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Section 1: 10-Q (10-Q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

Or

 

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 0-50275

BCB Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

New Jersey

 

26-0065262

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

I.D. No.)

 

 

104-110 Avenue C Bayonne, New Jersey

 

07002

(Address of principal executive offices)

 

(Zip Code)

(201) 823-0700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year if changed since last report)

Securities registered pursuant to section 12(b) of the Securities and Exchange Act of 1934:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

BCBP

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   T   Yes    o   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x   Yes    o   No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “accelerated filer, larger accelerated filer, non-accelerated filer, smaller reporting company, or emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

o

Accelerated Filer

x

Non-Accelerated Filer

o

Smaller Reporting Company

x

Emerging Growth Company

o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).    o  Yes    T  No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of August 1, 2020, BCB Bancorp, Inc., had 17,057,368 shares of common stock, no par value, outstanding.



 

BCB BANCORP INC. AND SUBSIDIARIES

INDEX

 

 

 

 

 

 

 

  

Page

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Financial Condition as of June 30, 2020 (unaudited) and December 31, 2019 (unaudited)

  

 

1

  

Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019 (unaudited)

  

 

2

  

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019 (unaudited)

  

3

Consolidated Statement of Changes in Stockholders’ Equity for the three and six months ended June 30, 2020 and 2019 (unaudited)

  

 

4

  

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (unaudited)

  

 

6

  

Notes to Unaudited Consolidated Financial Statements

  

 

7

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 

34

Item 3. Quantitative and Qualitative Disclosures about Market Risk

  

 

44

 

Item 4. Controls and Procedures

  

44

  

 

PART II. OTHER INFORMATION

  

 

44

 

Item 1. Legal Proceedings

  

 

44

  

Item 1A. Risk Factors

  

 

45

  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

 

45

  

Item 3. Defaults Upon Senior Securities

  

 

45

  

Item 4. Mine Safety Disclosures

  

 

45

  

Item 5. Other Information

  

 

45

  

Item 6. Exhibits

46

 


PART I. CONSOLIDATED FINANCIAL INFORMATION

ITEM I. CONSOLIDATED FINANCIAL STATEMENTS

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

(In thousands, Except Share and Per Share Data, Unaudited)

 

June 30,

December 31,

2020

2019

ASSETS

Cash and amounts due from depository institutions

$

18,799 

$

24,985 

Interest-earning deposits

393,450 

525,368 

Total cash and cash equivalents

412,249 

550,353 

Interest-earning time deposits

735 

735 

Debt securities available for sale

127,518 

91,613 

Equity investments

12,683 

2,500 

Loans held for sale

760 

917 

Loans receivable, net of allowance for loan losses

of $28,842 and $23,734 respectively

2,343,593 

2,178,407 

Federal Home Loan Bank of New York stock, at cost

13,529 

13,821 

Premises and equipment, net

18,653 

19,920 

Accrued interest receivable

16,569 

8,318 

Other real estate owned

1,623 

1,623 

Deferred income taxes

11,339 

11,180 

Goodwill and other intangibles

5,519 

5,552 

Operating lease right-of-use assets

13,335 

13,246 

Other assets

8,771 

9,283 

Total Assets

$

2,986,876 

$

2,907,468 

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Non-interest -bearing deposits

$

390,912 

$

271,702 

Interest bearing deposits

2,051,321 

2,090,361 

Total deposits

2,442,233 

2,362,063 

FHLB advances

242,800 

245,800 

Subordinated debentures

36,926 

36,810 

Operating lease liability

13,521 

13,380 

Other liabilities

10,377 

9,942 

Total Liabilities

2,745,857 

2,667,995 

STOCKHOLDERS' EQUITY

Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 8,634 shares of series C 6%, series D 4.5%, series G 6%, series H 3.5%, (liquidation value $10,000 per share) and series F 6% (liquidation value $1,000 per share), noncumulative perpetual convertible preferred stock at June 30, 2020 and 8,340 shares of series C 6%, series D 4.5%, series G 6% (liquidation value $10,000 per share) and Series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock at December 31, 2019

-

-

Additional paid-in capital preferred stock

27,956 

25,016 

Common stock: no par value; 40,000,000 shares authorized; issued 19,524,586 and 19,484,046

at June 30, 2020 and December 31, 2019, respectively, outstanding 17,057,368 shares and

17,516,828 shares, at June 30, 2020 and December 31, 2019, respectively

-

-

Additional paid-in capital common stock

191,160 

190,294 

Retained earnings

48,097 

48,429 

Accumulated other comprehensive income (loss)

724 

(2,218)

Treasury stock, at cost, 2,467,218 and 1,967,218 shares at June 30, 2020 and December 31, 2019, respectively

(26,918)

(22,048)

Total Stockholders' Equity

241,019 

239,473 

Total Liabilities and Stockholders' Equity

$

2,986,876 

$

2,907,468 

See accompanying notes to unaudited consolidated financial statements.


 

1


BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Income

(In thousands, Except for Per Share Amounts, Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Interest and dividend income:

Loans, including fees

$

26,123 

$

28,634 

$

52,937 

$

56,867 

Mortgage-backed securities

494 

738 

1,057 

1,508 

Other investment securities

246 

197 

254 

325 

FHLB stock and other interest earning assets

343 

1,173 

2,377 

2,520 

Total interest income

27,206 

30,742 

56,625 

61,220 

Interest expense:

Deposits:

Demand

1,562 

1,750 

3,770 

3,326 

Savings and club

106 

110 

211 

223 

Certificates of deposit

5,695 

6,097 

12,127 

12,087 

7,363 

7,957 

16,108 

15,636 

Borrowings

1,852 

1,920 

3,748 

3,817 

Total interest expense

9,215 

9,877 

19,856 

19,453 

Net interest income

17,991 

20,865 

36,769 

41,767 

Provision for loan losses

3,300 

755 

4,800 

1,644 

Net interest income after provision for loan losses

14,691 

20,110 

31,969 

40,123 

Non-interest income: