized and unrealized losses on equity investments(222)(669)(2,302)(92)(3,896)(4,987)
Other4978479311698
Total non-interest (loss) income(3,234)1,118(313)(1,125)(546)(913)
Non-interest expense:
Salaries and employee benefits6,9927,7116,71513,97315,32913,451
Occupancy and equipment2,5292,5602,6735,1735,1125,368
Data processing and communications1,6721,7951,4693,5253,4602,934
Professional fees6046224891,1991,188983
Director fees254270296531535617
Regulatory assessments9537962442,0951,332548
Advertising and promotional253350254469628395
Other real estate owned, net-14-25
Other7306019121,8609741,714
Total non-interest expense13,98714,70613,05628,82528,56026,015
Income before income tax provision3,98012,05114,37212,30623,38228,460
Income tax provision1,1633,4474,2093,6236,6728,345
Net Income$2,817$8,604$10,163$8,683$16,710$20,115
Preferred stock dividends448174138882347414
Net Income available to common stockholders$2,369$8,430$10,025$7,801$16,363$19,701
Net Income per common share-basic and diluted
Basic$0.14$0.50$0.59$0.46$0.97$1.16
Diluted$0.14$0.50$0.58$0.46$0.96$1.13
Weighted average number of common shares outstanding
Basic17,00516,82416,99716,96816,88616,989
Diluted17,00516,83117,40416,96817,01017,375

(1) The Company adopted ASU 2016-13 as of January 1, 2023. Prior year periods have not been restated.

Consolidated Statements of Comprehensive Income

(In thousands, Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
202420232022202420232022
Net Income$2,817$8,604$10,163$8,683$16,710$20,115
Other comprehensive loss, net of tax:
Unrealized (losses) gains on available-for-sale debt securities:
Unrealized holding losses arising during the period(227)(3,803)(2,290)(404)(3,790)(5,485)
Tax Effect569955681008601,360
Other comprehensive loss(171)(2,808)(1,722)(304)(2,930)(4,125)
Comprehensive income$2,646$5,796$8,441$8,379$13,780$15,990
Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income‎(Loss) · Total
Balance at January 1, 2024$-$-$223,966$135,927$(38,347)$(7,491)$314,055
Net income---8,683--8,683
Other comprehensive loss-----(304)(304)
Issuance of Series J preferred stock--3,360---3,360
Stock-based compensation expense--397---397
Dividends payable on Series I 3.0% and Series J 8.0% noncumulative perpetual preferred stock---(882)--(882)
Cash dividends on common stock ($0.32 per share declared)---(5,202)--(5,202)
Dividend reinvestment plan--217(217)---
Stock Purchase Plan--625---625
Balance at June 30, 2024$-$-$228,565$138,309$(38,347)$(7,795)$320,732
Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income (Loss) · Total
Balance at April 1, 2024$-$-$227,459$138,643$(38,347)$(7,624)$320,131
Net income---2,817--2,817
Other comprehensive loss-----(171)(171)
Issuance of Series J preferred stock--670---670
Stock-based compensation expense--202---202
Dividends payable on Series I 3.0% and Series J 8.0% noncumulative perpetual preferred stock---(448)--(448)
Cash dividends on common stock ($0.16 per share declared)---(2,594)--(2,594)
Dividend reinvestment plan--109(109)---
Stock Purchase Plan--125---125
Balance at June 30, 2024$-$-$228,565$138,309$(38,347)$(7,795)$320,732

‎

Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income‎(Loss) · Total
Balance at December 31, 2022$-$-$217,167$115,109$(34,531)$(6,491)$291,254
Effect of Adopting ASU No. 2016 -13 ("CECL")---2,870--2,870
Beginning Balance at January 1, 2023--217,167117,979(34,531)(6,491)294,124
Net income---16,710--16,710
Other comprehensive loss-----(2,930)(2,930)
Exercise of stock options (61,000 shares)--418---418
Stock-based compensation expense--217---217
Treasury Stock Purchases (266,753 shares)----(3,816)-(3,816)
Dividends payable on Series H 3.5% and Series I 3.0% noncumulative perpetual preferred stock---(347)--(347)
Cash dividends on common stock ($0.32 per share declared)---(5,280)--(5,280)
Dividend reinvestment plan--195(195)---
Stock Purchase Plan--527---527
Balance at June 30, 2023$-$-$218,524$128,867$(38,347)$(9,421)$299,623
Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income (Loss) · Total
Balance at April 1, 2023$-$-$218,200$123,121$(37,090)$(6,613)$297,618
Net income---8,604--8,604
Other comprehensive loss-----(2,808)(2,808)
Stock-based compensation expense--111---111
Treasury Stock Purchases (115,000 shares)----(1,257)-(1,257)
Dividends payable on Series H 3.5% and Series I 3.0% noncumulative perpetual preferred stock---(174)--(174)
Cash dividends on common stock ($0.16 per share declared)---(2,593)--(2,593)
Dividend reinvestment plan--91(91)---
Stock Purchase Plan--122---122
Balance at June 30, 2023$-$-$218,524$128,867$(38,347)$(9,421)$299,623

‎

Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income‎(Loss) · Total
Balance at January 1, 2022$-$-$222,850$81,171$(31,125)$1,128$274,024
Net income---20,115--20,115
Other comprehensive income-----(4,125)(4,125)
Stock-based compensation expense--191---191
Treasury stock purchases (43,113 shares)----(764)-(764)
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5% noncumulative, and series I 3.0% perpetual preferred stock---(450)--(450)
Redemption of Series D and Series G Preferred Stock(14,730)---(14,730)
Issuance of Series I Preferred Stock--2,370--2,370
Cash dividends on common stock ($0.32 per share declared)---(5,213)--(5,213)
Dividend reinvestment plan--230(230)---
Stock purchase plan--219---219
Balance at June 30, 2022$-$-$211,130$95,393$(31,889)$(2,997)$271,637
Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income‎(Loss) · Total
Balance at April 1, 2022$-$-$220,435$88,132$(31,133)$(1,275)$276,159
Net income---10,163--10,163
Other comprehensive income-----(1,722)(1,722)
Stock-based compensation expense--96---96
Treasury stock purchases (44,598 shares)----(756)-(756)
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5% noncumulative, and series I 3.0% perpetual preferred stock---(174)--(174)
Redemption of Series D and Series I Preferred Stock--(9,650)--(9,650)
Cash dividends on common stock ($0.16 per share declared)---(2,612)--(2,612)
Dividend reinvestment plan--116(116)---
Stock purchase plan--133---133
Balance at June 30, 2022$-$-$211,130$95,393$(31,889)$(2,997)$271,637

‎

BCB

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.