BCB Bancorp, Inc. Reports Net Loss of $8.3 Million in First Quarter 2025; Declares Quarterly Cash Dividend of $0.16 Per Share

Core Viewpoint - BCB Bancorp, Inc. reported a net loss of $8.3 million for Q1 2025, a significant decline from net income of $5.9 million in Q1 2024, primarily due to increased provisions for loan losses and specific reserves related to a cannabis sector loan [1][13][18]. Financial Performance - The net loss per diluted share for Q1 2025 was ($0.51), compared to earnings of $0.32 in Q1 2024 [1][32]. - Net interest income decreased by $1.1 million, or 4.9%, to $22.0 million in Q1 2025 from $23.1 million in Q1 2024 [13][15]. - The provision for credit losses was $20.8 million in Q1 2025, a substantial increase from $2.1 million in Q1 2024 [18][19]. Balance Sheet Overview - Total assets decreased by $125.3 million, or 3.5%, to $3.474 billion as of March 31, 2025, from $3.599 billion at the end of 2024 [5][12]. - Total deposits were $2.687 billion at March 31, 2025, down from $2.751 billion at December 31, 2024, representing a decrease of 2.3% [6][10]. - Total loans receivable, net of allowance for credit losses, decreased by 2.6% to $2.918 billion as of March 31, 2025 [8][12]. Asset Quality - Non-accrual loans totaled $99.8 million, or 3.36% of gross loans, at March 31, 2025, compared to $22.2 million, or 0.68%, at March 31, 2024 [17][23]. - The allowance for credit losses was $51.5 million, or 1.73% of gross loans, as of March 31, 2025, up from $34.6 million, or 1.06%, at the same time last year [18][23]. Dividend Declaration - The Board of Directors declared a regular quarterly cash dividend of $0.16 per share, payable on May 21, 2025, to shareholders of record on May 7, 2025 [2].