The Company announced that its Board of Directors declared a regular quarterly cash dividend of
As previously announced, the Company named
“BCB Bank is committed to its community and focused on providing best-in-class service to its customers. Historically, the Bank has posted strong growth while prudently managing its profitability, liquidity, capital, and asset quality profile. I am thrilled to be a part of the
Executive Summary
- Total deposits were
$2.979 billion atDecember 31, 2023 compared to$2.820 billion atSeptember 30, 2023 . - Net interest margin was 2.57 percent for the fourth quarter of 2023, compared to 2.78 percent for the third quarter of 2023, and 3.76 percent for the fourth quarter of 2022.
- Total yield on interest-earning assets increased 2 basis points to 5.33 percent for the fourth quarter of 2023, compared to 5.31 percent for the third quarter of 2023, and increased 48 basis points from 4.85 percent for the fourth quarter of 2022.
- Total cost of interest-bearing liabilities increased 28 basis points to 3.45 percent for the fourth quarter of 2023, compared to 3.17 percent for the third quarter of 2023, and increased 199 basis points from 1.46 percent for the fourth quarter of 2022.
- The efficiency ratio for the fourth quarter was 61.0 percent compared to 57.1 percent in the prior quarter, and 51.3 percent in the fourth quarter of 2022.
- The annualized return on average assets ratio for the fourth quarter was 0.63 percent, compared to 0.70 percent in the prior quarter, and 1.46 percent in the fourth quarter of 2022.
- The annualized return on average equity ratio for the fourth quarter was 7.9 percent, compared to 8.9 percent in the prior quarter, and 17.0 percent in the fourth quarter of 2022.
- The provision for credit losses was
$1.9 million in the fourth quarter of 2023 compared to$2.2 million for the third quarter of 2023. In the fourth quarter of 2022 the Bank recorded a credit to the provision of$500 thousand . - The allowance for credit losses (“ACL”) as a percentage of non-accrual loans was 178.9 percent at
December 31, 2023 , compared to 402.4 percent for the prior quarter-end and 633.6 percent atDecember 31, 2022 . The total non-accrual loans were$18.8 million atDecember 31, 2023 ,$7.9 million atSeptember 30, 2023 and$5.1 million atDecember 31, 2022 . - Total loans receivable, net of the allowance for credit losses, increased 7.7 percent to
$3.280 billion atDecember 31, 2023 , up from$3.045 billion atDecember 31, 2022 , but down 0.2 percent from$3.286 billion atSeptember 30, 2023 .
Balance Sheet Review
Total assets increased by
Total cash and cash equivalents increased by
Loans receivable, net, increased by
Total investment securities decreased by
Deposit liabilities increased by
Debt obligations increased by
Stockholders’ equity increased by
Fourth Quarter 2023 Income Statement Review
Net income was
Net interest income decreased by
Interest income increased by
Interest expense increased by
The net interest margin was 2.57 percent for the fourth quarter of 2023 compared to 3.76 percent for the fourth quarter of 2022. The decrease in the net interest margin compared to the fourth quarter of 2022 was the result of the increase in the cost of interest-bearing liabilities partially offset by the increase in the yield on interest-earning assets.
During the fourth quarter of 2023, the Company recognized
Non-interest income increased by
Non-interest expense increased by
The income tax provision decreased by
Year-to-Date Income Statement Review
Net income decreased by
Net interest income decreased by
The
The
Net interest margin was 2.85 percent for the twelve months of 2023, compared to 3.78 percent for the twelve months of 2022. The decrease in the net interest margin compared to the prior period was the result of an increase in the average volume of interest-bearing liabilities as well as an increase in the cost of interest-bearing liabilities.
During the twelve months of 2023, the Company recognized
Non-interest income increased by
Non-interest expense increased by
The income tax provision decreased by
Asset Quality
The Bank had non-accrual loans totaling
About
Established in 2000 and headquartered in
Forward-Looking Statements
This release, like many written and oral communications presented by
The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, higher interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, supply chain disruptions, labor shortages and additional interest rate increases by the
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with accounting principles generally accepted in
The Company provides measurements and ratios based on tangible stockholders' equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see "Reconciliation of GAAP to Non-GAAP Financial Measures" below.
Contact:
President & CEO
EVP & CFO
(201) 823-0700
Statements of Income - Three Months Ended, | |||||||||||||
Interest and dividend income: | (In thousands, except per share amounts, Unaudited) | ||||||||||||
Loans, including fees | $ | 43,893 | $ | 44,133 | $ | 36,173 | -0.5 | % | 21.3 | % | |||
Mortgage-backed securities | 293 | 217 | 185 | 35.0 | % | 58.4 | % | ||||||
Other investment securities | 991 | 1,045 | 1,177 | -5.2 | % | -15.8 | % | ||||||
FHLB stock and other interest-earning assets | 4,527 | 3,672 | 1,321 | 23.3 | % | 242.7 | % | ||||||
Total interest and dividend income | 49,704 | 49,067 | 38,856 | 1.3 | % | 27.9 | % | ||||||
Interest expense: | |||||||||||||
Deposits: | |||||||||||||
Demand | 5,015 | 4,556 | 2,410 | 10.1 | % | 108.1 | % | ||||||
Savings and club | 177 | 182 | 118 | -2.7 | % | 50.0 | % | ||||||
Certificates of deposit | 13,308 | 10,922 | 3,973 | 21.8 | % | 235.0 | % | ||||||
18,500 | 15,660 | 6,501 | 18.1 | % | 184.6 | % | |||||||
Borrowings | 7,282 | 7,727 | 2,174 | -5.8 | % | 235.0 | % | ||||||
Total interest expense | 25,782 | 23,387 | 8,675 | 10.2 | % | 197.2 | % | ||||||
Net interest income | 23,922 | 25,680 | 30,181 | -6.8 | % | -20.7 | % | ||||||
Provision (benefit) for credit losses | 1,927 | 2,205 | (500 | ) | -12.6 | % | -485.4 | % | |||||
Net interest income after provision (benefit) for credit losses | 21,995 | 23,475 | 30,681 | -6.3 | % | -28.3 | % | ||||||
Non-interest income (loss): | |||||||||||||
Fees and service charges | 1,445 | 1,349 | 1,138 | 7.1 | % | 27.0 | % | ||||||
Gain on sales of loans | 11 | 19 | 3 | -42.1 | % | 266.7 | % | ||||||
Gain on sale of other real estate owned | 77 | - | - | - | - | ||||||||
Realized and unrealized gain (loss) on equity investments | 1,029 | (494 | ) | (723 | ) | -308.3 | % | -242.3 | % | ||||
BOLI income | 597 | 466 | 584 | 28.1 | % | 2.2 | % | ||||||
Other | 69 | 66 | 60 | 4.5 | % | 15.0 | % | ||||||
Total non-interest income | 3,228 | 1,406 | 1,062 | 129.6 | % | 204.0 | % | ||||||
Non-interest expense: | |||||||||||||
Salaries and employee benefits | 7,974 | 7,524 | 7,626 | 6.0 | % | 4.6 | % | ||||||
Occupancy and equipment | 2,606 | 2,622 | 2,651 | -0.6 | % | -1.7 | % | ||||||
Data processing and communications | 1,721 | 1,787 | 1,579 | -3.7 | % | 9.0 | % | ||||||
Professional fees | 987 | 560 | 2,169 | 76.3 | % | -54.5 | % | ||||||
Director fees | 274 | 274 | 261 | 0.0 | % | 5.0 | % | ||||||
Regulatory assessment fees | 1,142 | 1,111 | 431 | 2.8 | % | 165.0 | % | ||||||
Advertising and promotions | 403 | 317 | 260 | 27.1 | % | 55.0 | % | ||||||
Other real estate owned, net | 4 | 1 | 4 | 300.0 | % | 0.0 | % | ||||||
Other | 1,457 | 1,267 | 1,056 | 15.0 | % | 38.0 | % | ||||||
Total non-interest expense | 16,568 | 15,463 | 16,037 | 7.1 | % | 3.3 | % | ||||||
Income before income tax provision | 8,655 | 9,418 | 15,706 | -8.1 | % | -44.9 | % | ||||||
Income tax provision | 2,593 | 2,707 | 3,634 | -4.2 | % | -28.6 | % | ||||||
Net Income | 6,062 | 6,711 | 12,072 | -9.7 | % | -49.8 | % | ||||||
Preferred stock dividends | 182 | 173 | 172 | 5.2 | % | 5.6 | % | ||||||
Net Income available to common stockholders | $ | 5,880 | $ | 6,538 | $ | 11,900 | -10.1 | % | -50.6 | % | |||
Net Income per common share-basic and diluted | |||||||||||||
Basic | $ | 0.35 | $ | 0.39 | $ | 0.70 | -10.3 | % | -50.5 | % | |||
Diluted | $ | 0.35 | $ | 0.39 | $ | 0.69 | -10.2 | % | -49.4 | % | |||
Weighted average number of common shares outstanding | |||||||||||||
Basic | 16,876 | 16,830 | 16,916 | 0.3 | % | -0.2 | % | ||||||
Diluted | 16,884 | 16,854 | 17,289 | 0.2 | % | -2.3 | % | ||||||
Statements of Income - Twelve Months Ended, | ||||||||
Interest and dividend income: | (In thousands, except per share amounts, Unaudited) | |||||||
Loans, including fees | $ | 169,559 | $ | 123,577 | 37.2 | % | ||
Mortgage-backed securities | 880 | 564 | 56.0 | % | ||||
Other investment securities | 4,226 | 4,167 | 1.4 | % | ||||
FHLB stock and other interest-earning assets | 13,695 | 3,133 | 337.1 | % | ||||
Total interest and dividend income | 188,360 | 131,441 | 43.3 | % | ||||
Interest expense: | ||||||||
Deposits: | ||||||||
Demand | 16,915 | 5,283 | 220.2 | % | ||||
Savings and club | 620 | 449 | 38.1 | % | ||||
Certificates of deposit | 39,157 | 6,889 | 468.4 | % | ||||
56,692 | 12,621 | 349.2 | % | |||||
Borrowings | 27,606 | 4,875 | 466.3 | % | ||||
Total interest expense | 84,298 | 17,496 | 381.8 | % | ||||
Net interest income | 104,062 | 113,945 | -8.7 | % | ||||
Provision (benefit) for credit losses | 6,104 | (3,075 | ) | -298.5 | % | |||
Net interest income after provision (benefit) for credit losses | 97,958 | 117,020 | -16.3 | % | ||||
Non-interest income: | ||||||||
Fees and service charges | 5,334 | 4,816 | 10.8 | % | ||||
Gain on sales of loans | 36 | 129 | -72.1 | % | ||||
Gain on sales of other real estate owned | 77 | - | - | |||||
Realized and unrealized loss on equity investments | (3,361 | ) | (6,269 | ) | -46.4 | % | ||
BOLI income | 1,751 | 2,671 | -34.4 | % | ||||
Other | 251 | 248 | 1.2 | % | ||||
Total non-interest income | 4,088 | 1,595 | 156.3 | % | ||||
Non-interest expense: | ||||||||
Salaries and employee benefits | 30,827 | 28,021 | 10.0 | % | ||||
Occupancy and equipment | 10,340 | 10,627 | -2.7 | % | ||||
Data processing and communications | 6,968 | 6,033 | 15.5 | % | ||||
Professional fees | 2,735 | 3,766 | -27.4 | % | ||||
Director fees | 1,083 | 1,253 | -13.6 | % | ||||
Regulatory assessments | 3,585 | 1,243 | 188.4 | % | ||||
Advertising and promotions | 1,348 | 941 | 43.3 | % | ||||
Other real estate owned, net | 7 | 10 | -30.0 | % | ||||
Other | 3,698 | 3,611 | 2.4 | % | ||||
Total non-interest expense | 60,591 | 55,505 | 9.2 | % | ||||
Income before income tax provision | 41,455 | 63,110 | -34.3 | % | ||||
Income tax provision | 11,972 | 17,531 | -31.7 | % | ||||
Net Income | 29,483 | 45,579 | -35.3 | % | ||||
Preferred stock dividends | 702 | 796 | -11.9 | % | ||||
Net Income available to common stockholders | $ | 28,781 | $ | 44,783 | -35.7 | % | ||
Net Income per common share-basic and diluted | ||||||||
Basic | $ | 1.71 | $ | 2.64 | -35.4 | % | ||
Diluted | $ | 1.70 | $ | 2.58 | -34.1 | % | ||
Weighted average number of common shares outstanding | ||||||||
Basic | 16,870 | 16,969 | -0.6 | % | ||||
Diluted | 16,932 | 17,349 | -2.4 | % | ||||
Statements of Financial Condition | |||||||||||||
ASSETS | (In Thousands, Unaudited) | ||||||||||||
Cash and amounts due from depository institutions | $ | 16,597 | $ | 16,772 | $ | 11,520 | -1.0 | % | 44.1 | % | |||
Interest-earning deposits | 262,926 | 235,144 | 217,839 | 11.8 | % | 20.7 | % | ||||||
Total cash and cash equivalents | 279,523 | 251,916 | 229,359 | 11.0 | % | 21.9 | % | ||||||
Interest-earning time deposits | 735 | 735 | 735 | - | - | ||||||||
Debt securities available for sale | 87,769 | 86,172 | 91,715 | 1.9 | % | -4.3 | % | ||||||
Equity investments | 9,093 | 8,272 | 17,686 | 9.9 | % | -48.6 | % | ||||||
Loans held for sale | 1,287 | 472 | 658 | 172.7 | % | 95.6 | % | ||||||
Loans receivable, net of allowance for credit losses | |||||||||||||
of | 3,279,708 | 3,285,727 | 3,045,331 | -0.18 | % | 7.70 | % | ||||||
24,917 | 31,629 | 20,113 | -21.2 | % | 23.9 | % | |||||||
Premises and equipment, net | 13,057 | 13,363 | 10,508 | -2.3 | % | 24.3 | % | ||||||
Accrued interest receivable | 16,072 | 16,175 | 13,455 | -0.6 | % | 19.5 | % | ||||||
Other real estate owned | - | 75 | 75 | -100 | % | -100 | % | ||||||
Deferred income taxes | 18,213 | 16,749 | 16,462 | 8.7 | % | 10.6 | % | ||||||
5,253 | 5,288 | 5,382 | -0.7 | % | -2.4 | % | |||||||
Operating lease right-of-use asset | 12,935 | 12,953 | 13,520 | -0.1 | % | -4.3 | % | ||||||
Bank-owned life insurance ("BOLI") | 73,406 | 72,810 | 71,656 | 0.8 | % | 2.4 | % | ||||||
Other assets | 10,429 | 9,784 | 9,538 | 6.6 | % | 9.3 | % | ||||||
Total Assets | $ | 3,832,397 | $ | 3,812,120 | $ | 3,546,193 | 0.5 | % | 8.1 | % | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
LIABILITIES | |||||||||||||
Non-interest bearing deposits | $ | 536,264 | $ | 523,912 | $ | 613,910 | 2.4 | % | -12.6 | % | |||
Interest bearing deposits | 2,442,816 | 2,295,644 | 2,197,697 | 6.4 | % | 11.2 | % | ||||||
Total deposits | 2,979,080 | 2,819,556 | 2,811,607 | 5.7 | % | 6.0 | % | ||||||
FHLB advances | 472,811 | 622,674 | 382,261 | -24.1 | % | 23.7 | % | ||||||
Subordinated debentures | 37,624 | 37,624 | 37,508 | 0.0 | % | 0.3 | % | ||||||
Operating lease liability | 13,315 | 13,318 | 13,859 | -0.0 | % | -3.9 | % | ||||||
Other liabilities | 15,512 | 15,312 | 9,704 | 1.3 | % | 59.9 | % | ||||||
Total Liabilities | 3,518,342 | 3,508,484 | 3,254,939 | 0.3 | % | 8.1 | % | ||||||
STOCKHOLDERS' EQUITY | |||||||||||||
Preferred stock: | - | - | - | - | - | ||||||||
Additional paid-in capital preferred stock | 25,043 | 20,783 | 21,003 | 20.5 | % | 19.2 | % | ||||||
Common stock: no par value, 40,000 shares authorized | - | - | - | 0.0 | % | 0.0 | % | ||||||
Additional paid-in capital common stock | 198,923 | 198,097 | 196,164 | 0.4 | % | 1.4 | % | ||||||
Retained earnings | 135,927 | 132,729 | 115,109 | 2.4 | % | 18.1 | % | ||||||
Accumulated other comprehensive loss | (7,491 | ) | (9,626 | ) | (6,491 | ) | -22.2 | % | 15.4 | % | |||
(38,347 | ) | (38,347 | ) | (34,531 | ) | 0.0 | % | 11.1 | % | ||||
Total Stockholders' Equity | 314,055 | 303,636 | 291,254 | 3.4 | % | 7.8 | % | ||||||
Total Liabilities and Stockholders' Equity | $ | 3,832,397 | $ | 3,812,120 | $ | 3,546,193 | 0.5 | % | 8.1 | % | |||
Outstanding common shares | 16,848 | 16,848 | 16,931 | ||||||||||
Three Months Ended | |||||||||||||
2023 | 2022 | ||||||||||||
Average Balance | Interest Earned/Paid | Average Yield/Rate (3) | Average Balance | Interest Earned/Paid | Average Yield/Rate (3) | ||||||||
(Dollars in thousands) | |||||||||||||
Interest-earning assets: | |||||||||||||
Loans Receivable (4)(5) | $ | 3,311,946 | $ | 43,893 | 5.30 | % | $ | 2,939,281 | $ | 36,173 | 4.92 | % | |
93,638 | 1284 | 5.48 | % | 110,142 | 1,362 | 4.95 | % | ||||||
FHLB stock and other interest-earning assets | 323,064 | 4,527 | 5.61 | % | 157,807 | 1,321 | 3.35 | % | |||||
Total Interest-earning assets | 3,728,648 | 49,704 | 5.33 | % | 3,207,230 | 38,856 | 4.85 | % | |||||
Non-interest-earning assets | 124,809 | 110,701 | |||||||||||
Total assets | $ | 3,853,457 | $ | 3,317,931 | |||||||||
Interest-bearing liabilities: | |||||||||||||
Interest-bearing demand accounts | $ | 578,890 | $ | 2,184 | 1.51 | % | $ | 729,160 | $ | 1,295 | 0.71 | % | |
Money market accounts | 359,366 | 2,832 | 3.15 | % | 345,343 | 1,114 | 1.29 | % | |||||
Savings accounts | 288,108 | 177 | 0.25 | % | 334,394 | 118 | 0.14 | % | |||||
Certificates of Deposit | 1,140,656 | 13,307 | 4.67 | % | 734,216 | 3,974 | 2.17 | % | |||||
Total interest-bearing deposits | 2,367,020 | 18,500 | 3.13 | % | 2,143,112 | 6,501 | 1.21 | % | |||||
Borrowed funds | 622,860 | 7,282 | 4.68 | % | 239,252 | 2,174 | 3.63 | % | |||||
Total interest-bearing liabilities | 2,989,880 | 25,782 | 3.45 | % | 2,382,364 | 8,675 | 1.46 | % | |||||
Non-interest-bearing liabilities | 557,156 | 651,408 | |||||||||||
Total liabilities | 3,547,036 | 3,033,772 | |||||||||||
Stockholders' equity | 306,420 | 284,159 | |||||||||||
Total liabilities and stockholders' equity | $ | 3,853,457 | $ | 3,317,931 | |||||||||
Net interest income | $ | 23,922 | $ | 30,181 | |||||||||
Net interest rate spread(1) | 1.88 | % | 3.39 | % | |||||||||
Net interest margin(2) | 2.57 | % | 3.76 | % | |||||||||
(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities. | |||||||||||||
(2) Net interest margin represents net interest income divided by average total interest-earning assets. | |||||||||||||
(3) Annualized. | |||||||||||||
(4) Excludes allowance for credit losses. | |||||||||||||
(5) Includes non-accrual loans. | |||||||||||||
Year Ended | |||||||||||||||
2023 | 2022 | ||||||||||||||
Average Balance | Interest Earned/Paid | Average Yield/Rate (3) | Average Balance | Interest Earned/Paid | Average Yield/Rate (3) | ||||||||||
(Dollars in thousands) | |||||||||||||||
Interest-earning assets: | |||||||||||||||
Loans Receivable (4)(5) | $ | 3,281,334 | $ | 169,559 | 5.17 | % | $ | 2,626,710 | $ | 123,577 | 4.70 | % | |||
100,000 | 5,106 | 5.11 | % | 109,604 | 4,731 | 4.32 | % | ||||||||
FHLB stock and other interest-earning assets | 270,659 | 13,695 | 5.06 | % | 274,649 | 3,133 | 1.14 | % | |||||||
Total Interest-earning assets | 3,651,993 | 188,360 | 5.16 | % | 3,010,963 | 131,441 | 4.37 | % | |||||||
Non-interest-earning assets | 123,652 | 106,712 | |||||||||||||
Total assets | $ | 3,775,645 | $ | 3,117,675 | |||||||||||
Interest-bearing liabilities: | |||||||||||||||
Interest-bearing demand accounts | $ | 658,023 | $ | 8,426 | 1.28 | % | $ | 751,708 | $ | 2,970 | 0.40 | % | |||
Money market accounts | 334,353 | 8,489 | 2.54 | % | 350,207 | 2,313 | 0.66 | % | |||||||
Savings accounts | 305,778 | 620 | 0.20 | % | 340,232 | 449 | 0.13 | % | |||||||
Certificates of Deposit | 980,617 | 39,157 | 3.99 | % | 614,346 | 6,889 | 1.12 | % | |||||||
Total interest-bearing deposits | 2,278,771 | 56,692 | 2.49 | % | 2,056,494 | 12,621 | 0.61 | % | |||||||
Borrowed funds | 594,564 | 27,606 | 4.64 | % | 149,354 | 4,875 | 3.26 | % | |||||||
Total interest-bearing liabilities | 2,873,335 | 84,298 | 2.93 | % | 2,205,848 | 17,496 | 0.79 | % | |||||||
Non-interest-bearing liabilities | 602,691 | 636,216 | |||||||||||||
Total liabilities | 3,476,026 | 2,842,064 | |||||||||||||
Stockholders' equity | 299,618 | 275,611 | |||||||||||||
Total liabilities and stockholders' equity | $ | 3,775,644 | $ | 3,117,675 | |||||||||||
Net interest income | $ | 104,062 | $ | 113,945 | |||||||||||
Net interest rate spread(1) | 2.22 | % | 3.57 | % | |||||||||||
Net interest margin(2) | 2.85 | % | 3.78 | % | |||||||||||
(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities. | |||||||||||||||
(2) Net interest margin represents net interest income divided by average total interest-earning assets. | |||||||||||||||
(3) Annualized. | |||||||||||||||
(4) Excludes allowance for credit losses. | |||||||||||||||
(5) Includes non-accrual loans. | |||||||||||||||
Financial Condition data by quarter | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
(In thousands, except book values) | |||||||||||||||
Total assets | $ | 3,832,397 | $ | 3,812,120 | $ | 3,872,853 | $ | 3,763,056 | $ | 3,546,193 | |||||
Cash and cash equivalents | 279,523 | 251,916 | 273,212 | 261,075 | 229,359 | ||||||||||
Securities | 96,862 | 94,444 | 100,473 | 101,446 | 109,401 | ||||||||||
Loans receivable, net | 3,279,708 | 3,285,727 | 3,319,721 | 3,231,864 | 3,045,331 | ||||||||||
Deposits | 2,979,080 | 2,819,556 | 2,885,721 | 2,867,209 | 2,811,607 | ||||||||||
Borrowings | 510,435 | 660,298 | 660,160 | 569,965 | 419,769 | ||||||||||
Stockholders’ equity | 314,055 | 303,636 | 299,623 | 297,618 | 291,254 | ||||||||||
Book value per common share1 | $ | 17.15 | $ | 16.79 | $ | 16.60 | $ | 16.38 | $ | 15.96 | |||||
Tangible book value per common share2 | $ | 16.84 | $ | 16.48 | $ | 16.28 | $ | 16.07 | $ | 15.65 | |||||
Operating data by quarter | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
(In thousands, except for per share amounts) | |||||||||||||||
Net interest income | $ | 23,922 | $ | 25,680 | $ | 26,989 | $ | 27,471 | $ | 30,181 | |||||
Provision (benefit) for credit losses | 1,927 | 2,205 | 1,350 | 622 | (500 | ) | |||||||||
Non-interest income (loss) | 3,228 | 1,406 | 1,118 | (1,664 | ) | 1,062 | |||||||||
Non-interest expense | 16,568 | 15,463 | 14,706 | 13,854 | 16,037 | ||||||||||
Income tax expense | 2,593 | 2,707 | 3,447 | 3,225 | 3,634 | ||||||||||
Net income | $ | 6,062 | $ | 6,711 | $ | 8,604 | $ | 8,106 | $ | 12,072 | |||||
Net income per diluted share | $ | 0.35 | $ | 0.39 | $ | 0.50 | $ | 0.46 | $ | 0.69 | |||||
Common Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||
Financial Ratios(3) | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
Return on average assets | 0.63 | % | 0.70 | % | 0.90 | % | 0.90 | % | 1.46 | % | |||||
Return on average stockholders' equity | 7.91 | % | 8.92 | % | 11.57 | % | 11.05 | % | 16.99 | % | |||||
Net interest margin | 2.57 | % | 2.78 | % | 2.92 | % | 3.15 | % | 3.76 | % | |||||
Stockholders' equity to total assets | 8.19 | % | 7.97 | % | 7.74 | % | 7.91 | % | 8.21 | % | |||||
Efficiency Ratio4 | 61.02 | % | 57.09 | % | 52.32 | % | 53.68 | % | 51.33 | % | |||||
Asset Quality Ratios | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
(In thousands, except for ratio %) | |||||||||||||||
Non-Accrual Loans | $ | 18,783 | $ | 7,931 | $ | 5,696 | $ | 5,058 | $ | 5,109 | |||||
Non-Accrual Loans as a % of Total Loans | 0.57 | % | 0.24 | % | 0.17 | % | 0.16 | % | 0.17 | % | |||||
ACL as % of Non-Accrual Loans | 178.9 | % | 402.4 | % | 530.3 | % | 571.0 | % | 633.6 | % | |||||
Individually Analyzed Loans | 54,019 | 35,868 | 28,250 | 17,585 | 28,272 | ||||||||||
Classified Loans | 85,727 | 42,807 | 28,250 | 17,585 | 17,816 | ||||||||||
(1) Calculated by dividing stockholders' equity, less preferred equity, to shares outstanding. | |||||||||||||||
(2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ | |||||||||||||||
common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.” | |||||||||||||||
(3) Ratios are presented on an annualized basis, where appropriate. | |||||||||||||||
(4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income | |||||||||||||||
and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.” | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
(In thousands) | |||||||||||||||
Residential one-to-four family | $ | 248,295 | $ | 251,845 | $ | 250,345 | $ | 246,683 | $ | 250,123 | |||||
Commercial and multi-family | 2,434,115 | 2,444,887 | 2,490,883 | 2,466,932 | 2,345,229 | ||||||||||
Construction | 192,816 | 185,202 | 179,156 | 162,553 | 144,931 | ||||||||||
Commercial business | 372,202 | 370,512 | 368,948 | 327,598 | 282,007 | ||||||||||
Home equity | 66,331 | 66,046 | 61,595 | 58,822 | 56,888 | ||||||||||
Consumer | 3,643 | 3,647 | 3,994 | 3,383 | 3,240 | ||||||||||
$ | 3,317,402 | $ | 3,322,139 | $ | 3,354,921 | $ | 3,265,971 | $ | 3,082,418 | ||||||
Less: | |||||||||||||||
Deferred loan fees, net | (4,086 | ) | (4,498 | ) | (4,995 | ) | (5,225 | ) | (4,714 | ) | |||||
Allowance for credit losses | (33,608 | ) | (31,914 | ) | (30,205 | ) | (28,882 | ) | (32,373 | ) | |||||
Total loans, net | $ | 3,279,708 | $ | 3,285,727 | $ | 3,319,721 | $ | 3,231,864 | $ | 3,045,331 | |||||
Non-Accruing Loans in Portfolio by quarter | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
(In thousands) | |||||||||||||||
Residential one-to-four family | $ | 270 | $ | 178 | $ | 178 | $ | 237 | $ | 243 | |||||
Commercial and multi-family | 8,684 | 3,267 | - | 340 | 346 | ||||||||||
Construction | 4,292 | 2,886 | 4,145 | 3,217 | 3,180 | ||||||||||
Commercial business | 5,491 | 1,600 | 1,373 | 1,264 | 1,340 | ||||||||||
Home equity | 46 | - | - | - | - | ||||||||||
Total: | $ | 18,783 | $ | 7,931 | $ | 5,696 | $ | 5,058 | $ | 5,109 | |||||
Distribution of Deposits by quarter | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
(In thousands) | |||||||||||||||
Demand: | |||||||||||||||
Non-Interest Bearing | $ | 536,264 | $ | 523,912 | $ | 620,509 | $ | 604,935 | $ | 613,910 | |||||
Interest Bearing | 564,912 | 574,577 | 714,420 | 686,576 | 757,614 | ||||||||||
Money Market | 370,934 | 348,732 | 328,543 | 361,558 | 305,556 | ||||||||||
Sub-total: | $ | 1,472,110 | $ | 1,447,221 | $ | 1,663,472 | $ | 1,653,069 | $ | 1,677,080 | |||||
Savings and Club | 284,273 | 293,962 | 307,435 | 319,131 | 329,753 | ||||||||||
Certificates of Deposit | 1,222,697 | 1,078,373 | 914,814 | 895,009 | 804,774 | ||||||||||
Total Deposits: | $ | 2,979,080 | $ | 2,819,556 | $ | 2,885,721 | $ | 2,867,209 | $ | 2,811,607 | |||||
Reconciliation of GAAP to Non-GAAP Financial Measures by quarter | |||||||||||||||
Tangible Book Value per Share | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Total Stockholders' Equity | $ | 314,055 | $ | 303,636 | $ | 299,623 | $ | 297,618 | $ | 291,254 | |||||
Less: goodwill | 5,253 | 5,253 | 5,253 | 5,253 | 5,253 | ||||||||||
Less: preferred stock | 25,043 | 20,783 | 21,003 | 21,003 | 21,003 | ||||||||||
Total tangible common stockholders' equity | 283,759 | 277,601 | 273,368 | 271,363 | 264,999 | ||||||||||
Shares common shares outstanding | 16,848 | 16,848 | 16,788 | 16,884 | 16,931 | ||||||||||
Book value per common share | $ | 17.15 | $ | 16.79 | $ | 16.60 | $ | 16.38 | $ | 15.96 | |||||
Tangible book value per common share | $ | 16.84 | $ | 16.48 | $ | 16.28 | $ | 16.07 | $ | 15.65 | |||||
Efficiency Ratios | |||||||||||||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | |||||||||||
(In thousands, except for ratio %) | |||||||||||||||
Net interest income | $ | 23,922 | $ | 25,680 | $ | 26,989 | $ | 27,471 | $ | 30,181 | |||||
Non-interest income (loss) | 3,228 | 1,406 | 1,118 | (1,664 | ) | 1,062 | |||||||||
Total income | 27,150 | 27,086 | 28,107 | 25,807 | 31,243 | ||||||||||
Non-interest expense | 16,568 | 15,463 | 14,706 | 13,854 | 16,037 | ||||||||||
Efficiency Ratio | 61.02 | % | 57.09 | % | 52.32 | % | 53.68 | % | 51.33 | % | |||||
Source:
2024 GlobeNewswire, Inc., source