BCB Bancorp(BCBP) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $6.7 million, unchanged from Q3 2023, with EPS of$ 0.36 compared to $0.39 in the prior year[1]. - Net income for Q3 2024 was$ 6.668 million, a 136.7% increase from $2.817 million in Q2 2024, but a slight decrease of 0.6% from$ 6.711 million in Q3 2023[29]. - Net income available to common stockholders was $6.193 million for Q3 2024, representing a 161.4% increase from$ 2.369 million in Q2 2024[29]. - Net income decreased by 34.5% to $15,351,000 from$ 23,421,000 year-over-year[31]. - Basic net income per common share decreased by 39.3% to $0.82 compared to$ 1.36 in the same period last year[31]. Income and Expenses - Net interest income decreased by $2.6 million, or 10.3%, to$ 23.0 million for Q3 2024 compared to $25.7 million in Q3 2023[10]. - Total interest and dividend income for Q3 2024 was$ 48.626 million, a decrease of 1.7% from $49.445 million in Q2 2024 and a decrease of 0.9% from$ 49.067 million in Q3 2023[29]. - Total non-interest expense for Q3 2024 was $13.929 million, a slight decrease of 0.4% from$ 13.987 million in Q2 2024 and a decrease of 9.9% from $15.463 million in Q3 2023[29]. - Total non-interest income surged by 132.8% to$ 2,002,000 from $860,000 year-over-year[31]. - Non-interest income increased by$ 1.7 million to $3.1 million for Q3 2024, primarily due to gains on equity investments[14]. Loans and Deposits - Total loans receivable decreased by$ 191.8 million, or 5.8%, to $3.088 billion at September 30, 2024, from$ 3.280 billion at December 31, 2023[6]. - Total deposits decreased by $254.5 million, or 8.5%, to$ 2.725 billion at September 30, 2024, from $2.979 billion at December 31, 2023[7]. - Total deposits for Q3 2024 were$ 2,724,580, down 7.2% from $2,935,239 in Q2 2024[39]. Credit Losses and Allowances - The provision for credit losses was$ 2.9 million in Q3 2024, up from $2.2 million in Q3 2023[4]. - Provision for credit losses increased to$ 2.890 million in Q3 2024, an 18.5% increase from $2.438 million in Q2 2024 and a 31.1% increase from$ 2.205 million in Q3 2023[29]. - The allowance for credit losses was $34.7 million, or 1.11% of gross loans, at September 30, 2024, up from$ 31.9 million, or 0.96% of gross loans, at September 30, 2023[21]. - The Company recognized $3.4 million in net charge offs for Q3 2024, a significant increase from$ 496 thousand in Q3 2023[21]. Asset Management - Total assets decreased by 4.7% to $3,613,770,000 from$ 3,793,941,000 in the previous quarter[32]. - Total assets increased to $3,763,311, up from$ 3,749,422 in the previous quarter[34]. - Stockholders' equity increased by $14.1 million, or 4.5%, to$ 328.1 million at September 30, 2024, from $314.1 million at December 31, 2023[9]. - Stockholders' equity rose to$ 321,783, compared to $300,941 in the previous quarter[34]. Efficiency and Ratios - The efficiency ratio improved to 53.22% in Q3 2024 from 68.55% in the previous quarter[4]. - The annualized return on average assets ratio for Q3 2024 was 0.72%, compared to 0.70% in Q3 2023[4]. - Net interest margin decreased to 2.58% in Q3 2024 from 2.78% in Q3 2023[37]. - Average yield on loans receivable was 5.38%, up from 5.12% in the same period last year[35]. - Book value per common share increased to$ 17.50, compared to $16.79 in Q3 2023[36].