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Midas Edge

BCB BANCORP INC

For the period ended Sep 30, 2024. Filed Nov 1, 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.

Sep 30, 2024 · Filed Nov 1, 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 nine months ended September 30, 2024, 2023 and 2022 (unaudited)

Consolidated Statements of Income

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

Three Months Ended September 30,Nine Months Ended September 30,
202420232022202420232022
Interest and dividend income:
Loans, including fees$42,857$44,133$32,302$130,615$125,666$87,404
Mortgage-backed securities303217173905587379
Other investment securities9941,0451,1032,9753,2352,990
FHLB stock and other interest earning assets4,4723,67282212,8619,1681,812
Total interest income48,62649,06734,400147,356138,65692,585
Interest expense:
Deposits:
Demand5,6864,5561,16916,29211,9002,873
Savings and club146182113464443331
Certificates of deposit13,67010,9221,08743,22425,8492,916
19,50215,6602,36959,98038,1926,120
Borrowings6,0797,7271,08017,54920,3242,701
Total interest expense25,58123,3873,44977,52958,5168,821
Net interest income23,04525,68030,95169,82780,14083,764
Provision (benefit) for credit losses (1)2,8902,205-7,4164,177(2,575)
Net interest income after provision (benefit) for credit losses20,15523,47530,95162,41175,96386,339
Non-interest income:
Fees and service charges1,1961,3491,2513,5303,8893,678
BOLI income6524666461,9981,1542,087
Gain (loss) gain on sales of loans351918(4,771)25126
Realized and unrealized gain (loss) on equity investments1,132(494)(559)1,040(4,390)(5,546)
Other1126690205182188
Total non-interest income3,1271,4061,4462,002860533
Non-interest expense:
Salaries and employee benefits7,1397,5246,94421,11222,85320,395
Occupancy and equipment2,5912,6222,6087,7647,7347,976
Data processing and communications1,6811,7871,5205,2065,2474,454
Professional fees6185606141,8171,7481,597
Director fees351274375882809992
Regulatory assessments6661,1112642,7612,443812
Advertising and promotional182317286651945681
Other real estate owned, net-11-36
Other7011,2678412,5612,2412,555
Total non-interest expense13,92915,46313,45342,75444,02339,468
Income before income tax provision9,3539,41818,94421,65932,80047,404
Income tax provision2,6852,7075,5526,3089,37913,897
Net Income$6,668$6,711$13,392$15,351$23,421$33,507
Preferred stock dividends4751731741,357520624
Net Income available to common stockholders$6,193$6,538$13,218$13,994$22,901$32,883
Net Income per common share-basic and diluted
Basic$0.36$0.39$0.78$0.82$1.36$1.94
Diluted$0.36$0.39$0.76$0.82$1.35$1.89
Weighted average number of common shares outstanding
Basic17,03916,83016,98216,99116,86816,986
Diluted17,06416,85417,35616,99216,95117,369

(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 September 30,Nine Months Ended September 30,
202420232022202420232022
Net Income$6,668$6,711$13,392$15,351$23,421$33,507
Other comprehensive income (loss), net of tax:
Available-for-sale debt securities:
Unrealized holding income gain (loss) arising during the period2,809(414)(4,191)2,405(4,204)(9,675)
Tax Effect(692)2091,039(592)1,0692,398
Other comprehensive income/(loss)2,117(205)(3,152)1,813(3,135)(7,277)
Comprehensive income$8,785$6,506$10,240$17,164$20,286$26,230
Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income‎(Loss) · Total
Balance at January 1, 2024$-$-$223,966$135,927$(38,347)$(7,491)$314,055
Net income---15,351--15,351
Other comprehensive income-----1,8131,813
Issuance of Series J preferred stock--4,720---4,720
Stock-based compensation expense--626---626
Dividends payable on Series I 3.0% and Series J 8.0% noncumulative perpetual preferred stock---(1,357)--(1,357)
Cash dividends on common stock ($0.48 per share declared)---(7,820)--(7,820)
Dividend reinvestment plan--331(331)---
Stock Purchase Plan--725---725
Balance at September 30, 2024$-$-$230,368$141,770$(38,347)$(5,678)$328,113
Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income (Loss) · Total
Balance at July 1, 2024$-$-$228,565$138,309$(38,347)$(7,795)$320,732
Net income---6,668--6,668
Other comprehensive income-----2,1172,117
Issuance of Series J preferred stock--1,360---1,360
Stock-based compensation expense--229---229
Dividends payable on Series I 3.0% and Series J 8.0% noncumulative perpetual preferred stock---(475)--(475)
Cash dividends on common stock ($0.16 per share declared)---(2,618)--(2,618)
Dividend reinvestment plan--114(114)---
Stock Purchase Plan--100---100
Balance at September 30, 2024$-$-$230,368$141,770$(38,347)$(5,678)$328,113

‎

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---23,421--23,421
Other comprehensive loss-----(3,135)(3,135)
Exercise of stock options (61,000 shares)--418---418
Stock-based compensation expense--402---402
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---(520)--(520)
Redemption of Series H Preferred Stock--(220)---(220)
Cash dividends on common stock ($0.48 per share declared)---(7,864)--(7,864)
Dividend reinvestment plan--287(287)---
Stock Purchase Plan--826---826
Balance at September 30, 2023$-$-$218,880$132,729$(38,347)$(9,626)$303,636
Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income (Loss) · Total
Balance at July 1, 2023$-$-$218,524$128,867$(38,347)$(9,421)$299,623
Net income---6,711--6,711
Other comprehensive loss-----(205)(205)
Stock-based compensation expense--185---185
Dividends payable on Series H 3.5% and Series I 3.0% noncumulative perpetual preferred stock---(173)--(173)
Redemption of Series H Preferred Stock--(220)---(220)
Cash dividends on common stock ($0.16 per share declared)---(2,584)--(2,584)
Dividend reinvestment plan--92(92)---
Stock Purchase Plan--299---299
Balance at September 30, 2023$-$-$218,880$132,729$(38,347)$(9,626)$303,636

‎

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---33,507--33,507
Other comprehensive loss-----(7,277)(7,277)
Stock-based compensation expense--458---458
Exercise of stock options (111,950 shares)--3---3
Treasury stock purchases (71,513 shares)----(1,998)-(1,998)
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and series I 3.0% noncumulative perpetual preferred stock---(624)--(624)
Redemption of Series D and Series G Preferred Stock(14,730)---(14,730)
Issuance of Series I Preferred Stock--6,809--6,809
Cash dividends on common stock ($0.48 per share declared)---(7,809)--(7,809)
Dividend reinvestment plan--351(351)---
Stock Purchase Plan--319---319
Balance at September 30, 2022$-$-$216,060$105,894$(33,123)$(6,149)$282,682
Preferred‎Stock · Common‎Stock · Additional‎Paid-In‎Capital · Retained‎Earnings · Treasury‎Stock · Accumulated‎Other‎Comprehensive‎Income‎(Loss) · Total
Balance at July 1, 2022$-$-$211,130$95,393$(31,889)$(2,997)$271,637
Net income---13,392--13,392
Other comprehensive income-----(3,152)(3,152)
Stock-based compensation expense--267---267
Exercise of stock options (111,750 shares)--3---3
Treasury stock purchases (116,626 shares)----(1,234)-(1,234)
Dividends payable on Series H 3.5%, and series I 3.0% noncumulative perpetual preferred stock---(174)--(174)
Issuance of Series I preferred Stock--4,439--4,439
Cash dividends on common stock ($0.16 per share declared)---(2,596)--(2,596)
Dividend reinvestment plan--121(121)---
Stock Purchase Plan--100---100
Balance at September 30, 2022$-$-$216,060$105,894$(33,123)$(6,149)$282,682

‎

BCB

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