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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 September 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 November 1, 2020, BCB Bancorp, Inc., had 17,081,191 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 September 30, 2020 (unaudited) and December 31, 2019 (unaudited)

  

 

1

  

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

  

 

2

  

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

  

3

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

  

 

4

  

Consolidated Statements of Cash Flows for the nine months ended September 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

  

 

45

 

Item 4. Controls and Procedures

  

45

  

 

PART II. OTHER INFORMATION

  

 

45

 

Item 1. Legal Proceedings

  

 

45

  

Item 1A. Risk Factors

  

 

46

  

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

  

 

46

  

Item 3. Defaults Upon Senior Securities

  

 

46

  

Item 4. Mine Safety Disclosures

  

 

46

  

Item 5. Other Information

  

 

46

  

Item 6. Exhibits

47

 


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)

 

September 30,

December 31,

2020

2019

ASSETS

Cash and amounts due from depository institutions

$

18,938 

$

24,985 

Interest-earning deposits

141,613 

525,368 

Total cash and cash equivalents

160,551 

550,353 

Interest-earning time deposits

735 

735 

Debt securities available for sale

119,643 

91,613 

Equity investments

14,501 

2,500 

Loans held for sale

1,510 

917 

Loans receivable, net of allowance for loan losses

of $31,760 and $23,734 respectively

2,391,990 

2,178,407 

Federal Home Loan Bank of New York stock, at cost

13,160 

13,821 

Premises and equipment, net

15,968 

19,920 

Accrued interest receivable

17,746 

8,318 

Other real estate owned

1,623 

1,623 

Deferred income taxes

12,184 

11,180 

Goodwill and other intangibles

5,503 

5,552 

Operating lease right-of-use assets

15,798 

13,246 

Bank-owned life insurance ("BOLI")

60,385 

-

Other assets

11,022 

9,283 

Total Assets

$

2,842,319 

$

2,907,468 

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Non-interest -bearing deposits

$

395,630 

$

271,702 

Interest bearing deposits

1,877,708 

2,090,361 

Total deposits

2,273,338 

2,362,063 

FHLB advances

259,600 

245,800 

Subordinated debentures

36,984 

36,810 

Operating lease liability

16,004 

13,380 

Other liabilities

13,706 

9,942 

Total Liabilities

2,599,632 

2,667,995 

STOCKHOLDERS' EQUITY

Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,371 shares of Series D 4.5%, Series G 6%, and Series H 3.5%, (liquidation value $10,000 per share) noncumulative perpetual preferred stock at September 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

23,481 

25,016 

Common stock: no par value; 40,000,000 shares authorized; issued 19,548,409 and 19,484,046 at September 30, 2020 and December 31, 2019, respectively, outstanding 17,081,191 shares and 17,516,828 shares, at September 30, 2020 and December 31, 2019, respectively

-

-

Additional paid-in capital common stock

191,755 

190,294 

Retained earnings

53,742 

48,429 

Accumulated other comprehensive income (loss)

627 

(2,218)

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

(26,918)

(22,048)

Total Stockholders' Equity

242,687 

239,473 

Total Liabilities and Stockholders' Equity

$

2,842,319 

$

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 September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Interest and dividend income:

Loans, including fees

$

27,126

$

28,860 

$

80,063

$

85,727 

Mortgage-backed securities

393

652 

1,450

2,160 

Other investment securities

693

107 

947

432 

FHLB stock and other interest earning assets

254

1,750 

2,631

4,270 

Total interest income

28,466

31,369 

85,091

92,589 

Interest expense:

Deposits:

Demand

1,157

1,898 

4,927

5,224 

Savings and club

113

102 

324

325 

Certificates of deposit

4,531

6,603 

16,658

18,690 

5,801

8,603 

21,909

24,239 

Borrowings

1,775

2,006 

5,523

5,823 

Total interest expense

7,576

10,609 

27,432

30,062 

Net interest income

20,890

20,760 

57,659

62,527 

Provision for loan losses

2,726

900 

7,526

2,544 

Net interest income after provision for loan losses

18,164

19,860 

50,133

59,983 

Non-interest income:

Fees and service charges

875

855 

2,138

2,540 

Gain on sales of loans

174

89 

292

844 

Gain on bulk sale of impaired loans held in portfolio

-

-

-

107 

Gain on sales of other real estate owned

-

124 

-

177 

Gain on sale of investment securities

306

283