BCB Bancorp(BCBP) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $3.3 million, down from $6.1 million in Q4 2023, with earnings per diluted share at $0.16 compared to $0.35 in the prior year[2][13] - Net income for the fourth quarter of 2024 was $3.272 million, a decrease of 50.9% from $6.668 million in the previous quarter and a decrease of 46.0% from $6.062 million in the same quarter of 2023[40] - Net income decreased by 36.8% to $18,623,000 from $29,483,000 year-over-year[41] - Net income available to common stockholders fell by 41.7% to $16,791,000 from $28,781,000 year-over-year[41] - Basic net income per common share for the fourth quarter of 2024 was $0.16, a decrease of 54.9% from $0.36 in the previous quarter and a decrease of 52.9% from $0.35 in the same quarter of 2023[40] Loan and Credit Quality - The provision for credit losses was $4.2 million in Q4 2024, up from $1.9 million in Q4 2023, reflecting increased credit quality concerns[5][18] - The provision for credit losses increased by 43.7% to $4.154 million in the fourth quarter of 2024 compared to $2.890 million in the previous quarter, and increased by 115.6% from $1.927 million in the same quarter of 2023[40] - The Bank had non-accrual loans totaling $44.7 million, or 1.48% of gross loans, at December 31, 2024, compared to $18.8 million, or 0.57% of gross loans, at December 31, 2023[32] - The allowance for credit losses on loans was $34.8 million, or 1.15% of gross loans, at December 31, 2024, compared to $33.6 million, or 1.01% of gross loans, at December 31, 2023[32] - Total loans receivable decreased by $283.4 million, or 8.6%, to $2.996 billion at December 31, 2024, primarily due to loan sales and payoffs exceeding originations[6][8] Income and Expenses - Net interest income decreased by $1.7 million, or 7.2%, to $22.2 million for Q4 2024, driven by lower interest income[14][15] - Non-interest income fell to $938 thousand in Q4 2024, down from $3.2 million in Q4 2023, largely due to losses on equity investments[19] - Total non-interest expense for the fourth quarter of 2024 was $14.367 million, an increase of 3.1% from $13.929 million in the previous quarter, but a decrease of 13.3% from $16.568 million in the same quarter of 2023[40] - Non-interest income for the fourth quarter of 2024 was $938 thousand, a decrease of 70.0% from $3.127 million in the previous quarter and a decrease of 70.9% from $3.228 million in the same quarter of 2023[40] Assets and Deposits - Total deposits increased to $2.751 billion at December 31, 2024, from $2.725 billion at September 30, 2024, but decreased by $228.2 million, or 7.7%, from $2.979 billion at December 31, 2023[5][10] - Total deposits increased by 1.0% to $2,750,858,000 compared to $2,724,580,000 in the previous quarter[42] - Total assets decreased to $3,599,118 thousand in Q4 2024 from $3,613,770 thousand in Q3 2024, a decline of 0.4%[47] - The company reported total assets of $3,626,651 thousand for Q4 2024, down from $3,853,457 thousand in Q4 2023[43] Efficiency and Ratios - The efficiency ratio for Q4 2024 was 62.1%, compared to 53.2% in the prior quarter, indicating increased operational costs relative to income[5] - The annualized return on average assets ratio for Q4 2024 was 0.36%, down from 0.63% in Q4 2023, indicating reduced profitability[5] - Return on average assets decreased to 0.36% in Q4 2024 from 0.72% in Q3 2024[50] - Efficiency ratio increased to 62.11% in Q4 2024 from 53.22% in Q3 2024, indicating a decrease in operational efficiency[50] Investment and Equity - Stockholders' equity increased by $9.9 million, or 3.1%, to $323.9 million at December 31, 2024, primarily due to retained earnings growth[12] - The company’s stockholders' equity increased to $320,124 thousand in 2024 from $299,618 thousand in 2023[45] - Total investment securities rose by $14.3 million, or 14.8%, to $111.2 million at December 31, 2024, as excess liquidity was allocated to the securities portfolio[9]