BCB Bancorp - 10-Q quarterly report FY2025 Q3

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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, 2025

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 “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “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	o

		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, 2025, BCB Bancorp, Inc. had 17,228,206 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, 2025 (unaudited) and December 31, 2024 (unaudited)		1
Consolidated Statements of Operations for the three and nine months ended September 30, 2025, 2024 and 2023 (unaudited)		2
Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025, 2024 and 2023 (unaudited)		3
Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025, 2024 and 2023 (unaudited)		4
Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2025, 2024 and 2023 (unaudited)		7
Notes to Unaudited Consolidated Financial Statements		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		29
Item 3. Quantitative and Qualitative Disclosures about Market Risk		35
Item 4. Controls and Procedures		36

PART II. OTHER INFORMATION		37
Item 1. Legal Proceedings		37
Item 1A. Risk Factors		37
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		37
Item 3. Defaults Upon Senior Securities		37
Item 4. Mine Safety Disclosures		37
Item 5. Other Information		37
Item 6. Exhibits		38
Signatures		39

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,
	2025		2024

ASSETS
Cash and amounts due from depository institutions	$	13,090	$	14,075
Interest-earning deposits		236,524		303,207
Total cash and cash equivalents		249,614		317,282

Interest-earning time deposits		735		735
Debt securities available for sale, at fair value		115,693		101,717
Equity investments, at fair value		9,599		9,472
Loans receivable, net of allowance for credit losses
of $37,803 and $34,789, respectively		2,788,932		2,996,259
Federal Home Loan Bank of New York stock, at cost		16,281		24,272
Premises and equipment, net		12,139		12,569
Accrued interest receivable		15,800		15,176
Other real estate owned		20,077		-
Deferred income taxes, net		21,544		17,181
Goodwill and other intangibles		5,253		5,253
Operating lease right-of-use assets		11,257		12,686
Bank-owned life insurance ("BOLI")		78,365		76,040
Other assets		7,776		10,476
Total Assets	$	3,353,065	$	3,599,118

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Non-interest-bearing deposits	$	536,908	$	520,387
Interest-bearing deposits		2,150,479		2,230,471
Total deposits		2,687,387		2,750,858
FHLB advances		280,774		455,361
Subordinated debentures		43,148		42,961
Operating lease liability		11,737		13,139
Other liabilities		11,566		12,874
Total Liabilities		3,034,612		3,275,193

STOCKHOLDERS' EQUITY
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,548 shares Series J 8.0% and Series K 6.0% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at September 30, 2025 and 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		-		-
Additional paid-in capital preferred stock		25,243		24,723
Common stock: no par value; 40,000,000 shares authorized; issued 20,462,177 and 20,296,748 at September 30, 2025 and December 31, 2024, respectively, outstanding 17,228,206 and 17,062,777, at September 30, 2025 and December 31, 2024, respectively		-		-
Additional paid-in capital common stock		202,843		200,935
Retained earnings		131,670		141,853
Accumulated other comprehensive loss		(2,956)		(5,239)
Treasury stock, at cost, 3,233,971 shares at September 30, 2025 and December 31, 2024		(38,347)		(38,347)
Total Stockholders' Equity		318,453		323,925
Total Liabilities and Stockholders' Equity	$	3,353,065	$	3,599,118

See accompanying notes to unaudited consolidated financial statements.

‎

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Operations

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		2023		2025		2024		2023
Interest and dividend income:
Loans, including fees	$	38,278	$	42,857	$	44,133	$	115,855	$	130,615	$	125,666
Mortgage-backed securities		843		303		217		2,169		905		587
Other investment securities		1,114		994		1,045		3,139		2,975		3,235
FHLB stock and other interest earning assets		2,807		4,472		3,672		9,252		12,861		9,168
Total interest income		43,042		48,626		49,067		130,415		147,356		138,656

Interest expense:
Deposits:
Demand		5,608		5,686		4,556		16,610		16,292		11,900
Savings and club		233		146		182		601		464		443
Certificates of deposit		9,445		13,670		10,922		29,377		43,224		25,849
		15,286		19,502		15,660		46,588		59,980		38,192
Borrowings		4,045		6,079		7,727		15,009		17,549		20,324
Total interest expense		19,331		25,581		23,387		61,597		77,529		58,516

Net interest income		23,711		23,045		25,680		68,818		69,827		80,140
Provision for credit losses on loans		4,080		2,890		2,205		29,816		7,416		4,177

Net interest income after provision for credit losses on loans		19,631		20,155		23,475		39,002		62,411		75,963

Non-interest income:
Fees and service charges		1,311		1,196		1,349		3,789		3,530		3,889
BOLI income		931		652		466		2,325		1,998		1,154
(Loss) gain on sales of loans		21		35		19		21		(4,771)		25
Realized and unrealized gains (losses) on equity investments		350		1,132		(494)		127		1,040		(4,390)
Other		132		112		66		350		205		182
Total non-interest income		2,745		3,127		1,406		6,612		2,002		860

Non-interest expense:
Salaries and employee benefits		8,324		7,139		7,524		23,440		21,112		22,853
Occupancy and equipment		2,562		2,591		2,622		7,787		7,764		7,734
Data processing and communications		2,047		1,681		1,787		5,937		5,206		5,247
Professional fees		800		618		560		2,259		1,817		1,748
Director fees		305		351		274		1,036		882		809
Regulatory assessments		984		666		1,111		2,497		2,761		2,443
Advertising and promotional		284		182		317		679		651		945
Other real estate owned, net		-		-		1		-		-		3
Other		1,264		701		1,267		2,863		2,561		2,241
Total non-interest expense		16,570		13,929		15,463		46,498		42,754		44,023

Income (Loss) before income tax provision		5,806		9,353		9,418		(884)		21,659		32,800
Income tax provision (benefit)		1,544		2,685		2,707		(386)		6,308		9,379

Net Income (Loss)	$	4,262	$	6,668	$	6,711	$	(498)	$	15,351	$	23,421
Preferred stock dividends		482		475		173		1,446		1,357		520
Net Income (Loss) available to common stockholders	$	3,780	$	6,193	$	6,538	$	(1,944)	$	13,994	$	22,901

Net Income (Loss) per common share-basic and diluted
Basic	$	0.22	$	0.36	$	0.39	$	(0.11)	$	0.82	$	1.36
Diluted	$	0.22	$	0.36	$	0.39	$	(0.11)	$	0.82	$	1.35

Weighted average number of common shares outstanding
Basic		17,207		17,039		16,830		17,165		16,991		16,868
Diluted		17,207		17,064		16,854		17,165		16,992		16,951

See accompanying notes to unaudited consolidated financial statements.

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

(In thousands, Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		2023		2025		2024		2023


Net Income (Loss)	$	4,262	$	6,668	$	6,711	$	(498)	$	15,351	$	23,421
Other comprehensive income (loss), net of tax:
Available-for-sale debt securities:
Unrealized holding gains (losses) arising during the period		1,516		2,809		(414)		3,029		2,405		(4,204)
Tax Effect		(373)		(692)		209		(746)		(592)		1,069
Other comprehensive income (loss), net of tax:		1,143		2,117		(205)		2,283		1,813		(3,135)
Comprehensive income	$	5,405	$	8,785	$	6,506	$	1,785	$	17,164	$	20,286

See accompanying notes to unaudited consolidated financial statements.

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity

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


	Preferred ‎Stock		Common ‎Stock		Additional ‎Paid-In ‎Capital		Retained ‎Earnings		Treasury ‎Stock		Accumulated ‎Other ‎Comprehensive ‎Income ‎(Loss)		Total

Balance at January 1, 2025	$	-	$	-	$	225,658	$	141,853	$	(38,347)	$	(5,239)	$	323,925
Net loss		-		-		-		(498)		-		-		(498)
Other comprehensive income		-		-		-		-		-		2,283		2,283
Issuance of Series K preferred stock		-		-		520		-		-		-		520
Stock-based compensation expense		-		-		780		-		-		-		780
Dividends payable on Series J 8.0% and Series K 6% noncumulative perpetual preferred stock		-		-		-		(1,446)		-		-		(1,446)
Cash dividends on common stock ($0.14 per share declared)		-		-		-		(7,982)		-		-		(7,982)
Dividend reinvestment plan		-		-		257		(257)		-		-		-
Stock Purchase Plan		-		-		871		-		-		-		871
Balance at September 30, 2025	$	-	$	-	$	228,086	$	131,670	$	(38,347)	$	(2,956)	$	318,453

	Preferred ‎Stock		Common ‎Stock		Additional ‎Paid-In ‎Capital		Retained ‎Earnings		Treasury ‎Stock		Accumulated ‎Other ‎Comprehensive ‎Income (Loss)		Total

Balance at July 1, 2025	$	-	$	-	$	227,554	$	130,627	$	(38,347)	$	(4,099)	$	315,735
Net income		-		-		-		4,262		-		-		4,262
Other comprehensive income		-		-		-		-		-		1,143		1,143
Stock-based compensation expense		-		-		229		-		-		-		229
Dividends payable on Series J 8.0% and Series K 6% noncumulative perpetual preferred stock		-		-		-		(482)		-		-		(482)
Cash dividends on common stock ($0.14 per share declared)		-		-		-		(2,635)		-		-		(2,635)
Dividend reinvestment plan		-		-		102		(102)		-		-		-
Stock Purchase Plan		-		-		201		-		-		-		201
Balance at September 30, 2025	$	-	$	-	$	228,086	$	131,670	$	(38,347)	$	(2,956)	$	318,453

‎

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

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


	Preferred ‎Stock		Common ‎Stock		Additional ‎Paid-In ‎Capital		Retained ‎Earnings		Treasury ‎Stock		Accumulated ‎Other ‎Comprehensive ‎Income ‎(Loss)		Total

Balance at January 1, 2024	$	-	$	-	$	223,966	$	135,927	$	(38,347)	$	(7,491)	$	314,055
Net income		-		-		-		15,351		-		-		15,351
Other comprehensive income		-		-		-		-		-		1,813		1,813
Issuance of Series J preferred stock		-		-		4,720		-		-		-		4,720
Stock-based compensation expense		-		-		626		-		-		-		626
Dividends payable on Series I 3.0% and Series J 8.0% noncumulative perpetual preferred stock		-		-		-		(1,357)		-		-		(1,357)
Cash dividends on common stock ($0.48 per share declared)		-		-		-		(7,820)		-		-		(7,820)
Dividend reinvestment plan		-		-		331		(331)		-		-		-
Stock Purchase Plan		-		-		725		-		-		-		725
Balance at September 30, 2024	$	-	$	-	$	230,368	$	141,770	$	(38,347)	$	(5,678)	$	328,113

	Preferred ‎Stock		Common ‎Stock		Additional ‎Paid-In ‎Capital		Retained ‎Earnings		Treasury ‎Stock		Accumulated ‎Other ‎Comprehensive ‎Income (Loss)		Total

Balance at July 1, 2024	$	-	$	-	$	228,565	$	138,309	$	(38,347)	$	(7,795)	$	320,732
Net income		-		-		-		6,668		-		-		6,668
Other comprehensive loss		-		-		-		-		-		2,117		2,117
Issuance of Series J preferred stock		-		-		1,360		-		-		-		1,360
Stock-based compensation expense		-		-		229		-		-		-		229
Dividends payable on Series I 3.0% and Series J 8.0% noncumulative perpetual preferred stock		-		-		-		(475)		-		-		(475)
Cash dividends on common stock ($0.16 per share declared)		-		-		-		(2,618)		-		-		(2,618)
Dividend reinvestment plan		-		-		114		(114)		-		-		-
Stock Purchase Plan		-		-		100		-		-		-		100
Balance at September 30, 2024	$	-	$	-	$	230,368	$	141,770	$	(38,347)	$	(5,678)	$	328,113

‎

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

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


	Preferred ‎Stock		Common ‎Stock		Additional ‎Paid-In ‎Capital		Retained ‎Earnings		Treasury ‎Stock		Accumulated ‎Other ‎Comprehensive ‎Income ‎(Loss)		Total
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		-		-		-		23,421		-		-		23,421
Other comprehensive loss		-		-		-		-		-		(3,135)		(3,135)
Exercise of stock options (61,000 shares)		-		-		418		-		-		-		418
Stock-based compensation expense		-		-		402		-		-		-		402
Treasury Stock Purchases (266,753 shares)		-		-		-		-		(3,816)		-		(3,816)
Dividends payable on Series H 3.5% and Series I 3.0% noncumulative perpetual preferred stock		-		-		-		(520)		-		-		(520)
Redemption of Series H Preferred Stock		-		-		(220)		-		-		-		(220)
Cash dividends on common stock ($0.32 per share declared)		-		-		-		(7,864)		-		-		(7,864)
Dividend reinvestment plan		-		-		287		(287)		-		-		-
Stock Purchase Plan		-		-		826		-		-		-		826
Balance at September 30, 2023	$	-	$	-	$	218,880	$	132,729	$	(38,347)	$	(9,626)	$	303,636

	Preferred ‎Stock		Common ‎Stock		Additional ‎Paid-In ‎Capital		Retained ‎Earnings		Treasury ‎Stock		Accumulated ‎Other ‎Comprehensive ‎Income (Loss)		Total

Balance at July 1, 2023	$	-	$	-	$	218,524	$	128,867	$	(38,347)	$	(9,421)	$	299,623
Net income		-		-		-		6,711		-		-		6,711
Other comprehensive loss		-		-		-		-		-		(205)		(205)
Stock-based compensation expense		-		-		185		-		-		-		185
Dividends payable on Series H 3.5% and Series I 3.0% noncumulative perpetual preferred stock		-		-		-		(173)		-		-		(173)
Redemption of Series H Preferred Stock		-		-		(220)		-		-		-		(220)
Cash dividends on common stock ($0.16 per share declared)		-		-		-		(2,584)		-		-		(2,584)
Dividend reinvestment plan		-		-		92		(92)		-		-		-
Stock Purchase Plan		-		-		299		-		-		-		299
Balance at September 30, 2023	$	-	$	-	$	218,880	$	132,729	$	(38,347)	$	(9,626)	$	303,636

‎

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands, Unaudited)


	Nine Months Ended September 30,
	2025		2024		2023
Cash Flows from Operating Activities:
Net (Loss) Income	$	(498)	$	15,351	$	23,421
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of premises and equipment		1,157		1,322		1,480
Amortization and accretion, net		(385)		(1,191)		(1,835)
Provision for credit losses on loans		29,816		7,416		4,177
Deferred income tax (benefit) expense		(5,109)		251		782
Loans originated for sale		(1,113)		(4,035)		(1,528)
Proceeds from sales of loans		1,134		38,991		1,739
Loss (gain) on sales of loans		(21)		4,771		(25)
Gain on sale of fixed assets		-		(4)		-
Realized and unrealized (gains) losses on equity investments		(127)		(1,040)		4,390
Stock-based compensation expense		780		626		402
Increase in cash surrender value of BOLI		(2,325)		(1,998)		(1,154)
Net change in accrued interest receivable		(624)		(424)		(2,720)
Net change in other assets		2,700		1,684		(246)
Net change in accrued interest payable		(2,139)		(1,283)		2,662
Net change in other liabilities		831		(496)		2,946
Net Cash Provided by Operating Activities		24,077		59,941		34,491
Cash flows from investing activities:
Proceeds from repayments, calls, and maturities on securities available for sale		26,455		2,343		13,653
Purchases of securities		(37,402)		(10,349)		(12,498)
Proceeds from sales of securities		-		-		5,024
Proceeds from sales of fixed asset		-		4		-
Proceeds from the sale of portfolio loans		-		2,014		-
Net decrease (increase) in loans receivable		158,446		145,368		(239,035)
Additions to premises and equipment		(727)		(273)		(4,335)
Redemption (purchase) of Federal Home Loan Bank of New York stock		7,991		185		(11,516)
Net Cash Provided by (Used In) Investing Activities		154,763		139,292		(248,707)
Cash flows from financing activities:
Net (decrease) increase in deposits		(63,471)		(254,500)		7,949
Proceeds from Federal Home Loan Bank of New York Long Term Advances		-		-		400,000
Repayment from Federal Home Loan Bank of New York Long Term Advances		(175,000)		(6,800)		-
Net change in Federal Home Loan Bank of New York Short Term Advances		-		-		(160,000)
Purchases of treasury stock		-		-		(3,816)
Cash dividends paid on common stock		(7,982)		(7,820)		(7,864)
Cash dividends paid on preferred stock		(1,446)		(1,357)		(520)
Net proceeds from issuance of common stock		871		725		826
Net proceeds from issuance of preferred stock		520		4,720		-
Payments for redemption of preferred stock		-		-		(220)
Net proceeds from issuance of subordinated debt		-		38,799		-
Net payment from redemption of subordinated debt		-		(9,400)		-
Exercise of Stock Options		-		-		418
Net Cash (Used in) Provided by Financing Activities		(246,508)		(235,633)		236,773
Net (Decrease) Increase in Cash and Cash Equivalents		(67,668)		(36,400)		22,557
Cash and Cash Equivalents-Beginning		317,282		279,523		229,359
Cash and Cash Equivalents-Ending	$	249,614	$	243,123	$	251,916

Supplementary Cash Flow Information:
Cash paid during the period for:
Income taxes	$	1,801	$	3,429	$	12,322
Interest		63,736		78,812		55,853
Transfer of loans receivable to loans held for sale		-		38,402		-
Transfer of loans receivable to other real estate		20,077		-		-

See accompanying notes to unaudited consolidated financial statements.

‎

BCB Bancorp Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

Note 1 – Basis of Presentation

BCB Bancorp, Inc. (the “Company”) is incorporated in the State of New Jersey and is a bank holding company. The common stock of the Company is listed on the NASDAQ Global Market and trades under the symbol “BCBP”.

The Company’s primary business is the ownership and operation of BCB Community Bank (the “Bank”). The Bank is a New Jersey based commercial bank which, as of September 30, 2025, 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. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowed funds, to invest in securities and to make loans collateralized by residential and commercial real estate and, to a lesser extent, business and consumer loans. BCB Holding Company Investment Corp. (the “New Jersey Investment Company”) was organized in January 2005 under New Jersey law as a New Jersey investment company primarily to hold investment and mortgage-backed securities. As a part of the merger with IA Bancorp, Inc., the Company acquired Special Asset REO 1, LLC and Special Asset REO 2, LLC. Special Asset REO 2 holds other real estate owned property. The Bank changed the name of Special Asset REO 1, LLC to BCB Capital Finance Group, LLC in November 2023.

The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company operates as a single reportable segment under ASC 280, as the Chief Operating Decision Maker (CODM) reviews financial performance and allocates resources based on the consolidated results of the Company as a whole. The Company, through its bank subsidiary, provides banking services to individuals and companies primarily in New Jersey and New York. These services include commercial lending, residential lending, and consumer lending, checking, savings and time deposits, and cash management. The CODM primarily evaluates performance using net interest income and net income as reported in the consolidated statement of operations. The Company’s primary measure of profitability is net interest income, which represents interest earned on loans and investment securities, net of interest expense on deposits and borrowings. In addition, the CODM considers net income as a key measure of overall financial performance. The Company’s CODM is the President & Chief Executive Officer.

Other performance indicators regularly reviewed by management include:

Net Interest Margin (NIM) – Measures the profitability of interest-earning assets.

Return on Assets (ROA) and Return on Equity (ROE) – Evaluates efficiency and shareholder returns.

Efficiency Ratio – Assesses cost management by comparing non-interest expense to total revenue.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited consolidated financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, or any other future period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates.

These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2024, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”). In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between December 31, 2024 and the date these consolidated financial statements were issued.

Risks and Uncertainties - The occurrence of events which adversely affect the global, national and regional economies may have a negative impact on our business. Like other financial institutions, our business relies upon the ability and willingness of our customers to transact business with us. A strong and stable economy at each of the local, federal and global levels is often a critical component of consumer confidence and typically correlates positively with our customers’ ability and willingness to transact certain types of business with us. Local and global events outside of our control which disrupt the New Jersey, New York, United States and/or global economy may therefore negatively impact our business and financial condition.

Note 2 - Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU is intended to enhance the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU require a tabular reconciliation using both percentages and reporting currency amounts, with prescribed categories and separate disclosure of reconciling items with an effect equal to 5% or more of the amount determined by multiplying pretax income (or loss) from continuing operations by the applicable statutory income tax rate; a qualitative description of the states and local jurisdictions that make up the majority (greater than 50%) of the effect of the state and local income taxes; and the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions when 5% or more of total income taxes paid, net of refunds received. The ASU also includes other amendments to improve the effectiveness of income tax disclosures. The update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The transition method is prospective with retrospective method permitted. The Company is currently evaluating the impact on disclosures.

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Note 2 - Recent Accounting Pronouncements (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 measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. 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 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. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of a receivable is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Allowance for Credit Losses on Loans Receivable

The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. 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. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off.

The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Starting with the first quarter of 2025, the Company has decided to include cannabis related loans as a separate segment given its unique characteristics. Previously these loans were included in Commercial and multi-family, Construction, and commercial business segments. The cannabis loan portfolio at September 30, 2025 and December 31, 2024 was $69.1 million and $103.2 million, respectively. The Company calculates estimated credit losses for these loan segments using quantitative models and qualitative factors. Further information on loan segmentation and the credit loss estimation is included in Note 7 – Loans Receivable and Allowance for Credit Losses.

Individually Evaluated Loans

On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan.

Allowance for Credit Losses on Off-Balance Sheet Commitments

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. 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.

Allowance for Credit Losses on Available-for-Sale Securities

For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. 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. 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 (loss), net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. 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. Accrued interest receivable on loans and securities is reported as a component of accrued interest receivable on the consolidated statements of financial condition.

Note 3 – Reclassification

Certain amounts have been reclassified to conform to the current period’s presentation. These changes had no effect on the Company’s results of operations or financial position.

Note 4 – Equity Incentive Plans

Equity Incentive Plans

The Company, under the plan approved by its shareholders on April 27, 2023 (“2023 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options, restricted stock awards, restricted stock units, and performance awards. 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. Only employees are permitted to receive incentive stock options.

The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. 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. Only employees are permitted to receive incentive stock options.

The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and Directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options were 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. Only employees are permitted to receive incentive stock options. No options were permitted to be granted under the 2011 Stock Plan after April 28, 2021.

On February 24, 2025, grants of 63,763 options, in aggregate, were declared for certain officers of the Bank and the Company, which vest over a 3-year period commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on February 24, 2025.

On February 3, 2025, awards of 43,773 shares of restricted stock, in aggregate were declared for members of the Board of Directors of the Bank and the company, which vest over a 1-year period, commencing on the anniversary of the award date.

On April 25, 2024, awards of 30,000 and 20,000 shares of restricted stock were declared for an executive officer of the Bank and the Company, which vest over a 2 and 3-year period, respectively, commencing on the anniversary date of the awards.

On January 31, 2023, awards of 27,000 shares of restricted stock, in aggregate were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4-year period, commencing on the anniversary of the award date.

On June 30, 2023, an award of 25,252 shares of restricted stock was declared for a director and executive officer of the Bank and the Company, which fully vests on the anniversary of the award date.

The following table presents a summary of the status of the Company’s restricted shares as of September 30, 2025 and 2024.


	Number of Shares Awarded		Weighted Average Grant Date Fair Value
Non-vested at January 1, 2025	84,800	$	12.38
Granted	43,773		10.66
Vested	(44,530)		12.69
Forfeited	-		-
Non-vested at September 30, 2025	84,043	$	11.32


	Number of Shares Awarded		Weighted Average Grant Date Fair Value
Non-vested at January 1, 2024	86,752	$	14.98
Granted	50,000		9.44
Vested	(50,227)		13.85
Forfeited	(1,725)		14.92
Non-vested at September 30, 2024	84,800	$	12.38

Restricted stock expense for the nine months ended September 30, 2025, September 30, 2024 and September 30, 2023 was $664,000, $519,000 and $303,000, respectively. Expected future expenses relating to the non-vested restricted shares outstanding as of September 30, 2025 was approximately $451,000 over a weighted average period of 0.87 years.

The following table presents a summary of the status of the Company’s outstanding stock option awards as of September 30, 2025.


	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price

Outstanding at January 1, 2025	893,975	$	9.91-13.68	$	11.76

Options granted	63,763		9.91		9.91
Options exercised	-		-		-
Options forfeited	-		-		-
Options expired	-		-		-

Outstanding at September 30, 2025	957,738	$	9.91-13.68	$	11.64

As of September 30, 2025, stock options which were granted and were exercisable totaled 851,615. It is the Company’s policy to issue new shares upon a stock option exercise.

Note 4 – Equity Incentive Plans (continued)

Compensation expense for the nine months ended September 30, 2025, September 30, 2024, and September 30, 2023 was $116,000, $107,000 and $99,000, respectively. Expected future compensation expense relating to the 106,123 shares of unvested options outstanding as of September 30, 2025 was $156,000 over a weighted average period of 2.06 years.

Note 5 – Net Income (Loss) per Common Share

Basic net income (loss) per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three and nine months ended September 30, 2025, 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. There were 958,000, 434,000 and 518,000 outstanding options considered to be anti-dilutive for the three months ended September 30, 2025, 2024 and 2023, respectively. There were 958,000, 807,000 and 137,000 outstanding options considered to be anti-dilutive for the nine months ended September 30, 2025, 2024 and 2023, respectively.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:



	For the Three Months Ended September 30,
		2025					2024					2023
			Income	Shares		Per Share		Income	Shares		Per Share		Income	Shares		Per Share
			(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)

Basic earnings per share:
Income available to common stockholders		$	3,780	17,207	$	0.22	$	6,193	17,039	$	0.36	$	6,538	16,830	$	0.39

Effect of dilutive securities:
Stock options			-	-				-	25				-	24

Diluted earnings per share:
Income available to common stockholders		$	3,780	17,207	$	0.22	$	6,193	17,064	$	0.36	$	6,538	16,854	$	0.39


	For the Nine Months Ended September 30,
		2025					2024					2023
			Income	Shares		Per Share		Income	Shares		Per Share		Income	Shares		Per Share
			(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)

Basic (loss) earnings per share:
(Loss) Income available to common stockholders		$	(1,944)	17,165	$	(0.11)	$	13,994	16,991	$	0.82	$	22,901	16,868	$	1.36

Effect of dilutive securities:
Stock options			-	-				-	1				-	83

Diluted (loss) earnings per share:
(Loss) Income available to common stockholders		$	(1,944)	17,165	$	(0.11)	$	13,994	16,992	$	0.82	$	22,901	16,951	$	1.35

Note 6 - Securities

Equity Securities

Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices.

The following is a summary of unrealized and realized gains and losses recognized in net income (loss) on equity securities during the three and nine months ended September 30, 2025, 2024 and 2023:


	For the three months ended September 30,						For the nine months ended September 30,
(In Thousands)	2025		2024		2023		2025		2024		2023
Net gains (losses) recognized during the period on equity securities held at the reporting date	$	350	$	1,132	$	(436)	$	127	$	1,040	$	(4,157)
Net losses recognized during the period on equity securities sold during the period		-		-		(58)		-		-		(233)
Realized and unrealized gains (losses) on equity investments during the reporting period	$	350	$	1,132	$	(494)	$	127	$	1,040	$	(4,390)

Note 6 - Securities (continued)

Debt Securities Available for Sale

The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of September 30, 2025 and December 31, 2024:




	September 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
More than one to five years	$	148	$	-	$	1	$	147
More than five to ten years		2,619		-		101		2,518
More than ten years		68,706		632		2,678		66,660
Sub-total:		71,473		632		2,780		69,325

Corporate Debt securities:
More than one to five years		17,290		108		174		17,224
More than five to ten years		30,774		184		1,814		29,144
Sub-total:		48,064		292		1,988		46,368

Total securities	$	119,537	$	924	$	4,768	$	115,693



	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
More than one to five years	$	1,286	$	-	$	57	$	1,229
More than five to ten years		2,395		-		135		2,260
More than ten years		45,345		188		3,508		42,025
Sub-total:		49,026		188		3,700		45,514

Corporate Debt securities:
More than one to five years		37,488		-		1,081		36,407
More than five to ten years		22,076		-		2,280		19,796
Sub-total:		59,564		-		3,361		56,203

Total securities	$	108,590	$	188	$	7,061	$	101,717

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Note 6 - Securities (continued)

The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows:



	12 Months or Less				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In Thousands)
September 30, 2025
Residential mortgage-backed securities	$	3,323	$	1	$	27,760	$	2,779	$	31,083	$	2,780
Corporate Debt securities		-		-		30,273		1,988		30,273		1,988
	$	3,323	$	1	$	58,033	$	4,767	$	61,356	$	4,768

December 31, 2024
Residential mortgage-backed securities	$	10,558	$	127	$	24,673	$	3,573	$	35,231	$	3,700
Corporate Debt securities		2,985		19		51,918		3,342		54,903		3,361
	$	13,543	$	146	$	76,591	$	6,915	$	90,134	$	7,061

Note 7 - Loans Receivable and Allowance for Credit Losses

The following tables present the recorded investment in loans receivable as of September 30, 2025 and December 31, 2024 by segment and class:



	September 30, 2025		December 31, 2024
	(In Thousands)
Residential one-to-four family	$	227,140	$	239,870
Commercial and multi-family ⁽¹⁾		2,080,088		2,155,929
Cannabis related ⁽²⁾		69,102		103,206
Construction ⁽¹⁾		105,980		130,589
Commercial business ^{(1) (3)}		192,762		242,239
Business express		78,253		92,947
Home equity ⁽⁴⁾		73,566		66,769
Consumer		2,042		2,235
		2,828,933		3,033,784

Less:
Deferred loan fees, net		(2,198)		(2,736)
Allowance for credit losses		(37,803)		(34,789)

Total Loans, net	$	2,788,932	$	2,996,259

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

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Note 7 – Loans Receivable and Allowance for Credit Losses (Continued)

Allowance for Credit Losses

The Company engages a third-party vendor to assist in the CECL calculation and has established a robust internal governance framework to oversee the quarterly estimation process for the allowance for credit losses (“ACL”). The ACL calculation methodology relies on regression-based discounted cash flow (“DCF”) models that correlate relationships between certain financial metrics and external market and macroeconomic variables. 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 qualitative factors include but are not limited to changes in lending policies, business conditions, changes in the nature and size of the portfolio, portfolio concentrations, and external factors such as competition.

Allowance for credit losses are aggregated for the major loan segments, with similar risk characteristics, summarized below. However, for the purposes of calculating the reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to regulatory call codes, industry type, geographic location, and collateral type.

Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.

Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions.

Cannabis related loans include commercial and multi-family, construction, and commercial business loans to borrowers involved in the cannabis industry, and have the risks inherent in such loan types discussed herein. In addition, while medical use cannabis and recreational use businesses are legal in numerous states, including our primary markets of New Jersey and New York, such businesses are not legal at the federal level and marijuana remains a Schedule I drug under the Controlled Substances Act of 1970. Federal prosecutors have significant discretion and there can be no assurance that the federal prosecutors will not choose to strictly enforce the federal laws governing cannabis. Any change in the federal government’s enforcement position could potentially subject our borrowers to criminal prosecution and other sanctions, which would have a material adverse effect on their businesses.

Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence.

Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. 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. The Bank has further segregated its commercial business portfolio into commercial business express loans that carry higher risk relative to other commercial business loans. The Bank had originated commercial business express loans to support small business owners coming out of the COVID crisis. The portfolio consists of a large number of loans with majority of the loans carrying a balance of $250,000 or lower.

Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default.

Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following tables set forth the activity in the Company’s allowance for credit losses on loans for the three and nine months ended September 30, 2025, and the related portion of the allowance for credit losses that is allocated to each loan class, as of September 30, 2025 (in thousands):


	Residential			Commercial & Multi-family ⁽¹⁾	Cannabis Related ⁽²⁾		Construction ⁽¹⁾		Commercial Business ⁽¹⁾⁽³⁾		Business Express		Home Equity ⁽⁴⁾		Consumer		Total
Allowance for credit losses on loans:
Beginning Balance, July 1, 2025	$	1,837	$	12,419	$	14,852	$	1,907	$	8,898	$	10,093	$	635	$	17	$	50,658

Charge-offs:		-		(79)		(12,756)		-		(3,453)		(1,206)		-		-		(17,494)
Recoveries:		9		-		-		-		2		548		-		-		559
Provision (benefit):		(219)		(383)		(631)		(243)		6,667		(1,057)		(48)		(6)		4,080
Ending Balance, September 30, 2025		1,627		11,957		1,465		1,664		12,114		8,378		587		11		37,803

Ending Balance attributable to loans:
Individually evaluated		-		3,405		-		262		8,129		2,833		-		-		14,629
Collectively evaluated		1,627		8,552		1,465		1,402		3,985		5,545		587		11		23,174
Ending Balance, September 30, 2025		1,627		11,957		1,465		1,664		12,114		8,378		587		11		37,803

Loans Receivables:
Individually evaluated		302		105,115		-		2,310		18,355		2,833		443		-		129,358
Collectively evaluated		226,838		1,974,973		69,102		103,670		174,407		75,420		73,123		2,042		2,699,575
Total Gross Loans:	$	227,140	$	2,080,088	$	69,102	$	105,980	$	192,762	$	78,253	$	73,566	$	2,042	$	2,828,933

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


	Residential			Commercial & Multi-family ⁽¹⁾	Cannabis Related ⁽²⁾		Construction ⁽¹⁾		Commercial Business ⁽¹⁾⁽³⁾		Business Express		Home Equity⁽⁴⁾		Consumer		Total
Allowance for credit losses on loans:
Beginning Balance, January 1, 2025	$	1,947	$	10,451	$	1,613	$	1,902	$	10,497	$	7,769	$	594	$	16	$	34,789

Charge-offs:		-		(419)		(12,756)		-		(5,301)		(9,246)		-		-		(27,722)
Recoveries:		43		-		-		-		6		871		-		-		920
Provision (benefit):		(363)		1,925		12,608		(238)		6,912		8,984		(7)		(5)		29,816
Ending Balance, September 30, 2025	$	1,627	$	11,957	$	1,465	$	1,664	$	12,114	$	8,378	$	587	$	11	$	37,803

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following tables set forth the activity in the Company’s allowance for credit losses on loans for the three and nine months ended September 30, 2024, and the related portion of the allowance for credit losses that is allocated to each loan class, as of September 30, 2024 (in thousands):


	Residential			Commercial & Multi-family ⁽¹⁾	Cannabis Related ⁽²⁾		Construction ⁽¹⁾		Commercial Business ⁽¹⁾⁽³⁾		Business Express		Home Equity ⁽⁴⁾		Consumer		Total
Allowance for credit losses on loans:
Beginning Balance, July 1, 2024	$	2,039	$	13,581	$	1,910	$	2,760	$	7,851	$	6,444	$	635	$	23	$	35,243

Charge-offs:		-		-		-		-		-		(3,471)		-		-		(3,471)
Recoveries:		8		-		-		-		22		1		-		-		31
Provision (benefit):		30		(1,472)		(115)		(503)		754		4,168		10		18		2,890
Ending Balance, September 30, 2024		2,077		12,109		1,795		2,257		8,627		7,142		645		41		34,693

Ending Balance attributable to loans:
Individually evaluated		-		971		-		-		2,025		3,052		-		20		6,068
Collectively evaluated		2,077		11,138		1,795		2,257		6,602		4,090		645		21		28,625
Ending Balance, September 30, 2024		2,077		12,109		1,795		2,257		8,627		7,142		645		41		34,693

Loans Receivables:
Individually evaluated		235		56,869		-		586		4,993		3,052		293		20		66,048
Collectively evaluated		240,815		2,148,731		103,396		141,438		259,752		95,905		67,273		2,289		3,059,599
Total Gross Loans:	$	241,050	$	2,205,600	$	103,396	$	142,024	$	264,745	$	98,957	$	67,566	$	2,309	$	3,125,647

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


	Residential			Commercial & Multi-family ⁽¹⁾	Cannabis Related ⁽²⁾		Construction ⁽¹⁾		Commercial Business ⁽¹⁾⁽³⁾		Business Express		Home Equity⁽⁴⁾		Consumer		Total
Allowance for credit losses on loans:
Beginning Balance, January 1, 2024	$	2,344	$	15,343	$	2,344	$	3,758	$	4,508	$	4,542	$	691	$	78	$	33,608

Charge-offs:		-		-		-		-		(567)		(5,387)		-		(446)		(6,400)
Recoveries:		33		-		-		-		27		9		-		-		69
Provision (benefit):		(300)		(3,234)		(549)		(1,501)		4,659		7,978		(46)		409		7,416
Ending Balance, September 30, 2024	$	2,077	$	12,109	$	1,795	$	2,257	$	8,627	$	7,142	$	645	$	41	$	34,693

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following tables set forth the activity in the Company’s allowance for credit losses on loans for the three and nine months ended September 30, 2023, and the related portion of the allowance for credit losses that is allocated to each loan class, as of September 30, 2023 (in thousands):


	Residential			Commercial & Multi-family ⁽¹⁾	Cannabis Related ⁽²⁾		Construction⁽¹⁾		Commercial Business ⁽¹⁾⁽³⁾		Business Express		Home Equity ⁽⁴⁾		Consumer		Total
Allowance for credit losses on loans:
Beginning Balance, July 1, 2023	$	2,453	$	14,679	$	509	$	4,024	$	5,302	$	2,485	$	722	$	31	$	30,205

Charge-offs:		-		-		-		-		-		(515)		-		-		(515)
Recoveries:		14		-		-		-		5		-		-		-		19
Provision (benefit):		(23)		(696)		1,331		568		1,557		(485)		(54)		7		2,205
Ending Balance, September 30, 2023		2,444		13,983		1,840		4,592		6,864		1,485		668		38		31,914

Ending Balance attributable to loans:
Individually evaluated		-		-		1,213		608		701		250		-		-		2,772
Collectively evaluated		2,444		13,983		627		3,984		6,163		1,235		668		38		29,142
Ending Balance, September 30, 2023		2,444		13,983		1,840		4,592		6,864		1,485		668		38		31,914

Loans Receivables:
Individually evaluated		355		21,945		5,569		3,473		4,064		250		212		-		35,868
Collectively evaluated		251,490		2,327,719		102,635		176,867		257,071		101,008		65,834		3,647		3,286,271
Total Gross Loans:	$	251,845	$	2,349,664	$	108,204	$	180,340	$	261,135	$	101,258	$	66,046	$	3,647	$	3,322,139

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


	Residential			Commercial & Multi-family ⁽¹⁾	Cannabis Related ⁽²⁾		Construction ⁽¹⁾		Commercial Business ⁽¹⁾⁽³⁾			Business Express		Home Equity⁽⁴⁾	Consumer		Unallocated		Total
Allowance for credit losses on loans:
Ending Balance December 31, 2022	$	2,474	$	21,381	$	402	$	2,073	$	4,482	$	872	$	485	$	24	$	180	$	32,373
Effect of adopting ASU No. 2016-13 ("CECL")		144		(6,953)		(145)		1,369		1,727		(316)		182		7		(180)		(4,165)
Beginning Balance, January 1, 2023	$	2,618	$	14,428	$	257	$	3,442	$	6,209	$	556	$	667	$	31	$	-	$	28,208

Charge-offs:		-		-		-		-		(1)		(554)		-		-		-		(555)
Recoveries:		38		-		-		-		30		-		16		-		-		84
Provision (benefit):		(212)		(445)		1,583		1,150		626		1,483		(15)		7		-		4,177
Ending Balance, September 30, 2023	$	2,444	$	13,983	$	1,840	$	4,592	$	6,864	$	1,485	$	668	$	38	$	-	$	31,914

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table sets forth the activity in the allowance for credit losses on loans and amount recorded in loans receivable at and for the year ended December 31, 2024. The table also details the amount of total loans receivable that are evaluated individually and collectively, and the related portion of the allowance for credit losses that is allocated to each loan class (in thousands):


	Residential			Commercial & Multi-family⁽¹⁾	Cannabis ‎ Related ⁽²⁾		Construction ⁽¹⁾		Commercial ‎Business^{(1) (3)}		Business Express		Home ‎ Equity ⁽⁴⁾		Consumer		Total
Allowance for credit losses on loans:
Beginning Balance, January 1, 2024	$	2,344	$	15,343	$	2,344	$	3,758	$	4,508	$	4,542	$	691	$	78	$	33,608

Charge-offs:		-		(531)		-		-		(1,799)		(8,038)		-		(467)		(10,835)
Recoveries:		48		-		-		-		371		27		-		-		446
Provision (benefit):		(445)		(4,361)		(731)		(1,856)		7,417		11,238		(97)		405		11,570
Ending Balance, December 31, 2024	$	1,947	$	10,451	$	1,613	$	1,902	$	10,497	$	7,769	$	594	$	16	$	34,789

Ending Balance attributable to loans:
Individually evaluated	$	-	$	1,473	$	-	$	-	$	4,725	$	5,619	$	-	$	-	$	11,817
Collectively evaluated		1,947		8,978		1,613		1,902		5,772		2,150		594		16		22,972
Ending Balance, December 31, 2024	$	1,947	$	10,451	$	1,613	$	1,902	$	10,497	$	7,769	$	594	$	16	$	34,789

Loans Receivables:
Individually evaluated	$	853	$	64,735	$	-	$	586	$	11,163	$	5,619	$	443	$	-	$	83,399
Collectively evaluated		239,017		2,091,194		103,206		130,003		231,076		87,328		66,326		2,235		2,950,385
Total Gross Loans:	$	239,870	$	2,155,929	$	103,206	$	130,589	$	242,239	$	92,947	$	66,769	$	2,235	$	3,033,784

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following tables present the activity in the allowance for credit losses on off-balance sheet exposures for the three and nine months ended September 30, 2025, 2024, and 2023.


	Three Months Ended September 30,
		2025		2024		2023
Allowance for credit losses on off-balance sheet exposures:
Beginning balance	$	687	$	759	$	254
(Benefit) Provision for credit losses		(207)		(288)		148
Balance at September 30	$	480	$	471	$	402


	Nine Months Ended September 30,
		2025		2024		2023
Allowance for credit losses on off-balance sheet exposures:
Beginning Balance	$	813	$	694	$	-
Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023		-		-		1,266
Benefit for credit losses		(333)		(223)		(864)
Balance at September 30	$	480	$	471	$	402

The following table sets forth the delinquency status of total loans receivable as of September 30, 2025:


													Loans Receivable
					Greater Than								>90 Days
	30-59 Days		60-90 Days		90 Days		Total Past				Total Loans		Past Due
	Past Due		Past Due		Past Due		Due		Current		Receivable		and Accruing
		(In Thousands)

Residential one-to-four family	$	4,779	$	-	$	302	$	5,081	$	222,059	$	227,140	$	-
Commercial and multi-family ⁽¹⁾		28,596		19,044		62,580		110,220		1,969,868		2,080,088		-
Cannabis related⁽²⁾		-		-		-		-		69,102		69,102		-
Construction ⁽¹⁾		14,996		13,996		2,310		31,302		74,678		105,980		-
Commercial business ^{(1) (3)}		3,633		1,238		16,164		21,035		171,727		192,762		-
Business express		2,344		599		1,115		4,058		74,195		78,253		244
Home equity ⁽⁴⁾		1,831		-		479		2,310		71,256		73,566		36
Consumer		-		-		-		-		2,042		2,042		-
Total	$	56,179	$	34,877	$	82,950	$	174,006	$	2,654,927	$	2,828,933	$	280

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2024:


													Loans Receivable
					Greater Than								>90 Days
	30-59 Days		60-90 Days		90 Days		Total Past				Total Loans		Past Due
	Past Due		Past Due		Past Due		Due		Current		Receivable		and Accruing
		(In Thousands)

Residential one-to-four family	$	3,229	$	-	$	302	$	3,531	$	236,339	$	239,870	$	-
Commercial and multi-family ⁽¹⁾		8,279		2,673		30,903		41,855		2,114,074		2,155,929		6,049
Cannabis related ⁽²⁾		-		-		-		-		103,206		103,206
Construction ⁽¹⁾		-		1,829		586		2,415		128,174		130,589		-
Commercial business ^{(1) (3)}		9,125		580		3,795		13,500		228,739		242,239		-
Business express		6,714		3,452		3,141		13,307		79,640		92,947		1,677
Home equity ⁽⁴⁾		1,846		18		231		2,095		64,674		66,769		-
Consumer		-		-		-		-		2,235		2,235		-
Total	$	29,193	$	8,552	$	38,958	$	76,703	$	2,957,081	$	3,033,784	$	7,726

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

Modifications

The following tables present the amortized cost basis at September 30, 2025 and 2024 of loans modified to borrowers experiencing financial difficulty that were modified during the three and nine months ended September 30, 2025 and 2024 by loan category and type of concession granted.


	For the Three Months Ended September 30, 2025
	(In Thousands)
		Number		Payment Delay		Term Extension		Rate Reduction & Term Extension		Total Principal	% of Total Class of Financing Receivable
Residential		1	$	168	$	-	$	-	$	168	0.07	%
Commercial business		2		-		-		674		674	0.35
Business express		10		-		2,096		-		2,096	2.68
Total loans		13	$	168	$	2,096	$	674	$	2,938


	For the Three Months Ended September 30, 2024
	(In Thousands)
		Number		Payment Delay		Term Extension		Total Principal	% of Total Class of Financing Receivable
Business express		114	$	-	$	25,688	$	25,688	25.96	%
Total loans		114	$	-	$	25,688	$	25,688


	For the Nine Months Ended September 30, 2025
	(In Thousands)
		Number		Payment Delay		Term Extension		Rate Reduction & Term Extension		Total Principal	% of Total Class of Financing Receivable
Residential		1	$	168	$	-	$	-	$	168	0.07	%
Commercial & multi-family		1		-		25,643		-		25,643	1.23
Commercial business		7		-		985		1,021		2,006	1.04
Business express		96		-		21,064		-		21,064	26.92
Total loans		105	$	168	$	47,692	$	1,021	$	48,881


	For the Nine Months Ended September 30, 2024
	(In Thousands)
		Number		Payment Delay		Term Extension		Total Principal	% of Total Class of Financing Receivable
Residential one-to-four family		1	$	174	$	-	$	174	0.07	%
Business express		194		-		43,027		43,027	43.48
Total loans		195	$	174	$	43,027	$	43,201	1.38

The following tables present loan modifications made during the nine months ended September 30, 2025 and 2024 by payment status.


	For the Nine Months Ended September 30, 2025
	(In Thousands)
		Current		30-59 Days Past Due		60-90 Days Past Due		Non-accrual		Total
Residential	$	-	$	-	$	-	$	168	$	168
Commercial & multi-family		25,643		-		-		-		25,643
Commercial business		1,086		-		-		920		2,006
Business express		19,924		491		-		649		21,064
Total	$	46,653	$	491	$	-	$	1,737	$	48,881


	For the Nine Months Ended September 30, 2024
	(In Thousands)
		Current		30-59 Days Past Due		60-90 Days Past Due		Non-accrual		Total
Residential one-to-four family	$	174	$	-	$	-	$	-	$	174
Business express		42,581		249		-		197		43,027
Total	$	42,755	$	249	$	-	$	197	$	43,201

The Company monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts.

For modified loans, a subsequent payment default occurs after management evaluates a borrower’s financial condition subsequent to modification and upon evaluating facts and circumstances determines the borrower is not adhering to the terms of the modification but no later than when a principal or interest payment is 90 days past due or the loan has been classified into non-accrual status during the reporting period.

Of the loans modified during the preceding twelve months, there were eight Business express loans with a combined balance of $1.3 million that subsequently defaulted and were charged-off in full. There were two Commercial business loans with combined balances of $1.5 million that subsequently defaulted of which $1.0 million were partially charged-off.

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The tables below set forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at September 30, 2025 and December 31, 2024, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful.

As of September 30, 2025 and December 31, 2024, non-accrual loans differed from the amount of total loans past due 90 days due to loans that were previously 90 days past due both of which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan.


	As of September 30, 2025
	(in Thousands)
		Non-accrual loans with an Allowance for Credit Losses		Non-accrual loans without an Allowance for Credit Losses		Total Non-accrual loans		Amortized Cost of Loans Past due 90 days and Still Accruing
Residential one-to-four family	$	-	$	1,410	$	1,410	$	-
Commercial and multi-family ⁽¹⁾		5,993		64,553		70,546		-
Cannabis related ⁽²⁾		-		-		-		-
Construction ⁽¹⁾		262		2,048		2,310		-
Commercial business ^{(1) (3)}		8,675		8,767		17,442		-
Business express loans		1,335		-		1,335		244
Home equity ⁽⁴⁾		-		474		474		36
Consumer		-		-		-		-
Total	$	16,265	$	77,252	$	93,517	$	280

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


	As of December 31, 2024
	(in Thousands)
		Non-accrual loans with an Allowance for Credit Losses		Non-accrual loans without an Allowance for Credit Losses		Total Non-accrual loans		Amortized Cost of Loans Past due 90 days and Still Accruing
Residential one-to-four family	$	534	$	853	$	1,387	$	-
Commercial and multi-family ⁽¹⁾		4,823		28,151		32,974		6,049
Cannabis related ⁽²⁾		-		-		-		-
Construction ⁽¹⁾		-		586		586		-
Commercial business ^{(1) (3)}		5,208		2,425		7,633		-
Business express loans		1,706		191		1,897		1,677
Home equity ⁽⁴⁾		-		231		231		-
Total	$	12,271	$	32,437	$	44,708	$	7,726

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the nine months ended September 30, 2025, 2024, and 2023 would have been $4.4 million, $2.2 million, and $1.5 million, respectively. Interest income recognized on loans returned to accrual was $2.1 million, $1.1 million, and $2.4 million, for the nine months ended September 30, 2025, 2024, and 2023, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on non-accrual status. There were $280,000 and $7.7 million in loans that were more than ninety days past due and still accruing interest at September 30, 2025 and December 31, 2024, respectively.

Criticized and Classified Assets

Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.”

The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below:

6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency.

7 – Substandard- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “non-accrual” status. The loan needs special and corrective attention.

8 – Doubtful- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status.

9 – Loss- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery.

‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at September 30, 2025 and gross charge-offs for the nine months ended September 30, 2025.


Loans by Year of Origination at September 30, 2025
		2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
Residential one-to-four family
Pass	$	6,857	$	11,942	$	15,785	$	46,097	$	35,199	$	109,488	$	-	$	-	$	225,368
Special Mention		-		-		-		-		-		650		-		-		650
Substandard		-		-		-		-		-		1,122		-		-		1,122
Total one-to-four family	$	6,857	$	11,942	$	15,785	$	46,097	$	35,199	$	111,260	$	-	$	-	$	227,140

Commercial and multi-family ⁽¹⁾
Pass	$	44,221	$	8,321	$	177,928	$	570,046	$	140,743	$	798,587	$	9,810	$	-	$	1,749,656
Special Mention		-		-		967		91,216		16,277		43,544		-		-		152,004
Substandard		-		-		672		57,316		39,509		80,791		140		-		178,428
Total Commercial and multi-family	$	44,221	$	8,321	$	179,567	$	718,578	$	196,529	$	922,922	$	9,950	$	-	$	2,080,088

Cannabis related ⁽²⁾
Pass	$	-	$	-	$	-	$	26,105	$	2,084	$	8,023	$	8,050	$	-	$	44,262
Special Mention		-		-		19,084		-		4,845		-		911		-		24,840
Substandard		-		-		-		-		-		-		-		-		-
Total Cannabis related	$	-	$	-	$	19,084	$	26,105	$	6,929	$	8,023	$	8,961	$	-	$	69,102

Construction ⁽¹⁾
Pass	$	917	$	2,419	$	30,854	$	24,052	$	-	$	-	$	5,024	$	-	$	63,266
Special Mention		-		-		2,098		16,322		6,989		-		-		-		25,409
Substandard		-		-		-		1,723		14,996		586		-		-		17,305
Total Construction	$	917	$	2,419	$	32,952	$	42,097	$	21,985	$	586	$	5,024	$	-	$	105,980

Commercial business^{(1) (3)}
Pass	$	-	$	7,496	$	2,004	$	5,085	$	747	$	25,183	$	108,442	$	-	$	148,957
Special Mention		-		-		-		-		1,458		2,383		11,870		-		15,711
Substandard		-		-		-		-		-		6,674		21,420		-		28,094
Total Commercial business	$	-	$	7,496	$	2,004	$	5,085	$	2,205	$	34,240	$	141,732	$	-	$	192,762

Business express
Pass	$	-	$	-	$	-	$	-	$	-	$	-	$	193	$	73,435	$	73,628
Special Mention		-		-		-		-		-		-		-		1,792		1,792
Substandard		-		-		-		-		-		-		649		2,184		2,833
Total Business express	$	-	$	-	$	-	$	-	$	-	$	-	$	842	$	77,411	$	78,253

Home equity ⁽⁴⁾
Pass	$	959	$	250	$	3,386	$	1,326	$	415	$	5,269	$	56,913	$	4,211	$	72,729
Special Mention		-		-		-		-		-		46		317		-		363
Substandard		-		-		-		-		-		81		31		362		474
Total Home equity	$	959	$	250	$	3,386	$	1,326	$	415	$	5,396	$	57,261	$	4,573	$	73,566

Consumer
Pass	$	237	$	297	$	1,081	$	334	$	3	$	84	$	6	$	-	$	2,042
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-		-
Total Consumer	$	237	$	297	$	1,081	$	334	$	3	$	84	$	6	$	-	$	2,042

Total Loans	$	53,191	$	30,725	$	253,859	$	839,622	$	263,265	$	1,082,511	$	223,776	$	81,984	$	2,828,933

Gross charge-offs	$	-	$	-	$	-	$	12,913	$	263	$	1,087	$	8,738	$	4,721	$	27,722

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating and gross charge-offs for the year ended December 31, 2024.


Loans by Year of Origination at December 31, 2024
		2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
Residential one-to-four family
Pass	$	12,059	$	16,586	$	47,544	$	37,639	$	28,550	$	92,376	$	-	$	-	$	234,754
Special Mention		-		-		3,555		-		-		174		-		-		3,729
Substandard		-		-		301		173		-		913		-		-		1,387
Total one-to-four family	$	12,059	$	16,586	$	51,400	$	37,812	$	28,550	$	93,463	$	-	$	-	$	239,870

Commercial and multi-family ⁽¹⁾
Pass	$	9,105	$	183,547	$	604,868	$	154,968	$	158,029	$	709,239	$	2,610	$	-	$	1,822,366
Special Mention		-		-		108,076		37,600		9,232		47,756		140		-		202,804
Substandard		-		10,115		33,958		13,027		11,782		61,877		-		-		130,759
Total Commercial and multi-family	$	9,105	$	193,662	$	746,902	$	205,595	$	179,043	$	818,872	$	2,750	$	-	$	2,155,929

Cannabis related ⁽²⁾
Pass	$	-	$	19,384	$	26,626	$	2,129	$	8,213	$	-	$	6,863	$	-	$	63,215
Special Mention		-		9,761		24,636		4,844		-		-		750		-		39,991
Substandard		-		-		-		-		-		-		-		-		-
Total Cannabis related	$	-	$	29,145	$	51,262	$	6,973	$	8,213	$	-	$	7,613	$	-	$	103,206

Construction ⁽¹⁾
Pass	$	4	$	34,906	$	37,624	$	-	$	-	$	-	$	5,824	$	-	$	78,358
Special Mention		-		1,521		3,792		42,330		3,745		-		-		-		51,388
Substandard		-		257		-		-		586		-		-		-		843
Total Construction	$	4	$	36,684	$	41,416	$	42,330	$	4,331	$	-	$	5,824	$	-	$	130,589

Commercial business ^{(1) (3)}
Pass	$	-	$	2,477	$	266	$	475	$	3,711	$	28,902	$	156,581	$	663	$	193,075
Special Mention		-		8,874		-		1,878		194		4,835		19,548		409		35,738
Substandard		-		-		-		-		-		5,884		7,542		-		13,426
Total Commercial business	$	-	$	11,351	$	266	$	2,353	$	3,905	$	39,621	$	183,671	$	1,072	$	242,239

Business express
Pass	$	-	$	-	$	-	$	-	$	-	$	-	$	23,739	$	59,189	$	82,928
Special Mention		-		-		-		-		-		-		1,506		2,894		4,400
Substandard		-		-		-		-		-		-		3,082		2,537		5,619
Total Business express	$	-	$	-	$	-	$	-	$	-	$	-	$	28,327	$	64,620	$	92,947

Home equity ⁽⁴⁾
Pass	$	300	$	3,767	$	1,369	$	501	$	549	$	5,754	$	51,829	$	2,186	$	66,255
Special Mention		-		-		-		-		-		18		-		-		18
Substandard		-		-		53		-		81		-		-		362		496
Total Home equity	$	300	$	3,767	$	1,422	$	501	$	630	$	5,772	$	51,829	$	2,548	$	66,769

Consumer
Pass	$	623	$	1,117	$	389	$	5	$	95	$	-	$	6	$	-	$	2,235
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-		-
Total Consumer	$	623	$	1,117	$	389	$	5	$	95	$	-	$	6	$	-	$	2,235

Total Loans	$	22,091	$	292,312	$	893,057	$	295,569	$	224,767	$	957,728	$	280,020	$	68,240	$	3,033,784

Gross charge-offs	$	446	$	20	$	-	$	174	$	-	$	1,133	$	8,381	$	681	$	10,835

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

Note 8 – Stockholders’ Equity

On March 15, 2025, the Company completed a private placement of 52 shares of Series K 6.0% Noncumulative Perpetual Stock, par value $0.01 per share (the “Series K Preferred Stock”), resulting in gross proceeds of $520,000.

On December 31, 2024, the Company completed a private placement of 497 shares of its Series K Preferred Stock, resulting in gross proceeds to the Company of $4,970,000.

On September 25, 2024, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $0.01 per share (the “Series J Preferred Stock”), resulting in gross proceeds of $1,360,000 for 136 shares.

On June 21, 2024, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $0.01 per share (the “Series J Preferred Stock”), resulting in gross proceeds of $670,000 for 67 shares.

On March 29, 2024, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $0.01 per share (the “Series J Preferred Stock”), resulting in gross proceeds of $2,690,000 for 269 shares.

On December 14, 2023, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $0.01 per share (the “Series J Preferred Stock”), resulting in gross proceeds of $15,270,000 for 1,527 shares.

On September 14, 2023, the Company redeemed 22 outstanding shares of its Series H 3.5% Noncumulative Perpetual Preferred Stock, at their face value of $10,000 per share, for a total redemption amount of $220,000. The Company redeemed the remaining 1,101 outstanding shares of its Series H 3.5% Noncumulative Perpetual Preferred Stock during the fourth quarter of 2023, at their face value of $10,000 per share, for a total redemption amount of $11.0 million.

Note 9 – Bank-Owned Life Insurance

BOLI involves life insurance purchased by the Bank on a chosen group of employees, and the Bank is owner and beneficiary of the policies. At September 30, 2025, the Bank had $78.4 million in BOLI. BOLI is recorded at its net realizable value.

Note 10 – Goodwill and Other Intangible Assets

The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with acquisitions. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is not amortized but is subject to annual tests for impairment or more often if events or circumstances indicate it may be impaired.

There was no amortization expense of the core deposit intangibles for the nine months ended September 30, 2025. The core deposit intangibles were fully amortized during the year ended December 31, 2023. The amount of goodwill at September 30, 2025, 2024 and 2023 was $5.2 million.

The Company’s core deposit intangibles are amortized on an accelerated basis using an estimated life of 10 years and in accordance with U.S. GAAP are evaluated annually for impairment. An impairment loss will be recognized if the carrying amount of the intangible asset is not recoverable and exceeds fair value. The carrying amount of the intangible asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset.

The Company conducts impairment analysis on goodwill at least annuallyor more often as conditions require. Pursuant to ASC 350-20-35, the Company conducted a qualitative assessment of goodwill as of October 31, 2024, and determined that it was more likely than not that goodwill was not impaired. Accordingly, there was no impairment at December 31, 2024.

The Company reported a net loss in the first quarter of 2025 and observed a sustained decline in its stock price. Under ASC 350-20-35-30, management considered this a triggering event and performed an interim impairment assessment of goodwill as of May 31, 2025. The results of the analysis determined that there was no impairment needed. Refer to the Critical Accounting Estimates for additional details.

The Company believes that the fair values of its goodwill was in excess of its carrying amounts and there was no impairment at September 30, 2025.

‎

Note 11 – Fair Values of Financial Instruments

Guidance on fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity).

An asset 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.

Assets that the Company measured at fair value on a recurring basis were as follows (In thousands):


			(Level 1)		(Level 2)
			Quoted Prices in		Significant		(Level 3)
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Description	Total		Assets		Inputs		Inputs
As of September 30, 2025:
Securities
Debt Securities Available for Sale	$	115,693	$	-	$	115,693	$	-
Marketable Equities		9,599		9,599		-		-
Total Securities	$	125,292	$	9,599	$	115,693	$	-

As of December 31, 2024:
Securities
Debt Securities Available for Sale	$	101,717	$	-	$	101,717	$	-
Marketable Equities		9,472		9,472		-		-
Total Securities	$	111,189	$	9,472	$	101,717	$	-

There were no transfers of assets or liabilities into or out of Level 1, Level 2, or Level 3 of the fair value hierarchy during the three months ended September 30, 2025 and 2024.
‎
‎There were no liabilities measured at fair value on a recurring basis at September 30, 2025 or December 31, 2024.

Assets that the Company measured at fair value on a nonrecurring basis were as follows (In thousands):




			(Level 1)		(Level 2)
			Quoted Prices in		Significant		(Level 3)
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Description	Total		Assets		Inputs		Inputs
As of September 30, 2025
Individually Evaluated Loans	$	21,108	$	-	$	-	$	21,108
Other Real Estate Owned	$	20,077	$	-	$	-	$	20,077

As of December 31, 2024:
Individually Evaluated Loans	$	19,391	$	-	$	-	$	19,391

‎Certain individually evaluated loans were adjusted to the fair value, less costs to sell, of the underlying collateral securing these loans resulting in losses. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for credit losses. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties.

There were no liabilities measured at fair value on a nonrecurring basis at September 30, 2025 or December 31, 2024.
‎

Note 11 – Fair Values of Financial Instruments (Continued)

The following tables present additional quantitative information as of September 30, 2025 and December 31, 2024 about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value. (Dollars in thousands):


Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
September 30, 2025:
Individually Evaluated Loans	$	21,108	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other Real Estate Owned	$	20,077	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-15%


		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
December 31, 2024:
Individually Evaluated Loans	$	19,391	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. 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 as of September 30, 2025, and December 31, 2024.

Cash and Cash Equivalents and Interest-Earning Time Deposits (Carried at Cost)

The carrying amounts reported in the consolidated statements of financial condition for cash and short-term instruments approximate fair values.

Securities (Carried at Fair Value)

The fair value of securities is determined by obtaining quoted market prices on nationally recognized security exchanges (Level 1) or, by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices.

Loans Held for Sale (Lower of Cost or Market)

The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for specific attributes of that loan. Loans held for sale are carried at the lower of cost or fair value.

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. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values.

Individually Evaluated Loans (Generally Carried at Fair Value)

Individually evaluated loans are those for which the Company has measured and recorded credit losses based on the fair value of the loan’s collateral, less estimated costs to sell. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. 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 September 30, 2025 and December 31, 2024 consisted of the loan balances of $35.7 million, net of an allowance for credit losses of $14.6 million, and $31.2 million net of an allowance for credit losses of $11.8 million, respectively.

Other Real Estate Owned (Carried at Lower of Cost or Fair Value)

Other real estate owned is carried at fair value less estimated costs to sell which is determined based upon independent third-party appraisals of the properties or based upon the expected proceeds from a pending sale. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.

FHLB of New York Stock (Carried at Cost)

The carrying amount of restricted investment in bank stock approximates fair value and considers the limited marketability of such securities.

Accrued Interest Receivable and Payable (Carried at Cost)

The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value.

Deposits (Carried at Cost)

The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings and money market accounts1) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits.

Note 11 – Fair Values of Financial Instruments (Continued)

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. Prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party.

Off-Balance Sheet Financial Instruments

Fair values for the Company’s off-balance sheet financial instruments (lending commitments and unused lines of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these commitments was deemed immaterial and is not presented in the accompanying table.

The carrying values and estimated fair values of financial instruments were as follows as of September 30, 2025 and December 31, 2024:


		As of September 30, 2025

					Quoted Prices in Active		Significant		Significant
	Carrying				Markets for Identical Assets		Other Observable Inputs		Unobservable Inputs
	Value		Fair Value		(Level 1)		(Level 2)		(Level 3)

	(In Thousands)
Financial assets:
Cash and cash equivalents	$	249,614	$	249,614	$	249,614	$	-	$	-
Interest-earning time deposits		735		735		-		735		-
Debt securities available for sale		115,693		115,693		-		115,693		-
Equity investments		9,599		9,599		9,599		-		-
Loans held for sale		-		-		-		-		-
Loans receivable, net		2,788,932		2,719,517		-		2,719,517		-
FHLB of New York stock, at cost		16,281		16,281		-		16,281		-
Accrued interest receivable		15,800		15,800		-		15,800		-

Financial liabilities:
Deposits		2,687,387		2,687,602		1,691,301		996,301		-
Borrowings		280,774		282,367		-		282,367		-
Subordinated debentures		43,148		40,769		-		40,769		-
Accrued interest payable		3,056		3,056		-		3,056		-


		As of December 31, 2024

					Quoted Prices in Active		Significant		Significant
	Carrying				Markets for Identical Assets		Other Observable Inputs		Unobservable Inputs
	Value		Fair Value		(Level 1)		(Level 2)		(Level 3)

	(In Thousands)
Financial assets:
Cash and cash equivalents	$	317,282	$	317,282	$	317,282	$	-	$	-
Interest-earning time deposits		735		735		-		735		-
Debt securities available-for-sale		101,717		101,717		-		101,717		-
Equity investments		9,472		9,472		9,472		-		-
Loans held for sale		-		-		-		-		-
Loans receivable, net		2,996,259		2,900,892		-		-		2,900,892
FHLB of New York stock, at cost		24,272		24,272		-		24,272		-
Accrued interest receivable		15,176		15,176		-		15,176		-

Financial liabilities:
Deposits		2,750,858		2,751,625		1,721,602		1,030,023		-
Debt		455,361		456,290		-		456,290		-
Subordinated debentures		42,961		41,594		-		41,594		-
Accrued interest payable		5,195		5,195		-		5,195		-

‎

Note 12 – Subordinated debt

On August 29, 2024, the Company issued $40 million of fixed-to-floating subordinated debentures (the “New Notes”) in a private placement to certain qualified institutional investors. The New Notes have a 10-year term and bear interest at a fixed rate of 9.250% for the first five years of the term. The fixed interest rate is payable semiannually for the first five years and will be reset quarterly thereafter to the then-current three-month SOFR (defined below) plus 582 basis points. The Notes qualify as Tier 2 capital for the Company for regulatory purposes, when applicable, and the portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank. The Notes constitute an unsecured and subordinated obligation of the Company and rank junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The Company used the net proceeds from the offering to repurchase $33.5 million of subordinated debt issued on July 30, 2018 (the “Old Notes”) and for general corporate purposes. Subordinated debt included associated deferred costs of $975,000 at September 30, 2025.

The Company also has $4.1 million of mandatory redeemable trust preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly and had been equal to the three-month LIBOR plus 2.65%. They mature on June 17, 2034.

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 Chicago Mercentile Exchange (“CME”) Term SOFR as the applicable successor rate for the trust preferred securities. The calculation of the amount of interest payable, based on the three-month CME Term SOFR, will also include the applicable tenor spread adjustment of 0.26161% per annum as specified in the LIBOR Act. At September 30, 2025, the interest rate for the trust preferred securities was 6.935%.

Note 13 – Lease Obligations

The Company leases 24 of its offices under various operating lease agreements. The leases have remaining terms of one year to nine years. The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets.

The Company has elected not to recognize a lease liability and a right of use asset for leases with a lease term of 12 or fewer months.

The following tables present certain information related to the Company’s leases (in thousands):



		Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Operating lease expense	$	934	$	904	$	2,827	$	2,690
Variable lease expense-operating leases	$	284	$	280	$	853	$	829


		At September 30, 2025		At December 31, 2024
Supplemental balance sheet information related to leases:
Operating Leases
Operating lease right-of-use assets	$	11,257	$	12,686

Current liabilities	$	853	$	3,189
Operating lease liabilities (noncurrent portion)		11,989		11,299
Imputed interest		(1,105)		(1,349)
Total operating lease liabilities	$	11,737	$	13,139

The weighted average remaining lease term for operating leases at September 30, 2025 and December 31, 2024 was 4.84 years and 5.39 years, respectively. The weighted average discount rate for operating leases at September 30, 2025 and December 31, 2024 was 3.53 percent and 3.40 percent, respectively.

The following table summarizes the Company’s maturity of lease obligations for operating leases at September 30, 2025 and December 31, 2024 (in thousands):


Maturities of lease liabilities:
		At September 30, 2025		At December 31, 2024
		Operating Leases		Operating Leases
One year or less	$	853	$	3,189
Over one year through three years		6,050		5,680
Over three years through five years		3,533		3,213
Over five years		2,406		2,406
Gross operating lease liabilities	$	12,842	$	14,488
Imputed interest		(1,105)		(1,349)
Total operating lease liabilities	$	11,737	$	13,139

Note 14 – Subsequent Events

On October 27, 2025, the Board of Directors of the Company declared a cash dividend of $0.16 per share to shareholders of record of its common stock on November 10, 2025, with a payment date of November 24, 2025.

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This report on Form 10-Q contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, or the PSLRA. Such forward-looking statements, in addition to historical information, involve risk and uncertainties, and are based on the beliefs, assumptions and expectations of our management team. Words such as “expects,” “believes,” “should,” “plans,” “anticipates,” “will,” “potential,” “could,” “intend,” “may,” “outlook,” “predict,” “project,” “would,” “estimated,” “assumes,” “likely,” and variation of such similar expressions are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those that we anticipated in our forward-looking statements and future results could differ materially from historical performance.

The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of the Federal budget stalemate in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, current interest rates and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations. Also significant are our ability to manage liquidity and capital in a rapidly changing and unpredictable market and our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to:

the global economic trends and geopolitical risks, including the ongoing conflicts in Ukraine and the Middle East, and changes in the rate of investment or economic growth, including as a result of sanctions, tariffs or other measures;

unfavorable economic conditions in the United States generally and particularly in our primary market area and those of our customers;

supply chain disruptions and labor shortages;

the impact of any future pandemics or other natural disasters;

the Company’s ability to effectively attract and deploy deposits;

changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets;

shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility;

the effects of declines in real estate values that may adversely impact the collateral underlying our loans;

increase in unemployment levels and slowdowns in economic growth;

the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios;

the credit risk associated with our loan portfolio;

changes in the quality and composition of the Bank’s loan and investment portfolios;

changes in our ability to access cost-effective funding;

deposit flows;

legislative and regulatory changes, including but not limited to, increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates;

monetary and fiscal policies of the federal and state governments, including changes in government priorities or budgets;

changes in tax policies, rates and regulations of federal, state and local tax authorities;

demands for our loan products;

demand for financial services;

competition;

changes in the securities or secondary mortgage markets;

changes in management’s business strategies;

our ability to enter new markets successfully;

our ability to successfully integrate acquired businesses;

changes in consumer spending;

our ability to retain key employees;

the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk;

potential impact of regulatory requirements, matters, litigation, or other legal actions which could adversely affect operating results;

civil unrest in the communities that we serve;

and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our annual Report on Form 10-K, in Part II, Item 1A of our quarterly reports on Form 10-Q, and our other periodic reports that we file with the SEC.

You should not place undue reliance on these forward-looking statements, which reflect our expectations only as of the date of this Form 10-Q. We do not assume any obligation to revise forward-looking statements except as may be required by law.

Overview

BCB Bancorp, Inc. is a New Jersey corporation, and is the holding company parent of BCB Community Bank, or the Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of BCB Community Bank. Our executive office is located at 104-110 Avenue C, Bayonne, New Jersey 07002. At September 30, 2025, we had $3.353 billion in consolidated assets, $2.687 billion in deposits and $318.5 million in consolidated stockholders’ equity.

BCB Community Bank opened for business on November 1, 2000 as Bayonne Community Bank, a New Jersey chartered commercial bank. The Bank changed its name from Bayonne Community Bank to BCB Community Bank in April 2007. At September 30, 2025, the Bank operated twenty-three branches in Bayonne, Edison, Jersey City, Hoboken, Fairfield, Holmdel, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, as well as three branches in Hicksville and Staten Island, NY, and through executive offices located at 104-110 Avenue C and an administrative office located at 591-595 Avenue C, Bayonne, New Jersey 07002. The Bank’s deposit accounts are insured by the FDIC, and the Bank is a member of the Federal Home Loan Bank System.

We are a community-oriented financial institution. Our business is to offer FDIC-insured deposit products and to invest funds held in deposit accounts at the Bank, together with funds generated from operations, in loans and investment securities. We offer our customers:

loans, including commercial and multi-family real estate loans, one- to four-family mortgage loans, home equity loans, construction loans, consumer loans and commercial business loans. In recent years the primary growth in our loan portfolio has been in loans secured by commercial real estate and multi-family properties;

FDIC-insured deposit products, including savings and club accounts, interest and non-interest bearing demand accounts, money market accounts, certificates of deposit and individual retirement accounts; and

retail and commercial banking services including wire transfers, money orders, safe deposit boxes, a night depository, debit cards, online banking, mobile banking, gift cards, fraud detection (positive pay), and automated teller services.

Critical Accounting Estimates

Estimates and assumptions are necessary in the application of certain accounting policies and can be susceptible to significant change. Critical accounting estimates are defined as those that involve a significant level of estimation uncertainty and have had, or could have, a material impact on the Company’s financial conditions or results of operation. At September 30, 2025, the Company considers the allowance for credit losses to be a critical accounting estimate.

See further discussion of this critical accounting estimate in Notes 2 and 7 of this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024.

Goodwill

Goodwill represents the amount paid in a business acquisition that exceeds the fair value of the identifiable net assets. If any changes occur during the measurement period, the company might revise the goodwill balance based on updated assessments of provisional amounts.
‎
‎Goodwill must be tested for impairment at least once a year or when specific events occur that could impact its value. It’s assessed at the reporting unit level. The company’s policy is to test goodwill every October 31st or earlier if a triggering event takes place. Such events could include poor financial performance, a drop in the company’s stock price compared to its book value, or broader economic or industry conditions. When a test is triggered, the estimated fair value of the reporting unit is compared to its book value. If the fair value is lower, the difference is recorded as an impairment loss.

The Company reported a net loss in the first quarter of 2025 and observed a sustained decline in its stock price. The Company established a $13.7 million specific reserve tied to a relationship in the cannabis sector and increased its reserves for the discontinued Business Express Loan portfolio by $3.1 million during the first quarter. These two actions contributed to an elevated level of loan loss provisioning expense that resulted in the net loss for the quarter. Management believes that the credit quality headwinds are temporary and the long-term earnings power of the Company maintains a positive outlook. However, management considered this a potential triggering event under ASC 350-20-35-30, which requires an interim impairment assessment of goodwill.

In response, the Company performed a quantitative goodwill impairment test to determine whether it was more likely than not that the fair value of the reporting unit was less than its carrying amount. The analysis incorporated management’s updated forecasts, market conditions, and other relevant factors. To estimate fair value, the Company employed a multi-faceted valuation framework consistent with how market participants would evaluate a financial services business in a change of control scenario. The Company developed four primary valuation estimates that employed income and market approach scenarios. The income approach scenario relies on the long-term net income forecast for the Company whereas the market approach relies on various changes of control premium methodologies. To arrive at a conclusion of fair value, the Company utilized these multiple valuation approaches and then applied weight factors to each result. Weight factors represent the Company’s best business judgment of the weights a market participants would utilize to arrive at a fair value for the reporting unit. The analysis resulted in the Company’s fair value exceeding its carrying value resulting in no impairment charge for the period.

A significant amount of judgment is involved in the determination of the fair value of a reporting unit. Future events could cause the Company to conclude that the Company’s goodwill has become impaired, which would result in recording an impairment loss. Management will continue evaluating the economic conditions at future reporting periods for triggering events.

See Note 10 – Goodwill and Other Intangible assets of this Form 10-Q and in our Annual Report on Form 10-K for additional information on the Company’s goodwill and intangibles.

Financial Condition

Total assets decreased by $246.0 million, or 6.8 percent, to $3.353 billion at September 30, 2025, from $3.599 billion at December 31, 2024. The decrease in total assets was mainly related to a decrease in net loans and cash and cash equivalents.

Total cash and cash equivalents decreased by $67.7 million, or 21.3 percent, to $249.6 million at September 30, 2025, from $317.3 million at December 31, 2024. The decrease in cash was primarily due to the reduction of the Bank’s exposure to wholesale funding by paying down high cost brokered deposits and FHLB advances.

Loans receivable, net, decreased by $207.3 million, or 6.9 percent, to $2.789 billion at September 30, 2025, from $2.996 billion at December 31, 2024. Total loan decreases during the period included decreases totaling $111.3 million in commercial real estate and multi-family loans, $24.6 million in construction loans, $62.8 million in commercial business, and $5.9 million in 1-4 family residential loans and home equity loans. The allowance for credit losses increased $3.0 million to $37.8 million, or 40.4 percent of non-accruing loans and 1.34 percent of gross loans, at September 30, 2025, as compared to an allowance for credit losses of $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024.

Total investment securities increased by $14.1 million, or 12.7 percent, to $125.3 million at September 30, 2025, from $111.2 million at December 31, 2024, representing current year purchases, net of investments called during 2025.

Deposits decreased by $63.5 million, or 2.3 percent, to $2.687 billion at September 30, 2025, from $2.751 billion at December 31, 2024. Brokered deposits and transaction accounts decreased $68.5 million and $59.8 million, respectively, and were offset by increases in money market accounts, certificate of deposit accounts and savings accounts which totaled $64.8 million.

Debt obligations decreased by $174.4 million to $323.9 million at September 30, 2025 from $498.3 million at December 31, 2024, due to maturities and paydowns of our FHLB advances. The weighted average interest rate of FHLB advances was 4.09 percent at September 30, 2025 and 4.35 percent at December 31, 2024. The weighted average maturity of FHLB advances as of September 30, 2025 was 0.61 years. The interest rate of our subordinated debt balances was 9.25 percent at September 30, 2025 and December 31, 2024.

Stockholders’ equity decreased by $5.5 million, or 1.7 percent, to $318.5 million at September 30, 2025, from $323.9 million at December 31, 2024. The decrease was attributable to the decrease in retained earnings of $10.2 million, or 7.2 percent, to $131.7 million at September 30, 2025 from $141.9 million at December 31, 2024 caused largely by regular dividend payments and the $8.3 million loss in the first quarter of 2025 due to additions to the allowance for credit losses, which resulted in a $498,000 net loss for the nine month period. Offsetting this was a decrease in accumulated other comprehensive loss and an increase in additional paid in capital.

Net Interest Income Analysis

Net interest income represents the difference between income earned on our interest-earning assets and the expense incurred on our interest-bearing liabilities, and is analyzed and monitored by the Company on a regular basis. The following tables set forth average balance sheets, yields, and costs. The yields include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or expense. No tax equivalent adjustments have been made as the effects would not be significant.


		Three Months Ended September 30,
		2025					2024
		Average Balance		Interest Earned/Paid	Average Yield/Rate ⁽³⁾		Average Balance		Interest Earned/Paid	Average Yield/Rate ⁽³⁾
		(Dollars in thousands)
Interest-earning assets:
Loans receivable ^{(4) (5)}	$	2,879,810	$	38,278	5.27%	$	3,159,574	$	42,857	5.43%
Investment securities		134,419		1,957	5.82%		96,893		1,297	5.35%
FHLB stock and other interest earnings-assets		250,869		2,807	4.44%		322,154		4,472	5.55%
Total interest-earning assets		3,265,098		43,042	5.23%		3,578,621		48,626	5.44%
Non-interest-earning assets		115,212					124,254
Total assets	$	3,380,310				$	3,702,875
Interest-bearing liabilities:
Interest-bearing demand accounts	$	504,860	$	2,057	1.62%	$	553,506	$	2,509	1.81%
Money market accounts		432,922		3,551	3.25%		369,329		3,177	3.44%
Savings accounts		258,165		233	0.36%		258,158		146	0.23%
Certificates of Deposit		978,503		9,445	3.83%		1,123,960		13,670	4.86%
Total interest-bearing deposits		2,174,450		15,286	2.79%		2,304,953		19,502	3.38%
Borrowed funds		330,694		4,045	4.85%		518,385		6,079	4.69%
Total interest-bearing liabilities		2,505,144		19,331	3.06%		2,823,338		25,581	3.62%
Non-interest-bearing liabilities		559,185					557,754
Total liabilities		3,064,329					3,381,092
Stockholders' equity		315,981					321,783
Total liabilities and stockholders' equity	$	3,380,310				$	3,702,875
Net interest income			$	23,711				$	23,045
Net interest rate spread ⁽¹⁾					2.17%					1.82%
Net interest margin ⁽²⁾					2.88%					2.58%

(1)Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.

(2)Net interest margin represents net interest income divided by average total interest-earning assets.

(3)Annualized.

(4)Excludes allowance for credit losses.

(5)Includes non-accrual loans.

‎


		Nine Months Ended September 30,
		2025					2024
		Average Balance		Interest Earned/Paid	Average Yield/Rate (3)		Average Balance		Interest Earned/Paid	Average Yield/Rate (3)
		(Dollars in thousands)
Interest-earning assets:
Loans receivable ^{(4) (5)}	$	2,935,643	$	115,855	5.28%	$	3,235,048	$	130,615	5.38%
Investment securities		128,570		5,308	5.52%		96,136		3,880	5.38%
FHLB stock and other interest-earning assets		273,678		9,252	4.52%		307,726		12,861	5.57%
Total Interest-earning assets		3,337,891		130,415	5.22%		3,638,910		147,356	5.40%
Non-interest-earning assets		118,092					124,401
Total assets	$	3,455,983				$	3,763,311
Interest-bearing liabilities:
Interest-bearing demand accounts	$	531,311	$	6,656	1.67%	$	553,363	$	7,018	1.69%
Money market accounts		415,214		9,954	3.21%		369,542		9,274	3.35%
Savings accounts		256,384		601	0.31%		267,900		464	0.23%
Certificates of Deposit		968,338		29,377	4.06%		1,188,454		43,224	4.85%
Total interest-bearing deposits		2,171,247		46,588	2.87%		2,379,259		59,980	3.36%
Borrowed funds		413,133		15,009	4.86%		513,193		17,549	4.56%
Total interest-bearing liabilities		2,584,380		61,597	3.19%		2,892,452		77,529	3.57%
Non-interest-bearing liabilities		553,396					551,919
Total liabilities		3,137,776					3,444,371
Stockholders' equity		318,207					318,940
Total liabilities and stockholders' equity	$	3,455,983				$	3,763,311
Net interest income			$	68,818				$	69,827
Net interest rate spread ⁽¹⁾					2.04%					1.83%
Net interest margin ⁽²⁾					2.76%					2.56%

(1)Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.

(2)Net interest margin represents net interest income divided by average total interest-earning assets.

(3)Annualized.

(4)Excludes allowance for credit losses.

(5)Includes non-accrual loans.

Results of Operations Comparison for the Three Months Ended September 30, 2025 and 2024

Net income was $4.3 million for the quarter ended September 30, 2025, and $6.7 million for the quarter ended September 30, 2024. This decrease was due to $1.2 million more in credit loss provisioning and $2.6 million more in non-interest expense for the third quarter of 2025 compared to the third quarter of 2024. This was offset by $1.1 million less in income tax provisioning and $666 thousand more in net interest income for the same period.

Interest income decreased by $5.6 million, or 11.5 percent, to $43.0 million for the third quarter of 2025 from $48.6 million for the third quarter of 2024. The average balance of interest-earning assets decreased $313.5 million, or 8.8 percent, to $3.265 billion for the third quarter of 2025 from $3.579 billion for the third quarter of 2024, while the average yield decreased 21 basis points to 5.23 percent for the third quarter of 2025 from 5.44 percent for the third quarter of 2024.

Interest expense decreased by $6.3 million to $19.3 million for the third quarter of 2025 from $25.6 million for the third quarter of 2024. The decrease resulted from a decrease in the average rate paid on interest-bearing liabilities of 56 basis points to 3.06 percent for the third quarter of 2025 from 3.62 percent for the third quarter of 2024, while the average balance of interest-bearing liabilities decreased by $318.2 million to $2.505 billion for the third quarter of 2025 from $2.823 billion for the third quarter of 2024.

The net interest margin increased to 2.88 percent for the third quarter of 2025 compared to 2.58 percent for the third quarter of 2024. The increase in the net interest margin compared to the third quarter of 2024 was the result of a decrease in the cost of interest-bearing liabilities, offset by a decrease in the yield on interest-earning assets.

During the third quarter of 2025, the Company recognized $16.9 million in net charge-offs compared to $3.4 million in net charge-offs in the third quarter of 2024. A net charge-off of $12.7 million was recorded in connection with the elimination of previously established specific reserves for a cannabis-related relationship, as initially disclosed in a Form 8-K filed in the first quarter of 2025. These specific reserves were charged off, and the associated relationship was reclassified to Other Real Estate Owned during the current quarter. The Bank had non-accrual loans totaling $93.5 million, or 3.31 percent of gross loans, at September 30, 2025, as compared to $44.7 million, or 1.48 percent of gross loans, at December 31, 2024. The allowance for credit losses on loans was $37.8 million, or 1.34 percent of gross loans, at September 30, 2025, and $34.8 million, or 1.15 percent of gross loans, at December 31, 2024. The provision for credit losses was $4.1 million for the third quarter of 2025 compared to $2.9 million for the third quarter of 2024. Management believes that the allowance for credit losses on loans was adequate at September 30, 2025 and December 31, 2024.

‎

The following table summarizes the Company’s classified loans greater than $5 million at September 30, 2025 (in thousands):


	Purpose	Loan Type	Location	Balance		Loan to Value ⁽¹⁾		Delinquency Status
1	Industrial loft and Industrial Warehouse	CRE	Brooklyn, NY	$	16,084	62	%	past due
2	Vacant Land	CRE	Basking Ridge, NJ		15,523	70		past due
3	Mixed Use -retail/office	CRE	New York, NY		15,071	40		current
4	Multi-family	Construction	Belleville, NJ		14,996	28		past due
5	Mixed use-retail/office/residential	CRE	Clifton, NJ		11,499	3		past due
6	Mixed use-retail/residential	CRE	New York, NY		10,948	63		current
7	Office building	CRE	Ridgefield Park, NJ		10,000	62		past due
8	Mixed use-retail/residential	CRE	New York, NY		9,547	68		current
9	Retail Condominium	CRE	New York, NY		7,940	53		current
10	Mixed use - retail office	CRE	Bronx, NY		7,507	62		current
11	UCCs	C&I	Clark, NJ		6,440	n/a		past due
12	Mixed use -commercial	CRE	Fort Lee, NJ		5,776	67		current
13	Mixed use -retail/residential	CRE	New York, NY		5,640	55		current

(1) Based on the most recent appraised values available.

Non-interest income decreased by $382 thousand to $2.7 million for the third quarter of 2025 from $3.1 million in the third quarter of 2024. The decrease in total non-interest income was mainly related to $782 thousand less in realized gains on equity investments and was partially offset by an increase in BOLI income of $279 thousand.

Non-interest expense increased by $2.6 million, or 19.0 percent, to $16.6 million for the third quarter of 2025 when compared to non-interest expense of $13.9 million for the third quarter of 2024. The increase in these expenses for the third quarter of 2025 was primarily driven by salaries and employee benefits, data processing and communication costs and regulatory assessment fees which increased $1.2 million, $366 thousand and $318 thousand, respectively.

The income tax provision decreased by $1.1 million, to $1.5 million for the third quarter of 2025 from $2.7 million for the third quarter of 2024. The consolidated effective tax rate was 26.6 percent for the third quarter of 2025 compared to 28.7 percent for the third quarter of 2024.

Results of Operations Comparison for Nine Months Ended September 30, 2025 and 2024

Net income decreased by $15.8 million to a loss of $498 thousand for the first nine months of 2025 from earnings of $15.4 million for the first nine months of 2024. The decrease in net income was driven, primarily, by provisioning for loan loss expense being $22.4 million higher, non-interest expense being $3.7 million higher and net interest income being $1.0 million lower. This was partly offset by the income tax provision being lower by $6.7 million and non-interest income being higher by $4.6 million.

Net interest income was $1.0 million lower as interest income decreased by $16.9 million, or 11.5 percent, to $130.4 million for the first nine months of 2025, from $147.4 million for the first nine months of 2024. The average balance of interest-earning assets decreased $301.0 million, or 8.3 percent, to $3.338 billion for the first nine months of 2025, from $3.639 billion for the first nine months of 2024, while the average yield decreased 18 basis points to 5.22 percent from 5.40 percent for the comparable period. The decrease in interest earning assets was primarily a result of loans and interest-bearing bank balances declining $299.4 million and $34.0 million, respectively. This was offset by an increase in investment securities of $32.4 million. Offsetting the increase in interest income, interest expense decreased by $15.9 million, or 20.5 percent, to $61.6 million for 2025, from $77.5 million for 2024. This decrease resulted primarily from interest on deposits which decreased $13.4 million. Interest on borrowed money declined $2.5 million for the same period. Average deposits declined $208.0 million and the average rate paid on deposits declined 49 basis points to 2.87 percent from 3.36 percent. Average borrowed funds decreased $100.1 million for the same period. The average rate paid on borrowings increased by 30 basis points to 4.86 percent.

Net interest margin increased to 2.76 percent for the first nine months of 2025, compared to 2.56 percent for the first nine months of 2024. The increase in the net interest margin compared to the prior period was the result of a decrease in the cost of the Company’s interest-bearing liabilities by 39 basis points to 3.19 percent. Offsetting that, somewhat, was a decrease in the rate earned on earning assets, which decreased 18 basis points to 5.22 percent.

During the first nine months of 2025, the Company experienced $26.8 million in net charge offs compared to $6.3 million in net charge offs for the same period in 2024. The provision for credit losses increased from $7.4 million during the first nine months of 2024 to $29.8 million for the first nine months of 2025, primarily driven by a previously reported $13.7 million specific reserve tied to a $34.2 million loan in the cannabis sector. During the third quarter of 2025, this loan was charged off and the underlying collateral is now reported on the balance sheet as other real estate owned. The Company’s cannabis loan portfolio had a balance of $69.1 million as of the end of the third quarter of 2025. The cannabis industry is facing operating challenges and the Bank’s cannabis loan portfolio, largely secured by real estate, poses an increased amount of credit risk. The portfolio has some larger relationships that could require material reserves in future periods if the operating headwinds persist.

Non-interest income increased by $4.6 million to $6.6 million for the first nine months of 2025 from $2.0 million for the first nine months of 2024. In 2024, the Bank recorded a loss on sale of loans of $4.8 million. BOLI and fees and service charges also increased $327 thousand and $259 thousand in 2025. Offsetting this was a decrease in 2025 on realized/unrealized income on equity investments of $913 thousand.

Non-interest expense increased by $3.7 million, or 8.8 percent, to $46.5 million for the first nine months of 2025 from $42.8 million for the same period in 2024. The increase in operating expenses for 2025 was driven primarily by salaries and employee benefits which increased $2.3 million for the first nine months of 2025 compared to the same period in 2024 largely for the reasons set for the above in the three month comparison. Data processing costs and professional fees also increased by $731 thousand and $442 thousand, respectively.

The income tax provision decreased by $6.7 million to an income tax benefit of $386 thousand for the first nine months of 2025 when compared to a $6.3 million provision for the same period in 2024. The decrease in the income tax provision was a result of the lower taxable income for the nine months ended September 30, 2025 compared to the same period in 2024.

‎

Liquidity and Capital Resources

Liquidity

The overall objective of our liquidity management practices is to ensure the availability of sufficient funds to meet financial commitments and to take advantage of lending and investment opportunities. The Company manages liquidity in order to meet deposit withdrawals on demand or at contractual maturity, to repay borrowings and other obligations as they mature, and to fund loan and investment portfolio opportunities as they arise.

The Company’s primary sources of funds to satisfy its objectives are net growth in deposits (primarily retail), principal and interest payments on loans and investment securities, proceeds from the sale of originated loans and FHLB and other borrowings. The scheduled amortization of loans is a predictable source of funds. Deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition. The Company has other sources of liquidity if a need for additional funds arises, including unsecured overnight lines of credit and other collateralized borrowings from the Federal Reserve Bank Discount Window, the FHLB and other correspondent banks. Our Asset / Liability Management Committee is responsible for establishing and monitoring our liquidity targets and strategies in order to ensure that sufficient liquidity exists for meeting the borrowing needs of our customers as well as unanticipated contingencies.

At September 30, 2025 and December 31, 2024, the Company had no overnight borrowings outstanding with the FHLB. The Company utilizes overnight borrowings from time to time to fund short-term liquidity needs. The Company had total outstanding borrowings of $323.9 million at September 30, 2025 as compared to $498.3 million at December 31, 2024.

At September 30, 2025, the Company had the ability to obtain additional funding of $200.3 million from the FHLB and $223.3 million from the Federal Reserve Bank Discount Window, utilizing unencumbered loan collateral. The Company expects to have sufficient funds available to meet current loan commitments in the normal course of business through typical sources of liquidity. Time deposits scheduled to mature in one year or less totaled $973.8 million at September 30, 2025. Based upon historical experience data, management estimates that a significant portion of such deposits will remain with the Company.

The Company was well-positioned with adequate levels of cash and liquid assets as of September 30, 2025 and a significant amount of available borrowing capacity with FHLB and Federal Reserve Bank Discount Window.

Subordinated Debentures

The Company has subordinated debentures outstanding, whose aggregate principal totaled $40.0 million at September 30, 2025. Refer to Note 12 of the Notes to Unaudited Consolidated Financial Statements for additional details on the outstanding subordinated debentures.

The Company also has $4.1 million of mandatory redeemable trust preferred securities outstanding. Effective September 18, 2023, the interest rate on these floating rate junior subordinated debentures adjusts quarterly based on the three-month CME Term SOFR, as adjusted by the spread adjustment of 0.26161%, plus 2.650%. The rate paid as of September 30, 2025 and 2024 was 6.935% and 7.853%, respectively. The trust preferred debenture became callable, at the Company’s option, on June 17, 2009, and quarterly thereafter.

Capital Resources

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors.

The Bank has 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. 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 September 30, 2025 and December 31, 2024, the Bank exceeded all of its regulatory capital requirements. The following table sets forth the regulatory capital ratios for the Bank as well as regulatory capital requirements for the periods presented.


		Actual				For Capital Adequacy Purposes				For Well Capitalized Under Prompt Corrective Action
	Dollars in Thousands
As of September 30, 2025:
Bank
Community Bank Leverage Ratio	$	358,205	10.60	%	$	270,343	8.00	%	$	304,136	9.00	%

As of December 31, 2024:
Bank
Community Bank Leverage Ratio	$	363,697	10.03	%	$	290,087	8.00	%	$	326,348	9.00	%

‎

The following table sets forth the regulatory capital ratios for the Company as well as the regulatory requirements for September 30, 2025 and December 31, 2024.


		Actual				For Capital Adequacy Purposes				For Well Capitalized Under Federal Reserve Board Regulations
	Dollars in Thousands
As of September 30, 2025:
Bancorp
Total Capital (to Risk-Weighted Assets)	$	394,957	13.45	%	$	234,919	8.00	%	$	293,648	10.00	%
Tier 1 Capital (to Risk-Weighted Assets)		319,209	10.87			176,196	6.00			176,196	6.00
Common Equity Tier 1 Capital (to Risk-Weighted Assets)		289,843	9.87			132,147	4.50			-	-
Tier 1 Capital (to adjust total assets)		319,209	9.46			134,972	4.00			-	-

As of December 31, 2024:
Bancorp
Total Capital (To Risk-Weighted Assets)	$	400,591	12.89	%	$	248,621	8.00	%	$	310,777	10.00	%
Tier 1 Capital (to Risk-Weighted Assets)		326,965	10.52			186,482	6.00			186,482	6.00
Common Equity Tier 1 Capital (to Risk-Weighted Assets)		298,118	9.59			139,889	4.50			-	-
Tier 1 Capital (to adjusted total assets)		326,965	9.02			144,996	4.00			-	-

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Management of Market Risk

Market risk is a broad term for the risk of economic loss due to adverse changes in the fair value of a financial instrument. These changes may be the result of various factors, including interest rates, foreign exchange prices, commodity prices, or equity prices. Financial instruments that are subject to market risk can be classified either as held for trading or held for purposes other than trading.

Qualitative Analysis. The majority of our assets and liabilities are monetary in nature. Consequently, one of our most significant forms of market risk is interest rate risk. Our assets, consisting primarily of mortgage loans, have longer maturities than our liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage interest rate risk and reduce the exposure of our net interest income to changes in market interest rates. Accordingly, our Board of Directors has established an Asset/Liability Committee which is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors. Senior management monitors the level of interest rate risk on a regular basis and the Asset/Liability Committee, which consists of senior management and outside directors operating under a policy adopted by the Board of Directors, meets quarterly or as needed to review our asset/liability policies and interest rate risk position.

Quantitative Analysis. The following table presents the Company’s net portfolio value (“NPV”). 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 September 30, 2025. Assumptions have been made by the Company relating to interest rates, loan prepayment rates, core deposit duration, and the market values of certain assets and liabilities under the various interest rate scenarios. Actual maturity dates were used for fixed rate loans and certificate accounts. Investment securities were scheduled at either the maturity date or the next scheduled call date based upon management’s judgment of whether the particular security would be called in the current interest rate environment and under assumed interest rate scenarios. Variable rate loans were scheduled as of their next scheduled interest rate repricing date. 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 an increase of 200 to 300 basis points has been excluded since it would not be meaningful in the interest rate environment as of September 30, 2025. The following sets forth the Company’s NPV as of September 30, 2025.



							NPV as a % of Assets
Change in calculation		Net Portfolio Value		$ Change from PAR	% Change from PAR		NPV Ratio		Change
(Dollars in Thousands)
+100bp	$	386,694	$	(14,452)	(3.60)	%	11.97	%	(0.25)	%
PAR		401,146		-	-		12.22		-
-100bp		409,219		8,073	2.01		12.27		0.05
-200bp		410,813		9,667	2.41		12.12		(0.11)
-300bp		417,460		16,314	4.07		12.07		(0.15)

____________

bps-basis point

The table above indicates that at September 30, 2025, in the event of a 100-basis point decrease in interest rates, we would experience a 0.05 percent increase in NPV, as compared to a 0.27 percent increase at December 31, 2024.

Certain shortcomings are inherent in the methodology used in the above interest rate risk measurement. Modeling changes in NPV require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the NPV table presented assumes that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. 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.

ITEM 4. Controls and Procedures

Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, the Company has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this quarterly report, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

There was no change to our internal controls over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

‎

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are involved, from time to time, as plaintiff or defendant in various legal actions arising in the normal course of business. As of September 30, 2025, 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 1.A. RISK FACTORS

There have been no material changes to the risk factors set forth under the Part I, Item 1.A. Risk Factors as set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFTEY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

‎

ITEM 6. EXHIBITS


Exhibit 31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2	Certification of Principal Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 32	Officers’ Certification filed pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101.INS	XBRL Instance Document
Exhibit 101.SCH	XBRL Taxonomy Extension Schema
Exhibit 101.CAL	XBRL Taxonomy Extension Calculation LinkBase
Exhibit 101.DEF	XBRL Taxonomy Extension Definition LinkBase
Exhibit 101.LAB	XBRL Taxonomy Extension Label LinkBase
Exhibit 101.PRE	XBRL Taxonomy Extension Presentation LinkBase
Exhibit 104	Cover page Interactive Data File (embedded within the Inline XBRL document)

‎

Signatures

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.



	BCB BANCORP, INC.

Date: November 5, 2025	By:	/s/ Michael A. Shriner
		Michael A. Shriner
		President and Chief Executive Officer (Principal Executive Officer)

Date: November 5, 2025	By:	/s/ Jawad Chaudhry
		Jawad Chaudhry Chief Financial Officer
		(Principal Accounting and Financial Officer)

BCB Bancorp - 10-Q quarterly report FY2025 Q3

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