BCB Bancorp Inc. (NJ) (BCBP) reports earnings

BCB Bancorp Inc. (NJ) (BCBP) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.

The filing reports a decrease in total assets to $3.599 billion from $3.832 billion at the end of the previous year. This was primarily due to a reduction in loans receivable, which fell by $283.4 million.

Net interest income for the year was $92.0 million, down from $104.1 million in 2023, attributed to an increase in interest expense and a decrease in interest-earning assets.

The company reported a net income of $18.6 million for 2024, a decline from $29.5 million in the previous year, largely due to increased provision for credit losses and reduced net interest income.

BCB Bancorp's non-interest income decreased to $2.9 million from $4.1 million, impacted by losses on loan sales and changes in equity investment valuations.

Non-interest expenses were reduced to $57.1 million from $60.6 million, with significant decreases in salaries and advertising costs.

The allowance for credit losses increased to $34.8 million, representing 1.15% of gross loans, reflecting higher charge-offs in the business express loan portfolio.

Deposits decreased by $228.2 million to $2.751 billion, with a significant drop in certificates of deposit.

The company completed a private placement of Series K 6.0% Noncumulative Perpetual Stock, raising $4.97 million, and redeemed Series I Preferred Stock for $10.01 million.

BCB Bancorp's regulatory capital ratios meet the requirements for a well-capitalized institution, with a community bank leverage ratio of 10.03%.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BCB Bancorp Inc. (NJ) annual 10-K report dated March 7, 2025. To report an error, please email [email protected].