BCB Bancorp (BCBP) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $3.3 million, down from $6.7 million in Q3 2024 and $6.1 million in Q4 2023.

• Diluted EPS for Q4 2024 was $0.16, compared to $0.36 in Q3 2024 and $0.35 in Q4 2023.

• Adjusted for unrealized losses and loan sale, Q4 2024 net income was $4.1 million and EPS $0.24.

• Quarterly cash dividend of $0.16 per share declared, payable February 24, 2025.

• Total deposits at December 31, 2024 were $2.751 billion, down 7.7% year-over-year.

Financial highlights

• Net interest income for Q4 2024 was $22.2 million, down 7.2% year-over-year.

• Net interest margin for Q4 2024 was 2.53%, compared to 2.57% in Q4 2023.

• Provision for credit losses increased to $4.2 million in Q4 2024 from $1.9 million in Q4 2023.

• Non-interest income fell 70.9% year-over-year to $0.9 million, impacted by losses on equity investments and loan sales.

• Non-interest expense decreased 13.3% year-over-year to $14.4 million, mainly due to lower salaries and benefits.

Outlook and guidance

• Management is focused on strengthening the balance sheet, reducing wholesale funding, and building CECL reserves.

• Plans to address credit quality issues and gradually resume new lending.