BCB Bancorp(BCBP) - 2025 Q2 - Quarterly Report

PART I. CONSOLIDATED FINANCIAL INFORMATION This section presents the company's consolidated financial statements and notes, detailing financial position and performance Item 1. Consolidated Financial Statements This section provides an overview of the Company's financial position, operational performance, comprehensive income, equity changes, and cash flows for the reported periods, along with detailed notes on accounting policies and specific financial items Consolidated Statements of Financial Condition This section presents the Company's assets, liabilities, and equity at specific points in time | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------------------- | :----------------------------- | :------------------------------- | | Total Assets | $3,380,461 | $3,599,118 | | Total Liabilities | $3,064,726 | $3,275,193 | | Total Stockholders' Equity | $315,735 | $323,925 | | Loans receivable, net | $2,860,453 | $2,996,259 | | Total deposits | $2,661,534 | $2,750,858 | Consolidated Statements of Operations This section details the Company's revenues, expenses, and net income or loss over specific periods | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | | :--------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Net Income (Loss) | $3,564 | $2,817 | | Net Income (Loss) available to common stockholders | $3,082 | $2,369 | | Basic EPS | $0.18 | $0.14 | | Diluted EPS | $0.18 | $0.14 | | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Income (Loss) | $(4,760) | $8,683 | | Net Income (Loss) available to common stockholders | $(5,724) | $7,801 | | Basic EPS | $(0.33) | $0.46 | | Diluted EPS | $(0.33) | $0.46 | | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Total interest income | $87,373 | $98,730 | | Total interest expense | $42,266 | $51,948 | | Provision for credit losses | $25,736 | $4,526 | Consolidated Statements of Comprehensive Income (Loss) This section presents the Company's net income and other comprehensive income or loss components | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | | :--------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Net Income (Loss) | $3,564 | $2,817 | | Other comprehensive income (loss), net of tax | $170 | $(171) | | Comprehensive income | $3,734 | $2,646 | | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Income (Loss) | $(4,760) | $8,683 | | Other comprehensive income (loss), net of tax | $1,140 | $(304) | | Comprehensive income | $(3,620) | $8,379 | Consolidated Statement of Changes in Stockholders' Equity This section outlines the changes in the Company's equity accounts over the reporting period | Metric | January 1, 2025 (in thousands) | June 30, 2025 (in thousands) | | :--------------------------------- | :----------------------------- | :--------------------------- | | Total Stockholders' Equity | $323,925 | $315,735 | | Net loss (six months) | N/A | $(4,760) | | Other comprehensive income (six months) | N/A | $1,140 | | Cash dividends on common stock (six months) | N/A | $(5,347) | Consolidated Statements of Cash Flows This section reports the cash generated and used by the Company's operating, investing, and financing activities | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Cash Provided by Operating Activities | $15,342 | $16,415 | | Net Cash Provided by (Used In) Investing Activities | $88,673 | $76,872 | | Net Cash (Used in) Provided by Financing Activities | $(214,445) | $(45,940) | | Net (Decrease) Increase in Cash and Cash Equivalents | $(110,430) | $47,347 | | Cash and Cash Equivalents-Ending | $206,852 | $326,870 | Notes to Unaudited Consolidated Financial Statements This section provides detailed explanations and additional information supporting the consolidated financial statements Note 1 – Basis of Presentation This note describes the foundational principles and scope used in preparing the financial statements - BCB Bancorp, Inc. is a New Jersey bank holding company, operating BCB Community Bank with 27 locations in New Jersey and New York[29] - The Bank's primary business involves attracting deposits and investing them in securities and loans collateralized by residential and commercial real estate, business, and consumer loans[29] - The Company operates as a single reportable segment, with the CEO evaluating performance based on consolidated net interest income and net income[31] Note 2 – Recent Accounting Pronouncements This note outlines recently issued accounting standards and their impact on the Company's financial reporting - FASB issued ASU 2024-02 (Codification Improvements), effective January 1, 2025, which did not materially impact the Company's financial statements[35] - FASB issued ASU 2023-09 (Income Taxes), effective for annual periods after December 15, 2024, enhancing income tax disclosures, which the Company is currently evaluating[36] - The allowance for credit losses (ACL) is a critical accounting policy, estimated using quantitative models (regression-based DCF) and qualitative factors, covering lifetime expected credit losses on financial assets and off-balance sheet commitments[38][74] - Starting Q1 2025, cannabis-related loans are segmented separately due to unique risks, with a portfolio balance of $103.0 million at June 30, 2025[40] Note 3 – Reclassification This note explains any reclassifications made to prior period financial statements for consistent presentation - Certain amounts were reclassified to conform to the current period's presentation, with no effect on the Company's results of operations or financial position[45] Note 4 – Equity Incentive Plans This note details the Company's equity-based compensation programs for employees and directors - The Company has three equity incentive plans (2023, 2018, 2011) authorizing common stock grants for employees and directors, including stock options and restricted stock awards[47][48][49] - In February 2025, 63,763 stock options were granted to officers, vesting over 3 years, and 43,773 restricted shares were awarded to directors, vesting over 1 year[50][51] | Metric | June 30, 2025 | June 30, 2024 | | :--------------------------------- | :------------ | :------------ | | Non-vested Restricted Shares | 84,043 | 114,402 | | Weighted Average Grant Date Fair Value (Restricted Shares) | $11.32 | $12.42 | | Outstanding Stock Options | 957,738 | N/A | | Weighted