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, highlighting challenges in net interest income 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 for Q4 2024 were $0.16, compared to $0.36 in Q3 2024 and $0.35 in Q4 2023 [1]. - Year-to-date net income for 2024 decreased by $10.9 million, or 36.8%, to $18.6 million from $29.5 million in 2023 [22]. 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]. - Total cash and cash equivalents increased by $37.8 million, or 13.5%, to $317.3 million at December 31, 2024 [6]. - Loans receivable, net, decreased by $283.4 million, or 8.6%, to $2.996 billion at December 31, 2024 [7]. Income Statement Review - Net interest income decreased by $1.7 million, or 7.2%, to $22.2 million for Q4 2024 [14]. - Interest income decreased by $3.1 million, or 6.1%, to $46.7 million for Q4 2024 [15]. - Non-interest income decreased by $2.3 million to $938 thousand for Q4 2024 [19]. Asset Quality - The provision for credit losses was $4.2 million in Q4 2024, compared to $2.9 million in Q3 2024 and $1.9 million in Q4 2023 [8][18]. - 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%, at December 31, 2023 [32]. Capital and Dividends - The Board of Directors declared a regular quarterly cash dividend of $0.16 per share, payable on February 24, 2025 [2]. - Stockholders' equity increased by $9.9 million, or 3.1%, to $323.9 million at December 31, 2024 [12].