BCB Bancorp(BCBP) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for the first quarter of 2024 was $5.9 million, down from $8.1 million in the first quarter of 2023, with earnings per diluted share at $0.32 compared to $0.46 a year ago[1][9] - Net income available to common stockholders was $5,432,000, down 7.6% from Q4 2023 and down 31.5% from Q1 2023[22] - Basic earnings per share for Q1 2024 was $0.32, a decrease of 7.9% from Q4 2023 and down 31.5% from Q1 2023[22] - Net income for Q1 2024 was $5,866 thousand, down 3.2% from $6,062 thousand in Q4 2023[27] Deposits and Loans - Total deposits increased by $12.6 million, or 0.4%, to $2.992 billion at March 31, 2024, from $2.979 billion at December 31, 2023[3][7] - Total loans receivable decreased by $52.8 million, or 1.6%, to $3.227 billion at March 31, 2024, from $3.280 billion at December 31, 2023[5][6] - Total deposits grew to $2,991,659 thousand, a 0.4% increase from $2,979,080 thousand in the previous quarter[23] Interest Income and Expenses - Net interest income decreased by $4.3 million, or 15.8%, to $23.1 million for the first quarter of 2024, primarily due to higher interest expenses[9][10] - Total interest and dividend income for Q1 2024 was $49,285,000, a decrease of 0.8% from Q4 2023 and an increase of 16.4% from Q1 2023[22] - Interest expense increased by 1.4% from Q4 2023 to $26,142,000, and increased by 75.7% from Q1 2023[22] - Net interest income for Q1 2024 was $23,143 thousand, down from $27,471 thousand in Q4 2023[24] Credit Losses and Non-Performing Loans - The provision for credit losses was $2.1 million in the first quarter of 2024, compared to $622 thousand in the first quarter of 2023[4][12] - Non-accrual loans totaled $22.2 million, or 0.68% of gross loans, at March 31, 2024, compared to $5.1 million, or 0.16%, a year earlier[15] - The company reported a provision for credit losses of $2,088,000, an increase of 8.4% from Q4 2023 and 235.7% from Q1 2023[22] - Non-accrual loans increased to $22,241 thousand, representing 0.68% of total loans, up from 0.57% in the previous quarter[25] Efficiency and Ratios - The efficiency ratio improved to 58.8% in the first quarter of 2024, down from 61.0% in the prior quarter[4] - The annualized return on average assets was 0.61% for the first quarter of 2024, compared to 0.90% in the first quarter of 2023[4] - The efficiency ratio for Q1 2024 was 58.76%, an increase from 52.32% in Q1 2023[32] Assets and Liabilities - Total assets increased to $3,849,195 thousand as of March 31, 2024, up 0.4% from $3,832,397 thousand in the previous quarter[23] - Total liabilities increased to $3,529,064 thousand, a 0.3% rise from $3,518,342 thousand in the previous quarter[23] Economic Challenges - The company highlighted ongoing economic challenges, including inflation and interest rate increases, which may impact future financial performance[18]