BCB Bancorp, Inc. Earns $3.3 Million in Fourth Quarter 2024; Reports $0.16 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share

Core Viewpoint - BCB Bancorp, Inc. reported a decline in net income and earnings per share for the fourth quarter of 2024 compared to both the previous quarter and the same quarter last year, reflecting challenges in loan origination and increased provisions for credit losses [1][13][22]. Financial Performance - Net income for Q4 2024 was $3.3 million, down from$6.7 million in Q3 2024 and $6.1 million in Q4 2023 [1]. - Earnings per diluted share were$0.16 for Q4 2024, compared to $0.36 in Q3 2024 and$0.35 in Q4 2023 [1]. - The provision for credit losses increased to $4.2 million in Q4 2024 from$2.9 million in Q3 2024 and $1.9 million in Q4 2023 [8][18]. Balance Sheet Review - Total assets decreased by$233.3 million, or 6.1%, to $3.599 billion at December 31, 2024, from$3.832 billion at December 31, 2023 [5]. - Loans receivable, net, decreased by $283.4 million, or 8.6$2.996 billion at December 31, 2024 [7]. - Total deposits were $2.751 billion at December 31, 2024, compared to$2.979 billion at December 31, 2023, a decrease of $228.2 million, or 7.7$1.7 million, or 7.2%, to $22.2 million for Q4 2024 [14]. - Non-interest income fell to$938 thousand in Q4 2024 from $3.2 million in Q4 2023, largely due to losses on equity investments [19]. - Non-interest expense decreased by$2.2 million, or 13.3%, to $14.4 million for Q4 2024 [20]. Asset Quality - Non-accrual loans totaled$44.7 million, or 1.48% of gross loans, at December 31, 2024, compared to $18.8 million, or 0.57$34.8 million, or 1.15% of gross loans, at December 31, 2024, up from $33.6 million, or 1.01$9.9 million, or 3.1%, to $323.9 million at December 31, 2024, primarily due to an increase in retained earnings [12]. - The Company declared a regular quarterly cash dividend of$0.16 per share, payable on February 24, 2025 [2].