BAYONNE, N.J., Jan. 25, 2024 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $6.1 million for the fourth quarter of 2023, compared to $6.7 million in the third quarter of 2023, and $12.1 million for the fourth quarter of 2022. Earnings per diluted share for the fourth quarter of 2023 were $0.35, compared to $0.39 in the preceding quarter and $0.69 in the fourth quarter of 2022.
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 February 16, 2024 to common shareholders of record on February 5, 2024.
As previously announced, the Company named Michael A. Shriner as the President and Chief Executive Officer of BCB Bancorp, Inc. and BCB Bank, effective January 1, 2024. Mr. Shriner, a 36-year veteran of banking, was formerly President and Chief Executive Officer of Millington, New Jersey-based MSB Financial Corp. and Millington Bank prior to being acquired by Kearny Bank. Mr. Shriner joined Millington Bank in 1987 and held various leadership positions including that of Chief Operating Officer and Board member prior to his promotion to President and Chief Executive Officer in 2012. Most recently, he held the role of Market President for Kearny Bank where he transitioned legacy Millington Bank customers to Kearny Bank following the merger.
“BCB Bank is committed to its community and focused on providing best-in-class service to its customers. Historically, the Bank has posted strong growth while prudently managing its profitability, liquidity, capital, and asset quality profile. I am thrilled to be a part of the BCB Bank team and I am excited at the prospect of leading this organization and to achieve our future financial goals and initiatives,” stated Mr. Shriner.
Executive Summary
- Total deposits were $2.979 billion at December 31, 2023 compared to $2.820 billion at September 30, 2023.
- Net interest margin was 2.57 percent for the fourth quarter of 2023, compared to 2.78 percent for the third quarter of 2023, and 3.76 percent for the fourth quarter of 2022.
- Total yield on interest-earning assets increased 2 basis points to 5.33 percent for the fourth quarter of 2023, compared to 5.31 percent for the third quarter of 2023, and increased 48 basis points from 4.85 percent for the fourth quarter of 2022.
- Total cost of interest-bearing liabilities increased 28 basis points to 3.45 percent for the fourth quarter of 2023, compared to 3.17 percent for the third quarter of 2023, and increased 199 basis points from 1.46 percent for the fourth quarter of 2022.
- The efficiency ratio for the fourth quarter was 61.0 percent compared to 57.1 percent in the prior quarter, and 51.3 percent in the fourth quarter of 2022.
- The annualized return on average assets ratio for the fourth quarter was 0.63 percent, compared to 0.70 percent in the prior quarter, and 1.46 percent in the fourth quarter of 2022.
- The annualized return on average equity ratio for the fourth quarter was 7.9 percent, compared to 8.9 percent in the prior quarter, and 17.0 percent in the fourth quarter of 2022.
- The provision for credit losses was $1.9 million in the fourth quarter of 2023 compared to $2.2 million for the third quarter of 2023. In the fourth quarter of 2022 the Bank recorded a credit to the provision of $500 thousand.
- The allowance for credit losses (“ACL”) as a percentage of non-accrual loans was 178.9 percent at December 31, 2023, compared to 402.4 percent for the prior quarter-end and 633.6 percent at December 31, 2022. The total non-accrual loans were $18.8 million at December 31, 2023, $7.9 million at September 30, 2023 and $5.1 million at December 31, 2022.
- Total loans receivable, net of the allowance for credit losses, increased 7.7 percent to $3.280 billion at December 31, 2023, up from $3.045 billion at December 31, 2022, but down 0.2 percent from $3.286 billion at September 30, 2023.
Balance Sheet Review
Total assets increased by $286.2 million, or 8.1 percent, to $3.832 billion at December 31, 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 $50.2 million, or 21.9 percent, to $279.5 million at December 31, 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 $234.4 million, or 7.7 percent, to $3.280 billion at December 31, 2023, from $3.045 billion at December 31, 2022. Total loan increases during 2023 included increases of $90.2 million in commercial business loans, $88.9 million in commercial real estate and multi-family loans, $47.9 million in construction loans and $9.8 million in home equity and consumer loans. 1-4 family residential loans decreased $1.8 million. The allowance for credit losses increased $1.2 million to $33.6 million, or 178.9 percent of non-accruing loans and 1.01 percent of gross loans, at December 31, 2023, as compared to an allowance for credit losses of $32.4 million, or 633.6 percent of non-accruing loans and 1.05 percent of gross loans, at December 31, 2022.
Total investment securities decreased by $12.5 million, or 11.5 percent, to $96.9 million at December 31, 2023, from $109.4 million at December 31, 2022, representing unrealized losses, calls and maturities, and repayments.
Deposit liabilities increased by $167.5 million, or 6.0 percent, to $2.979 billion at December 31, 2023, from $2.812 billion at December 31, 2022. Certificates of deposits and money market accounts increased $417.9 million and $65.4 million, respectively, offset by interest bearing demand, non-interest bearing and savings and club accounts which declined $315.8 million during the twelve months of 2023.
Debt obligations increased by $90.7 million to $510.4 million at December 31, 2023 from $419.7 million at December 31, 2022. The weighted average interest rate of FHLB advances was 4.21 percent at December 31, 2023 and 4.07 percent at December 31, 2022. The weighted average maturity of FHLB advances as of December 31, 2023 was 1.93 years. The interest rate of our subordinated debt balances was 8.36 percent at December 31, 2023 and 5.62 percent at December 31, 2022 due to the fixed-rate period on such debt ending as of July 31, 2023.
Stockholders’ equity increased by $22.8 million, or 7.8 percent, to $314.1 million at December 31, 2023, from $291.3 million at December 31, 2022. The increase was primarily attributable to the increase in retained earnings of $20.8 million, or 18.1 percent, to $135.9 million at December 31, 2023 from $115.1 million at December 31, 2023.
Fourth Quarter 2023 Income Statement Review
Net income was $6.1 million for the fourth quarter ended December 31, 2023 and $12.1 million for the fourth quarter ended December 31, 2022. The decline was primarily driven by lower net interest income, higher credit loss provisioning and higher non-interest expenses, which were partially offset by an increase in non-interest income for the fourth quarter of 2023 as compared with the fourth quarter of 2022.
Net interest income decreased by $6.3 million, or 20.7 percent, to $23.9 million for the fourth quarter of 2023, from $30.2 million for the fourth 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 $10.8 million, or 27.9 percent, to $49.7 million for the fourth quarter of 2023 from $38.9 million for the fourth quarter of 2022. The average balance of interest-earning assets increased $521.4 million, or 16.3 percent, to $3.729 billion for the fourth quarter of 2023 from $3.207 billion for the fourth quarter of 2022, while the average yield increased 48 basis points to 5.33 percent for the fourth quarter of 2023 from 4.85 percent for the fourth quarter of 2022.
Interest expense increased by $17.1 million to $25.8 million for the fourth quarter of 2023 from $8.7 million for the fourth quarter of 2022. The increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 199 basis points to 3.45 percent for the fourth quarter of 2023 from 1.46 percent for the fourth quarter of 2022, while the average balance of interest-bearing liabilities increased by $607.5 million to $2.990 billion for the fourth quarter of 2023 from $2.382 billion for the fourth 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 2.57 percent for the fourth quarter of 2023 compared to 3.76 percent for the fourth quarter of 2022. The decrease in the net interest margin compared to the fourth 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.
During the fourth quarter of 2023, the Company recognized $233,000 in net charge-offs compared to $322,000 in net charge-offs in the fourth quarter of 2022. The Bank had non-accrual loans totaling $18.8 million, or 0.57 percent of gross loans, at December 31, 2023 as compared to $5.1 million, or 0.17 percent of gross loans, at December 31, 2022. The allowance for credit losses on loans was $33.6 million, or 1.01 percent of gross loans at December 31, 2023, and $32.4 million, or 1.05 percent of gross loans at December 31, 2022. The provision for credit losses was $1.9 million for the fourth quarter of 2023 compared to a $500,000 credit for the fourth quarter of 2022. Management believes that the allowance for credit losses on loans was adequate at December 31, 2023 and December 31, 2022.
Non-interest income increased by $2.2 million to $3.2 million for the fourth quarter of 2023 from $1.1 million for the fourth quarter of 2022. The increase in total non-interest income was mainly related to gains on equity securities of $1.8 million and an increase in fees and service charges of $307,000.
Non-interest expense increased by $531,000, or 3.3 percent, to $16.6 million for the fourth quarter of 2023 from $16.0 million for the fourth quarter of 2022. The increase in such expenses for the fourth quarter of 2023 was primarily driven by higher regulatory assessment charges, higher salaries and employee benefits, and increased data processing expenses compared to the fourth quarter of 2022. The fourth quarter of 2023 salaries and benefits expense included a previously disclosed one-time payment of $1.17 million to Thomas Coughlin, the Company’s former President and Chief Executive Officer.
The income tax provision decreased by $1.0 million, or 28.6 percent, to $2.6 million for the fourth quarter of 2023 from $3.6 million for the fourth quarter of 2022. The consolidated effective tax rate was 29.9 percent for the fourth quarter of 2023 compared to 23.1 percent for the fourth quarter of 2022. The income tax provision for the fourth quarter of 2022 benefited from the reversal of a portion of tax accrual that was no longer required to cover the tax liability.
Year-to-Date Income Statement Review
Net income decreased by $16.1 million, or 35.3 percent, to $29.5 million for the year ended December 31, 2023 from $45.6 million for the year ended December 31, 2022. The decrease in net income was driven by less net interest income and an increased provision for credit losses on loans being recorded.
Net interest income decreased by $9.9 million, or 8.7 percent, to $104.1 million for the year of 2023 from $113.9 million for the year of 2022. The decrease in net interest income resulted from a $66.8 million increase in interest expense, offset by an increase of $56.9 million in interest income.
The $56.9 million increase in interest income to $188.4 million for the twelve months of 2023, was a 43.3 percent increase from $131.4 million for the twelve months of 2022. The average balance of interest-earning assets increased $641.0 million, or 21.3 percent, to $3.652 billion for the twelve months of 2023, from $3.011 billion for the twelve months of 2022, while the average yield increased 79 basis points to 5.16 percent from 4.37 percent for the same comparable period. The increase in the average balance of interest-earning assets and in interest income mainly related to an increase in the average balance of loans receivable of $654.6 million to $3.281 billion for the twelve months of 2023, from $2.627 billion for the twelve months of 2022.
The $66.8 million increase in interest expense to $84.3 million for the twelve months of 2023, was a 381.8 percent increase from $17.5 million for the 2022 comparable period. This increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 214 basis points to 2.93 percent for the twelve months of 2023, from 0.79 percent for the twelve months of 2022, and an increase in the average balance of interest-bearing liabilities of $667.5 million, or 30.3 percent, to $2.873 billion from $2.206 billion over the same comparable periods. 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 twelve months of 2023 compared to the same period in 2022.
Net interest margin was 2.85 percent for the twelve months of 2023, compared to 3.78 percent for the twelve 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 twelve months of 2023, the Company recognized $704,000 in net-charge offs compared to $1.7 million in net-charge offs for the same period in 2022.
Non-interest income increased by $2.5 million to $4.1 million for the twelve months of 2023 from $1.6 million for the twelve months of 2022. The improvement in total non-interest income was mainly related to a $2.9 million decrease in the realized and unrealized losses on equity securities. The realized and unrealized losses on equity securities are based on market conditions.
Non-interest expense increased by $5.1 million, or 9.2 percent, to $60.6 million for the twelve months of 2023 from $55.5 million for the same period in 2022. The increase in operating expenses for 2023 was driven primarily by an increase in salaries and employee benefits, an increase in regulatory assessments, and higher data processing expenses. The 2023 salaries and benefits expense included the payment to Mr. Coughlin described above.
The income tax provision decreased by $5.5 million or 31.7 percent, to $12.0 million for the twelve months of 2023 from $17.5 million for the same period in 2022. The decrease in the income tax provision was a result of the lower taxable income for the twelve months ended December 31, 2023 compared to the same period in 2022. The consolidated effective tax rate was 28.9 percent for the twelve months of 2023 compared to 27.8 percent for the twelve months of 2022.
Asset Quality
The Bank had non-accrual loans totaling $18.8 million, or 0.57 percent, of gross loans at December 31, 2023, as compared to $5.1 million, or 0.17 percent, of gross loans at December 31, 2022. The allowance for credit losses was $33.6 million, or 1.01 percent of gross loans at December 31, 2023, and $32.4 million, or 1.05 percent of gross loans at December 31, 2022. The allowance for credit losses was 178.9 percent of non-accrual loans at December 31, 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 twenty-four 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 factor 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 and capital 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 future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, 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, in Part II, Item 1A of our quarterly reports on Form 10-Q, 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.
Contact:
Michael Shriner,
President & CEO
Jawad Chaudhry,
EVP & CFO
(201) 823-0700
| Statements of Income – Three Months Ended, | |||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | Dec 31, 2023 vs. Sept 30, 2023 |
Dec 31, 2023 vs. Dec 31, 2022 |
|||||||||
| Interest and dividend income: | (In thousands, except per share amounts, Unaudited) | ||||||||||||
| Loans, including fees | $ | 43,893 | $ | 44,133 | $ | 36,173 | -0.5 | % | 21.3 | % | |||
| Mortgage-backed securities | 293 | 217 | 185 | 35.0 | % | 58.4 | % | ||||||
| Other investment securities | 991 | 1,045 | 1,177 | -5.2 | % | -15.8 | % | ||||||
| FHLB stock and other interest-earning assets | 4,527 | 3,672 | 1,321 | 23.3 | % | 242.7 | % | ||||||
| Total interest and dividend income | 49,704 | 49,067 | 38,856 | 1.3 | % | 27.9 | % | ||||||
| Interest expense: | |||||||||||||
| Deposits: | |||||||||||||
| Demand | 5,015 | 4,556 | 2,410 | 10.1 | % | 108.1 | % | ||||||
| Savings and club | 177 | 182 | 118 | -2.7 | % | 50.0 | % | ||||||
| Certificates of deposit | 13,308 | 10,922 | 3,973 | 21.8 | % | 235.0 | % | ||||||
| 18,500 | 15,660 | 6,501 | 18.1 | % | 184.6 | % | |||||||
| Borrowings | 7,282 | 7,727 | 2,174 | -5.8 | % | 235.0 | % | ||||||
| Total interest expense | 25,782 | 23,387 | 8,675 | 10.2 | % | 197.2 | % | ||||||
| Net interest income | 23,922 | 25,680 | 30,181 | -6.8 | % | -20.7 | % | ||||||
| Provision (benefit) for credit losses | 1,927 | 2,205 | (500 | ) | -12.6 | % | -485.4 | % | |||||
| Net interest income after provision (benefit) for credit losses | 21,995 | 23,475 | 30,681 | -6.3 | % | -28.3 | % | ||||||
| Non-interest income (loss): | |||||||||||||
| Fees and service charges | 1,445 | 1,349 | 1,138 | 7.1 | % | 27.0 | % | ||||||
| Gain on sales of loans | 11 | 19 | 3 | -42.1 | % | 266.7 | % | ||||||
| Gain on sale of other real estate owned | 77 | – | – | – | – | ||||||||
| Realized and unrealized gain (loss) on equity investments | 1,029 | (494 | ) | (723 | ) | -308.3 | % | -242.3 | % | ||||
| BOLI income | 597 | 466 | 584 | 28.1 | % | 2.2 | % | ||||||
| Other | 69 | 66 | 60 | 4.5 | % | 15.0 | % | ||||||
| Total non-interest income | 3,228 | 1,406 | 1,062 | 129.6 | % | 204.0 | % | ||||||
| Non-interest expense: | |||||||||||||
| Salaries and employee benefits | 7,974 | 7,524 | 7,626 | 6.0 | % | 4.6 | % | ||||||
| Occupancy and equipment | 2,606 | 2,622 | 2,651 | -0.6 | % | -1.7 | % | ||||||
| Data processing and communications | 1,721 | 1,787 | 1,579 | -3.7 | % | 9.0 | % | ||||||
| Professional fees | 987 | 560 | 2,169 | 76.3 | % | -54.5 | % | ||||||
| Director fees | 274 | 274 | 261 | 0.0 | % | 5.0 | % | ||||||
| Regulatory assessment fees | 1,142 | 1,111 | 431 | 2.8 | % | 165.0 | % | ||||||
| Advertising and promotions | 403 | 317 | 260 | 27.1 | % | 55.0 | % | ||||||
| Other real estate owned, net | 4 | 1 | 4 | 300.0 | % | 0.0 | % | ||||||
| Other | 1,457 | 1,267 | 1,056 | 15.0 | % | 38.0 | % | ||||||
| Total non-interest expense | 16,568 | 15,463 | 16,037 | 7.1 | % | 3.3 | % | ||||||
| Income before income tax provision | 8,655 | 9,418 | 15,706 | -8.1 | % | -44.9 | % | ||||||
| Income tax provision | 2,593 | 2,707 | 3,634 | -4.2 | % | -28.6 | % | ||||||
| Net Income | 6,062 | 6,711 | 12,072 | -9.7 | % | -49.8 | % | ||||||
| Preferred stock dividends | 182 | 173 | 172 | 5.2 | % | 5.6 | % | ||||||
| Net Income available to common stockholders | $ | 5,880 | $ | 6,538 | $ | 11,900 | -10.1 | % | -50.6 | % | |||
| Net Income per common share-basic and diluted | |||||||||||||
| Basic | $ | 0.35 | $ | 0.39 | $ | 0.70 | -10.3 | % | -50.5 | % | |||
| Diluted | $ | 0.35 | $ | 0.39 | $ | 0.69 | -10.2 | % | -49.4 | % | |||
| Weighted average number of common shares outstanding | |||||||||||||
| Basic | 16,876 | 16,830 | 16,916 | 0.3 | % | -0.2 | % | ||||||
| Diluted | 16,884 | 16,854 | 17,289 | 0.2 | % | -2.3 | % | ||||||
| Statements of Income – Twelve Months Ended, | ||||||||
| December 31, 2023 | December 31, 2022 | Dec 31, 2023 vs. Dec 31, 2022 |
||||||
| Interest and dividend income: | (In thousands, except per share amounts, Unaudited) | |||||||
| Loans, including fees | $ | 169,559 | $ | 123,577 | 37.2 | % | ||
| Mortgage-backed securities | 880 | 564 | 56.0 | % | ||||
| Other investment securities | 4,226 | 4,167 | 1.4 | % | ||||
| FHLB stock and other interest-earning assets | 13,695 | 3,133 | 337.1 | % | ||||
| Total interest and dividend income | 188,360 | 131,441 | 43.3 | % | ||||
| Interest expense: | ||||||||
| Deposits: | ||||||||
| Demand | 16,915 | 5,283 | 220.2 | % | ||||
| Savings and club | 620 | 449 | 38.1 | % | ||||
| Certificates of deposit | 39,157 | 6,889 | 468.4 | % | ||||
| 56,692 | 12,621 | 349.2 | % | |||||
| Borrowings | 27,606 | 4,875 | 466.3 | % | ||||
| Total interest expense | 84,298 | 17,496 | 381.8 | % | ||||
| Net interest income | 104,062 | 113,945 | -8.7 | % | ||||
| Provision (benefit) for credit losses | 6,104 | (3,075 | ) | -298.5 | % | |||
| Net interest income after provision (benefit) for credit losses | 97,958 | 117,020 | -16.3 | % | ||||
| Non-interest income: | ||||||||
| Fees and service charges | 5,334 | 4,816 | 10.8 | % | ||||
| Gain on sales of loans | 36 | 129 | -72.1 | % | ||||
| Gain on sales of other real estate owned | 77 | – | – | |||||
| Realized and unrealized loss on equity investments | (3,361 | ) | (6,269 | ) | -46.4 | % | ||
| BOLI income | 1,751 | 2,671 | -34.4 | % | ||||
| Other | 251 | 248 | 1.2 | % | ||||
| Total non-interest income | 4,088 | 1,595 | 156.3 | % | ||||
| Non-interest expense: | ||||||||
| Salaries and employee benefits | 30,827 | 28,021 | 10.0 | % | ||||
| Occupancy and equipment | 10,340 | 10,627 | -2.7 | % | ||||
| Data processing and communications | 6,968 | 6,033 | 15.5 | % | ||||
| Professional fees | 2,735 | 3,766 | -27.4 | % | ||||
| Director fees | 1,083 | 1,253 | -13.6 | % | ||||
| Regulatory assessments | 3,585 | 1,243 | 188.4 | % | ||||
| Advertising and promotions | 1,348 | 941 | 43.3 | % | ||||
| Other real estate owned, net | 7 | 10 | -30.0 | % | ||||
| Other | 3,698 | 3,611 | 2.4 | % | ||||
| Total non-interest expense | 60,591 | 55,505 | 9.2 | % | ||||
| Income before income tax provision | 41,455 | 63,110 | -34.3 | % | ||||
| Income tax provision | 11,972 | 17,531 | -31.7 | % | ||||
| Net Income | 29,483 | 45,579 | -35.3 | % | ||||
| Preferred stock dividends | 702 | 796 | -11.9 | % | ||||
| Net Income available to common stockholders | $ | 28,781 | $ | 44,783 | -35.7 | % | ||
| Net Income per common share-basic and diluted | ||||||||
| Basic | $ | 1.71 | $ | 2.64 | -35.4 | % | ||
| Diluted | $ | 1.70 | $ | 2.58 | -34.1 | % | ||
| Weighted average number of common shares outstanding | ||||||||
| Basic | 16,870 | 16,969 | -0.6 | % | ||||
| Diluted | 16,932 | 17,349 | -2.4 | % | ||||
| Statements of Financial Condition | December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 vs. September 30, 2023 | December 31, 2023 vs. December 31, 2022 | ||||||||
| ASSETS | (In Thousands, Unaudited) | ||||||||||||
| Cash and amounts due from depository institutions | $ | 16,597 | $ | 16,772 | $ | 11,520 | -1.0 | % | 44.1 | % | |||
| Interest-earning deposits | 262,926 | 235,144 | 217,839 | 11.8 | % | 20.7 | % | ||||||
| Total cash and cash equivalents | 279,523 | 251,916 | 229,359 | 11.0 | % | 21.9 | % | ||||||
| Interest-earning time deposits | 735 | 735 | 735 | – | – | ||||||||
| Debt securities available for sale | 87,769 | 86,172 | 91,715 | 1.9 | % | -4.3 | % | ||||||
| Equity investments | 9,093 | 8,272 | 17,686 | 9.9 | % | -48.6 | % | ||||||
| Loans held for sale | 1,287 | 472 | 658 | 172.7 | % | 95.6 | % | ||||||
| Loans receivable, net of allowance for credit losses | |||||||||||||
| of $33,608, $31,914 and $32,373, respectively | 3,279,708 | 3,285,727 | 3,045,331 | -0.18 | % | 7.70 | % | ||||||
| Federal Home Loan Bank of New York stock, at cost | 24,917 | 31,629 | 20,113 | -21.2 | % | 23.9 | % | ||||||
| Premises and equipment, net | 13,057 | 13,363 | 10,508 | -2.3 | % | 24.3 | % | ||||||
| Accrued interest receivable | 16,072 | 16,175 | 13,455 | -0.6 | % | 19.5 | % | ||||||
| Other real estate owned | – | 75 | 75 | -100 | % | -100 | % | ||||||
| Deferred income taxes | 18,213 | 16,749 | 16,462 | 8.7 | % | 10.6 | % | ||||||
| Goodwill and other intangibles | 5,253 | 5,288 | 5,382 | -0.7 | % | -2.4 | % | ||||||
| Operating lease right-of-use asset | 12,935 | 12,953 | 13,520 | -0.1 | % | -4.3 | % | ||||||
| Bank-owned life insurance (“BOLI”) | 73,406 | 72,810 | 71,656 | 0.8 | % | 2.4 | % | ||||||
| Other assets | 10,429 | 9,784 | 9,538 | 6.6 | % | 9.3 | % | ||||||
| Total Assets | $ | 3,832,397 | $ | 3,812,120 | $ | 3,546,193 | 0.5 | % | 8.1 | % | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
| LIABILITIES | |||||||||||||
| Non-interest bearing deposits | $ | 536,264 | $ | 523,912 | $ | 613,910 | 2.4 | % | -12.6 | % | |||
| Interest bearing deposits | 2,442,816 | 2,295,644 | 2,197,697 | 6.4 | % | 11.2 | % | ||||||
| Total deposits | 2,979,080 | 2,819,556 | 2,811,607 | 5.7 | % | 6.0 | % | ||||||
| FHLB advances | 472,811 | 622,674 | 382,261 | -24.1 | % | 23.7 | % | ||||||
| Subordinated debentures | 37,624 | 37,624 | 37,508 | 0.0 | % | 0.3 | % | ||||||
| Operating lease liability | 13,315 | 13,318 | 13,859 | -0.0 | % | -3.9 | % | ||||||
| Other liabilities | 15,512 | 15,312 | 9,704 | 1.3 | % | 59.9 | % | ||||||
| Total Liabilities | 3,518,342 | 3,508,484 | 3,254,939 | 0.3 | % | 8.1 | % | ||||||
| STOCKHOLDERS’ EQUITY | |||||||||||||
| Preferred stock: $0.01 par value, 10,000 shares authorized | – | – | – | – | – | ||||||||
| Additional paid-in capital preferred stock | 25,043 | 20,783 | 21,003 | 20.5 | % | 19.2 | % | ||||||
| Common stock: no par value, 40,000 shares authorized | – | – | – | 0.0 | % | 0.0 | % | ||||||
| Additional paid-in capital common stock | 198,923 | 198,097 | 196,164 | 0.4 | % | 1.4 | % | ||||||
| Retained earnings | 135,927 | 132,729 | 115,109 | 2.4 | % | 18.1 | % | ||||||
| Accumulated other comprehensive loss | (7,491 | ) | (9,626 | ) | (6,491 | ) | -22.2 | % | 15.4 | % | |||
| Treasury stock, at cost | (38,347 | ) | (38,347 | ) | (34,531 | ) | 0.0 | % | 11.1 | % | |||
| Total Stockholders’ Equity | 314,055 | 303,636 | 291,254 | 3.4 | % | 7.8 | % | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 3,832,397 | $ | 3,812,120 | $ | 3,546,193 | 0.5 | % | 8.1 | % | |||
| Outstanding common shares | 16,848 | 16,848 | 16,931 | ||||||||||
| Three Months Ended December 31, | |||||||||||||
| 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) | $ | 3,311,946 | $ | 43,893 | 5.30 | % | $ | 2,939,281 | $ | 36,173 | 4.92 | % | |
| Investment Securities | 93,638 | 1284 | 5.48 | % | 110,142 | 1,362 | 4.95 | % | |||||
| FHLB stock and other interest-earning assets | 323,064 | 4,527 | 5.61 | % | 157,807 | 1,321 | 3.35 | % | |||||
| Total Interest-earning assets | 3,728,648 | 49,704 | 5.33 | % | 3,207,230 | 38,856 | 4.85 | % | |||||
| Non-interest-earning assets | 124,809 | 110,701 | |||||||||||
| Total assets | $ | 3,853,457 | $ | 3,317,931 | |||||||||
| Interest-bearing liabilities: | |||||||||||||
| Interest-bearing demand accounts | $ | 578,890 | $ | 2,184 | 1.51 | % | $ | 729,160 | $ | 1,295 | 0.71 | % | |
| Money market accounts | 359,366 | 2,832 | 3.15 | % | 345,343 | 1,114 | 1.29 | % | |||||
| Savings accounts | 288,108 | 177 | 0.25 | % | 334,394 | 118 | 0.14 | % | |||||
| Certificates of Deposit | 1,140,656 | 13,307 | 4.67 | % | 734,216 | 3,974 | 2.17 | % | |||||
| Total interest-bearing deposits | 2,367,020 | 18,500 | 3.13 | % | 2,143,112 | 6,501 | 1.21 | % | |||||
| Borrowed funds | 622,860 | 7,282 | 4.68 | % | 239,252 | 2,174 | 3.63 | % | |||||
| Total interest-bearing liabilities | 2,989,880 | 25,782 | 3.45 | % | 2,382,364 | 8,675 | 1.46 | % | |||||
| Non-interest-bearing liabilities | 557,156 | 651,408 | |||||||||||
| Total liabilities | 3,547,036 | 3,033,772 | |||||||||||
| Stockholders’ equity | 306,420 | 284,159 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 3,853,457 | $ | 3,317,931 | |||||||||
| Net interest income | $ | 23,922 | $ | 30,181 | |||||||||
| Net interest rate spread(1) | 1.88 | % | 3.39 | % | |||||||||
| Net interest margin(2) | 2.57 | % | 3.76 | % | |||||||||
| (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. | |||||||||||||
| Year Ended December 31, | |||||||||||||||
| 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) | $ | 3,281,334 | $ | 169,559 | 5.17 | % | $ | 2,626,710 | $ | 123,577 | 4.70 | % | |||
| Investment Securities | 100,000 | 5,106 | 5.11 | % | 109,604 | 4,731 | 4.32 | % | |||||||
| FHLB stock and other interest-earning assets | 270,659 | 13,695 | 5.06 | % | 274,649 | 3,133 | 1.14 | % | |||||||
| Total Interest-earning assets | 3,651,993 | 188,360 | 5.16 | % | 3,010,963 | 131,441 | 4.37 | % | |||||||
| Non-interest-earning assets | 123,652 | 106,712 | |||||||||||||
| Total assets | $ | 3,775,645 | $ | 3,117,675 | |||||||||||
| Interest-bearing liabilities: | |||||||||||||||
| Interest-bearing demand accounts | $ | 658,023 | $ | 8,426 | 1.28 | % | $ | 751,708 | $ | 2,970 | 0.40 | % | |||
| Money market accounts | 334,353 | 8,489 | 2.54 | % | 350,207 | 2,313 | 0.66 | % | |||||||
| Savings accounts | 305,778 | 620 | 0.20 | % | 340,232 | 449 | 0.13 | % | |||||||
| Certificates of Deposit | 980,617 | 39,157 | 3.99 | % | 614,346 | 6,889 | 1.12 | % | |||||||
| Total interest-bearing deposits | 2,278,771 | 56,692 | 2.49 | % | 2,056,494 | 12,621 | 0.61 | % | |||||||
| Borrowed funds | 594,564 | 27,606 | 4.64 | % | 149,354 | 4,875 | 3.26 | % | |||||||
| Total interest-bearing liabilities | 2,873,335 | 84,298 | 2.93 | % | 2,205,848 | 17,496 | 0.79 | % | |||||||
| Non-interest-bearing liabilities | 602,691 | 636,216 | |||||||||||||
| Total liabilities | 3,476,026 | 2,842,064 | |||||||||||||
| Stockholders’ equity | 299,618 | 275,611 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,775,644 | $ | 3,117,675 | |||||||||||
| Net interest income | $ | 104,062 | $ | 113,945 | |||||||||||
| Net interest rate spread(1) | 2.22 | % | 3.57 | % | |||||||||||
| Net interest margin(2) | 2.85 | % | 3.78 | % | |||||||||||
| (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. | |||||||||||||||
| Financial Condition data by quarter | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| (In thousands, except book values) | |||||||||||||||
| Total assets | $ | 3,832,397 | $ | 3,812,120 | $ | 3,872,853 | $ | 3,763,056 | $ | 3,546,193 | |||||
| Cash and cash equivalents | 279,523 | 251,916 | 273,212 | 261,075 | 229,359 | ||||||||||
| Securities | 96,862 | 94,444 | 100,473 | 101,446 | 109,401 | ||||||||||
| Loans receivable, net | 3,279,708 | 3,285,727 | 3,319,721 | 3,231,864 | 3,045,331 | ||||||||||
| Deposits | 2,979,080 | 2,819,556 | 2,885,721 | 2,867,209 | 2,811,607 | ||||||||||
| Borrowings | 510,435 | 660,298 | 660,160 | 569,965 | 419,769 | ||||||||||
| Stockholders’ equity | 314,055 | 303,636 | 299,623 | 297,618 | 291,254 | ||||||||||
| Book value per common share1 | $ | 17.15 | $ | 16.79 | $ | 16.60 | $ | 16.38 | $ | 15.96 | |||||
| Tangible book value per common share2 | $ | 16.84 | $ | 16.48 | $ | 16.28 | $ | 16.07 | $ | 15.65 | |||||
| Operating data by quarter | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| (In thousands, except for per share amounts) | |||||||||||||||
| Net interest income | $ | 23,922 | $ | 25,680 | $ | 26,989 | $ | 27,471 | $ | 30,181 | |||||
| Provision (benefit) for credit losses | 1,927 | 2,205 | 1,350 | 622 | (500 | ) | |||||||||
| Non-interest income (loss) | 3,228 | 1,406 | 1,118 | (1,664 | ) | 1,062 | |||||||||
| Non-interest expense | 16,568 | 15,463 | 14,706 | 13,854 | 16,037 | ||||||||||
| Income tax expense | 2,593 | 2,707 | 3,447 | 3,225 | 3,634 | ||||||||||
| Net income | $ | 6,062 | $ | 6,711 | $ | 8,604 | $ | 8,106 | $ | 12,072 | |||||
| Net income per diluted share | $ | 0.35 | $ | 0.39 | $ | 0.50 | $ | 0.46 | $ | 0.69 | |||||
| Common Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||
| Financial Ratios(3) | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| Return on average assets | 0.63 | % | 0.70 | % | 0.90 | % | 0.90 | % | 1.46 | % | |||||
| Return on average stockholders’ equity | 7.91 | % | 8.92 | % | 11.57 | % | 11.05 | % | 16.99 | % | |||||
| Net interest margin | 2.57 | % | 2.78 | % | 2.92 | % | 3.15 | % | 3.76 | % | |||||
| Stockholders’ equity to total assets | 8.19 | % | 7.97 | % | 7.74 | % | 7.91 | % | 8.21 | % | |||||
| Efficiency Ratio4 | 61.02 | % | 57.09 | % | 52.32 | % | 53.68 | % | 51.33 | % | |||||
| Asset Quality Ratios | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| (In thousands, except for ratio %) | |||||||||||||||
| Non-Accrual Loans | $ | 18,783 | $ | 7,931 | $ | 5,696 | $ | 5,058 | $ | 5,109 | |||||
| Non-Accrual Loans as a % of Total Loans | 0.57 | % | 0.24 | % | 0.17 | % | 0.16 | % | 0.17 | % | |||||
| ACL as % of Non-Accrual Loans | 178.9 | % | 402.4 | % | 530.3 | % | 571.0 | % | 633.6 | % | |||||
| Individually Analyzed Loans | 54,019 | 35,868 | 28,250 | 17,585 | 28,272 | ||||||||||
| Classified Loans | 85,727 | 42,807 | 28,250 | 17,585 | 17,816 | ||||||||||
| (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 | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| (In thousands) | |||||||||||||||
| Residential one-to-four family | $ | 248,295 | $ | 251,845 | $ | 250,345 | $ | 246,683 | $ | 250,123 | |||||
| Commercial and multi-family | 2,434,115 | 2,444,887 | 2,490,883 | 2,466,932 | 2,345,229 | ||||||||||
| Construction | 192,816 | 185,202 | 179,156 | 162,553 | 144,931 | ||||||||||
| Commercial business | 372,202 | 370,512 | 368,948 | 327,598 | 282,007 | ||||||||||
| Home equity | 66,331 | 66,046 | 61,595 | 58,822 | 56,888 | ||||||||||
| Consumer | 3,643 | 3,647 | 3,994 | 3,383 | 3,240 | ||||||||||
| $ | 3,317,402 | $ | 3,322,139 | $ | 3,354,921 | $ | 3,265,971 | $ | 3,082,418 | ||||||
| Less: | |||||||||||||||
| Deferred loan fees, net | (4,086 | ) | (4,498 | ) | (4,995 | ) | (5,225 | ) | (4,714 | ) | |||||
| Allowance for credit losses | (33,608 | ) | (31,914 | ) | (30,205 | ) | (28,882 | ) | (32,373 | ) | |||||
| Total loans, net | $ | 3,279,708 | $ | 3,285,727 | $ | 3,319,721 | $ | 3,231,864 | $ | 3,045,331 | |||||
| Non-Accruing Loans in Portfolio by quarter | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| (In thousands) | |||||||||||||||
| Residential one-to-four family | $ | 270 | $ | 178 | $ | 178 | $ | 237 | $ | 243 | |||||
| Commercial and multi-family | 8,684 | 3,267 | – | 340 | 346 | ||||||||||
| Construction | 4,292 | 2,886 | 4,145 | 3,217 | 3,180 | ||||||||||
| Commercial business | 5,491 | 1,600 | 1,373 | 1,264 | 1,340 | ||||||||||
| Home equity | 46 | – | – | – | – | ||||||||||
| Total: | $ | 18,783 | $ | 7,931 | $ | 5,696 | $ | 5,058 | $ | 5,109 | |||||
| Distribution of Deposits by quarter | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| (In thousands) | |||||||||||||||
| Demand: | |||||||||||||||
| Non-Interest Bearing | $ | 536,264 | $ | 523,912 | $ | 620,509 | $ | 604,935 | $ | 613,910 | |||||
| Interest Bearing | 564,912 | 574,577 | 714,420 | 686,576 | 757,614 | ||||||||||
| Money Market | 370,934 | 348,732 | 328,543 | 361,558 | 305,556 | ||||||||||
| Sub-total: | $ | 1,472,110 | $ | 1,447,221 | $ | 1,663,472 | $ | 1,653,069 | $ | 1,677,080 | |||||
| Savings and Club | 284,273 | 293,962 | 307,435 | 319,131 | 329,753 | ||||||||||
| Certificates of Deposit | 1,222,697 | 1,078,373 | 914,814 | 895,009 | 804,774 | ||||||||||
| Total Deposits: | $ | 2,979,080 | $ | 2,819,556 | $ | 2,885,721 | $ | 2,867,209 | $ | 2,811,607 | |||||
| Reconciliation of GAAP to Non-GAAP Financial Measures by quarter | |||||||||||||||
| Tangible Book Value per Share | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| Total Stockholders’ Equity | $ | 314,055 | $ | 303,636 | $ | 299,623 | $ | 297,618 | $ | 291,254 | |||||
| Less: goodwill | 5,253 | 5,253 | 5,253 | 5,253 | 5,253 | ||||||||||
| Less: preferred stock | 25,043 | 20,783 | 21,003 | 21,003 | 21,003 | ||||||||||
| Total tangible common stockholders’ equity | 283,759 | 277,601 | 273,368 | 271,363 | 264,999 | ||||||||||
| Shares common shares outstanding | 16,848 | 16,848 | 16,788 | 16,884 | 16,931 | ||||||||||
| Book value per common share | $ | 17.15 | $ | 16.79 | $ | 16.60 | $ | 16.38 | $ | 15.96 | |||||
| Tangible book value per common share | $ | 16.84 | $ | 16.48 | $ | 16.28 | $ | 16.07 | $ | 15.65 | |||||
| Efficiency Ratios | |||||||||||||||
| Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
| (In thousands, except for ratio %) | |||||||||||||||
| Net interest income | $ | 23,922 | $ | 25,680 | $ | 26,989 | $ | 27,471 | $ | 30,181 | |||||
| Non-interest income (loss) | 3,228 | 1,406 | 1,118 | (1,664 | ) | 1,062 | |||||||||
| Total income | 27,150 | 27,086 | 28,107 | 25,807 | 31,243 | ||||||||||
| Non-interest expense | 16,568 | 15,463 | 14,706 | 13,854 | 16,037 | ||||||||||
| Efficiency Ratio | 61.02 | % | 57.09 | % | 52.32 | % | 53.68 | % | 51.33 | % | |||||
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