BCB Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>BCB Bancorp, Inc. has submitted its 2023 10-K annual report, detailing financial performance and corporate activities.</b>

AI Summary

BCB BANCORP INC (BCBP) filed a Annual Report (10-K) with the SEC on March 8, 2024. BCB Bancorp, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 104-110 Avenue C, Bayonne, NJ 07002. BCB Bancorp, Inc. is classified under SIC code 6035 as a Savings Institution, Federally Chartered. The filing includes details on various stock repurchase programs and equity incentive plans.

Why It Matters

For investors and stakeholders tracking BCB BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of BCB Bancorp's financial health, operational performance, and strategic initiatives for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factor disclosures within the report are essential for stakeholders to understand potential risks and the company's mitigation strategies, impacting investment decisions.

Risk Assessment

Risk Level: medium — BCB BANCORP INC shows moderate risk based on this filing. The company operates in the savings institution sector, which is subject to significant regulatory oversight and market fluctuations that can impact financial performance and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand BCB Bancorp's performance and potential challenges in the current economic environment.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240308 — Filing Date (FILED AS OF DATE)
• 6035 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• BCB BANCORP INC (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240308 (date) — FILED AS OF DATE
• 104-110 AVENUE C (address) — BUSINESS ADDRESS
• BAYONNE (city) — BUSINESS ADDRESS
• NJ (state) — BUSINESS ADDRESS
• 07002 (zip_code) — BUSINESS ADDRESS
• 201-823-0700 (phone_number) — BUSINESS PHONE

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company is subject to extensive regulation by federal and state banking authorities, which can impact operations and profitability.
• Interest Rate Risk [medium — market]: Changes in interest rates can affect the company's net interest margin and the value of its investment portfolio.
• Credit Risk [medium — financial]: The company faces risks related to the creditworthiness of its borrowers, which could lead to loan losses.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $3.832 billion — Form 10-K. At December 31, 2023 we had $3.832 billion in consolidated assets, $2.979 billion
• $2.979 billion — $3.832 billion in consolidated assets, $2.979 billion in deposits and $314.1 million in conso
• $314.1 million — assets, $2.979 billion in deposits and $314.1 million in consolidated stockholders' equity. T
• $0.01 — oncumulative Perpetual Stock, par value $0.01 per share (the "Series J Preferred Stoc
• $15,270,000 — Stock"), resulting in gross proceeds of $15,270,000. Also during the fourth quarter of 2023
• $10,000 — Preferred Stock, at their face value of $10,000 per share, for a total redemption amoun
• $11.0 million — share, for a total redemption amount of $11.0 million. On September 14, 2023, the Company r
• $220,000 — share, for a total redemption amount of $220,000. Business Strategy Our business str
• $42.5 million — had an outstanding principal balance of $42.5 million. The borrower is a well-known private u
• $24.8 m — uction loan has a borrowing capacity of $24.8 million, of which $200,000 has not been d
• $200,000 — ing capacity of $24.8 million, of which $200,000 has not been disbursed. The loan is rec
• $24.3 million — ness loan has an outstanding balance of $24.3 million and is collateralized by 2 nd mortgages
• $4.9 million — SBA loan has an outstanding balance of $4.9 million and is secured by a gym located in Marl
• $2.5 million — an-to-value at a maximum loan amount of $2.5 million and 75 percent loan-to-value at a maxim
• $5.0 million — an-to-value at a maximum loan amount of $5.0 million for primary residences. The loan-to-val

Filing Documents

• bcbp-20231231x10k.htm (10-K) — 11592KB
• bcbp-20231231xex3_1.htm (EX-3.1) — 233KB
• bcbp-20231231xex10_2.htm (EX-10.2) — 152KB
• bcbp-20231231xex21.htm (EX-21) — 11KB
• bcbp-20231231xex23.htm (EX-23) — 4KB
• bcbp-20231231xex31_1.htm (EX-31.1) — 22KB
• bcbp-20231231xex31_2.htm (EX-31.2) — 22KB
• bcbp-20231231xex32.htm (EX-32) — 16KB
• bcbp-20231231xex97_1.htm (EX-97.1) — 57KB
• bcbp-20231231x10kg001.jpg (GRAPHIC) — 42KB
• 0001228454-24-000003.txt (&nbsp;) — 44007KB
• bcbp-20231231.xsd (EX-101.SCH) — 83KB
• bcbp-20231231_cal.xml (EX-101.CAL) — 155KB
• bcbp-20231231_def.xml (EX-101.DEF) — 372KB
• bcbp-20231231_lab.xml (EX-101.LAB) — 759KB
• bcbp-20231231_pre.xml (EX-101.PRE) — 730KB
• bcbp-20231231x10k_htm.xml (XML) — 13143KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 14 ITEM 1B. UNRESOLVED STAFF COMMENTS 20 ITEM 1C. CYBERSECURITY 20 ITEM 2.

PROPERTIES

PROPERTIES 22 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 23 ITEM 4. MINE SAFETY DISCLOSURES 23 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 23 ITEM 6. [RESERVED] 25 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29 ITEM 8. FINANICAL STATEMENTS AND SUPPLEMENTARY DATA 31 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 71 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 71 ITEM 9B. OTHER INFORMATION 71 ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 71 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 72 ITEM 1 1.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 72 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 72 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 72 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 72 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 73 ITEM 16. FORM 10-K SUMMARY 74 ITEM 17.

SIGNATURES

SIGNATURES 75 ii Table of Contents PART I I TEM 1. BUSINESS

Forward-Looking Statements

Forward-Looking Statements This report on Form 10-K contains forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of BCB Bancorp, Inc. and subsidiaries. This document may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of said safe harbor provisions. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in this Annual Report on Form 10-K and in other documents filed with the Securities and Exchange Commission. These forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions. Although we believe that our plans, intentions and expectations, as reflected in these forward-looking statements are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or realized. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Important factors that could cause our actual results and financial condition to differ

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View this 10-K filing on SEC EDGAR