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What changed in BCB BANCORP INC's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of BCB BANCORP INC's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+279 added−257 removedSource: 10-K (2025-03-07) vs 10-K (2024-03-08)

Top changes in BCB BANCORP INC's 2024 10-K

279 paragraphs added · 257 removed · 222 edited across 4 sections

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

6 edited+4 added−4 removed7 unchanged
Biggest changeThe Bank’s Third-Party / Vendor Risk Management program is designed to ensure that our vendors meet our cybersecurity requirements. This includes conducting periodic risk assessments of vendors, requiring vendors to implement appropriate cybersecurity controls and monitoring vendor compliance with our cybersecurity requirements.
Biggest changeThis includes conducting periodic risk assessments of vendors, requiring vendors to implement appropriate cybersecurity controls and monitoring vendor compliance with our cybersecurity requirements. The Bank’s information security program and strategy are designed to ensure the Bank's information and information systems are resilient and appropriately protected from a variety of threats, both natural and man-made.
Key components of the information security program include: • A risk assessment process that identifies and prioritizes material cybersecurity risks; defines and evaluates the effectiveness of controls to mitigate the risks; and reports results to executive management and the Board of Directors. • Annual security assessments that proactively identify potential vulnerabilities that are both externally facing and internal within the bank’s infrastructure; reports the results for all assessments to executive management and the Board of Directors with tracking and resolution to potential areas of risk. • Vulnerability management program that patches known vulnerabilities across operating systems and software platforms. • Strong controls around user access including creation, changes and termination of access, ongoing user access reviews, multifactor authentication and password policies. • A technology team covering all critical cyber defense functions such as engineering, data protection, identity and access management, insider risk management, security operations, threat emulation and threat intelligence. • A training program that educates employees about cybersecurity risks and how to protect themselves from cyberattacks. • An awareness program that keeps employees informed about cybersecurity threats and how to stay safe online. • An incident response plan that outlines the steps the Bank will take to respond to a cybersecurity incident, which is tested on a periodic basis. • Adoption and implementation of a layered defense / defense in depth model n which security systems are linked or stacked so that the strengths of one security system compensate the weaknesses of the other system. • Additional controls that include but not limited to data encryption; change management; end of life management; asset management; malware and antivirus detection, response and mitigation; physical security; business continuity and disaster recovery management.
Key components of the information security program include: • A risk assessment process that identifies and prioritizes material cybersecurity risks; defines and evaluates the effectiveness of controls to mitigate the risks; and reports results to executive management and the Board of Directors. • Annual security assessments that proactively identify potential vulnerabilities that are both externally facing and internal within the bank’s infrastructure; reports the results for all assessments to executive management and the Board of Directors with tracking and resolution to potential areas of risk. • Vulnerability management program that patches known vulnerabilities across operating systems and software platforms. • Strong controls around user access including creation, changes and termination of access, ongoing user access reviews, multifactor authentication and password policies. • A technology team covering all critical cyber defense functions such as engineering, data protection, identity and access management, insider risk management, security operations, threat emulation and threat intelligence. • A training program that educates employees about cybersecurity risks and how to protect themselves from cyberattacks. • An awareness program that keeps employees informed about cybersecurity threats and how to stay safe online. • An incident response plan that outlines the steps the Bank will take to respond to a cybersecurity incident, which is tested on a periodic basis. • Adoption and implementation of a layered defense / defense in depth model n which security systems are linked or stacked so that the strengths of one security system compensate the weaknesses of the other system. • Additional controls that include but not limited to data encryption; change management; end of life management; asset management; malware and antivirus detection, response and mitigation; physical security; business continuity and disaster recovery management. 21 Table of Contents The Bank engages reputable third-party assessors to conduct various independent audits on a regular basis, including but not limited to maturity assessments and various testing.
The Bank’s information security program and strategy are designed to ensure the Bank's information and information systems are resilient and appropriately protected from a variety of threats, both natural and man-made. Periodic audits and risk assessments are performed to validate control requirements and ensure that the Bank’s information is protected at a level commensurate with its sensitivity, value, and criticality.
Periodic audits and risk assessments are performed to validate control requirements and ensure that the Bank’s information is protected at a level commensurate with its sensitivity, value, and criticality.
These controls and policies include, but are not limited to access control, data encryption, data loss prevention, incident response, security monitoring, third party risk management, and vulnerability management. 20 Table of Contents The Bank's information security program and strategy are regularly reviewed and updated to ensure that they are aligned with the Bank's business objectives and are designed to address evolving cybersecurity threats and satisfy regulatory requirements and industry standards.
The Bank's information security program and strategy are regularly reviewed and updated to ensure that they are aligned with the Bank's business objectives and are designed to address evolving cybersecurity threats and satisfy regulatory requirements and industry standards.
The Bank engages reputable third-party assessors to conduct various independent audits on a regular basis, including but not limited to maturity assessments and various testing. Following a defense-in-depth strategy, the Bank leverages both in-house resources and third-party service providers to implement and maintain processes and controls to manage the identified risks.
Following a defense-in-depth strategy, the Bank leverages both in-house resources and third-party service providers to implement and maintain processes and controls to manage the identified risks. The Bank’s Third-Party / Vendor Risk Management program is designed to ensure that our vendors meet our cybersecurity requirements.
Information security risk is reported by the Information Technology Department through quarterly management reporting to achieve an appropriate flow of information risk reporting to the Board. The committees and working groups that monitor information security risks include the Cybersecurity Incident Response Team, and the Information Technology / Information Security Committee of the Board of Directors.
Information security risk is systematically reported to our Board of Directors by the Information Technology and Risk Departments through quarterly management reports, ensuring a structured and effective flow of cybersecurity risk information to the Board of Directors.
Removed
Management's Role The Information Technology department is responsible for implementing and maintaining the Bank’s cybersecurity risk management program. The Information Technology department consists of cybersecurity and information risk professionals who assess, identify, and manage cybersecurity risks.
Added
These controls and policies include, but are not limited to access control, data encryption, data loss prevention, incident response, security monitoring, third party risk management, and vulnerability management.
Removed
Information Security is led by Chief Information Technology Officer, who reports directly to the Chief Operating Officer and dotted lined to the Board of Directors. The Bank’s CITO has over 23 years of experience in technology and cybersecurity across the financial services industry.
Added
Management's Role We recognize the critical importance of developing, implementing, assessing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Senior Management, in collaboration with the Information Technology and Risk Departments, is responsible for the implementation and oversight of the Bank's Cybersecurity Risk Management Program.
Removed
Prior to joining the Bank, the Bank’s CITO served as Chief Information Officer and Information Security Officer at First Choice Bank and the Director of Technology and IT Governance at OceanFirst Bank. The Information Technology department is responsible for ensuring the protection of electronic and physical information through the identification and management of risk activities.
Added
Various committees and working groups are dedicated to monitoring and managing information security risks, including the Cybersecurity Incident Response Team and the Information Technology/Information Security Committee of the Board of Directors. These committees play a pivotal role in establishing and overseeing policies, programs, and guidance that define clear expectations for managing cybersecurity risk.
Removed
These committees and working groups establish and oversee policies, programs, and other guidance to provide specific expectations for managing the cybersecurity risk. 21 Table of Contents
Added
Due to the evolving nature of cybersecurity threats, we actively engage with external experts to enhance our security expertise. These subject matter experts provide independent evaluations and testing of our cybersecurity risk management framework. Our collaboration with these entities includes regular audits, threat assessments, and consultations on security enhancements to reinforce our security posture. 22 Table of Contents

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeLocation Year Office Opened Net Book Value (In Thousands) Executive Office 104-110 Avenue C, Bayonne, New Jersey 2003 $ 2,179 Administrative and Other Offices 591-597 Avenue C, Bayonne, New Jersey 2010 50 (1) 27 West 18th Street, Bayonne, New Jersey 2014 191 (1) Branch Offices 860 Broadway, Bayonne, New Jersey 2000 478 (1) 510 Broadway, Bayonne, New Jersey 2003 19 (1) 401 Washington Street, Hoboken, New Jersey 2010 135 (1) 987 Broadway, Bayonne, New Jersey 2010 - (1) 473 Spotswood Englishtown Rd., Monroe Township, New Jersey 2010 97 (1) 611 Avenue C, Bayonne, New Jersey 2010 29 (1) 181 Avenue A, Bayonne, New Jersey 2010 1,984 211 Washington St., Jersey City, New Jersey 2010 - (1) 200 Valley Street, South Orange, New Jersey 2011 927 378 Amboy Road, Woodbridge, New Jersey 2019 6 (1) 165 Passaic Avenue, Fairfield, New Jersey 2014 - (1) 354 New Dorp Lane, Staten Island, New York 2015 - (1) 190 Park Avenue, Rutherford, New Jersey 2015 23 (1) 1500 Forest Avenue, Staten Island, New York 2016 625 (1) 626 Laurel Avenue, Holmdel, New Jersey 2016 15 (1) 734 Ridge Road, Lyndhurst, New Jersey 2016 63 (1) 2000 Morris Avenue, Union, New Jersey 2016 13 (1) 156 Maplewood Avenue, Maplewood, New Jersey 2018 354 (1) 1630 Oak Tree Road, Edison, New Jersey 2018 190 (1) 1452 Route 46 West, Parsippany, New Jersey 2018 89 (1) 781 Newark Avenue, Jersey City, New Jersey 2018 3,185 70 Broadway, Hicksville, New York 2018 - (1) 10 Schalks Crossing Road, Plainsboro, New Jersey 2018 64 (1) 876 Kinderkamack Road, River Edge, New Jersey 2019 93 (1) 1100 Washington Street, Hoboken, New Jersey 2019 192 (1) 269 Ferry Street, Newark, New Jersey 2020 322 (1) 240 Page Avenue, Staten Island, New York 2023 306 (1) Net book value of properties 11,629 Net book value of furnishings and equipment 1,428 (2) Total premises and equipment $ 13,057 (1) Leased property (2) Includes off-site ATMs 22 Table of Contents
Biggest changeLocation Year Office Opened Net Book Value (In Thousands) Executive Office 104-110 Avenue C, Bayonne, New Jersey 2003 $ 2,106 Administrative and Other Offices 591-597 Avenue C, Bayonne, New Jersey 2010 72 (1) 27 West 18th Street, Bayonne, New Jersey 2014 192 (1) Branch Offices 860 Broadway, Bayonne, New Jersey 2000 418 (1) 510 Broadway, Bayonne, New Jersey 2003 23 (1) 401 Washington Street, Hoboken, New Jersey 2010 106 (1) 473 Spotswood Englishtown Rd., Monroe Township, New Jersey 2010 85 (1) 611 Avenue C, Bayonne, New Jersey 2010 37 (1) 181 Avenue A, Bayonne, New Jersey 2010 1,912 211 Washington St., Jersey City, New Jersey 2010 - (1) 200 Valley Street, South Orange, New Jersey 2011 887 378 Amboy Road, Woodbridge, New Jersey 2019 3 (1) 165 Passaic Avenue, Fairfield, New Jersey 2014 - (1) 354 New Dorp Lane, Staten Island, New York 2015 2 (1) 190 Park Avenue, Rutherford, New Jersey 2015 17 (1) 1500 Forest Avenue, Staten Island, New York 2016 508 (1) 626 Laurel Avenue, Holmdel, New Jersey 2016 11 (1) 734 Ridge Road, Lyndhurst, New Jersey 2016 38 (1) 2000 Morris Avenue, Union, New Jersey 2016 7 (1) 156 Maplewood Avenue, Maplewood, New Jersey 2018 327 (1) 1630 Oak Tree Road, Edison, New Jersey 2018 10 (1) 1452 Route 46 West, Parsippany, New Jersey 2018 20 (1) 781 Newark Avenue, Jersey City, New Jersey 2018 3,111 70 Broadway, Hicksville, New York 2018 - (1) 10 Schalks Crossing Road, Plainsboro, New Jersey 2018 8 (1) 876 Kinderkamack Road, River Edge, New Jersey 2019 81 (1) 1100 Washington Street, Hoboken, New Jersey 2019 155 (1) 269 Ferry Street, Newark, New Jersey 2020 266 (1) 240 Page Avenue, Staten Island, New York 2023 257 (1) Net book value of properties 10,659 Net book value of furnishings and equipment 1,910 (2) Total premises and equipment $ 12,569 (1) Leased property (2) Includes off-site ATMs 23 Table of Contents
ITEM 2. PROPERTIES At December 31, 2023, the Bank conducted its business through an executive office, two administrative offices, and 28 branch offices. 13 offices have drive-up facilities. The Bank has 37 automatic teller machines at its branch facilities and three other off-site locations.
ITEM 2. PROPERTIES At December 31, 2024, the Bank conducted its business through an executive office, two administrative offices, and 27 branch offices. 13 offices have drive-up facilities. The Bank has 36 automatic teller machines at its branch facilities and three other off-site locations.
The following table sets forth information relating to each of the Bank’s offices at December 31, 2023. The total net book value of the Bank’s premises and equipment at December 31, 2023 was $13.1 million.
The following table sets forth information relating to each of the Bank’s offices at December 31, 2024. The total net book value of the Bank’s premises and equipment at December 31, 2024 was $12.6 million.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeAs of December 31, 2023, we were not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations. ITEM 4. MI NE SAFETY DISCLOSURES Not applicable. PART II
Biggest changeAs of December 31, 2024, we were not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations. ITEM 4. MI NE SAFETY DISCLOSURES Not applicable. PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

212 edited+53 added−31 removed203 unchanged
Biggest changeAuditor ID: 392 Boston, Massachusetts March 8, 2024 33 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition December 31, 2023 2022 (In Thousands, Except Share and Per Share Data) ASSETS Cash and amounts due from depository institutions $ 16,597 $ 11,520 Interest-earning deposits 262,926 217,839 Total cash and cash equivalents 279,523 229,359 Interest-earning time deposits 735 735 Debt securities available for sale, at fair value 87,769 91,715 Equity investments 9,093 17,686 Loans held for sale 1,287 658 Loans receivable, net of allowance for credit losses of $ 33,608 and $ 32,373 , respectively 3,279,708 3,045,331 Federal Home Loan Bank of New York stock, at cost 24,917 20,113 Premises and equipment, net 13,057 10,508 Accrued interest receivable 16,072 13,455 Other real estate owned - 75 Deferred income taxes 18,213 16,462 Goodwill and other intangibles 5,253 5,382 Operating lease right-of-use assets 12,935 13,520 Bank-owned life insurance ("BOLI") 73,407 71,656 Other assets 10,428 9,538 Total Assets $ 3,832,397 $ 3,546,193 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Non-interest-bearing deposits $ 536,264 $ 613,910 Interest bearing deposits 2,442,816 2,197,697 Total deposits 2,979,080 2,811,607 FHLB Advances 472,811 382,261 Subordinated debentures 37,624 37,508 Operating lease liability 13,315 13,859 Other liabilities 15,512 9,704 Total Liabilities 3,518,342 3,254,939 STOCKHOLDERS' EQUITY Preferred stock: $ 0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,528 shares of Series I 3.0 % and Series J 8.0 % (liquidation value $ 10,000 per share) noncumulative perpetual preferred stock at December 31, 2023 and 2,124 shares of Series H 3.5 % and Series I 3 % (liquidation value $ 10,000 per share) noncumulative perpetual preferred stock at December 31, 2022 - - Additional paid-in capital preferred stock 25,043 21,003 Common stock: no par value; 40,000,000 shares authorized, issued 20,138,294 and 19,898,197 at December 31, 2023 and December 31, 2022, respectively, outstanding 16,904,323 shares and 16,930,979 shares, at December 31, 2023 and December 31, 2022, respectively - - Additional paid-in capital common stock 198,923 196,164 Retained earnings 135,927 115,109 Accumulated other comprehensive loss ( 7,491 ) ( 6,491 ) Treasury stock, at cost, 3,233,971 and 2,967,218 shares at December 31, 2023 and December 31, 2022, respectively ( 38,347 ) ( 34,531 ) Total Stockholders' Equity 314,055 291,254 Total Liabilities and Stockholders' Equity $ 3,832,397 $ 3,546,193 See accompanying notes to consolidated financial statements . 34 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Operations Years Ended December 31, 2023 2022 2021 (In Thousands, Except for Per Share Data) Interest and dividend income: Loans, including fees $ 169,559 $ 123,577 $ 107,660 Mortgage-backed securities 880 564 680 Other investment securities 4,226 4,167 3,274 FHLB stock dividends and other interest-earning assets 13,695 3,133 959 Total interest and dividend income 188,360 131,441 112,573 Interest expense: Deposits: Demand 16,915 5,283 4,335 Savings and club 620 449 505 Certificates of deposit 39,157 6,889 6,160 56,692 12,621 11,000 Borrowings 27,606 4,875 4,180 Total interest expense 84,298 17,496 15,180 Net interest income 104,062 113,945 97,393 Provision (benefit) for credit losses 6,104 ( 3,075 ) 3,855 Net interest income after provision (benefit) for credit losses 97,958 117,020 93,538 Non-interest income: Fees and service charges 5,334 4,816 3,972 BOLI income 1,751 2,671 2,952 Gain on sales of loans 36 129 667 (Loss) gain on sale of impaired loans held in portfolio - - ( 64 ) Gain on sales of other real estate owned 77 - 11 Gain on sale of premises - - 371 Realized and unrealized (loss) gain on equity investments ( 3,361 ) ( 6,269 ) 147 Other 251 248 639 Total non-interest income 4,088 1,595 8,695 Non-interest expense: Salaries and employee benefits 30,827 28,021 26,410 Occupancy and equipment 10,340 10,627 11,360 Data processing service fees 6,968 6,033 6,024 Professional fees 2,735 3,766 1,919 Director fees 1,083 1,253 1,043 Regulatory assessments 3,585 1,243 1,310 Advertising and promotional 1,348 941 554 Other real estate owned, net 7 10 35 Loss from extinguishment of debt - - 1,597 Other 3,698 3,611 3,723 Total non-interest expense 60,591 55,505 53,975 Income before income tax provision 41,455 63,110 48,258 Income tax provision 11,972 17,531 14,018 Net Income $ 29,483 $ 45,579 $ 34,240 Preferred stock dividends 702 796 1,160 Net Income available to common stockholders $ 28,781 $ 44,783 $ 33,080 Net Income per common share-basic and diluted Basic $ 1.71 $ 2.64 $ 1.94 Diluted $ 1.70 $ 2.58 $ 1.92 Weighted average number of common shares outstanding Basic 16,870 16,969 17,063 Diluted 16,932 17,349 17,239 See accompanying notes to consolidated financial statements. 35 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income Years Ended December 31, 2023 2022 2021 (In Thousands) Net Income $ 29,483 $ 45,579 $ 34,240 Other comprehensive income (loss), net of tax: Unrealized losses on available-for-sale securities: Unrealized holding losses arising during the period ( 1,493 ) ( 10,327 ) ( 242 ) Reclassification adjustment for gains realized in income - - - Net unrealized losses ( 1,493 ) ( 10,327 ) ( 242 ) Tax effects 355 2,560 60 Net-of-tax amount ( 1,138 ) ( 7,767 ) ( 182 ) Benefit Plans: Actuarial gain 131 212 2,165 Income tax benefit (expense) 7 ( 64 ) ( 650 ) Net-of-tax amount 138 148 1,515 Total other comprehensive (loss) income ( 1,000 ) ( 7,619 ) 1,333 Comprehensive income $ 28,483 $ 37,960 $ 35,573 See accompanying notes to consolidated financial statements. 36 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity Preferred ‎ Stock Common ‎ Stock Additional ‎ Paid In ‎ Capital Retained ‎ Earnings Treasury ‎ Stock Accumulated Other ‎ Comprehensive ‎ Income (Loss) Total ‎ Stockholders' ‎ Equity (In Thousands, Except Per Share Data) Balance at December 31, 2020 $ - $ - $ 217,999 $ 58,335 $ ( 26,918 ) $ ( 205 ) $ 249,211 Net income - - - 34,240 - - 34,240 Other comprehensive income - - - - - 1,333 1,333 Redemption of Series C and F Preferred Stock - - - - - - - Issuance of Series I Preferred Stock - - 3,200 - - - 3,200 Exercise of Stock Options ( 39,291 shares) - - 287 - - - 287 Stock-based compensation expense - - 417 - - - 417 Dividends payable on Series D 4.5 %, Series G 6 %, Series H 3.5 % and Series I 3.0 % noncumulative perpetual preferred stock - - - ( 1,160 ) - - ( 1,160 ) Cash dividends on common stock ($ 0.14 per share declared for the first two quarters ended June 30, 2021, and $ 0.16 per share for the last two quarters ended December 31, 2021). - - - ( 9,775 ) - - ( 9,775 ) Dividend Reinvestment Plan - - 469 ( 469 ) - - - Stock Purchase Plan - - 478 - - - 478 Treasury Stock Purchases ( 301,024 shares) - - - - ( 4,207 ) - ( 4,207 ) Balance at December 31, 2021 $ - $ - $ 222,850 $ 81,171 $ ( 31,125 ) $ 1,128 $ 274,024 Net income - - - 45,579 - - 45,579 Other comprehensive income - - - - - ( 7,619 ) ( 7,619 ) Redemption of Series D and G Preferred Stock - - ( 14,730 ) - - - ( 14,730 ) Issuance of Series I Preferred Stock - - 6,810 - - - 6,810 Exercise of Stock Options ( 72,846 shares) - - 220 - - - 220 Stock-based compensation expense - - 1,132 - - - 1,132 Dividends payable on Series D 4.5 %, Series G 6 %, Series H 3.5 % and Series I 3 % noncumulative perpetual preferred stock - - - ( 796 ) - - ( 796 ) Cash dividends on common stock ($ 0.64 per share declared) - - - ( 10,379 ) - - ( 10,379 ) Dividend Reinvestment Plan - - 466 ( 466 ) - - - Stock Purchase Plan - - 419 - - - 419 Treasury Stock Purchases ( 198,976 shares) - - - - ( 3,406 ) - ( 3,406 ) Balance at December 31, 2022 $ - $ - $ 217,167 $ 115,109 $ ( 34,531 ) $ ( 6,491 ) $ 291,254 Effect of adopting ASU No. 2016-13 ("CECL") - - - 2,870 - - 2,870 Beginning Balance at January 1, 2023 - - 217,167 117,979 ( 34,531 ) ( 6,491 ) 294,124 Net income - - - 29,483 - - 29,483 Other comprehensive income - - - - - ( 1,000 ) ( 1,000 ) Redemption of Series H Preferred Stock - - ( 11,230 ) - - - ( 11,230 ) Issuance of Series J Preferred Stock - - 15,270 - - 15,270 Exercise of Stock Options ( 51,372 shares) - - 418 - - - 418 Stock-based compensation expense - - 593 - - - 593 Dividends payable on Series H 3.5 %, Series I 3.0 % and Series J 8 % noncumulative perpetual preferred stock - - - ( 702 ) - - ( 702 ) Cash dividends on common stock ($ 0.64 per share declared) - - - ( 10,440 ) - - ( 10,440 ) Dividend Reinvestment Plan - - 393 ( 393 ) - - - Stock Purchase Plan - - 1,355 - - - 1,355 Treasury Stock Purchases ( 266,753 shares) - - - - ( 3,816 ) - ( 3,816 ) Ending balance at December 31, 2023 $ - $ - $ 223,966 $ 135,927 $ ( 38,347 ) $ ( 7,491 ) $ 314,055 See accompanying notes to consolidated financial statements. 37 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows Years Ended December 31, 2023 2022 2021 Cash flows from Operating Activities: (In Thousands) Net income $ 29,483 $ 45,579 $ 34,240 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of premises and equipment 1,978 2,246 2,989 Amortization and accretion, net ( 2,533 ) ( 1,607 ) ( 767 ) Provision (benefit) for credit losses 6,104 ( 3,075 ) 3,855 Deferred income tax benefit ( 2,537 ) ( 1,007 ) ( 975 ) Loans originated for sale ( 2,964 ) ( 6,608 ) ( 26,159 ) Proceeds from sale of loans 2,371 7,031 29,404 Gains on sales of loans ( 36 ) ( 129 ) ( 667 ) Fair value adjustment of OREO - - 6 Gain on sales of premises - - ( 371 ) Realized and unrealized loss (gain) on equity investments 3,361 6,269 ( 147 ) (Gain) loss from sales of other real estate owned ( 77 ) - ( 11 ) Loss (gain) on sale of impaired loans - - 64 Increase in cash surrender value of BOLI ( 1,751 ) ( 2,671 ) ( 2,952 ) Stock-based compensation expense 593 1,132 417 Net change in accrued interest receivable ( 2,617 ) ( 4,272 ) 3,741 Net change in other assets ( 890 ) ( 1,552 ) 1,025 Net change in accrued interest payable 2,704 2,022 ( 412 ) Net change in other liabilities 1,969 ( 2,469 ) 2,613 Net Cash Provided by Operating Activities 35,158 40,889 45,893 Cash flows from Investing Activities: Proceeds from repayments, calls, and maturities on securities 14,745 10,102 32,597 Purchases of securities ( 12,498 ) ( 27,468 ) ( 26,141 ) Proceeds from sales of securities 5,232 1,232 - Proceeds from sales of premises - - 742 Purchase of BOLI - - ( 8,500 ) Proceeds from BOLI - 3,500 - Proceeds from sales of other real estate owned 152 - 425 Proceeds from bulk sale of impaired loans held in portfolio - - 3,442 Net increase in loans receivable ( 231,622 ) ( 734,321 ) ( 15,148 ) Additions to premises and equipment ( 4,527 ) ( 518 ) ( 325 ) (Purchase) sale of Federal Home Loan Bank of New York stock ( 4,804 ) ( 14,029 ) 5,240 Net Cash Used In Investing Activities ( 233,322 ) ( 761,502 ) ( 7,668 ) Cash flows from Financing Activities: Net increase in deposits 167,473 250,205 243,352 Proceeds from Federal Home Loan Bank of New York Long Term Advances 400,000 150,000 10,000 Repayments Federal Home Loan Bank of New York Long Term Advances ( 150,000 ) - ( 130,000 ) Net change in Federal Home Loan Bank of New York Short Term Advances ( 160,000 ) 160,000 - Purchase of treasury stock ( 3,816 ) ( 3,406 ) ( 4,207 ) Cash dividends paid on common stock ( 10,440 ) ( 10,379 ) ( 9,775 ) Cash dividends paid on preferred stock ( 702 ) ( 796 ) ( 1,160 ) Net proceeds from issuance of common stock 1,355 419 478 Net proceeds from issuance of preferred stock 15,270 6,810 3,200 Payments for redemption of preferred stock ( 11,230 ) ( 14,730 ) - Exercise of stock options 418 220 287 Net Cash Provided by (Used In) Financing Activities 248,328 538,343 112,175 Net Increase (Decrease) in Cash and Cash Equivalents 50,164 ( 182,270 ) 150,400 Cash and Cash Equivalents-Beginning 229,359 411,629 261,229 Cash and Cash Equivalents-Ending $ 279,523 $ 229,359 $ 411,629 ‎ 38 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows Years Ended December 31, 2023 2022 2021 (In Thousands) Supplementary Cash Flow Information Cash paid during the year for: Income taxes $ 18,027 $ 18,804 $ 12,020 Interest $ 81,594 $ 15,475 $ 15,592 Non-cash items: Transfer of loans to other real estate owned $ - $ - $ 81 See accompanying notes to consolidated financial statements. 39 Table of Contents Note 1 - Organi zation BCB Bancorp, Inc.
Biggest changeAuditor ID: 392 Boston, Massachusetts March 7, 2025 34 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition December 31, 2024 2023 (In Thousands, Except Share and Per Share Data) ASSETS Cash and amounts due from depository institutions $ 14,075 $ 16,597 Interest-earning deposits 303,207 262,926 Total cash and cash equivalents 317,282 279,523 Interest-earning time deposits 735 735 Debt securities available for sale, at fair value 101,717 87,769 Equity investments, at fair value 9,472 9,093 Loans held for sale - 1,287 Loans receivable, net of allowance for credit losses of $ 34,789 and $ 33,608 , respectively 2,996,259 3,279,708 Federal Home Loan Bank of New York stock, at cost 24,272 24,917 Premises and equipment, net 12,569 13,057 Accrued interest receivable 15,176 16,072 Deferred income taxes 17,181 18,213 Goodwill and other intangibles 5,253 5,253 Operating lease right-of-use assets 12,686 12,935 Bank-owned life insurance ("BOLI") 76,040 73,407 Other assets 10,476 10,428 Total Assets $ 3,599,118 $ 3,832,397 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Non-interest-bearing deposits $ 520,387 $ 536,264 Interest bearing deposits 2,230,471 2,442,816 Total deposits 2,750,858 2,979,080 FHLB Advances 455,361 472,811 Subordinated debentures 42,961 37,624 Operating lease liability 13,139 13,315 Other liabilities 12,874 15,512 Total Liabilities 3,275,193 3,518,342 STOCKHOLDERS' EQUITY Preferred stock: $ 0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,496 shares of Series J 8.0 % and Series K 6.0 % (liquidation value $ 10,000 per share) noncumulative perpetual preferred stock at December 31, 2024 and 2,528 shares of Series I 3.0 % and Series J 8.0 % (liquidation value $ 10,000 per share) noncumulative perpetual preferred stock at December 31, 2023 - - Additional paid-in capital preferred stock 24,723 25,043 Common stock: no par value; 40,000,000 shares authorized, issued 20,296,748 and 20,138,294 at December 31, 2024 and December 31, 2023, respectively, outstanding 17,062,777 shares and 16,904,323 shares, at December 31, 2024 and December 31, 2023, respectively - - Additional paid-in capital common stock 200,935 198,923 Retained earnings 141,853 135,927 Accumulated other comprehensive loss ( 5,239 ) ( 7,491 ) Treasury stock, at cost, 3,233,971 and 3,233,971 shares at December 31, 2024 and December 31, 2023, respectively ( 38,347 ) ( 38,347 ) Total Stockholders' Equity 323,925 314,055 Total Liabilities and Stockholders' Equity $ 3,599,118 $ 3,832,397 See accompanying notes to consolidated financial statements . 35 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Operations Years Ended December 31, 2024 2023 2022 (In Thousands, Except for Per Share Data) Interest and dividend income: Loans, including fees $ 172,046 $ 169,559 $ 123,577 Mortgage-backed securities 1,378 880 564 Other investment securities 3,953 4,226 4,167 FHLB stock dividends and other interest-earning assets 16,632 13,695 3,133 Total interest and dividend income 194,009 188,360 131,441 Interest expense: Deposits: Demand and money market accounts 22,158 16,915 5,283 Savings and club 620 620 449 Certificates of deposit 55,442 39,157 6,889 78,220 56,692 12,621 Borrowings 23,768 27,606 4,875 Total interest expense 101,988 84,298 17,496 Net interest income 92,021 104,062 113,945 Provision (benefit) for credit losses 11,570 6,104 ( 3,075 ) Net interest income after provision (benefit) for credit losses 80,451 97,958 117,020 Non-interest income: Fees and service charges 4,717 5,334 4,816 BOLI income 2,633 1,751 2,671 (Loss) gain on sale of loans ( 5,325 ) 36 129 Gain on sales of other real estate owned - 77 - Realized and unrealized gain (loss) on equity investments 379 ( 3,361 ) ( 6,269 ) Other 536 251 248 Total non-interest income 2,940 4,088 1,595 Non-interest expense: Salaries and employee benefits 28,229 30,827 28,021 Occupancy and equipment 10,247 10,340 10,627 Data processing service fees 6,960 6,968 6,033 Professional fees 2,416 2,735 3,766 Director fees 1,151 1,083 1,253 Regulatory assessments 3,530 3,585 1,243 Advertising and promotional 863 1,348 941 Other real estate owned, net - 7 10 Other 3,725 3,698 3,611 Total non-interest expense 57,121 60,591 55,505 Income before income tax provision 26,270 41,455 63,110 Income tax provision 7,647 11,972 17,531 Net Income $ 18,623 $ 29,483 $ 45,579 Preferred stock dividends 1,832 702 796 Net Income available to common stockholders $ 16,791 $ 28,781 $ 44,783 Net Income per common share-basic and diluted Basic $ 0.99 $ 1.71 $ 2.64 Diluted $ 0.99 $ 1.70 $ 2.58 Weighted average number of common shares outstanding Basic 17,007 16,870 16,969 Diluted 17,018 16,932 17,349 See accompanying notes to consolidated financial statements. 36 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income Years Ended December 31, 2024 2023 2022 (In Thousands) Net Income $ 18,623 $ 29,483 $ 45,579 Other comprehensive income (loss), net of tax: Unrealized losses on available-for-sale securities: Unrealized holding gains (losses) arising during the period 2,507 ( 1,493 ) ( 10,327 ) Net unrealized gains (losses) 2,507 ( 1,493 ) ( 10,327 ) Tax effects ( 618 ) 355 2,560 Net-of-tax amount 1,889 ( 1,138 ) ( 7,767 ) Benefit Plans: Actuarial gain 519 131 212 Income tax (expense) benefit ( 156 ) 7 ( 64 ) Net-of-tax amount 363 138 148 Total other comprehensive income (loss) 2,252 ( 1,000 ) ( 7,619 ) Comprehensive income $ 20,875 $ 28,483 $ 37,960 See accompanying notes to consolidated financial statements. 37 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity Preferred ‎ Stock Common ‎ Stock Additional ‎ Paid In ‎ Capital Retained ‎ Earnings Treasury ‎ Stock Accumulated Other ‎ Comprehensive ‎ Income (Loss) Total ‎ Stockholders' ‎ Equity (In Thousands, Except Per Share Data) Balance at December 31, 2021 $ - $ - $ 222,850 $ 81,171 $ ( 31,125 ) $ 1,128 $ 274,024 Net income - - - 45,579 - - 45,579 Other comprehensive (loss) - - - - - ( 7,619 ) ( 7,619 ) Redemption of Series D and G Preferred Stock - - ( 14,730 ) - - - ( 14,730 ) Issuance of Series I Preferred Stock - - 6,810 - - - 6,810 Exercise of Stock Options ( 72,846 shares) - - 220 - - - 220 Stock-based compensation expense - - 1,132 - - - 1,132 Dividends payable on Series D 4.5 %, Series G 6 %, Series H 3.5 % and Series I 3 % noncumulative perpetual preferred stock - - - ( 796 ) - - ( 796 ) Cash dividends on common stock ($ 0.64 per share declared) - - - ( 10,379 ) - - ( 10,379 ) Dividend Reinvestment Plan - - 466 ( 466 ) - - - Stock Purchase Plan - - 419 - - - 419 Treasury Stock Purchases ( 198,976 shares) - - - - ( 3,406 ) - ( 3,406 ) Balance at December 31, 2022 $ - $ - $ 217,167 $ 115,109 $ ( 34,531 ) $ ( 6,491 ) $ 291,254 Effect of adopting ASU No. 2016-13 ("CECL") - - - 2,870 - - 2,870 Beginning Balance at January 1, 2023 - - 217,167 117,979 ( 34,531 ) ( 6,491 ) 294,124 Net income - - - 29,483 - - 29,483 Other comprehensive (loss) - - - - - ( 1,000 ) ( 1,000 ) Redemption of Series H Preferred Stock - - ( 11,230 ) - - - ( 11,230 ) Issuance of Series J Preferred Stock - - 15,270 - - 15,270 Exercise of Stock Options ( 51,372 shares) - - 418 - - - 418 Stock-based compensation expense - - 593 - - - 593 Dividends payable on Series H 3.5 %, Series I 3.0 % and Series J 8 % noncumulative perpetual preferred stock - - - ( 702 ) - - ( 702 ) Cash dividends on common stock ($ 0.64 per share declared) - - - ( 10,440 ) - - ( 10,440 ) Dividend Reinvestment Plan - - 393 ( 393 ) - - - Stock Purchase Plan - - 1,355 - - - 1,355 Treasury Stock Purchases ( 266,753 shares) - - - - ( 3,816 ) - ( 3,816 ) Balance at December 31, 2023 $ - $ - $ 223,966 $ 135,927 $ ( 38,347 ) $ ( 7,491 ) $ 314,055 Net income - - - 18,623 - - 18,623 Other comprehensive income - - - - - 2,252 2,252 Redemption of Series I Preferred Stock - - ( 10,010 ) - - - ( 10,010 ) Issuance of Series J and K Preferred Stock - - 9,690 - - - 9,690 Stock-based compensation expense - - 767 - - - 767 Dividends payable on Series I 3.0 % and Series J 8 % noncumulative perpetual preferred stock - - - ( 1,833 ) - - ( 1,833 ) Cash dividends on common stock ($ 0.64 per share declared) - - - ( 10,443 ) - - ( 10,443 ) Dividend Reinvestment Plan - - 421 ( 421 ) - - - Stock Purchase Plan - - 824 - - - 824 Ending balance at December 31, 2024 $ - $ - $ 225,658 $ 141,853 $ ( 38,347 ) $ ( 5,239 ) $ 323,925 See accompanying notes to consolidated financial statements. 38 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows Years Ended December 31, 2024 2023 2022 Cash flows from Operating Activities: (In Thousands) Net income $ 18,623 $ 29,483 $ 45,579 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of premises and equipment 1,713 1,978 2,246 Amortization and accretion, net ( 1,464 ) ( 2,533 ) ( 1,607 ) Provision (benefit) for credit losses 11,570 6,104 ( 3,075 ) Deferred income tax expense (benefit) 258 ( 2,537 ) ( 1,007 ) Loans originated for sale ( 4,874 ) ( 2,964 ) ( 6,608 ) Proceeds from sale of loans 40,096 2,371 7,031 Loss (gain) on sales of loans 5,325 ( 36 ) ( 129 ) Gain on sales of fixed asset ( 4 ) - - Realized and unrealized loss (gain) on equity investments ( 379 ) 3,361 6,269 Gain from sales of other real estate owned - ( 77 ) - Increase in cash surrender value of BOLI ( 2,633 ) ( 1,751 ) ( 2,671 ) Stock-based compensation expense 767 593 1,132 Net change in accrued interest receivable 896 ( 2,617 ) ( 4,272 ) Net change in other assets ( 48 ) ( 890 ) ( 1,552 ) Net change in accrued interest payable ( 582 ) 2,704 2,022 Net change in other liabilities ( 1,537 ) 1,969 ( 2,469 ) Net Cash Provided by Operating Activities 67,727 35,158 40,889 Cash flows from Investing Activities: Proceeds from repayments, calls, and maturities on securities 3,769 14,745 10,102 Purchases of securities ( 15,224 ) ( 12,498 ) ( 27,468 ) Proceeds from sales of securities - 5,232 1,232 Proceeds from sales of premises 4 - - Proceeds from BOLI - - 3,500 Proceeds from sales of other real estate owned - 152 - Proceeds from sale of loans held in portfolio 6,127 - - Net decrease (increase) in loans receivable 228,676 ( 231,622 ) ( 734,321 ) Additions to premises and equipment ( 1,225 ) ( 4,527 ) ( 518 ) Purchase (redemption) of Federal Home Loan Bank of New York stock 645 ( 4,804 ) ( 14,029 ) Net Cash Provided by (Used In) Investing Activities 222,772 ( 233,322 ) ( 761,502 ) Cash flows from Financing Activities: Net (decrease) increase in deposits ( 228,222 ) 167,473 250,205 Proceeds from Federal Home Loan Bank of New York Long Term Advances - 400,000 150,000 Repayments Federal Home Loan Bank of New York Long Term Advances ( 18,000 ) ( 150,000 ) - Net change in Federal Home Loan Bank of New York Short Term Advances - ( 160,000 ) 160,000 Purchase of treasury stock - ( 3,816 ) ( 3,406 ) Cash dividends paid on common stock ( 10,443 ) ( 10,440 ) ( 10,379 ) Cash dividends paid on preferred stock ( 1,833 ) ( 702 ) ( 796 ) Net proceeds from issuance of common stock 824 1,355 419 Net proceeds from issuance of preferred stock 9,690 15,270 6,810 Payments for redemption of preferred stock ( 10,010 ) ( 11,230 ) ( 14,730 ) Net proceeds from issuance of subordinated debt 38,754 - - Net payment from redemption of subordinated debt ( 33,500 ) - - Exercise of stock options - 418 220 Net Cash (Used In) Provided by Financing Activities ( 252,740 ) 248,328 538,343 Net (Decrease) Increase in Cash and Cash Equivalents 37,759 50,164 ( 182,270 ) Cash and Cash Equivalents-Beginning 279,523 229,359 411,629 Cash and Cash Equivalents-Ending $ 317,282 $ 279,523 $ 229,359 ‎ 39 Table of Contents BCB Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows Years Ended December 31, 2024 2023 2022 (In Thousands) Supplementary Cash Flow Information Cash paid during the year for: Income taxes $ 6,879 $ 18,027 $ 18,804 Interest $ 102,570 $ 81,594 $ 15,475 See accompanying notes to consolidated financial statements. 40 Table of Contents Note 1 - Organi zation BCB Bancorp, Inc.
If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors.
If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors.
In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security.
In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security.
If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost.
If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost.
Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies.
Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies.
Following are some of the key factors and assumptions that are used in the Company’s CECL calculations: methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios; a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment; a reversion period after the reasonable and supportable forecast period; estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment; estimated credit utilization rates based on the Company’s historical experience and future macroeconomic environment; and incorporation of qualitative factors not captured within the modeled results.
The following are some of the key factors and assumptions that are used in the Company’s CECL calculations: methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios; a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment; a reversion period after the reasonable and supportable forecast period; estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment; estimated credit utilization rates based on the Company’s historical experience and future macroeconomic environment; and incorporation of qualitative factors not captured within the modeled results.
Shriner 10.3 BCB Bancorp, Inc. 2011 Stock Option Plan (7) 10.4 BCB Bancorp, Inc. 2018 Equity Incentive Plan (8) 10.5 Defined Benefit Supplemental Executive Retirement Plan (9) 10.6 Employment Agreement with Ryan Blake (10) 10.7 Employment Agreement with Sandra L.
Shriner (6) 10.3 BCB Bancorp, Inc. 2011 Stock Option Plan (7) 10.4 BCB Bancorp, Inc. 2018 Equity Incentive Plan (8) 10.5 Defined Benefit Supplemental Executive Retirement Plan (9) 10.6 Employment Agreement with Ryan Blake (10) 10.7 Employment Agreement with Sandra L.
Such institutions that meet the community bank leverage ratio and certain other qualifying criteria will automatically be deemed to be well-capitalized. The Bank opted in to the community bank leverage ratio (tier 1 capital to average consolidated assets) (“CBLR”) framework, with a minimum requirement of 9% for institutions under $10 billion in assets.
Such institutions that meet the community bank leverage ratio and certain other qualifying criteria will automatically be deemed to be well-capitalized. The Bank opted into the community bank leverage ratio (tier 1 capital to average consolidated assets) (“CBLR”) framework, with a minimum requirement of 9% for institutions under $10 billion in assets.
These loans are generally sold with servicing rights released. Gains and losses recognized on loan sales are based upon the cash proceeds received and the cost of the related loans sold. Loans Receivable Loans receivable are stated at unpaid principal balances, less net deferred loan origination fees and the allowance for credit losses.
These loans are generally sold with servicing rights released. Gains and losses recognized on loan sales are based upon the cash proceeds received and the amortized cost of the related loans sold. Loans Receivable Loans receivable are stated at unpaid principal balances, less net deferred loan origination fees and the allowance for credit losses.
In many cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment.
In many cases, any repossessed collateral for a defaulted commercial business loan will not provide an adequate source of repayment of the outstanding loan balance. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment.
Debt Including Subordinated Debentures (Carried at Cost) Fair values of debt are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics, terms and remaining maturity.
Debt Including Subordinated Debentures (Carried at Amortized Cost) Fair values of debt are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics, terms and remaining maturity.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a)(1) Financial Statements The exhibits and financial statement schedules filed as a part of this Form 10-K are as follows: (A) Report of Independent Registered Public Accounting Firm (B) Consolidated Statements of Financial Condition as of December 31, 2023 and 2022 (C) Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 (D) Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 (E) Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2023, 2022 and 2021 (F) Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 (G) Notes to Consolidated Financial Statements (a)(2) Financial Statement Schedules All schedules are omitted because they are not required or applicable, or the required information is shown in the consolidated statements or the notes thereto.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a)(1) Financial Statements The exhibits and financial statement schedules filed as a part of this Form 10-K are as follows: (A) Report of Independent Registered Public Accounting Firm (B) Consolidated Statements of Financial Condition as of December 31, 2024 and 2023 (C) Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 (D) Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 (E) Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2024, 2023 and 2022 (F) Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 (G) Notes to Consolidated Financial Statements (a)(2) Financial Statement Schedules All schedules are omitted because they are not required or applicable, or the required information is shown in the consolidated statements or the notes thereto.
The Bank’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New Jersey and the New York metropolitan area as a result, credit risk related to loans is broadly dependent on the real estate market and general economic conditions in the area. ‎ 41 Table of Contents Note 2 - Summary of Significant Accounting Policies (continued ) Allowance for Credit losses The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date.
The Bank’s lending activity is primarily concentrated in loans collateralized by real estate in the State of New Jersey and the New York metropolitan area as a result, credit risk related to loans is broadly dependent on the real estate market and general economic conditions in the area. ‎ 42 Table of Contents Note 2 - Summary of Significant Accounting Policies (continued ) Allowance for Credit losses The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date.
As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of operations.
As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statements of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of operations.
Among other things, the new rule established a new common equity Tier 1 minimum capital requirement (4.5 percent of risk-weighted assets), increased the minimum Tier 1 capital to risk-based assets requirement (from 4.0 percent to 6.0 percent of risk-weighted assets) and assigned a higher risk weight (150 percent) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property.
Among other things, the new rule established a new common equity (“C/E”) Tier 1 minimum capital requirement (4.5 percent of risk-weighted assets), increased the minimum Tier 1 capital to risk-based assets requirement (from 4.0 percent to 6.0 percent of risk-weighted assets) and assigned a higher risk weight (150 percent) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property.
The principal considerations for our determination are (i) the application of significant judgment and estimation on the part of management, which in turn led to a high degree of auditor judgment and subjectivity in performing procedures and evaluating audit evidence obtained, and (ii) significant audit effort was necessary in evaluating management’s methodology, significant assumptions and calculations. 31 Table of Contents How the Critical Audit Matter was addressed in the Audit Following are some of the primary procedures we performed to address this critical audit matter.
The principal considerations for our determination are (i) the application of significant judgment and estimation on the part of management, which in turn led to a high degree of auditor judgment and subjectivity in performing procedures and evaluating audit evidence obtained, and (ii) significant audit effort was necessary in evaluating management’s methodology, significant assumptions and calculations. ‎ 32 Table of Contents How the Critical Audit Matter was addressed in the Audit Following are some of the primary procedures we performed to address this critical audit matter.
Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from depository institutions and interest-earning deposits in other banks having original maturities of three months or less. ‎ 40 Table of Contents Note 2 - Summary of Significant Accounting Policies (continued ) Debt Securities Investments in debt securities that the Bank has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost.
Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from depository institutions and interest-earning deposits in other banks having original maturities of three months or less. ‎ 41 Table of Contents Note 2 - Summary of Significant Accounting Policies (continued ) Debt Securities Investments in debt securities that the Bank has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost.
These procedures also included, among others, reviewing the Bank’s model validation ensuring appropriate recalculation of the models used along with management’s review of model validation results, testing various assumptions used in the calculation, testing management’s process for determining the qualitative reserve component, evaluating the appropriateness of management’s methodology relating to the qualitative reserve component and testing the completeness and accuracy of data utilized by management. /s/ Wolf & Company, P.C.
These procedures also included, among others, reviewing the Company’s model validation ensuring appropriate recalculation of the models used along with management’s review of model validation results, testing various assumptions used in the calculation, testing management’s process for determining the qualitative reserve component, evaluating the appropriateness of management’s methodology relating to the qualitative reserve component and testing the completeness and accuracy of data utilized by management. /s/ Wolf & Company, P.C.
Accordingly, although the NPV table provides an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net interest income, and will differ from actual results. ‎ 30 Table of Contents IT EM 8.
Accordingly, although the NPV table provides an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net interest income and will differ from actual results. ‎ 31 Table of Contents IT EM 8.
As of December 31, 2023, nonaccrual loans differed from the amount of total loans past due greater than 90 days due to loans 90 days past due but still accruing interest or loans that were previously 90 days past due both of which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan.
As of December 31, 2024, nonaccrual loans differed from the amount of total loans past due greater than 90 days due to loans 90 days past due but still accruing interest or loans that were previously 90 days past due both of which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan.
These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses. Accrued Interest Receivable The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities.
These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies, and have a long history of no credit losses. Accrued Interest Receivable The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities.
The Bank paid New Bay $ 165,000 a year ($ 13,750 per month) which is included in the consolidated statements of operations for 2023, 2022 and 2021, within occupancy expense. The rent is to be adjusted every five years thereafter at the fair market rental value. The Bank expects to pay $ 165,000 in rental expense for the year 2024.
The Bank paid New Bay $ 165,000 a year ($ 13,750 per month) which is included in the consolidated statements of operations for 2024, 2023 and 2022, within occupancy expense. The rent is to be adjusted every five years thereafter at the fair market rental value. The Bank expects to pay $ 165,000 in rental expense for the year 2025.
Such institutions meeting that requirement may elect to utilize the CBLR in lieu of the general applicable risk-based capital requirements under Basel III. Such institutions that meet the CBLR and certain other qualifying criteria will automatically be deemed to be well-capitalized. At December 31, 2023 and December 31, 2022, the Bank exceeded all of its regulatory capital requirements.
Such institutions meeting that requirement may elect to utilize the CBLR in lieu of the general applicable risk-based capital requirements under Basel III. Such institutions that meet the CBLR and certain other qualifying criteria will automatically be deemed to be well-capitalized. At December 31, 2024 and December 31, 2023, the Bank exceeded all of its regulatory capital requirements.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. 71 Table of Contents PART III IT EM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The Company has adopted a Code of Ethics that applies to the Company’s Chief Executive Officer, Chief Financial Officer, Controller, and/or any persons performing similar functions.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. ‎ 75 Table of Contents PART III IT EM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The Company has adopted a Code of Ethics that applies to the Company’s Chief Executive Officer, Chief Financial Officer, Controller, and/or any persons performing similar functions.
The NPV at “PAR” represents the difference between the Company’s estimated value of assets and estimated value of liabilities assuming no change in interest rates. The NPV for a decrease of 200 to 300 basis points has been excluded since it would not be meaningful in the interest rate environment as of December 31, 2023.
The NPV at “PAR” represents the difference between the Company’s estimated value of assets and estimated value of liabilities assuming no change in interest rates. The NPV for a decrease of 200 to 300 basis points has been excluded since it would not be meaningful in the interest rate environment as of December 31, 2024.
I TEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES Information required by Item 14 is incorporated by reference to the sections of the 2024 Proxy Statement entitled “AUDIT COMMITTEE REPORT - Fees of Independent Auditors’ and ‘-- Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services by Independent Auditors.” .” ‎ 72 Table of Contents PART IV IT EM 15.
I TEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES Information required by Item 14 is incorporated by reference to the sections of the 2024 Proxy Statement entitled “AUDIT COMMITTEE REPORT - Fees of Independent Auditors’ and ‘-- Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services by Independent Auditors.” ‎ 76 Table of Contents PART IV IT EM 15.
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. In preparing these consolidated financial statements, the Company evaluated the events that occurred between December 31, 2023 and the date these consolidated financial statements were issued.
Such agencies may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. In preparing these consolidated financial statements, the Company evaluated the events that occurred between December 31, 2024, and the date these consolidated financial statements were issued.
These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses. Discounts on securities are amortized/accreted to maturity using the interest method. Premiums on securities are amortized to maturity or the earliest call date for callable securities using the interest method.
These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies, and have a long history of no credit losses. Discounts on securities are amortized/accreted to maturity using the interest method. Premiums on securities are amortized to maturity or the earliest call date for callable securities using the interest method.
Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. At December 31, 2023 the Bank owned no properties.
Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. At December 31, 2024 and 2023 the Bank owned no foreclosed properties.
Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 2023 and 2022.
Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 2024 and 2023.
As of December 31, 2023 (in Thousands) Nonaccrual loans with Allowance for Credit Losses Nonaccrual loans without Allowance for Credit Losses Total Nonaccrual loans Amortized Cost of Loans Past due 90 and Still Accruing Residential one-to-four family $ - $ 270 $ 270 $ - Commercial and multi-family 2,029 6,655 8,684 - Construction 2,312 1,980 4,292 - Commercial business (1) 2,599 2,892 5,491 - Home equity (2) - 46 46 - Total $ 6,940 $ 11,843 $ 18,783 $ - (1) Includes business lines of credit.
As of December 31, 2023 (in Thousands) Nonaccrual loans with an Allowance for Credit Losses Nonaccrual loans without an Allowance for Credit Losses Total Nonaccrual loans Amortized Cost of Loans Past Due 90 Days and Still Accruing Residential one-to-four family $ - $ 270 $ 270 $ - Commercial and multi-family 2,029 6,655 8,684 - Construction 2,312 1,980 4,292 - Commercial business 2,599 2,892 5,491 - Business express - - - - Home equity (1) - 46 46 - Total $ 6,940 $ 11,843 $ 18,783 $ - (1) Includes home equity lines of credit.
Employees and directors of the Company and the Bank are eligible to participate in the 2023 Equity Incentive Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code.
Employees and directors of the Company and the Bank are eligible to participate in the 2023 Equity Incentive Plan. All stock options are granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code.
There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fourth fiscal quarter of 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fourth fiscal quarter of 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code.
Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options are granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code.
These calculations were based upon assumptions believed to be fundamentally sound, although they may vary from assumptions utilized by other financial institutions. The information set forth below is based on data that included all financial instruments as of December 31, 2023.
These calculations were based upon assumptions believed to be fundamentally sound, although they may vary from assumptions utilized by other financial institutions. The information set forth below is based on data that included all financial instruments as of December 31, 2024.
For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit.
For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more likely than not” threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, which would give rise to the non-recognition of an existing tax benefit.
In accordance with the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) and the regulation issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act, the Company has selected the three-month CME Term SOFR as the applicable successor rate for both the Notes and the trust preferred securities.
In accordance with the Adjustable Interest Rate Act (the “LIBOR Act”) and the regulation issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act, the Company has selected the three-month CME Term SOFR as the applicable successor rate for the trust preferred securities.
Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
Opinion on Internal Control Over Financial Reporting ‎ We have audited BCB Bancorp Inc. and subsidiaries’ (the “Company”) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in 2013.
Opinion on Internal Control Over Financial Reporting ‎ We have audited BCB Bancorp Inc. and subsidiaries’ (the “Company”) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in 2013.
Loans Receivable (Carried at Amortized Cost) The fair values of loans, except for certain individually evaluated loans, are estimated using discounted cash flow analyses, using market rates at the date of the Statement of Financial Condition that reflect the credit and interest rate-risk inherent in the loans.
Loans Receivable (Carried at Amortized Cost) The fair values of loans, except for certain individually evaluated loans, are estimated using discounted cash flow analyses, using market rates at the date of the statements of financial condition that reflect the credit and interest rate-risk inherent in the loans.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2023 (the “Evaluation Date”).
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2024 (the “Evaluation Date”).
Management performed a quantitative assessment of goodwill and determined there was no impairment as of December 31, 2023. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for credit losses.
Management performed a quantitative assessment of goodwill and determined there was no impairment as of December 31, 2024. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for credit losses.
For the years ended December 31, 2023 and 2022, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share.
For the years ended December 31, 2024 and 2023, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share.
The amount reimbursed, which occurred during the year 2000, was $ 943,000 , and is included in property and equipment under the caption “Building and improvements” (see Note 6). On May 1, 2006, the Bank renegotiated the lease to a twenty-five -year term.
The amount reimbursed, which occurred during the year 2000, was $ 943,000 , and is included in premises and equipment under the caption “Building and improvements” (see Note 6). On May 1, 2006, the Bank renegotiated the lease to a twenty-five -year term.
The Bank has elected to fund the retirement benefit by purchasing annuities that have been designed to provide a future source of funds for the lifetime retirement benefits of the SERP Agreement, totaling $ 1.81 million, which is included in other assets.
The Bank has elected to fund the retirement benefit by purchasing annuities that have been designed to provide a future source of funds for the lifetime retirement benefits of the SERP Agreement, totaling $ 1.80 million, which is included in other assets.
The allowance for credit losses is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the consolidated statement of financial condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense.
The allowance for credit losses is reported separately as a contra-asset on the consolidated statements of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the consolidated statements of financial condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense.
Years Buildings 40 Building improvements 7 - 40 Furniture, fixtures and equipment 5 - 7 Leasehold improvements Shorter of useful life or term of lease 42 Table of Contents Note 2 - Summary of Significant Accounting Policies (continued ) Federal Home Loan Bank of New York Stock Federal law requires a member institution of the FHLB system to purchase and hold restricted stock of its district FHLB according to a predetermined formula.
Buildings 40 Building improvements 7 - 40 Furniture, fixtures and equipment 5 - 7 Leasehold improvements Shorter of useful life or term of lease 43 Table of Contents Note 2 - Summary of Significant Accounting Policies (continued ) Federal Home Loan Bank of New York Stock Federal law requires a member institution of the FHLB system to purchase and hold restricted stock of its district FHLB according to a predetermined formula.
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There were no liabilities measured at fair value on a recurring or nonrecurring basis at December 31, 2023 and 2022.
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There were no liabilities measured at fair value on a recurring or nonrecurring basis at December 31, 2024, and 2023.
(5) Net interest margin represents net interest income as a percentage of average interest-earning assets. 27 Table of Contents Rate/Volume Analysis The table below sets forth certain information regarding changes in our interest income and interest expense for the years indicated.
(5) Net interest margin represents net interest income as a percentage of average interest-earning assets. 28 Table of Contents Rate/Volume Analysis The table below sets forth certain information regarding changes in our interest income and interest expense for the years indicated.
(the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes to the consolidated financial statements (collectively, the “financial statements”).
(the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes to the consolidated financial statements (collectively, the “financial statements”).
The Bank’s total credit exposure cannot exceed 50.0 percent of its total assets, or $ 1.916 billion, based on the borrowing limitations outlined in the FHLB of New York’s member products guide. The total credit exposure limit of 50.0 percent of total assets is recalculated each quarter.
The Bank’s total credit exposure cannot exceed 50.0 percent of its total assets, or $ 1.799 billion, based on the borrowing limitations outlined in the FHLB of New York’s member products guide. The total credit exposure limit of 50.0 percent of total assets is recalculated each quarter.
Accrued Interest Receivable and Payable (Carried at Cost) The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. 67 Table of Contents Note 18 - Fair Value Measurements and Fair Values of Financial Instruments (continued) Deposits (Carried at Cost) The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts).
Accrued Interest Receivable and Payable (Carried at Cost) The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. ‎ 71 Table of Contents Note 18 - Fair Value Measurements and Fair Values of Financial Instruments (continued) Deposits (Carried at Amortized Cost) The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts).
Separate state income tax returns are filed by the Company and its subsidiaries. ‎ 43 Table of Contents Note 2 – Summary of Significant Accounting Policies (continued) Federal and state income tax expense has been provided on the basis of reported income.
Separate state income tax returns are filed by the Company and its subsidiaries. ‎ 44 Table of Contents Note 2 – Summary of Significant Accounting Policies (continued) Federal and state income tax expense has been provided on the basis of reported income.
Accrued interest receivable on loans and securities is reported as a component of accrued interest receivable on the consolidated statement of financial condition. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense.
Accrued interest receivable on loans and securities is reported as a component of accrued interest receivable on the consolidated statements of financial condition. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense.
Such stock is carried at cost. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. No impairment charges were recorded related to the FHLB of New York stock during 2023, 2022 or 2021.
Such stock is carried at cost. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. No impairment charges were recorded related to the FHLB of New York stock during 2024, 2023 or 2022.
In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. ‎ 48 Table of Contents Note 5- Loans Receivable and Allowance for Credit losses (continued) The following tables set forth the activity in the Bank’s allowance for credit losses and recorded investment in loans receivable at December 31, 2023 and December 31, 2022.
In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. ‎ 49 Table of Contents Note 5- Loans Receivable and Allowance for Credit losses (continued) The following tables set forth the activity in the Bank’s allowance for credit losses and recorded investment in loans receivable at December 31, 2024, December 31, 2023 and December 31, 2022.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO in 2013.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. There were no debt securities classified as held-to-maturity on December 31, 2023 and 2022.
Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. There were no debt securities classified as held-to-maturity on December 31, 2024, and 2023.
As of December 31, 2023, management assessed the effectiveness of the Company’s internal control over financial reporting based upon the framework established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
As of December 31, 2024, management assessed the effectiveness of the Company’s internal control over financial reporting based upon the framework established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Dividends The Company declared and paid cash dividends of $0.16 per share in each quarter for the year ended December 31, 2023. The payment of dividends to shareholders of the Company is dependent on the Bank paying dividends to the Company.
Dividends The Company declared and paid cash dividends of $0.16 per share in each quarter for the year ended December 31, 2024. The payment of dividends to shareholders of the Company is dependent on the Bank paying dividends to the Company.
The Company was well-positioned with adequate levels of cash and liquid assets as of December 31, 2023 and a significant amount of available borrowing capacity with FHLB and Federal Reserve Bank Discount Window.
The Company was well-positioned with adequate levels of cash and liquid assets as of December 31, 2024 and a significant amount of available borrowing capacity with FHLB and Federal Reserve Bank Discount Window.
Further information regarding the impact of CECL can be found in Note 5 – Loan Receivable and Allowance for Credit Losses . Note 3 - Related Party Transactions The Bank leases a property from New Bay, LLC. (“New Bay”), a limited liability company 100 percent owned by Directors of the Bank and the Company.
Further information regarding the impact of CECL can be found in Note 5 – Loan Receivable and Allowance for Credit Losses. 46 Table of Contents Note 3 - Related Party Transactions The Bank leases a property from New Bay, LLC. (“New Bay”), a limited liability company 100 percent owned by Directors of the Bank and the Company.
As of December 31, 2023, the Company was not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations. ‎ 65 Table of Contents Note 18 - Fair Value Measurements and Fair Values of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique.
As of December 31, 2024, the Company was not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations. ‎ 69 Table of Contents Note 18 - Fair Value Measurements and Fair Values of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique.
As of December 31, 2023, the 2011 Stock Option Plan and the 2018 Equity Incentive Plan have expired. 23 Table of Contents Common Stock Performance Graph Set forth hereunder is a stock performance graph comparing (a) the cumulative total return on the common stock for the period beginning with the closing sales price on December 31, 2018 through December 31, 2023, (b) the cumulative total return on all publicly traded commercial bank stocks over such period, as repriced on the SNL Banks Index, and (c) the cumulative total return of the Nasdaq Market Index over such period.
As of December 31, 2023, the 2011 Stock Option Plan and the 2018 Equity Incentive Plan have expired. 24 Table of Contents Common Stock Performance Graph Set forth hereunder is a stock performance graph comparing (a) the cumulative total return on the common stock for the period beginning with the closing sales price on December 31, 2019 through December 31, 2024, (b) the cumulative total return on all publicly traded commercial bank stocks over such period, as repriced on the SNL Banks Index, and (c) the cumulative total return of the Nasdaq Market Index over such period.
The Bank is a New Jersey based commercial bank which, as of December 31, 2023, operated at 28 locations in Bayonne, Edison, Fairfield, Hoboken, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, South Orange, River Edge, Rutherford, Union, and Woodbridge New Jersey, as well as Staten Island and Hicksville, New York and is subject to regulation, supervision, and examination by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation.
The Bank is a New Jersey based commercial bank which, as of December 31, 2024, operated at 27 locations in Bayonne, Edison, Fairfield, Hoboken, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, South Orange, River Edge, Rutherford, Union, and Woodbridge New Jersey, as well as Staten Island and Hicksville, New York and is subject to regulation, supervision, and examination by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation.
Compensation Plans Set forth below is information as of December 31, 2023 regarding equity compensation plans that have been approved by shareholders. The Company has no equity-based benefit plans that were not approved by shareholders.
Compensation Plans Set forth below is information as of December 31, 2024 regarding equity compensation plans that have been approved by shareholders. The Company has no equity-based benefit plans that were not approved by shareholders.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 and our report dated March 8, 2024 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 and our report dated March 7, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Based upon its assessment, management believes that the Company’s internal control over financial reporting as of December 31, 2023 is effective and meets the criteria of the Internal Control – Integrated Framework (2013) .
Based upon its assessment, management believes that the Company’s internal control over financial reporting as of December 31, 2024, is effective and meets the criteria of the Internal Control – Integrated Framework (2013) .
Long Treasury Bond Index. i) Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures. 59 Table of Contents Note 12 - Benefits Plan (continued) The Company does not expect to contribute, based upon actuarial estimates, to the Pension Plan in 2024.
Long Treasury Bond Index. i) Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures. 63 Table of Contents Note 12 - Benefits Plan (continued) The Company does not expect to contribute, based upon actuarial estimates, to the Pension Plan in 2025.
If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily non-accrual and collateral dependent loans. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately.
If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily nonaccrual and collateral dependent loans. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately.
The rent is $ 8,240 per month and lease payments of $ 97,000 , $ 96,000 and $ 96,000 were made in the years 2023, 2022 and 2021, which is reflected in the consolidated statements of operations within occupancy expense. The Bank expects to pay $ 98,880 in rental expense for the year 2024.
The rent is $ 8,240 per month and lease payments of $ 99,000 , $ 97,000 and $ 96,000 were made in the years 2024, 2023 and 2022, which is reflected in the consolidated statements of operations within occupancy expense. The Bank expects to pay $ 98,880 in rental expense for the year 2025.
These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value at December 31, 2023 and 2022 consists of the loan balances of $ 27.8 million and $ 8.4 million net of an ACL of $ 4.2 million and $ 2.8 million, respectively.
These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value at December 31, 2024 and 2023 consists of the loan balances of $ 31.2 million and $ 27.8 million net of an ACL of $ 11.8 million and $ 4.2 million, respectively.
The rent is $ 7,718 per month and lease payments of $ 93,000 , $ 93,000 and $ 91,000 were made in years 2023, 2022 and 2021, which is reflected in the consolidated statements of operations within occupancy expense. The Bank expects to pay $ 93,000 in rental expense for the year 2024.
The rent is $ 7,718 per month and lease payments of $ 93,000 , $ 93,000 and $ 93,000 were made in years 2024, 2023 and 2022, which is reflected in the consolidated statements of operations within occupancy expense. The Bank expects to pay $ 93,000 in rental expense for the year 2025.
Goodwill The Company accounts for goodwill and other intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other,” which allows an entity to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test.
Goodwill The Company accounts for goodwill and other intangible assets in accordance with FASB ASC Topic 350, Intangibles – Goodwill and Other , which allows an entity to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test.
ITEM 5. MA RKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information The Company’s common stock trades on the Nasdaq Global Market under the symbol “BCBP.” Stockholders. At March 1, 2024, the Company had approximately 5,500 stockholders of record. Recent Sales of Unregistered Securities None.
ITEM 5. MA RKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information The Company’s common stock trades on the Nasdaq Global Market under the symbol “BCBP.” Stockholders. At March 1, 2025, the Company had approximately 5,900 stockholders of record. Recent Sales of Unregistered Securities None.
The Company recognizes interest and penalties on unrecognized tax benefits in income taxes expense in the consolidated statement of operations. The Company did not recognize any interest and penalties for the years ended December 31, 2023, 2022, or 2021. The tax years subject to examination by the Federal taxing authority are the years ended December 31, 2022, 2021, and 2020.
The Company recognizes interest and penalties on unrecognized tax benefits in income taxes expense in the consolidated statements of operations. The Company did not recognize any interest and penalties for the years ended December 31, 2024, 2023, or 2022. The tax years subject to examination by the Federal taxing authority are the years ended December 31, 2023, 2022, and 2021.
Upon the Executive’s separation from service after reaching normal retirement age (age 65 ), for any reason other than death, benefit payments will commence on the first day of the second month following CEO’s separation from service, payable monthly and continuing for the CEO’s lifetime. The monthly benefit payment will be $ 10,000 .
Upon the Executive’s separation from service after reaching normal retirement age (age 65 ), for any reason other than death, benefit payments will commence on the first day of the second month following CEO’s separation from service, payable monthly and continuing for the CEO’s lifetime.
Time deposits scheduled to mature in one year or less totaled $1.199 billion at December 31, 2023. Based upon historical experience data, management estimates that a significant portion of such deposits will remain with the Company.
Time deposits scheduled to mature in one year or less totaled $1.001 billion at December 31, 2024. Based upon historical experience data, management estimates that a significant portion of such deposits will remain with the Company.
Results for the twelve months ended December 31, 2023 are presented under Accounting Standards Codification 326, Financial Instruments – Credit Losses, while prior period amounts continue to be reported with previously applicable GAAP and have not been restated.
Results for the twelve months ended December 31, 2023, are presented under ASC 326, Financial Instruments – Credit Losses, while prior period amounts continue to be reported with previously applicable GAAP and have not been restated.

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