BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding
company for BCB Community Bank (the “Bank”), today reported net
income of $8.6 million for the second quarter of 2023, compared to
$8.1 million in the first quarter of 2023, and $10.2 million for
the second quarter of 2022. Earnings per diluted share for the
second quarter of 2023 were $0.50, compared to $0.46 in the
preceding quarter and $0.58 in the second quarter of 2022. Net
income and earnings per diluted share for the second quarter of
2023, adjusted for the unrealized losses on equity investments,
were $9.1 million and $0.53, respectively.
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 August 18, 2023 to common
shareholders of record on August 4, 2023.
“We continue to be very profitable in a
challenging macro environment where competition for deposits and
cost of funding remain high. We are focused on protecting our net
interest income while also maintaining a strong liquidity position
and a robust capital profile. The slowdown in our balance sheet
growth during the second quarter, despite high customer demand, is
reflective of prudent management of our liquidity and capital
resources,” stated Thomas Coughlin, President and Chief Executive
Officer.
“Looking ahead, we remain committed to growing
our profitability and franchise value. We expect to benefit from
the successful execution of a number of internal projects that are
designed to enhance our digital footprint and also from the hiring
efforts that have increased the overall talent profile of our
institution. We firmly believe that our strategic actions will help
us come out stronger on the other side of the current economic
cycle,” said Mr. Coughlin.
“Our asset quality remains strong and our
non-accrual loans to total loans ratio was 0.17 percent at June 30,
2023, compared to 0.16 percent at March 31, 2023, and 0.35 percent
a year ago. We adopted the CECL methodology commencing January 1,
2023 and under the new methodology, we recorded a loan loss
provision of $1.35 million during the second quarter of 2023
compared to $622,000 during the preceding quarter,” said Mr.
Coughlin.
Executive Summary
- Total deposits were $2.886 billion
at June 30, 2023, up from $2.867 billion at March 31, 2023.
- Net interest margin was 2.92
percent for the second quarter of 2023, compared to 3.15 percent
for the first quarter of 2023, and 3.74 percent for the second
quarter of 2022.
- Total yield on interest-earning
assets increased 25 basis points to 5.11 percent for the second
quarter of 2023, compared to 4.86 percent for the first quarter of
2023, and increased 101 basis points from 4.10 percent compared to
the second quarter of 2022.
- Total cost of interest-bearing
liabilities increased 56 basis points to 2.80 percent for the
second quarter of 2023, compared to 2.24 percent for the first
quarter of 2023, and increased 230 basis points from 0.50 percent
for the second quarter of 2022.
- The efficiency ratio for the second
quarter was 52.3 percent compared to 53.7 percent in the prior
quarter, and 47.6 percent in the second quarter of 2022.
- The annualized return on average
assets ratio for the second quarter was 0.90 percent, compared to
0.90 percent in the prior quarter, and 1.32 percent in the second
quarter of 2022.
- The annualized return on average
equity ratio for the second quarter was 11.6 percent, compared to
11.0 percent in the prior quarter, and 15.0 percent in the second
quarter of 2022.
- The provision for credit losses was
$1.35 million in the second quarter of 2023 compared to $622,000
for the first quarter and no provision for the second quarter of
2022.
- Allowance for credit losses (“ACL”)
as a percentage of non-accrual loans was 530.3 percent at June 30,
2023, compared to 571.0 percent for the prior quarter-end and 370.7
percent at June 30, 2022. The total non-accrual loans were $5.70
million at June 30, 2023, $5.06 million at March 31, 2023 and $9.20
million at June 30, 2022.
- Total loans receivable, net of
allowance for credit losses, increased 26.7 percent to $3.320
billion at June 30, 2023, up from $2.621 billion at June 30,
2022.
Balance Sheet Review
Total assets increased by $326.7 million, or 9.2
percent, to $3.873 billion at June 30, 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
$43.9 million, or 19.1 percent, to $273.2 million at June 30, 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 $274.4
million, or 9.0 percent, to $3.320 billion at June 30, 2023, from
$3.045 billion at December 31, 2022. Total loan increases during
2023 included increases of $145.7 million in commercial real estate
and multi-family loans, $86.9 million in commercial business
loans, $34.2 million in construction loans, $222,000 in residential
one-to-four family loans and $5.5 million in home equity and
consumer loans. The allowance for credit losses decreased $2.2
million to $30.2 million, or 530.3 percent of non-accruing loans
and 0.90 percent of gross loans, at June 30, 2023, as compared to
an allowance for credit losses of $32.4 million, or 633.7 percent
of non-accruing loans and 1.05 percent of gross loans, at December
31, 2022. Upon adoption of the CECL methodology, the Day One CECL
adjustment resulted in a $4.2 million reduction to our ACL.
Total investment securities decreased by $8.9
million, or 8.2 percent, to $100.5 million at June 30, 2023, from
$109.4 million at December 31, 2022, representing unrealized
losses, calls and maturities, and repayments.
Deposit liabilities increased by $74.1 million,
or 2.6 percent, to $2.886 billion at June 30, 2023, from $2.811
billion at December 31, 2022. Interest bearing demand and savings
and club deposits decreased by $65.5 million offset by the increase
in non-interest bearing, money market, and certificates of deposits
of $139.6 million during the first six months of 2023.
Debt obligations increased by $240.4 million to
$660.2 million at June 30, 2023 from $419.8 million at December 31,
2022. The weighted average interest rate of FHLB advances was 4.53
percent at June 30, 2023 and 4.07 percent at December 31, 2022. The
weighted average maturity of FHLB advances as of June 30, 2023 was
1.27 years. The fixed interest rate of our subordinated debt
balances was 5.62 percent at June 30, 2023 and December 31,
2022.
Stockholders’ equity increased by $8.4 million,
or 2.9 percent, to $299.6 million at June 30, 2023, from $291.3
million at December 31, 2022. The increase was primarily
attributable to the increase in retained earnings of $13.8 million,
or 12.0 percent, to $128.9 million at June 30, 2023 from $115.1
million at December 31, 2022 partially offset by the $2.9 million
increase in accumulated other comprehensive loss during the first
six months of 2023.
Second Quarter 2023 Income Statement
Review
Net income was $8.6 million for the second
quarter ended June 30, 2023 and $10.2 million for the second
quarter ended June 30, 2022. The decline was primarily driven by
lower net interest income, higher credit loss provisioning and
higher non-interest expenses for the second quarter of 2023 as
compared with the second quarter of 2022.
Net interest income decreased by $752,000, or
2.7 percent, to $27.0 million for the second quarter of 2023,
from $27.7 million for the second 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 $16.8 million, or
55.1 percent, to $47.2 million for the second quarter of 2023 from
$30.5 million for the second quarter of 2022. The average
balance of interest-earning assets increased $725.9 million, or
24.5 percent, to $3.695 billion for the second quarter of 2023 from
$2.969 billion for the second quarter of 2022, while the average
yield increased 101 basis points to 5.11 percent for the second
quarter of 2023 from 4.10 percent for the second quarter of
2022.
Interest expense increased by $17.5 million to
$20.2 million for the second quarter of 2023 from
$2.7 million for the second quarter of 2022. The increase
resulted primarily from an increase in the average rate on
interest-bearing liabilities of 230 basis points to 2.80 percent
for the second quarter of 2023 from 0.50 percent for the second
quarter of 2022, while the average balance of interest-bearing
liabilities increased by $717.8 million to $2.891 billion for the
second quarter of 2023 from $2.174 billion for the second 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 2.92 percent for the
second quarter of 2023 compared to 3.74 percent for the second
quarter of 2022. The decrease in the net interest margin compared
to the second 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. In a persistently
high interest rate environment, management has been proactive in
managing both the yield on earning assets and the cost of funds to
protect net interest margin and continue to support the growth of
net interest income.
During the second quarter of 2023, the Company
experienced $27,000 in net charge-offs compared to $133,000 in net
recoveries in the second quarter of 2022. The Bank had non-accrual
loans totaling $5.70 million, or 0.17 percent of gross loans,
at June 30, 2023 as compared to $9.2 million, or 0.35 percent
of gross loans, at June 30, 2022. The allowance for credit losses
on loans was $30.2 million, or 0.90 percent of gross loans at
June 30, 2023, and $34.1 million, or 1.28 percent of gross
loans at June 30, 2022. The provision for credit losses was $1.35
million for the second quarter of 2023 compared to no provisioning
for loan losses for the second quarter of 2022. Management believes
that the allowance for credit losses on loans was adequate at June
30, 2023 and June 30, 2022.
Non-interest income increased by $1.4 million to
$1.1 million for the second quarter of 2023 from a loss of
$313,000 for second quarter of 2022. The increase in total
non-interest income was mainly related to the decrease in the
realized and unrealized losses on equity securities from $2.3
million to $669,000 thousand partially offset by a decrease in BOLI
income of $419,000. The realized and unrealized losses on equity
securities are based on market conditions.
Non-interest expense increased by $1.7 million,
or 12.6 percent, to $14.7 million for the second quarter of
2023 from $13.1 million for the second quarter of 2022. The
increase in operating expenses for the first quarter of 2023 was
primarily driven by the higher salaries, higher regulatory
assessment charges, and increased data processing expenses compared
to the second quarter of 2022. The increase in salaries related to
targeted hiring and normal compensation increases. The number of
full-time equivalent employees for the second quarter of 2023 was
307, as compared to 301 for the same period in 2022.
The income tax provision decreased by $762,000,
or 18.1 percent, to $3.4 million for the second quarter of
2023 from $4.2 million for the second quarter of 2022. The
consolidated effective tax rate was 28.6 percent for the second
quarter of 2023 compared to 29.3 percent for the second quarter of
2022.
Year-to-Date Income Statement
Review
Net income decreased by $3.4 million, or
16.9 percent, to $16.7 million for the first six months of
2023 from $20.1 million for the first six months of 2022. The
decrease in net income was driven primarily by a higher loan loss
provision and an increase in operating expenses for 2023 as
compared to 2022.
Net interest income increased by
$1.6 million, or 3.1 percent, to $54.5 million for the first
six months of 2023 from $52.8 million for the first six months of
2022. The increase in net interest income resulted from a $31.4
million increase in interest income, partly offset by an increase
of $29.8 million in interest expense.
Interest income increased by $31.4 million, or
54.0 percent, to $89.6 million for the first six months of 2023,
from $58.2 million for the first six months of 2022. The average
balance of interest-earning assets increased $655.1 million, or
22.3 percent, to $3.590 billion for the first six months of 2023,
from $2.935 for the first six months of 2022, while the average
yield increased 102 basis points to 4.99 percent from 3.97 percent
for the same comparable period. The increase in the average balance
of interest-earning assets mainly related to an increase in the
Company’s level of average loans receivable for the first six
months of 2023, as compared to the same period in
2022.
The increase in interest income mainly related
to an increase in the average balance of loans receivable of $809.8
million to $3.241 billion for the first six months of 2023, from
$2.431 billion for the first six months of 2022. The increase in
the average balance of loans receivable was a result of the
continued strength of the Company’s loan pipeline.
Interest expense increased by $29.8 million, or
553.9 percent, to $35.1 million for 2023, from $5.4 million for
2022. This increase resulted primarily from an increase in the
average rate on interest-bearing liabilities of 203 basis points to
2.53 percent for the first six months of 2023, from 0.50 percent
for the first six months of 2022, and an increase in the average
balance of interest-bearing liabilities of $635.2 million, or 29.7
percent, to $2.777 billion from $2.142 billion over the same
period. 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 first six months of 2023
compared to the same period in 2022.
Net interest margin was 3.03 percent for the
first six months of 2023, compared to 3.60 percent for the first
six 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 first six months of 2023, the Company
experienced $25,000 in net recoveries compared to $431,000 in net
charge offs for the same period in 2022. The Bank had non-accrual
loans totaling $5.7 million, or 0.17 percent, of gross loans
at June 30, 2023 as compared to $9.2 million, or 0.35 percent
of gross loans at June 30, 2022. The allowance for credit losses
was $30.2 million, or 0.90 percent of gross loans at June 30,
2023, and $34.1 million, or 1.28 percent of gross loans at
June 30, 2022. The provision for credit losses was $2.0 million for
the first six months of 2023 compared to a credit to the provision
for loan losses of $2.6 million for the same period in 2022.
Management believes that the allowance for credit losses was
adequate at June 30, 2023 and June 30, 2022.
Non-interest income increased by $367,000 to a
loss of $546,000 for the first six months of 2023 from a loss of
$913,000 for the first six months of 2022. The improvement in total
noninterest income was mainly related to a decrease of $1.1 million
in the realized and unrealized gains and losses on equity
securities (from a loss of $5.0 million to a loss of $3.9 million)
partially offset by a decrease of $753,000 in BOLI income. The
realized and unrealized gains or losses on equity securities are
based on market conditions.
Non-interest expense increased by $2.5 million,
or 9.8 percent, to $28.6 million for the first six months of
2023 from $26.0 million for the same period in 2022. The increase
in operating expenses for 2023 was driven primarily by the increase
in salaries and employee benefits, higher data processing expenses,
and an increase in the regulatory assessments. The increase in
salaries related to targeted hiring of additional staff. The number
of full-time equivalent employees for the period ended June 30,
2023 was 307, as compared with 301 for the same period in 2022.
The income tax provision decreased by $1.7
million or 20.0 percent, to $6.7 million for the first six months
of 2023 from $8.3 million for the same period in 2022. The
decrease in the income tax provision was a result of the lower
taxable income for the six months ended June 30, 2023 compared to
the same period in 2022. The consolidated effective tax
rate was 28.5 percent for the first six months of 2023 compared to
29.3 percent for the first six months of 2022.
Asset Quality
The Bank had non-accrual loans totaling
$5.7 million, or 0.17 percent, of gross loans at June 30,
2023, as compared to $5.1 million, or 0.17 percent, of gross
loans at December 31, 2022. The allowance for credit
losses was $30.2 million, or 0.90 percent of gross loans at
June 30, 2023, and $32.4 million, or 1.05 percent of gross loans at
December 31, 2022. The allowance for credit losses was 530.3
percent of non-accrual loans at June 30, 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 24 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 factors 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 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 actual results to differ
materially from forward-looking statements or historical
performance: the inability to close loans in our pipeline; changes
in asset quality and credit risk; the inability to sustain revenue
and earnings growth; changes in interest rates and capital markets;
inflation; supply chain disruptions; any future pandemics and the
related adverse local and national economic consequences; civil
unrest in the communities that the company serves; customer
acceptance of the Bank’s products and services; customer borrowing,
repayment, investment and deposit practices; customer
disintermediation; the introduction, withdrawal, success and timing
of business initiatives; competitive conditions; economic
conditions; the impact, extent and timing of technological changes,
capital management activities, actions of governmental agencies and
legislative and regulatory actions and reforms, other factors
discussed elsewhere in this release, 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 for the year-ended December 31,
2022, and in Part II, Item 1A of our quarterly report on Form 10-Q
for the quarter-ended March 31, 2023, 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.
|
Statements of Income - Three Months Ended, |
|
|
|
|
June 30, 2023 |
March 31, 2023 |
June 30, 2022 |
June 30, 2023 vs.Mar. 31, 2023 |
|
June 30, 2023 vs.June 30, 2022 |
Interest and dividend income: |
(In thousands, except per share amounts,
Unaudited) |
|
|
|
Loans, including fees |
$ |
42,644 |
|
$ |
38,889 |
|
$ |
28,781 |
|
9.7 |
% |
|
48.2 |
% |
Mortgage-backed securities |
|
184 |
|
|
186 |
|
|
47 |
|
-1.1 |
% |
|
291.5 |
% |
Other investment securities |
|
1,070 |
|
|
1,120 |
|
|
939 |
|
-4.5 |
% |
|
14.0 |
% |
FHLB stock and other interest earning assets |
|
3,339 |
|
|
2,157 |
|
|
694 |
|
54.8 |
% |
|
381.1 |
% |
Total interest and dividend
income |
|
47,237 |
|
|
42,352 |
|
|
30,461 |
|
11.5 |
% |
|
55.1 |
% |
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand |
|
4,190 |
|
|
3,154 |
|
|
946 |
|
32.8 |
% |
|
342.9 |
% |
Savings and club |
|
143 |
|
|
118 |
|
|
110 |
|
21.2 |
% |
|
30.0 |
% |
Certificates of deposit |
|
8,474 |
|
|
6,453 |
|
|
849 |
|
31.3 |
% |
|
898.1 |
% |
|
|
12,807 |
|
|
9,725 |
|
|
1,905 |
|
31.7 |
% |
|
572.3 |
% |
Borrowings |
|
7,441 |
|
|
5,156 |
|
|
815 |
|
44.3 |
% |
|
813.0 |
% |
Total interest
expense |
|
20,248 |
|
|
14,881 |
|
|
2,720 |
|
36.1 |
% |
|
644.4 |
% |
|
|
|
|
|
|
|
Net interest income |
|
26,989 |
|
|
27,471 |
|
|
27,741 |
|
-1.8 |
% |
|
-2.7 |
% |
Provision for credit losses |
|
1,350 |
|
|
622 |
|
|
- |
|
117.0 |
% |
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit
losses |
|
25,639 |
|
|
26,849 |
|
|
27,741 |
|
-4.5 |
% |
|
-7.6 |
% |
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
Fees and service charges |
|
1,442 |
|
|
1,098 |
|
|
1,213 |
|
31.3 |
% |
|
18.9 |
% |
Gain on sales of loans |
|
- |
|
|
6 |
|
|
43 |
|
-100.0 |
% |
|
-100.0 |
% |
Realized and unrealized loss on equity investments |
|
(669 |
) |
|
(3,227 |
) |
|
(2,302 |
) |
-79.3 |
% |
|
-70.9 |
% |
BOLI income |
|
267 |
|
|
421 |
|
|
686 |
|
-36.6 |
% |
|
-61.1 |
% |
Other |
|
78 |
|
|
38 |
|
|
47 |
|
105.3 |
% |
|
66.0 |
% |
Total non-interest
income (loss) |
|
1,118 |
|
|
(1,664 |
) |
|
(313 |
) |
-167.2 |
% |
|
-457.2 |
% |
|
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
7,711 |
|
|
7,618 |
|
|
6,715 |
|
1.2 |
% |
|
14.8 |
% |
Occupancy and equipment |
|
2,560 |
|
|
2,552 |
|
|
2,673 |
|
0.3 |
% |
|
-4.2 |
% |
Data processing and communications |
|
1,795 |
|
|
1,665 |
|
|
1,469 |
|
7.8 |
% |
|
22.2 |
% |
Professional fees |
|
622 |
|
|
566 |
|
|
489 |
|
9.9 |
% |
|
27.2 |
% |
Director fees |
|
270 |
|
|
265 |
|
|
296 |
|
1.9 |
% |
|
-8.8 |
% |
Regulatory assessment fees |
|
796 |
|
|
536 |
|
|
244 |
|
48.5 |
% |
|
226.2 |
% |
Advertising and promotions |
|
350 |
|
|
278 |
|
|
254 |
|
25.9 |
% |
|
37.8 |
% |
Other real estate owned, net |
|
1 |
|
|
1 |
|
|
4 |
|
0.0 |
% |
|
-75.0 |
% |
Other |
|
601 |
|
|
373 |
|
|
912 |
|
61.1 |
% |
|
-34.1 |
% |
Total non-interest
expense |
|
14,706 |
|
|
13,854 |
|
|
13,056 |
|
6.1 |
% |
|
12.6 |
% |
|
|
|
|
|
|
|
Income before income tax provision |
|
12,051 |
|
|
11,331 |
|
|
14,372 |
|
6.4 |
% |
|
-16.1 |
% |
Income tax provision |
|
3,447 |
|
|
3,225 |
|
|
4,209 |
|
6.9 |
% |
|
-18.1 |
% |
|
|
|
|
|
|
|
Net Income |
|
8,604 |
|
|
8,106 |
|
|
10,163 |
|
6.1 |
% |
|
-15.3 |
% |
Preferred stock dividends |
|
174 |
|
|
173 |
|
|
138 |
|
0.6 |
% |
|
26.2 |
% |
Net Income available to common stockholders |
$ |
8,430 |
|
$ |
7,933 |
|
$ |
10,025 |
|
6.3 |
% |
|
-15.9 |
% |
|
|
|
|
|
|
|
Net Income per common share-basic and diluted |
|
|
|
|
|
|
Basic |
$ |
0.50 |
|
$ |
0.47 |
|
$ |
0.59 |
|
7.1 |
% |
|
-15.0 |
% |
Diluted |
$ |
0.50 |
|
$ |
0.46 |
|
$ |
0.58 |
|
8.6 |
% |
|
-13.0 |
% |
|
|
|
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
|
|
|
Basic |
|
16,824 |
|
|
16,949 |
|
|
16,997 |
|
-0.7 |
% |
|
-1.0 |
% |
Diluted |
|
16,831 |
|
|
17,208 |
|
|
17,404 |
|
-2.2 |
% |
|
-3.3 |
% |
|
|
|
|
|
|
|
|
Statements of Income - Six Months Ended, |
|
|
June 30, 2023 |
June 30, 2022 |
June 30, 2023 vs.June 30, 2022 |
Interest and dividend income: |
(In thousands, except per share amounts,
Unaudited) |
|
Loans, including fees |
$ |
81,533 |
|
$ |
55,102 |
|
48.0 |
% |
Mortgage-backed securities |
|
370 |
|
|
206 |
|
79.6 |
% |
Other investment securities |
|
2,190 |
|
|
1,887 |
|
16.1 |
% |
FHLB stock and other interest earning assets |
|
5,496 |
|
|
990 |
|
455.2 |
% |
Total interest and dividend
income |
|
89,589 |
|
|
58,185 |
|
54.0 |
% |
|
|
|
|
Interest expense: |
|
|
|
Deposits: |
|
|
|
Demand |
|
7,344 |
|
|
1,704 |
|
331.0 |
% |
Savings and club |
|
261 |
|
|
218 |
|
19.7 |
% |
Certificates of deposit |
|
14,927 |
|
|
1,829 |
|
716.1 |
% |
|
|
22,532 |
|
|
3,751 |
|
500.7 |
% |
Borrowings |
|
12,597 |
|
|
1,621 |
|
677.1 |
% |
Total interest
expense |
|
35,129 |
|
|
5,372 |
|
553.9 |
% |
|
|
|
|
Net interest income |
|
54,460 |
|
|
52,813 |
|
3.1 |
% |
Provision (benefit) for credit
losses |
|
1,972 |
|
|
(2,575 |
) |
-176.6 |
% |
|
|
|
|
Net interest income after provision (credit) for credit
losses |
|
52,488 |
|
|
55,388 |
|
-5.2 |
% |
|
|
|
|
Non-interest income: |
|
|
|
Fees and service charges |
|
2,540 |
|
|
2,427 |
|
4.7 |
% |
Gain on sales of loans |
|
6 |
|
|
108 |
|
-94.4 |
% |
Realized and unrealized (loss) gain on equity investments |
|
(3,896 |
) |
|
(4,987 |
) |
-21.9 |
% |
BOLI income |
|
688 |
|
|
1,441 |
|
-52.3 |
% |
Other |
|
116 |
|
|
98 |
|
18.4 |
% |
Total non-interest
loss |
|
(546 |
) |
|
(913 |
) |
-40.2 |
% |
|
|
|
|
Non-interest expense: |
|
|
|
Salaries and employee benefits |
|
15,329 |
|
|
13,451 |
|
14.0 |
% |
Occupancy and equipment |
|
5,112 |
|
|
5,368 |
|
-4.8 |
% |
Data processing and communications |
|
3,460 |
|
|
2,934 |
|
17.9 |
% |
Professional fees |
|
1,188 |
|
|
983 |
|
20.9 |
% |
Director fees |
|
535 |
|
|
617 |
|
-13.3 |
% |
Regulatory assessments |
|
1,332 |
|
|
548 |
|
143.1 |
% |
Advertising and promotions |
|
628 |
|
|
395 |
|
59.0 |
% |
Other real estate owned, net |
|
2 |
|
|
5 |
|
-60.0 |
% |
Other |
|
974 |
|
|
1,714 |
|
-43.2 |
% |
Total non-interest
expense |
|
28,560 |
|
|
26,015 |
|
9.8 |
% |
|
|
|
|
Income before income tax provision |
|
23,382 |
|
|
28,460 |
|
-17.8 |
% |
Income tax provision |
|
6,672 |
|
|
8,345 |
|
-20.0 |
% |
|
|
|
|
Net Income |
|
16,710 |
|
|
20,115 |
|
-16.9 |
% |
Preferred stock dividends |
|
347 |
|
|
414 |
|
-16.2 |
% |
Net Income available to common stockholders |
$ |
16,363 |
|
$ |
19,701 |
|
-16.9 |
% |
|
|
|
|
Net Income per common share-basic and diluted |
|
|
|
Basic |
$ |
0.97 |
|
$ |
1.16 |
|
-16.4 |
% |
Diluted |
$ |
0.96 |
|
$ |
1.13 |
|
-15.2 |
% |
|
|
|
|
Weighted average number of common shares
outstanding |
|
|
|
Basic |
|
16,886 |
|
|
16,989 |
|
-0.6 |
% |
Diluted |
|
17,010 |
|
|
17,375 |
|
-2.1 |
% |
Statements of Financial Condition |
June 30,2023 |
March 31,2023 |
December 31, 2022 |
June 30, 2023 vs.March 31, 2023 |
June 30, 2023 vs.December 31,2022 |
ASSETS |
(In Thousands, Unaudited) |
|
|
Cash and amounts due from depository institutions |
$ |
13,378 |
|
$ |
13,213 |
|
$ |
11,520 |
|
1.2 |
% |
16.1 |
% |
Interest-earning deposits |
|
259,834 |
|
|
247,862 |
|
|
217,839 |
|
4.8 |
% |
19.3 |
% |
Total cash and cash equivalents |
|
273,212 |
|
|
261,075 |
|
|
229,359 |
|
4.6 |
% |
19.1 |
% |
|
|
|
|
|
|
Interest-earning time deposits |
|
735 |
|
|
735 |
|
|
735 |
|
- |
|
- |
|
Debt securities available for sale |
|
87,648 |
|
|
86,988 |
|
|
91,715 |
|
0.8 |
% |
-4.4 |
% |
Equity investments |
|
12,825 |
|
|
14,458 |
|
|
17,686 |
|
-11.3 |
% |
-27.5 |
% |
Loans held for sale |
|
- |
|
|
- |
|
|
658 |
|
- |
|
-100.0 |
% |
Loans receivable, net of allowance for credit losses |
|
|
|
|
|
of $30,205, $28,882 and $32,373, respectively |
|
3,319,721 |
|
|
3,231,864 |
|
|
3,045,331 |
|
2.72 |
% |
9.01 |
% |
Federal Home Loan Bank of New York stock, at cost |
|
31,667 |
|
|
26,875 |
|
|
20,113 |
|
17.8 |
% |
57.4 |
% |
Premises and equipment, net |
|
13,561 |
|
|
10,106 |
|
|
10,508 |
|
34.2 |
% |
29.1 |
% |
Accrued interest receivable |
|
15,384 |
|
|
14,717 |
|
|
13,455 |
|
4.5 |
% |
14.3 |
% |
Other real estate owned |
|
75 |
|
|
75 |
|
|
75 |
|
- |
|
- |
|
Deferred income taxes |
|
16,445 |
|
|
15,178 |
|
|
16,462 |
|
8.3 |
% |
-0.1 |
% |
Goodwill and other intangibles |
|
5,324 |
|
|
5,359 |
|
|
5,382 |
|
-0.7 |
% |
-1.1 |
% |
Operating lease right-of-use asset |
|
13,658 |
|
|
15,111 |
|
|
13,520 |
|
-9.6 |
% |
1.0 |
% |
Bank-owned life insurance ("BOLI") |
|
72,344 |
|
|
72,077 |
|
|
71,656 |
|
0.4 |
% |
1.0 |
% |
Other assets |
|
10,254 |
|
|
8,438 |
|
|
9,538 |
|
21.5 |
% |
7.5 |
% |
Total Assets |
$ |
3,872,853 |
|
$ |
3,763,056 |
|
$ |
3,546,193 |
|
2.9 |
% |
9.2 |
% |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-interest bearing deposits |
$ |
620,509 |
|
$ |
604,935 |
|
$ |
613,910 |
|
2.6 |
% |
1.1 |
% |
Interest bearing deposits |
|
2,265,212 |
|
|
2,262,274 |
|
|
2,197,697 |
|
0.1 |
% |
3.1 |
% |
Total deposits |
|
2,885,721 |
|
|
2,867,209 |
|
|
2,811,607 |
|
0.6 |
% |
2.6 |
% |
FHLB advances |
|
622,536 |
|
|
532,399 |
|
|
382,261 |
|
16.9 |
% |
62.9 |
% |
Subordinated debentures |
|
37,624 |
|
|
37,566 |
|
|
37,508 |
|
0.2 |
% |
0.3 |
% |
Operating lease liability |
|
14,003 |
|
|
15,436 |
|
|
13,859 |
|
-9.3 |
% |
1.0 |
% |
Other liabilities |
|
13,346 |
|
|
12,828 |
|
|
9,704 |
|
4.0 |
% |
37.5 |
% |
Total Liabilities |
|
3,573,230 |
|
|
3,465,438 |
|
|
3,254,939 |
|
3.1 |
% |
9.8 |
% |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Preferred stock: $0.01 par value, 10,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
|
|
Additional paid-in capital preferred stock |
|
21,003 |
|
|
21,003 |
|
|
21,003 |
|
0.0 |
% |
0.0 |
% |
Common stock: no par value, 40,000 shares authorized |
|
- |
|
|
- |
|
|
- |
|
|
|
Additional paid-in capital common stock |
|
197,521 |
|
|
197,197 |
|
|
196,164 |
|
0.2 |
% |
0.7 |
% |
Retained earnings |
|
128,867 |
|
|
123,121 |
|
|
115,109 |
|
4.7 |
% |
12.0 |
% |
Accumulated other comprehensive loss |
|
(9,421 |
) |
|
(6,613 |
) |
|
(6,491 |
) |
42.5 |
% |
45.1 |
% |
Treasury stock, at cost |
|
(38,347 |
) |
|
(37,090 |
) |
|
(34,531 |
) |
3.4 |
% |
11.1 |
% |
Total Stockholders'
Equity |
|
299,623 |
|
|
297,618 |
|
|
291,254 |
|
0.7 |
% |
2.9 |
% |
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity |
$ |
3,872,853 |
|
$ |
3,763,056 |
|
$ |
3,546,193 |
|
2.9 |
% |
9.2 |
% |
|
|
|
|
|
|
Outstanding common
shares |
16,788 |
16,884 |
16,931 |
|
|
|
Three Months Ended June 30, |
|
|
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) |
$ |
3,315,120 |
$ |
42,644 |
5.15 |
% |
|
$ |
2,517,283 |
$ |
28,781 |
4.57 |
% |
Investment Securities |
|
100,971 |
|
1254 |
4.97 |
% |
|
|
107,132 |
|
986 |
3.68 |
% |
FHLB stock and other interest-earning assets |
|
278,746 |
|
3,339 |
4.79 |
% |
|
|
344,510 |
|
694 |
0.81 |
% |
Total Interest-earning assets |
|
3,694,837 |
|
47,237 |
5.11 |
% |
|
|
2,968,926 |
|
30,461 |
4.10 |
% |
Non-interest-earning assets |
|
125,032 |
|
|
|
|
107,156 |
|
|
Total assets |
$ |
3,819,869 |
|
|
|
$ |
3,076,081 |
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
712,414 |
$ |
2,209 |
1.24 |
% |
|
$ |
796,227 |
$ |
569 |
0.29 |
% |
Money market accounts |
|
331,339 |
|
1,981 |
2.39 |
% |
|
|
356,062 |
|
376 |
0.42 |
% |
Savings accounts |
|
312,201 |
|
143 |
0.18 |
% |
|
|
346,432 |
|
110 |
0.13 |
% |
Certificates of Deposit |
|
904,766 |
|
8,474 |
3.75 |
% |
|
|
565,479 |
|
850 |
0.60 |
% |
Total interest-bearing deposits |
|
2,260,721 |
|
12,807 |
2.27 |
% |
|
|
2,064,199 |
|
1,905 |
0.37 |
% |
Borrowed funds |
|
630,706 |
|
7,441 |
4.72 |
% |
|
|
109,436 |
|
815 |
2.98 |
% |
Total interest-bearing liabilities |
|
2,891,427 |
|
20,248 |
2.80 |
% |
|
|
2,173,636 |
|
2,720 |
0.50 |
% |
Non-interest-bearing liabilities |
|
630,928 |
|
|
|
|
631,430 |
|
|
Total liabilities |
|
3,522,355 |
|
|
|
|
2,805,066 |
|
|
Stockholders' equity |
|
297,514 |
|
|
|
|
271,015 |
|
|
Total liabilities and stockholders' equity |
$ |
3,819,869 |
|
|
|
$ |
3,076,081 |
|
|
Net interest income |
|
$ |
26,989 |
|
|
|
$ |
27,741 |
|
Net interest rate spread(1) |
|
|
2.31 |
% |
|
|
|
3.60 |
% |
Net interest margin(2) |
|
|
2.92 |
% |
|
|
|
3.74 |
% |
|
|
|
|
|
|
|
|
(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 which are immaterial to
the yield. |
|
Six Months Ended June 30, |
|
|
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) |
$ |
3,240,812 |
$ |
81,533 |
5.03 |
% |
|
$ |
2,431,043 |
$ |
55,102 |
4.53 |
% |
Investment Securities |
|
104,898 |
|
2,560 |
4.88 |
% |
|
|
108,024 |
|
2,093 |
3.88 |
% |
FHLB stock and other interest-earning assets |
|
243,987 |
|
5,496 |
4.51 |
% |
|
|
395,512 |
|
990 |
0.50 |
% |
Total Interest-earning assets |
|
3,589,697 |
|
89,589 |
4.99 |
% |
|
|
2,934,580 |
|
58,185 |
3.97 |
% |
Non-interest-earning assets |
|
120,965 |
|
|
|
|
104,666 |
|
|
Total assets |
$ |
3,710,663 |
|
|
|
$ |
3,039,245 |
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
713,097 |
$ |
3,998 |
1.12 |
% |
|
$ |
751,396 |
$ |
967 |
0.26 |
% |
Money market accounts |
|
322,930 |
|
3,346 |
2.07 |
% |
|
|
350,842 |
|
736 |
0.42 |
% |
Savings accounts |
|
317,451 |
|
261 |
0.16 |
% |
|
|
341,531 |
|
218 |
0.13 |
% |
Certificates of Deposit |
|
876,762 |
|
14,927 |
3.40 |
% |
|
|
588,518 |
|
1,828 |
0.62 |
% |
Total interest-bearing deposits |
|
2,230,241 |
|
22,532 |
2.02 |
% |
|
|
2,032,286 |
|
3,751 |
0.37 |
% |
Borrowed funds |
|
546,528 |
|
12,597 |
4.61 |
% |
|
|
109,272 |
|
1,621 |
2.97 |
% |
Total interest-bearing liabilities |
|
2,776,769 |
|
35,129 |
2.53 |
% |
|
|
2,141,558 |
|
5,372 |
0.50 |
% |
Non-interest-bearing liabilities |
|
638,406 |
|
|
|
|
626,520 |
|
|
Total liabilities |
|
3,415,175 |
|
|
|
|
2,768,078 |
|
|
Stockholders' equity |
|
295,488 |
|
|
|
|
271,168 |
|
|
Total liabilities and stockholders' equity |
$ |
3,710,663 |
|
|
|
$ |
3,039,245 |
|
|
Net interest income |
|
$ |
54,460 |
|
|
|
$ |
52,813 |
|
Net interest rate spread(1) |
|
|
2.46 |
% |
|
|
|
3.46 |
% |
Net interest margin(2) |
|
|
3.03 |
% |
|
|
|
3.60 |
% |
|
|
|
|
|
|
|
|
(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) Presented on an annualized basis, where
appropriate. |
(4) Excludes allowance for credit losses. |
(5) Includes non-accrual loans which are immaterial to
the yield. |
|
Financial Condition data by quarter |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
|
|
|
|
|
|
|
(In thousands, except book values) |
Total assets |
$ |
3,872,853 |
|
$ |
3,763,056 |
|
$ |
3,546,193 |
|
$ |
3,265,612 |
|
$ |
3,072,771 |
|
Cash and cash equivalents |
|
273,212 |
|
|
261,075 |
|
|
229,359 |
|
|
221,024 |
|
|
206,172 |
|
Securities |
|
100,473 |
|
|
101,446 |
|
|
109,401 |
|
|
111,159 |
|
|
105,717 |
|
Loans receivable, net |
|
3,319,721 |
|
|
3,231,864 |
|
|
3,045,331 |
|
|
2,787,015 |
|
|
2,620,630 |
|
Deposits |
|
2,885,721 |
|
|
2,867,209 |
|
|
2,811,607 |
|
|
2,712,946 |
|
|
2,655,030 |
|
Borrowings |
|
660,160 |
|
|
569,965 |
|
|
419,769 |
|
|
249,573 |
|
|
124,377 |
|
Stockholders’ equity |
|
299,623 |
|
|
297,618 |
|
|
291,254 |
|
|
282,682 |
|
|
271,637 |
|
Book value per common share1 |
$ |
16.60 |
|
$ |
16.38 |
|
$ |
15.96 |
|
$ |
15.42 |
|
$ |
15.04 |
|
Tangible book value per common share2 |
$ |
16.28 |
|
$ |
16.07 |
|
$ |
15.65 |
|
$ |
15.11 |
|
$ |
14.73 |
|
|
|
|
|
|
|
|
Operating data by quarter |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
|
(In thousands, except for per share amounts) |
Net interest income |
$ |
26,989 |
|
$ |
27,471 |
|
$ |
30,181 |
|
$ |
30,951 |
|
$ |
27,741 |
|
Provision (benefit) for credit losses |
|
1,350 |
|
|
622 |
|
|
(500 |
) |
|
- |
|
|
- |
|
Non-interest income (loss) |
|
1,118 |
|
|
(1,664 |
) |
|
1,062 |
|
|
1,446 |
|
|
(313 |
) |
Non-interest expense |
|
14,706 |
|
|
13,854 |
|
|
16,037 |
|
|
13,453 |
|
|
13,056 |
|
Income tax expense |
|
3,447 |
|
|
3,225 |
|
|
3,634 |
|
|
5,552 |
|
|
4,209 |
|
Net income |
$ |
8,604 |
|
$ |
8,106 |
|
$ |
12,072 |
|
$ |
13,392 |
|
$ |
10,163 |
|
Net income per diluted share |
$ |
0.50 |
|
$ |
0.46 |
|
$ |
0.69 |
|
$ |
0.76 |
|
$ |
0.58 |
|
Common Dividends declared per share |
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
$ |
0.16 |
|
|
|
|
|
|
|
|
Financial Ratios(3) |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
Return on average assets |
|
0.90% |
|
|
0.90% |
|
|
1.46% |
|
|
1.74% |
|
|
1.32% |
|
Return on average stockholders' equity |
|
11.57% |
|
|
11.05% |
|
|
16.99% |
|
|
19.42% |
|
|
15.00% |
|
Net interest margin |
|
2.92% |
|
|
3.15% |
|
|
3.76% |
|
|
4.18% |
|
|
3.74% |
|
Stockholders' equity to total assets |
|
7.74% |
|
|
7.91% |
|
|
8.21% |
|
|
8.66% |
|
|
8.84% |
|
Efficiency Ratio4 |
|
52.32% |
|
|
53.68% |
|
|
51.33% |
|
|
41.53% |
|
|
47.60% |
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
|
(In thousands, except for ratio %) |
Non-Accrual Loans |
$ |
5,696 |
|
$ |
5,058 |
|
$ |
5,109 |
|
$ |
8,505 |
|
$ |
9,201 |
|
Non-Accrual Loans as a % of Total Loans |
|
0.17% |
|
|
0.16% |
|
|
0.17% |
|
|
0.30% |
|
|
0.35% |
|
ACL as % of Non-Accrual Loans |
|
530.3% |
|
|
571.0% |
|
|
633.6% |
|
|
390.3% |
|
|
370.7% |
|
Individually Analyzed Loans |
|
28,250 |
|
|
17,585 |
|
|
28,272 |
|
|
40,524 |
|
|
42,411 |
|
|
|
|
|
|
|
(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 |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
|
(In thousands) |
Residential one-to-four family |
$ |
250,345 |
|
$ |
246,683 |
|
$ |
250,123 |
|
$ |
242,238 |
|
$ |
235,883 |
|
Commercial and multi-family |
|
2,490,883 |
|
|
2,466,932 |
|
|
2,345,229 |
|
|
2,164,320 |
|
|
2,030,597 |
|
Construction |
|
179,156 |
|
|
162,553 |
|
|
144,931 |
|
|
153,103 |
|
|
155,070 |
|
Commercial business |
|
368,948 |
|
|
327,598 |
|
|
282,007 |
|
|
205,661 |
|
|
181,868 |
|
Home equity |
|
61,595 |
|
|
58,822 |
|
|
56,888 |
|
|
56,064 |
|
|
51,808 |
|
Consumer |
|
3,994 |
|
|
3,383 |
|
|
3,240 |
|
|
2,545 |
|
|
2,656 |
|
|
$ |
3,354,921 |
|
$ |
3,265,971 |
|
$ |
3,082,418 |
|
$ |
2,823,931 |
|
$ |
2,657,882 |
|
Less: |
|
|
|
|
|
Deferred loan fees, net |
|
(4,995 |
) |
|
(5,225 |
) |
|
(4,714 |
) |
|
(3,721 |
) |
|
(3,139 |
) |
Allowance for credit losses |
|
(30,205 |
) |
|
(28,882 |
) |
|
(32,373 |
) |
|
(33,195 |
) |
|
(34,113 |
) |
|
|
|
|
|
|
Total loans, net |
$ |
3,319,721 |
|
$ |
3,231,864 |
|
$ |
3,045,331 |
|
$ |
2,787,015 |
|
$ |
2,620,630 |
|
|
|
|
|
|
|
|
Non-Accruing Loans in Portfolio by quarter |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
|
(In thousands) |
Residential one-to-four family |
$ |
178 |
|
$ |
237 |
|
$ |
243 |
|
$ |
263 |
|
$ |
267 |
|
Commercial and multi-family |
|
- |
|
|
340 |
|
|
346 |
|
|
757 |
|
|
757 |
|
Construction |
|
4,145 |
|
|
3,217 |
|
|
3,180 |
|
|
3,180 |
|
|
3,043 |
|
Commercial business |
|
1,373 |
|
|
1,264 |
|
|
1,340 |
|
|
4,305 |
|
|
5,104 |
|
Home equity |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
30 |
|
Total: |
$ |
5,696 |
|
$ |
5,058 |
|
$ |
5,109 |
|
$ |
8,505 |
|
$ |
9,201 |
|
|
|
|
|
|
|
|
Distribution of Deposits by quarter |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
|
(In thousands) |
Demand: |
|
|
|
|
|
Non-Interest Bearing |
$ |
620,509 |
|
$ |
604,935 |
|
$ |
613,910 |
|
$ |
610,425 |
|
$ |
595,167 |
|
Interest Bearing |
|
714,420 |
|
|
686,576 |
|
|
757,614 |
|
|
726,012 |
|
|
810,535 |
|
Money Market |
|
328,543 |
|
|
361,558 |
|
|
305,556 |
|
|
370,353 |
|
|
360,356 |
|
Sub-total: |
$ |
1,663,472 |
|
$ |
1,653,069 |
|
$ |
1,677,080 |
|
$ |
1,706,790 |
|
$ |
1,766,058 |
|
Savings and Club |
|
307,435 |
|
|
319,131 |
|
|
329,753 |
|
|
338,864 |
|
|
347,279 |
|
Certificates of Deposit |
|
914,814 |
|
|
895,009 |
|
|
804,774 |
|
|
667,291 |
|
|
541,693 |
|
Total Deposits: |
$ |
2,885,721 |
|
$ |
2,867,209 |
|
$ |
2,811,607 |
|
$ |
2,712,945 |
|
$ |
2,655,030 |
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures by
quarter |
|
|
|
|
|
|
|
Tangible Book Value per Share |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
|
(In thousands, except per share amounts) |
Total Stockholders' Equity |
$ |
299,623 |
|
$ |
297,618 |
|
$ |
291,254 |
|
$ |
282,682 |
|
$ |
271,637 |
|
Less: goodwill |
|
5,252 |
|
|
5,252 |
|
|
5,252 |
|
|
5,252 |
|
|
5,252 |
|
Less: preferred stock |
|
21,003 |
|
|
21,003 |
|
|
21,003 |
|
|
21,003 |
|
|
16,563 |
|
Total tangible common stockholders' equity |
|
273,368 |
|
|
271,363 |
|
|
264,999 |
|
|
256,427 |
|
|
249,822 |
|
Shares common shares outstanding |
|
16,788 |
|
|
16,884 |
|
|
16,931 |
|
|
16,974 |
|
|
16,960 |
|
Book value per common share |
$ |
16.60 |
|
$ |
16.38 |
|
$ |
15.96 |
|
$ |
15.42 |
|
$ |
15.04 |
|
Tangible book value per common share |
$ |
16.28 |
|
$ |
16.07 |
|
$ |
15.65 |
|
$ |
15.11 |
|
$ |
14.73 |
|
|
|
|
|
|
|
|
Efficiency Ratios |
|
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
|
(In thousands, except for ratio %) |
Net interest income |
$ |
26,989 |
|
$ |
27,471 |
|
$ |
30,181 |
|
$ |
30,951 |
|
$ |
27,741 |
|
Non-interest income (loss) |
|
1,118 |
|
|
(1,664 |
) |
|
1,062 |
|
|
1,446 |
|
|
(313 |
) |
Total income |
|
28,107 |
|
|
25,807 |
|
|
31,243 |
|
|
32,397 |
|
|
27,428 |
|
Non-interest expense |
|
14,706 |
|
|
13,854 |
|
|
16,037 |
|
|
13,453 |
|
|
13,056 |
|
Efficiency Ratio |
|
52.32% |
|
|
53.68% |
|
|
51.33% |
|
|
41.53% |
|
|
47.60% |
|
|
|
|
|
|
|
|
|
CONTACT: |
THOMAS COUGHLIN, |
|
PRESIDENT & CEO |
|
JAWAD CHAUDHRY, CFO |
|
(201) 823-0700 |
BCB Bancorp (NASDAQ:BCBP)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
BCB Bancorp (NASDAQ:BCBP)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024