10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q 

(Mark One)

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

For the quarterly period ended June 30, 2022

Or

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

For the transition period from ___________ to ___________

Commission File Number: 0-50275

BCB Bancorp, Inc.

(Exact name of registrant as specified in its charter)

New Jersey	26-0065262
(State or other jurisdiction of incorporation or organization)	(IRS Employer I.D. No.)
104-110 Avenue C Bayonne, New Jersey	07002
(Address of principal executive offices)	(Zip Code)

(201) 823-0700

(Registrant’s telephone number, including area code)

Not Applicable

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	BCBP	The Nasdaq Stock Market, LLC

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

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

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “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	x
		Emerging Growth Company	o

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

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

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of August 2, 2022, BCB Bancorp, Inc., had 16,981,867 shares of common stock, no par value, outstanding.

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BCB BANCORP INC. AND SUBSIDIARIES

INDEX

	Page
PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Financial Condition as of June 30, 2022 (unaudited) and December 31, 2021 (unaudited)		1
Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021 (unaudited)		2
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021 (unaudited)		3
Consolidated Statement of Changes in Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)		4
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)		6
Notes to Unaudited Consolidated Financial Statements		7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		26
Item 3. Quantitative and Qualitative Disclosures about Market Risk		32
Item 4. Controls and Procedures		32
PART II. OTHER INFORMATION		33
Item 1. Legal Proceedings		33
Item 1A. Risk Factors		33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		33
Item 3. Defaults Upon Senior Securities		33
Item 4. Mine Safety Disclosures		33
Item 5. Other Information		33
Item 6. Exhibits		34

PART I. CONSOLIDATED FINANCIAL INFORMATION

ITEM I. CONSOLIDATED FINANCIAL STATEMENTS

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

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

	June 30.		December 31,
	2022		2021
ASSETS
Cash and amounts due from depository institutions	$	10,182	$	9,606
Interest-earning deposits		195,990		402,023
Total cash and cash equivalents		206,172		411,629
Interest-earning time deposits		735		735
Debt securities available for sale		86,749		85,186
Equity investments		18,968		25,187
Loans held for sale		5		952
Loans receivable, net of allowance for loan losses
of $34,113 and $37,119 respectively		2,620,630		2,304,942
Federal Home Loan Bank of New York stock, at cost		6,781		6,084
Premises and equipment, net		11,075		12,237
Accrued interest receivable		10,315		9,183
Other real estate owned		75		75
Deferred income taxes		13,583		12,959
Goodwill and other intangibles		5,406		5,431
Operating lease right-of-use assets		12,194		12,457
Bank-owned life insurance ("BOLI")		70,426		72,485
Other assets		9,657		7,986
Total Assets	$	3,072,771	$	2,967,528
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Non-interest -bearing deposits	$	595,167	$	588,207
Interest bearing deposits		2,059,863		1,973,195
Total deposits		2,655,030		2,561,402
FHLB advances		86,986		71,711
Subordinated debentures		37,391		37,275
Operating lease liability		12,496		12,752
Other liabilities		9,231		10,364
Total Liabilities		2,801,134		2,693,504
STOCKHOLDERS' EQUITY
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,645 shares of Series H 3.5% and Series I 3.0%, (liquidation value $10,000 per share) noncumulative perpetual preferred stock at June 30, 2022 and 2,916 shares of Series D 4.5%, Series G 6%, Series H 3.5% and Series I 3% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at December 31, 2021		-		-
Additional paid-in capital preferred stock		16,563		28,923
Common stock: no par value; 40,000,000 shares authorized; issued 19,753,295 and 19,708,375 at June 30, 2022 and December 31, 2021, respectively, outstanding 16,984,538 and 16,940,133, at June 30, 2022 and December 31, 2021, respectively		-		-
Additional paid-in capital common stock		194,567		193,927
Retained earnings		95,393		81,171
Accumulated other comprehensive loss		(2,997)		1,128
Treasury stock, at cost, 2,813,355 and 2,768,242 shares at June 30, 2022 and December 31, 2021, respectively		(31,889)		(31,125)
Total Stockholders' Equity		271,637		274,024
Total Liabilities and Stockholders' Equity	$	3,072,771	$	2,967,528
See accompanying notes to unaudited consolidated financial statements.

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1

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Income

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

	Three Months Ended June 30,			Six Months Ended June 30,
	2022		2021	2022		2021
Interest and dividend income:
Loans, including fees	$	28,781	26,888	$	55,102	$	53,751
Mortgage-backed securities		47	167		206		373
Other investment securities		939	747		1,887		1,531
FHLB stock and other interest earning assets		694	202		990		424
Total interest income		30,461	28,004		58,185		56,079
Interest expense:
Deposits:
Demand		946	1,150		1,704		2,348
Savings and club		110	127		218		245
Certificates of deposit		849	1,639		1,829		3,631
		1,905	2,916		3,751		6,224
Borrowings		815	1,024		1,621		2,229
Total interest expense		2,720	3,940		5,372		8,453
Net interest income		27,741	24,064		52,813		47,626
(Credit) provision for loan losses			2,295		(2,575)		4,160
Net interest income after (credit) provision for loan losses		27,741	21,769		55,388		43,466
Non-interest income:
Fees and service charges		1,213	1,029		2,427		2,140
BOLI income		686	729		1,441		1,430
Gain on sales of loans		43	218		108		492
Loss on bulk sale of impaired loans held in portfolio			(64)				(64)
Gain on sales of premises			371				371
Realized and unrealized (losses) on equity investments		(2,302)	499		(4,987)		303
Other		47	38		98		98
Total non-interest income		(313)	2,820		(913)		4,770
Non-interest expense:
Salaries and employee benefits		6,715	6,512		13,451		13,057
Occupancy and equipment		2,673	2,668		5,368		5,621
Data processing and communications		1,469	1,527		2,934		2,982
Professional fees		489	491		983		903
Director fees		296	310		617		557
Regulatory assessments		244	314		548		690
Advertising and promotional		254	109		395		193
Other real estate owned, net		4	19		5		23
Loss from extinguishment of debt			194				734
Other		912	1,013		1,714		1,980
Total non-interest expense		13,056	13,157		26,015		26,740
Income before income tax provision		14,372	11,432		28,460		21,496
Income tax provision		4,209	3,382		8,345		6,329
Net Income	$	10,163	8,050	$	20,115	$	15,167
Preferred stock dividends		138	284		414		567
Net Income available to common stockholders	$	10,025	7,766	$	19,701	$	14,600
Net Income per common share-basic and diluted
Basic	$	0.59	0.45	$	1.16	$	0.85
Diluted	$	0.58	0.45	$	1.13	$	0.85
Weighted average number of common shares outstanding
Basic		16,997	17,126		16,989		17,120
Diluted		17,404	17,282		17,375		17,257

See accompanying notes to unaudited consolidated financial statements.

2

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(In thousands, Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net Income	$	10,163	$	8,050	$	20,115	$	15,167
Other comprehensive loss, net of tax:
Unrealized (losses) gains on available-for-sale debt securities:
Unrealized holding (losses) gains arising during the period		(2,290)		341		(5,485)		149
Tax Effect		568		(85)		1,360		(37)
Other comprehensive loss		(1,722)		256		(4,125)		112
Comprehensive income	$	8,441	$	8,306	$	15,990	$	15,279

See accompanying notes to unaudited consolidated financial statements.

3

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, 2022	$	-	$	-	$	222,850	$	81,171	$	(31,125)	$	1,128	$	274,024
Net income		-		-		-		20,115		-		-		20,115
Other comprehensive income		-		-		-		-		-		(4,125)		(4,125)
Stock-based compensation expense		-		-		191		-		-		-		191
Treasury Stock Purchases (45,113 shares)		-		-		-		-		(764)		-		(764)
Dividends payable on Series D 4.5%, Series G, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock		-		-		-		(450)		-		-		(450)
Redemption of Series D and Series G Preferred Stock		-		-		(14,730)		-		-		-		(14,730)
Issuance of Series I Preferred Stock		-		-		2,370		-		-		-		2,370
Cash dividends on common stock ($0.32 per share declared)		-		-				(5,213)		-		-		(5,213)
Dividend reinvestment plan						230		(230)						-
Stock Purchase Plan		-		-		219		-		-		-		219
Balance at June 30, 2022	$	-	$	-	$	211,130	$	95,393	$	(31,889)	$	(2,997)	$	271,637
	Preferred ‎Stock		Common ‎Stock		Additional ‎Paid-In ‎Capital		Retained ‎Earnings		Treasury ‎Stock		Accumulated ‎Other ‎Comprehensive ‎Income (Loss)		Total
Balance at April 1, 2022	$	-	$	-	$	220,435	$	88,132	$	(31,133)	$	(1,275)	$	276,159
Net income		-		-		-		10,163		-		-		10,163
Other comprehensive income		-		-		-		-		-		(1,722)		(1,722)
Stock-based compensation expense		-		-		96		-		-		-		96
Treasury Stock Purchases (44,598 shares)		-		-		-		-		(756)		-		(756)
Dividends payable on Series D 4.5%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock		-		-		-		(174)		-		-		(174)
Redemption of Series D and I		-		-		(9,650)		-		-		-		(9,650)
Cash dividends on common stock ($0.16 per share declared)		-		-		-		(2,612)		-		-		(2,612)
Dividend reinvestment plan		-		-		116		(116)		-		-		-
Stock Purchase Plan		-		-		133		-		-		-		133
Balance at June 30, 2022	$	-	$	-	$	211,130	$	95,393	$	(31,889)	$	(2,997)	$	271,637

See accompanying notes to unaudited consolidated financial statements.

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4

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, 2021	$	-	$	-	$	217,999	$	58,335	$	(26,918)	$	(205)	$	249,211
Net income		-		-		-		15,167		-		-		15,167
Other comprehensive income		-		-		-		-		-		112		112
Stock-based compensation expense		-		-		251		-		-		-		251
Treasury stock purchases (97,875 shares)		-		-		-		-		(1,279)		-		(1,279)
Dividends payable on Series D 4.5%, and Series G 6%, and Series H 3.5% noncumulative perpetual preferred stock		-		-		-		(567)		-		-		(567)
Cash dividends on common stock ($0.28 per share declared)		-		-		-		(4,593)		-		-		(4,593)
Dividend reinvestment plan		-		-		219		(219)		-		-		-
Stock purchase plan		-		-		222		-		-		-		222
Balance at June 30, 2021	$	-	$	-	$	218,691	$	68,123	$	(28,197)	$	(93)	$	258,524
	Preferred ‎Stock		Common ‎Stock		Additional ‎Paid-In ‎Capital		Retained ‎Earnings		Treasury ‎Stock		Accumulated ‎Other ‎Comprehensive ‎Income ‎(Loss)		Total
Balance at April 1, 2021	$	-	$	-	$	218,356	$	62,777	$	(27,330)	$	(349)	$	253,454
Net income		-		-		-		8,050		-		-		8,050
Other comprehensive income		-		-		-		-		-		256		256
Stock-based compensation expense		-		-		116		-		-		-		116
Treasury stock purchases (67,782 shares)		-		-		-		-		(867)		-		(867)
Dividends payable on Series D 4.5%, Series G 6%, and Series H 3.5% noncumulative perpetual preferred stock		-		-		-		(284)		-		-		(284)
Cash dividends on common stock ($0.14 per share declared)		-		-		-		(2,312)		-		-		(2,312)
Dividend reinvestment plan		-		-		108		(108)		-		-		-
Stock purchase plan		-		-		111		-		-		-		111
Balance at June 30, 2021	$	-	$	-	$	218,691	$	68,123	$	(28,197)	$	(93)	$	258,524

See accompanying notes to unaudited consolidated financial statements.
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5

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands, Unaudited)

	Six Months Ended June 30,
	2022		2021
Cash Flows from Operating Activities:
Net Income	$	20,115	$	15,167
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment		1,242		1,280
Amortization and accretion, net		(522)		(428)
(Credit) provision for loan losses		(2,575)		4,160
Deferred income tax expense (benefit)		736		(1,241)
Loans originated for sale		(4,856)		(19,621)
Proceeds from sales of loans		5,911		20,489
Gain on sales of loans originated for sale		(108)		(492)
Gain on sale of premises		-		(371)
Realized and unrealized losses (gains) on equity investments		4,987		(303)
Loss on bulk sale of impaired loans held in portfolio		-		64
Stock-based compensation expense		191		251
BOLI Income		(1,441)		(1,430)
(Increase) decrease in interest receivable		(1,132)		2,303
(Increase) decrease in other assets		(1,671)		824
Decrease in accrued interest payable		(46)		(265)
(Decrease) increase in other liabilities		(1,087)		938
Net Cash Provided by Operating Activities		19,744		21,325
Cash flows from investing activities:
Proceeds from repayments, calls, and maturities on securities available for sale		8,118		24,388
Purchases of securities		(15,488)		(11,129)
Proceeds from bulk sale of impaired loans		-		2,364
Proceeds from sales of securities		1,232		-
Purchase of loans				-
Net increase in loans receivable		(311,845)		(22,954)
Purchases of BOLI		-		(8,500)
Proceeds from BOLI		3,500		-
Additions to premises and equipment		(81)		(198)
Proceeds from the sale of fixed assets and premises				742
Redemption of Federal Home Loan Bank of New York stock		(697)		2,443
Net Cash Used In Investing Activities		(315,261)		(12,844)
Cash flows from financing activities:
Net increase in deposits		93,628		127,764
Proceeds from Federal Home Loan Bank of New York Advances		15,000		10,000
Repayments of Federal Home Loan Bank of New York Advances		-		(73,000)
Purchases of treasury stock		(764)		(1,279)
Cash dividends paid on common stock		(5,213)		(4,593)
Cash dividends paid on preferred stock		(450)		(567)
Net proceeds from issuance of common stock		219		222
Net proceeds from issuance of preferred stock		2,370		-
Net payment for redemption of preferred stock		(14,730)		-
Exercise of stock options		-		-
Net Cash Provided by Financing Activities		90,060		58,547
Net Increase (Decrease) Increase in Cash and Cash Equivalents		(205,457)		67,028
Cash and Cash Equivalents-Beginning		411,629		261,229
Cash and Cash Equivalents-Ending	$	206,172	$	328,257
Supplementary Cash Flow Information:
Cash paid during the period for:
Income taxes	$	9,948	$	6,800
Interest		5,419		8,718

See accompanying notes to unaudited consolidated financial statements.

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6

BCB Bancorp Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

Note 1 – Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of BCB Bancorp, Inc. (the “Company”) and the Company’s wholly owned subsidiaries, BCB Community Bank (the “Bank”), BCB Holding Company Investment Corporation, Special Asset REO I, LLC., and Special Asset REO II, LLC. The Company’s business is conducted principally through the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation.

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, 2021, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between December 31, 2021 and the date these consolidated financial statements were issued.

Risks and Uncertainties - We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The full fallout from the pandemic and its long-term impact on economies, markets, industries and financial institutions is not known at this time, and it may take years to fully determine COVID-19’s economic impact.

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, including banking, borrowing and other financial transactions. 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. A public health crisis such as the COVID-19 pandemic is no exception, and its adverse health and economic effects may adversely impact our business and financial condition. As of the date of issuance of the condensed consolidated financial statements, the extent to which the COVID-19 pandemic may impact the Company’s financial condition, liquidity, or results of operations is uncertain.

Note 2 - Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses ASU 2016-13, and related guidance, requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the consolidated financial statements. The amendments are effective for the Company in 2023. The Company has begun evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. The effect of this change cannot be ascertained at this point, and will depend upon factors including asset components, asset quality and market conditions at the adoption date. The Company has created a Current Expected Credit Loss (“CECL”) task group comprised of members of its finance, credit administration, lending, internal audit, loan operations, compliance, and information systems units. The CECL task group has become familiar with the provisions of ASU 2016-13 and is in the process of implementing the new guidance, which includes, but is not limited to: (1) identifying segments and sub-segments within the loan portfolio that have similar risk characteristics; (2) determining the appropriate methodology for each segment; (3) implementing changes that are necessary to its core operating system and interfaces to be able to capture appropriate data requirements; and (4) evaluating qualitative and economic factors to develop appropriate forecasts for integration into the model. The Company is currently evaluating the effect this guidance may have on its operating results and/or financial position, including assessing any potential impact on its capital.

Note 3 – Reclassification

Certain amounts as of December 31, 2021 and for the six month period ended June 30, 2021 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.

7

Note 4 – Equity Incentive Plans

Equity Incentive Plans

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 were 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 were permitted to receive incentive stock options. No awards were permitted to be granted under this Plan after April 26, 2021 pursuant to the terms of the 2011 Equity Incentive Plan (defined below).

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, restricted stock awards, restricted stock units, and performance awards. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Equity Incentive Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options.

Under the 2018 Equity Incentive Plan, on February 10, 2021, grants of 66,000 options, in aggregate, were declared for members of the Board of Directors of the Bank and the Company which vest over a 5-year period, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on February 10, 2021. On February 10, 2021, awards of 26,400 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 February 19, 2021, an award of 300 shares of restricted stock was declared for an officer of the Bank and the Company, which vests over a 2-year period, commencing on the anniversary of the award date.

Further, on April 26, 2021, grants of 6,800 options, in aggregate, were declared for certain officers of the Bank and the Company, which vest over a 5-year period commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on April 26, 2021.

On January 12, 2022, awards of 33,000 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.

‎

8

Note 4 – Equity Incentive Plans (Continued)

The following table presents a summary of the status of the Company’s restricted shares as of June 30, 2022 and 2021.

	Number of Shares Awarded		Weighted Average Grant Date Fair Value
Non-vested at January 1, 2022	26,700	$	12.89
Granted	33,000		16.00
Vested	(6,750)		12.89
Forfeited	-		-
Non-vested at June 30, 2022	52,950	$	14.83

Restricted stock expense for the six months ended June 30, 2022 and June 30, 2021 was $54,000 and $141,000, respectively. Expected future expenses relating to the non-vested restricted shares outstanding as of June 30, 2022 was approximately $640,000 over a weighted average period of 3.23 years.

The following table presents a summary of the status of the Company’s outstanding stock option awards as of June 30, 2022.

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at January 1, 2022	1,194,425	$	9.02-13.68	$	11.64
Options granted	-		-		-
Options exercised	(19,700)		10.55-13.68		11.92
Options forfeited	-		-		-
Options expired	-		-		-
Outstanding at June 30, 2022	1,174,725	$	9.02-13.68	$	11.63

As of June 30, 2022, stock options which were granted and were exercisable totaled 871,985. It is Company policy to issue new shares upon share option exercise.

Compensation expense for the six months ended June 30, 2022 and June 30, 2021 was $88,000 and $110,000, respectively. Expected future compensation expense relating to the 302,740 shares of unvested options outstanding as of June 30, 2022 was $500,000 over a weighted average period of 4.12 years.

‎

9

Note 5 – Net Income per Common Share

Basic net income 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 months ended June 30, 2022 and 2021, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended June 30, 2022 and 2021, the weighted average number of outstanding options considered to be anti-dilutive were 0 and 8,410, respectively. For the six months ended June 30, 2022 and 2021, the weighted average number of outstanding options considered to be anti-dilutive were 0 and 14,723 , 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 June 30,
	2022					2021
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Basic earnings per share:
Income available to common stockholders	$	10,025	16,997	$	0.59	$	7,766	17,126	$	0.45
Effect of dilutive securities:
Stock options		-	407				-	156
Diluted earnings per share:
Income available to common stockholders	$	10,025	17,404	$	0.58	$	7,766	17,282	$	0.45

	For the Six Months Ended June 30,
	2022					2021
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Basic earnings per share:
Income available to common stockholders	$	19,701	16,989	$	1.16	$	14,600	17,120	$	0.85
Effect of dilutive securities:
Stock options		-	386				-	137
Diluted earnings per share:
Income available to common stockholders	$	19,701	17,375	$	1.13	$	14,600	17,257	$	0.85

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 on equity securities during the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30,				For the six months ended June 30,
(In Thousands)	2022		2021		2022		2021
Net losses recognized during the period on equity securities held at the reporting date	$	(2,302)	$	499	$	(4,928)	$	303
Net losses recognized during the period on equity securities sold during the period		-		-		(59)		-
Realized and unrealized losses on equity investments during the reporting period	$	(2,302)	$	499	$	(4,987)	$	303

‎

10

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 June 30, 2022 and December 31, 2021:

	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
Less than one year	$	-	$	-	$	-	$	-
More than one to five years		1		-		-		1
More than five to ten years		6,182		-		163		6,019
More than ten years		22,866		-		2,172		20,694
Sub-total:		29,049		-		2,335		26,714
Corporate Debt securities:
More than five to ten years		56,694		253		983		55,964
Sub-total:		56,694		253		983		55,964
Municipal obligations:
More than ten years		4,051		20		-		4,071
Sub-total:		4,051		20		-		4,071
Total securities	$	89,794	$	273	$	3,318	$	86,749

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
Due within one year	$	2,952	$	-	$	114	$	2,838
More than one to five years		53		-		-		53
More than five to ten years		6,317		165		27		6,455
More than ten years		21,555		298		287		21,566
Sub-total:		30,877		463		428		30,912
Corporate Debt securities:
More than five to ten years		47,765		2,465		159		50,071
Sub-total:		47,765		2,465		159		50,071
Municipal obligations:
Due after ten years		4,104		99		-		4,203
Sub-total:		4,104		99		-		4,203
Total Debt Securities Available	$	82,746	$	3,027	$	587	$	85,186

‎

11

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)
June 30 2022
Residential mortgage-backed securities	$	23,194	$	1,671	$	3,520	$	664	$	26,714	$	2,335
Corporate Debt securities		31,929		983		-		-		31,929		983
	$	55,123	$	2,654	$	3,520	$	664	$	58,643	$	3,318
December 31, 2021
Residential mortgage-backed securities	$	7,801	$	159	$	4,681	$	269	$	12,482	$	428
Corporate Debt Securities		12,324		159		-		-		12,324		159
	$	20,125	$	318	$	4,681	$	269	$	24,806	$	587

Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Company intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. At June 30, 2022 and December 31, 2021, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities and corporate debt on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depended on the size of the Company’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of these securities, at June 30, 2022 and December 31, 2021, to be temporary.

Note 7 - Loans Receivable and Allowance for Loan Losses

The following tables present the recorded investment in loans receivable as of June 30, 2022 and December 31, 2021 by segment and class:

	June 30, 2022		December 31, 2021
		(In Thousands)
Residential one-to-four family	$	235,883	$	224,534
Commercial and multi-family		2,030,597		1,720,174
Construction		155,070		153,904
Commercial business(1)		181,868		191,139
Home equity(2)		51,808		50,469
Consumer		2,656		3,717
		2,657,882		2,343,937
Less:
Deferred loan fees, net		(3,139)		(1,876)
Allowance for loan losses		(34,113)		(37,119)
Total Loans, net	$	2,620,630	$	2,304,942
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

‎

12

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

Allowance for Loan Losses

The allowance for loan loss is evaluated regularly by management and reflects consideration of all significant factors that affect the collectability of the loan portfolio. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements. These elements include a general allocated reserve for performing loans, a specific reserve for impaired loans and an unallocated portion.  

The Company consistently applies the following comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include:

Lending policies and procedures;

Personnel responsible for the particular portfolio - relative to experience and ability of staff;

Trend for past due, criticized and classified loans;

Relevant economic factors;

Quality of the loan review system;

Value of collateral for collateral dependent loans;

The effect of any concentrations of credit and the changes in the level of such concentrations; and

Other external factors.

The methodology includes the segregation of the loan portfolio into two divisions: performing loans and loans determined to be impaired. Loans which are performing are evaluated homogeneously by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss experience with an adjustment for the qualitative factors listed above. Impaired loans can be loans which are more than 90 days delinquent, troubled debt restructurings, in the process of foreclosure, or a forced bankruptcy plan. These loans are individually evaluated for loan loss either by current appraisal, or net present value of expected cash flows. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly. During 2022 and 2021, additional stress tests were performed to model a potential collateral deficiency on those loans that are in sectors that have demonstrated a weakness in the current COVID environment.

The Bank also maintains an unallocated allowance to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Management must make estimates using assumptions and information that is often subjective and subject to change.

The loan portfolio is segmented into the following loan segments, where the risk level for each class is analyzed when determining the allowance for loan losses:

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.

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 loans will not provide an adequate source of repayment of the outstanding loan balance.

Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. 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.

‎

13

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

The following table sets forth the activity in the Company’s allowance for loan losses for the three and six months ended June 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2022 (in thousands):

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, April 1, 2022	$	2,501	$	20,820	$	1,965	$	8,136	$	334	$	15		209	$	33,980
Charge-offs:		-		-		-		(6)		-		-		-		(6)
Recoveries:		2		-		-		135		2		-		-		139
(Credit) Provisions:		62		337		383		(626)		51		2		(209)		-
Ending Balance, June 30, 2022		2,565		21,157		2,348		7,639		387		17		-		34,113
Ending Balance attributable to loans:
Individually evaluated for impairment		211		-		382		5,732		8		-		-		6,333
Collectively evaluated for impairment		2,354		21,157		1,966		1,907		379		17		-		27,780
Ending Balance, June 30, 2022		2,565		21,157		2,348		7,639		387		17		-		34,113
Loans Receivables:
Individually evaluated for impairment		4,786		27,629		3,043		6,182		771		-		-		42,411
Collectively evaluated for impairment		231,097		2,002,968		152,027		175,686		51,037		2,656		-		2,615,471
Total Gross Loans:	$	235,883	$	2,030,597	$	155,070	$	181,868	$	51,808	$	2,656	$	-	$	2,657,882
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)			Home Equity (2)	Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, January 1, 2022	$	4,094	$	22,065	$	2,231	$	8,000	$	533	$	14	$	182	$	37,119
Charge-offs:		-		-		-		(772)		-		-		-		(772)
Recoveries:		2		-		-		136		5		198		-		341
(Credit) Provisions:		(1,531)		(908)		117		275		(151)		(195)		(182)		(2,575)
Ending Balance, June 30, 2022	$	2,565	$	21,157	$	2,348	$	7,639	$	387	$	17	$	-	$	34,113
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

‎

14

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

The following table sets forth the activity in the Company’s allowance for loan losses for the three and six months ended June 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2021 (in thousands): 

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)		Home Equity (2)			Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, April 1, 2021	$	2,837	$	23,119	$	2,002	$	6,581	$	293	-	$	-	$	645	$	35,477
Charge-offs:		(3)		-		-		(103)		-			(198)		-		(304)
Recovery:		-		-		-		1		3			-		-		4
(Credit) Provisions:		77		1,319		339		373		(2)			201		(12)		2,295
Ending Balance June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294		$	3	$	633	$	37,472
Ending Balance attributable to loans:
Individually evaluated for impairment	$	282	$	1,486	$	150	$	5,033	$	18		$	-	$	-	$	6,969
Collectively evaluated for impairment		2,629		22,952		2,191		1,819		276			3		633		30,503
Ending Balance June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294		$	3	$	633	$	37,472
Loans Receivables:
Individually evaluated for impairment	$	5,216	$	42,013	$	2,787	$	10,982	$	1,283		$	-	$	-	$	62,281
Collectively evaluated for impairment		224,149		1,672,835		178,525		161,147		52,050			459		-		2,289,165
Total Gross Loans:	$	229,365	$	1,714,848	$	181,312	$	172,129	$	53,333		$	459	$	-	$	2,351,446
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)			Home Equity (2)	Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, January 1, 2021	$	3,293	$	21,772	$	1,977	$	6,306	$	286	$	-	$	5	$	33,639
Charge-offs:		(60)		-		-		(103)		-		(198)		-		(361)
Recovery:		27		-		-		1		6		-		-		34
(Credit) Provisions:		(349)		2,666		364		648		2		201		628		4,160
Ending Balance, June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294	$	3	$	633	$	37,472
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

The following table sets forth the amount recorded in loans receivable at December 31, 2021. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands):

		Residential		Commercial & Multi-family		Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for credit losses:
Ending Balance attributable to loans:
Individually evaluated for impairment	$	265	$	1,690	$	210	$	5,650	$	13	$	-	$	-	$	7,828
Collectively evaluated for impairment		3,829		20,375		2,021		2,350		520		14		182		29,291
Ending Balance, December 31, 2021	$	4,094	$	22,065	$	2,231	$	8,000	$	533	$	14	$	182	$	37,119
Loans Receivables:
Individually evaluated for impairment	$	4,961	$	31,745	$	2,847	$	8,746	$	1,083	$	-	$	-	$	49,382
Collectively evaluated for impairment		219,573		1,688,429		151,057		182,393		49,386		3,717		-		2,294,555
Total Gross Loans:	$	224,534	$	1,720,174	$	153,904	$	191,139	$	50,469	$	3,717	$	-	$	2,343,937
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

‎

15

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

The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and six months ended June 30, 2022 and 2021 (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2022		2022		2021		2021		2022		2022		2021		2021
	Average		Interest		Average		Interest		Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
	Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
Loans with no related allowance recorded:
Residential one-to-four family	$	2,899	$	36	$	2,961	$	37	$	2,916	$	73	$	3,335	$	71
Commercial and Multi-family		24,577		323		31,702		277		23,356		586		40,320		559
Construction		-		-		1,393		-		-		-		929		36
Commercial business(1)		1,250		5		3,780		27		1,538		70		4,468		39
Home equity(2)		459		5		1,105		12		566		10		1,111		23
Consumer		-		-		-		-		-		-		-		-
Total Impaired Loans with no allowance recorded:	$	29,185	$	369	$	40,941	$	353	$	28,376	$	739	$	50,163	$	728
Loans with an allowance recorded:
Residential one-to-four family	$	1,912	$	-	$	2,401	$	67	$	1,945	$	37	$	2,666	$	99
Commercial and Multi-family		1,688		3		11,347		102		4,735		266		8,997		231
Construction		2,999		22		1,393		3		2,948		22		929		3
Commercial business(1)		5,600		-		8,345		24		5,944		65		7,780		117
Home equity(2)		300		-		383		-		301		5		405		2
Consumer		-		-		-		-		-		-		-		-
Total Impaired Loans with an allowance recorded:	$	12,499	$	25	$	23,869	$	196	$	15,873	$	395	$	20,777	$	452
Total Impaired Loans:	$	41,684	$	394	$	64,810	$	549	$	44,249	$	1,134	$	70,940	$	1,180

__________

(1)Includes business lines of credit.

(2)Includes home equity lines of credit.

The following table summarizes the recorded investment by portfolio class at June 30, 2022 and December 31, 2021. (in thousands):

		As of June 30, 2022						As of December 31, 2021
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
		Investment		Balance		Allowance		Investment		Balance		Allowance
Loans with no related allowance recorded:
Residential one-to-four family	$	2,878	$	3,239	$	-	$	2,950	$	3,300	$	-
Commercial and multi-family		27,629		28,801		-		20,915		22,100		-
Construction		-		-		-		-		-		-
Commercial business(1)		709		975		-		2,114		6,905		-
Home equity(2)		472		472		-		779		780		-
Total Impaired Loans with no related allowance recorded:	$	31,688	$	33,487	$	-	$	26,758	$	33,085	$	-
Loans with an allowance recorded:
Residential one-to-four family	$	1,908	$	1,929	$	211	$	2,011	$	2,032	$	265
Commercial and Multi-family		-		-		-		10,830		14,494		1,690
Construction		3,043		3,043		382		2,847		2,847		210
Commercial business(1)		5,473		16,295		5,732		6,632		17,514		5,650
Home equity(2)		299		299		8		304		304		13
Total Impaired Loans with an allowance recorded:	$	10,723	$	21,566	$	6,333	$	22,624	$	37,191	$	7,828
Total Impaired Loans:	$	42,411	$	55,053	$	6,333	$	49,382	$	70,276	$	7,828

__________

(1) Includes business lines of credit.
‎(2) Includes home equity lines of credit.

‎

16

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

A troubled debt restructured loan (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a concession that would otherwise not be granted to the borrower. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses.

		At June 30, 2022		At December 31, 2021
		(In thousands)
Recorded investment in TDRs:
Accrual status	$	10,983	$	12,402
Non-accrual status		381		3,570
Total recorded investment in TDRs	$	11,364	$	15,972

The Company granted zero TDR loans and three TDR loans totaling $3,225,525 for the three months ended June 30, 2022 and June 30, 2021, respectively.

For the three months ended June 30, 2022 and June 30, 2021, TDRs, for which there was a payment default within twelve months of restructuring, totaled $0 and $134,537 for one loan, respectively.

The following table sets forth the delinquency status of total loans receivable as of June 30, 2022:

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Residential one-to-four family	$	905	$	-	$	-	$	905	$	234,978	$	235,883	$	-
Commercial and multi-family		2,531		-		757		3,288		2,027,309		2,030,597		-
Construction		-		-		3,043		3,043		152,027		155,070		-
Commercial business(1)		535		3,092		2,819		6,446		175,422		181,868		-
Home equity(2)		320		-		30		350		51,458		51,808		-
Consumer		-		-		-		-		2,656		2,656		-
Total	$	4,291	$	3,092	$	6,649	$	14,032	$	2,643,850	$	2,657,882	$	-

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2021:

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Residential one-to-four family	$	1,063	$	-	$	86	$	1,149	$	223,385	$	224,534	$	-
Commercial and multi-family		1,181		-		5,167		6,348		1,713,826		1,720,174		-
Construction		2,899		-		2,847		5,746		148,158		153,904		-
Commercial business(1)		405		166		6,775		7,346		183,793		191,139		3,124
Home equity(2)		190		-		27		217		50,252		50,469		-
Consumer		-		-		-		-		3,717		3,717		-
Total	$	5,738	$	166	$	14,902	$	20,806	$	2,323,131	$	2,343,937	$	3,124

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

17

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

The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at June 30, 2022 and December 31, 2021, 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 June 30, 2022, and December 31, 2021, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans, loans 90 days past due and still accruing, or loans that were previously 90 days past due which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the loan. There were $192,000 at June 30, 2022 and $3.8 million at December 31, 2021 in nonaccrual loans that were less than ninety days past due. Nonaccrual loans do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $670,000 at June 30, 2022 and at December 31, 2021.

		As of June 30, 2022		As of December 31, 2021
		(In Thousands)		(In Thousands)
Non-Accruing Loans:
Residential one-to-four family	$	267	$	282
Commercial and multi-family		757		8,601
Construction		3,043		2,847
Commercial business(1)		5,104		3,132
Home equity(2)		30		27
Total	$	9,201	$	14,889

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the six months ended June 30, 2022 and the twelve months ended December 31, 2021 would have been approximately $481,000 and $1.3 million, respectively.

‎

18

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

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.”

When the Company classifies problem assets, the Company may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining the Company’s regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. The loans classified as substandard are secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued.

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 “nonaccrual” 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.

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of June 30, 2022 (in thousands). As of June 30, 2022, the Company had no loans with the classified rating of doubtful or loss.

	Pass		Special Mention		Substandard		Total
Residential one-to-four family	$	235,127	$	489	$	267	$	235,883
Commercial and multi-family		1,987,912		20,585		22,100		2,030,597
Construction		152,027		-		3,043		155,070
Commercial business(1)		171,263		4,831		5,774		181,868
Home equity(2)		51,517		49		242		51,808
Consumer		2,656		-		-		2,656
Total Gross Loans	$	2,600,502	$	25,954	$	31,426	$	2,657,882

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of December 31, 2021 (in thousands). As of December 31, 2021, the Company had no loans with the classified rating of doubtful or loss.

	Pass		Special Mention		Substandard		Total
Residential one-to-four family	$	223,660	$	505	$	369	$	224,534
Commercial and multi-family		1,647,701		45,087		27,386		1,720,174
Construction		151,057		-		2,847		153,904
Commercial business(1)		178,056		4,767		8,316		191,139
Home equity(2)		50,230		-		239		50,469
Consumer		3,717		-		-		3,717
Total Gross Loans	$	2,254,421	$	50,359	$	39,157	$	2,343,937

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

‎

19

Note 8 – Stockholders’ Equity

On May 1, 2022, the Company redeemed all 940 outstanding shares of it’s Series D 4.5% Noncumulative Perpetual Preferred Stock, at their face value of $10,000 per share, for a total redemption amount of $9.4 million.

On March 24, 2022, BCB Bancorp, Inc. (the “Company”) closed a round of private placement of Series I Noncumulative Perpetual Stock, par value $0.01 per share (the “Series I Preferred Stock”), resulting in gross proceeds of $2,620,000 for 260 shares.

On February 4, 2022, the Company redeemed all 533 outstanding shares of its Series G 6.0% Noncumulative Perpetual Preferred Stock, at their face value of $10,000 per share, for a total redemption amount of $5.3 million.

On December 21, 2021, BCB Bancorp, Inc. (the “Company”) closed a round of private placement of Series I Noncumulative Perpetual Stock, par value $0.01 per share (the “Series I Preferred Stock”), resulting in gross proceeds of $3,200,000 for 320 shares.

Note 9 – Bank Owned Life Insurance

The Bank purchased an additional $8.5 million of bank owned life insurance (“BOLI”) in January, 2021. 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 June 30, 2022 the Bank had $70.4 million in BOLI. BOLI is accounted for using the cash surrender value method and 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 the acquisition of IA Bancorp, Inc. as of April 17, 2018. 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.

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 believes that the fair values of our goodwill and other intangible assets were in excess of their carrying amounts and there was no impairment at June 30, 2022.

Amortization expense of the core deposit intangibles was $12,000 and $14,000 for the three months ended June 30, 2022 and 2021, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at June 30, 2022 was $152,000 and $5.2 million, respectively. The unamortized balance of the core deposits intangibles and the amount of goodwill at June 30, 2021 was $205,000 and $5.2 million, respectively.

‎

20

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 June 30, 2022:
Securities
Debt Securities Available for Sale	$	86,749	$	-	$	86,749	$	-
Marketable Equities	$	18,968	$	18,968	$	-	$	-
Total Securities	$	105,717	$	18,968	$	86,749	$	-
As of December 31, 2021:
Securities
Debt Securities Available for Sale	$	85,186	$	-	$	85,186	$	-
Marketable Equities	$	25,187	$	25,187	$	-	$	-
Total Securities	$	110,373	$	25,187	$	85,186	$	-

The Company’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. 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 June 30, 2022 and 2021.
‎
‎There were no liabilities measured at fair value on a recurring basis at June 30, 2022 or December 31, 2021.

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 June 30, 2022
Impaired Loans	$	4,390	$	-	$	-	$	4,390
Other real estate owned	$	75	$	-	$	-	$	75
As of December 31, 2021:
Impaired Loans	$	14,796	$	-	$	-	$	14,796
Other real estate owned	$	75	$	-	$	-	$	75

‎There were no liabilities measured at fair value on a recurring basis at June 30, 2022 or December 31, 2021.
‎

21

Note 11 – Fair Values of Financial Instruments (Continued)

The following tables present additional quantitative information as of June 30, 2022 and December 31, 2021 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
June 30, 2022:
Impaired Loans	$	4,390	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	75	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
December 31, 2021:
Impaired Loans	$	14,796	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	75	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 June 30, 2022 and December 31, 2021.

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 (Carried at Cost)

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 Cost)

The fair values of loans, except for certain impaired 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.
‎

22

Note 11 – Fair Values of Financial Instruments (Continued)

Impaired Loans (Generally Carried at Fair Value)

Impaired loans are those for which the Company has measured and recorded an impairment generally 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 June 30, 2022 and December 31, 2021 consisted of the loan balances of $10.7 million net of a valuation allowance of $6.3 million and $22.6 million net of a valuation of loan allowance of $7.8 million, respectively.

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

Real Estate Owned is generally 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, passbook 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.

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 (Disclosed at Cost)

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.

‎

23

Note 11 – Fair Values of Financial Instruments (Continued)

The carrying values and estimated fair values of financial instruments were as follows as of June 30, 2022 and December 31, 2021:

		As of June 30, 2022
					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	$	206,172	$	206,172	$	206,172	$	-	$	-
Interest-earning time deposits		735		735		-		735		-
Debt securities available for sale		86,749		86,749		-		86,749		-
Equity investments		18,968		18,968		18,968		-		-
Loans held for sale		5		5		-		5		-
Loans receivable, net		2,620,630		2,495,331		-		-		2,495,331
FHLB of New York stock, at cost		6,781		6,781		-		6,781		-
Accrued interest receivable		10,315		10,315		-		10,315		-
Financial liabilities:
Deposits		2,655,030		2,404,341		1,874,751		529,590		-
Borrowings		86,986		83,035		-		83,035		-
Subordinated debentures		37,391		42,249		-		42,249		-
Accrued interest payable		1,005		1,005		-		1,005		-

		As of December 31, 2021
					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	$	411,629	$	411,629	$	411,629	$	-	$	-
Interest-earning time deposits		735		735		-		735		-
Debt securities available for sale		85,186		85,186		-		85,186		-
Equity investments		25,187		25,187		25,187		-		-
Loans held for sale		952		952		-		952		-
Loans receivable, net		2,304,942		2,313,204		-		-		2,313,204
FHLB of New York stock, at cost		6,084		6,084		-		6,084		-
Accrued interest receivable		9,183		9,183		-		9,183		-
Financial liabilities:
Deposits		2,561,402		2,520,191		1,881,121		639,070		-
Debt		71,711		71,214		-		71,214		-
Subordinated debentures		37,275		45,020		-		45,020		-
Accrued interest payable		1,051		1,051		-		1,051		-

‎

24

Note 12 – Subordinated debt

On July 30, 2018, the Company issued $33.5 million of fixed-to-floating rate subordinated debentures (the “Notes”) in a private placement. The Notes have a 10-year term and bear interest at a fixed annual rate of 5.625% for the first five years of the term (the "Fixed Interest Rate Period"). From and including August 1, 2023, the interest rate will adjust to a floating rate based on the three-month LIBOR plus 2.72% until redemption or maturity (the "Floating Interest Rate Period"). The Notes are scheduled to mature on August 1, 2028. Subject to limited exceptions, the Company cannot redeem the Notes for the first five years of the term. The Company will pay interest in arrears semi-annually during the Fixed Interest Rate Period and quarterly during the Floating Interest Rate Period during the term of the Notes. 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 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 additional capital is used for general corporate purposes including organic growth initiatives. Subordinated debt includes associated deferred costs of $233,000 and $349,000 at June 30, 2022 and December 31, 2021, respectively.

The Company also has $4,124,000 of mandatory redeemable trust preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly, equal to the three-month LIBOR plus 2.65%.

As it is anticipated that LIBOR will not be supported in its current form after June 30, 2023, the Company is reviewing the agreements for the above debentures to determine alternative reference rates and does not anticipate there will be a significant financial statement impact.

Note 13 – Lease Obligations

The Company leases 28 of its offices under various operating lease agreements. The leases have remaining terms of one year to 10 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 June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Operating lease expense	$	938	$	932	$	1,840	$	1,884
Variable lease expense-operating leases	$	257	$	244	$	476	$	490

		At June 30, 2022		At December 31, 2021
Supplemental balance sheet information related to leases:
Operating Leases
Operating lease right-of-use assets	$	12,194	$	12,457
Current liabilities	$	3,046	$	3,296
Operating lease liabilities (noncurrent portion)		10,415		10,529
Imputed Interest		(965)		(1,073)
Total operating lease liabilities	$	12,496	$	12,752

The weighted average remaining lease term for operating leases at June 30, 2022 and December 31, 2021 was 5.75 years and 5.99 years, respectively. The weighted average discount rate for operating leases at June 30, 2022 and December 31, 2021 was 2.38 percent and 2.60 percent, respectively.

The following table summarizes the Company’s maturity of lease obligations for operating leases at June 30, 2022 and December 31, 2021 (in thousands):

Maturities of lease liabilities:
		At June 30, 2022		At December 31, 2021
		Operating Leases		Operating Leases
One year or less	$	3,046	$	3,296
Over one year through three years		4,510		4,455
Over three years through five years		3,226		3,012
Over five years		2,679		3,062
Gross Operating Lease Liabilities	$	13,461	$	13,825
Imputed Interest		(965)		(1,073)
Total Operating Lease Liabilities	$	12,496	$	12,752

Note 14 – Subsequent Events

On July 13, 2022, 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 August 1, 2022 with a payment date of August 15, 2022.

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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.

Factors that could cause future results to vary from current management expectations as reflected in our forward-looking statements include, but are not limited to:

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

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

increase in unemployment levels and slowdowns in economic growth;

our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs;

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 increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates;

monetary and fiscal policies of the federal and state governments;

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

inflation;

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;

expanding regulatory requirements which could adversely affect operating results;

civil unrest in the communities that we serve;

the global spread of the Coronavirus Disease 2019 (“COVID-19”) and the impact that it is having on the United States, in general, and New Jersey and New York, in particular (see Item 1.A. Risk Factors in the Company’s Annual Report on Form 10-K); 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 June 30, 2022, we had approximately $3.073 billion in consolidated assets, $2.655 billion in deposits and $271.6 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 June 30, 2022, the Bank operated through 29 branches in Bayonne, Carteret, 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.

26

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 June 30, 2022, the Company considers the allowance for credit losses to be its critical accounting estimate.

See further discussion of this critical accounting estimate in our Annual Report on Form 10-K for the year ended December 31, 2021.

Financial Condition

Total assets increased by $105.2 million, or 3.5 percent, to $3.073 billion at June 30, 2022, from $2.968 billion at December 31, 2021. The increase in total assets was mainly related to increases in total loans partially offset by decreases in cash and cash equivalents.

Total cash and cash equivalents decreased by $205.4 million, or 49.9 percent, to $206.2 million at June 30, 2022, from $411.6 million at December 31, 2021. This decrease was primarily due to an increase in loans, partly offset by an increase in deposits.

Loans receivable, gross, increased by $313.9 million, or 13.4 percent, to $2.658 billion at June 30, 2022, from $2.344 billion at December 31, 2021. Total loan increases for the first six months of 2022 included increases of $310.5 million in commercial real estate and multi-family loans, $11.3 million in residential one-to-four family loans, $1.3 million in home equity loans, and $1.2 million in construction loans, partly offset by decreases of $9.3 million in commercial business loans, and $1.1 million in consumer loans. The allowance for loan losses decreased $3.0 million to $34.1 million, or 370.7 percent of non-accruing loans and 1.28 percent of gross loans, at June 30, 2022, as compared to an allowance for loan losses of $37.1 million, or 249.3 percent of non-accruing loans and 1.58 percent of gross loans, at December 31, 2021.

Total investment securities decreased by $4.7 million, or 4.2 percent, to $105.7 million at June 30, 2022, from $110.4 million at December 31, 2021, representing repayments, calls and maturities, and sales of $1.2 million, partly offset by purchases of $15.5 million.

Deposit liabilities increased by $93.6 million, or 3.7 percent, to $2.655 billion at June 30, 2022, from $2.561 billion at December 31, 2021. Total increases for the six months ended June 30, 2022, included $142.3 million in NOW deposit accounts, $23.2 million in money market checking accounts, $7.0 million in non-interest-bearing deposit accounts, and $17.5 million in savings and club accounts. The increase in deposits was partly offset by a decrease of $96.4 million in certificates of deposit, including listing service and brokered deposit accounts. The weighted average interest rate of certificates of deposit was 0.60 percent at June 30, 2022 and 0.72 percent at December 31, 2021.

Debt obligations increased by $15.4 million to $124.4 million at June 30, 2022, from $109.0 million at December 31, 2021, and consisted of both Federal Home Loan Bank (“FHLB”) borrowings and subordinated debt balances. The increase in debt obligations related to an overnight FHLB borrowing of $15.0 million. The weighted average interest rate of FHLB advances was 1.38 percent at June 30, 2022, and at December 31, 2021. The fixed interest rate of our subordinated debt balances was 5.625 percent at June 30, 2022, and at December 31, 2021.

Stockholders’ equity decreased by $2.4 million, or 0.9 percent, to $271.6 million at June 30, 2022, from $274.0 million at December 31, 2021. The decrease was primarily attributable to a decrease of $12.4 million in additional paid-in-capital for preferred stock and an increase in accumulated other comprehensive losses of $4.1 million. The decrease was partly offset by an increase in retained earnings of $14.2 million, or 17.5 percent, to $95.4 million at June 30, 2022, from $81.2 million at December 31, 2021, related to the net effect of net income less dividends paid for the six months ended June 30, 2022. The decrease in additional paid-in-capital for preferred stock was primarily related to the redemption of $9.4 million of the Company’s then-outstanding Series D 4.5 percent preferred stock and $5.3 million of the Company’s then-outstanding Series G 6.0 percent preferred stock, partially offset by the issuance of $2.4 million of Series I 3.0 percent preferred stock. Accumulated other comprehensive income decreased by $4.1 million over the prior year, based upon unfavorable market conditions related to the Company’s available for sale debt securities.

27

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.

		Three Months Ended June 30,
		2022					2021
		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)	$	2,517,283	$	28,781	4.57%	$	2,343,775	$	26,888	4.59%
Investment securities (6)		107,132		986	3.68%		105,520		914	3.46%
Interest earnings assets		344,510		694	0.81%		322,966		202	0.25%
Total interest-earning assets		2,968,925		30,461	4.10%		2,772,261		28,004	4.04%
Non-interest-earning assets		107,156					107,412
Total assets	$	3,076,081				$	2,879,673
Interest-bearing liabilities:
Interest-bearing demand accounts	$	796,227	$	569	0.29%	$	631,568	$	703	0.45%
Money market accounts		356,062		376	0.42%		335,877		447	0.53%
Savings accounts		346,432		110	0.13%		315,210		127	0.16%
Certificates of Deposit		565,479		850	0.60%		676,163		1,639	0.97%
Total interest-bearing deposits		2,064,200		1,905	0.37%		1,958,818		2,916	0.60%
Borrowed funds		109,436		815	2.98%		170,433		1,024	2.40%
Total interest-bearing liabilities		2,173,636		2,720	0.50%		2,129,251		3,940	0.74%
Non-interest-bearing liabilities		631,430					494,928
Total liabilities		2,805,066					2,624,179
Stockholders' equity		271,015					255,494
Total liabilities and stockholders' equity	$	3,076,081				$	2,879,673
Net interest income			$	27,741				$	24,064
Net interest rate spread(1)					3.60%					3.30%
Net interest margin(2)					3.74%					3.47%

(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 loan losses.

(5)Includes non-accrual loans which are immaterial to the yield.

(6)Includes Federal Home Loan Bank of New York Stock

‎

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		Six Months Ended June 30,
		2022					2021
		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)	$	2,431,043	$	55,102	4.53%	$	2,335,051	$	53,751	4.60%
Investment securities (6)		108,024		2,093	3.88%		109,967		1,904	3.46%
FHLB Stock and other interest earning assets		395,512		990	0.50%		293,827		424	0.29%
Total Interest-earning assets		2,934,579		58,185	3.97%		2,738,845		56,079	4.10%
Non-interest-earning assets		104,666					108,486
Total assets	$	3,039,245				$	2,847,331
Interest-bearing liabilities:
Interest-bearing demand accounts	$	751,396	$	968	0.26%	$	621,287	$	1,460	0.47%
Money market accounts		350,842		736	0.42%		326,565		888	0.54%
Savings accounts		341,531		218	0.13%		309,010		245	0.16%
Certificates of Deposit		588,518		1,829	0.62%		679,550		3,631	1.07%
Total interest-bearing deposits		2,032,287		3,751	0.37%		1,936,412		6,224	0.64%
Borrowed funds		109,272		1,621	2.97%		188,096		2,229	2.37%
Total interest-bearing liabilities		2,141,559		5,372	0.50%		2,124,508		8,453	0.80%
Non-interest-bearing liabilities		626,518					469,808
Total liabilities		2,768,077					2,594,316
Stockholders' equity		271,168					253,015
Total liabilities and stockholders' equity	$	3,039,245				$	2,847,331
Net interest income			$	52,813				$	47,626
Net interest rate spread(1)					3.47%					3.30%
Net interest margin(2)					3.60%					3.48%

(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 loan losses.

(5)Includes non-accrual loans which are immaterial to the yield.

(6)Includes Federal Home Loan Bank of New York Stock

Results of Operations comparison for the Three Months June 30, 2022 and 2021

Net income increased $2.1 million, or 26.2 percent, to $10.2 million for the three months ended June 30, 2022, compared with $8.1 million for the three months ended June 30, 2021. The increase in net income was primarily related to an increase in net interest income and decreases in the provision for loan losses and non-interest expenses, partly offset by a decrease in total non-interest income, and a higher income tax provision for the three months ended June 30, 2021 as compared to the three months ended June 30, 2020.

Net interest income increased by $3.7 million, or 15.3 percent, to $27.7 million for the second quarter of 2022, from $24.1 million for the second quarter of 2021. The increase in net interest income resulted from a $2.5 million increase in interest income as well as a decrease of $1.2 million in interest expense.

Interest income increased by $2.5 million, or 8.8 percent, to $30.5 million for the second quarter of 2022, from $28.0 million for the second quarter of 2021. The average balance of interest-earning assets increased $196.7 million, or 7.1 percent, to $2.969 billion for the second quarter of 2022, from $2.772 billion for the second quarter of 2021, while the average yield increased six basis points to 4.10 percent for the second quarter of 2022, from 4.04 percent for the second quarter of 2021. The increase in the average balance of interest-earning assets mainly related to an increase in the Company’s level of average loans receivable for the second quarter of 2022, as compared to the second quarter of 2021.

The average balance of loans receivable increased $173.5 million to $2.517 billion for the second quarter of 2022, from $2.344 billion for the second quarter of 2021. The increase in the average balance of loans receivable was the result the of the strength of the Company’s loan pipeline. Interest income on loans also included $152,000 of amortization of purchase credit fair value adjustments for the second quarter of 2022 related to a prior acquistion, which added approximately two basis points to the average yield on interest earning assets.

Interest expense decreased by $1.2 million, or 31.0 percent, to $2.7 million for the second quarter of 2022, from $3.9 million for the second quarter of 2021. This decrease resulted primarily from a decrease in the average rate on interest-bearing liabilities of 24 basis points to 0.50 percent for the second quarter of 2022, from 0.74 percent for the second quarter of 2021, partly offset by an increase in the average balance of interest-bearing liabilities of $44.4 million, or 2.1 percent, to $2.174 billion for the second quarter of 2022, from $2.129 billion for the second quarter of 2021. The decrease in the average cost of funds primarily resulted from the low interest rate environment and the Company’s focus on managing funding costs.

Net interest margin was 3.74 percent for the second quarter of 2022, compared to 3.47 percent for the second quarter of 2021. The increase in the net interest margin was the result of an increase in the average volume on loans receivable as well as a decrease in funding costs.

No provision for loan losses was recorded for the second quarter of 2022. This compared to a $2.3 million provision for loan losses during the second quarter of 2021. During the second quarter of 2022, the Company experienced $133,000 in net recoveries compared to $300,000 in net charge offs for the second quarter of 2021. The Bank had non-accrual loans totaling $9.2 million, or 0.35 percent of gross loans at June 30, 2022, as compared to $22.2 million, or 0.94 percent of gross loans at June 30, 2021. The allowance for loan losses was $34.1 million, or 1.28 percent of gross loans at June 30, 2022, and $37.5 million, or 1.59 percent of gross loans at June 30, 2021.

Noninterest income decreased by $3.1 million, or 111.1 percent, to an expense of $313,000 for the second quarter of 2022, from $2.8 million in income for the second quarter of 2021. The decrease in total noninterest income was mainly related to an increase in the unrealized loss on equity securities, a decrease in gains on the sale of premises, and a lower gain on sale of loans, partly offset by an increase in fees and service charges and other non-interest income. The $2.3 million unrealized loss on equity securities for the second quarter of 2022 represented a $2.8 million reversal from an unrealized gain of $499,000 for the second quarter 2021. The unrealized gains or losses on equity securities are based on market conditions. Gains on the sale of premises sold were $371,000 for the second quarter of 2021 with no comparable gain or loss for the second quarter of 2022. Gains on sales of loans decreased by $175,000, or 80.3 percent, to $43,000 for the second quarter of 2022, from $218,000 for the

29

second quarter of 2021. Factors considered when deciding to sell loans include market conditions, demand, and the loan portfolio. These decreases were partly offset by an increase in fees and service charge income resulting from servicing income, ATM, and other customer account fees.

Noninterest expense decreased by $101,000, or 0.8 percent, to $13.0 million for the second quarter of 2022, from $13.1 million for the second quarter of 2021. The decrease was mainly related to a decrease in debt extinguishment expense and other non-interest expense. The Company recognized an expense of $194,000 for a loss on extinguishment of debt related to the prepayment of higher-cost FHLB borrowings in the second quarter of 2021. There was no comparable expense in the second quarter of 2022. The decrease in other non-interest expense mainly related to a decrease in loan-related legal expenses. Salaries and employee benefits expense increased by $203,000, or 3.1 percent, to $6.7 million for the second quarter of 2022, from $6.5 million for the second quarter of 2021. The increase mainly related to payments made to the estate of former Chief Financial Officer, Thomas Keating, who passed away March 5, 2022, pursuant to the terms of his employment agreement. The number of full-time equivalent employees for the second quarter of 2022 was 301, compared to 303 for the first quarter of 2022, and 288 for the same period in 2021.

The income tax provision increased by $827,000, or 24.5 percent, to $4.2 million for the second quarter of 2022, from $3.4 million for the second quarter of 2021. The increase in the income tax provision was a result of higher taxable income for the second quarter of 2022, as compared with that same period for 2021. The consolidated effective tax rate for the second quarter of 2022 was 29.3 percent compared to 29.6 percent for the second quarter of 2021.

Results of Operations comparison for the Six Months Ended June 30, 2022 and 2021

Net interest income increased by $5.2 million, or 10.9 percent, to $52.8 million for the first six months of 2022, from $47.6 million for the first six months of 2021. The increase in net interest income resulted from a decrease of $3.1 million in interest expense as well as an increase of $2.1 million in interest income.

Interest income increased by $2.1 million, or 3.8 percent, to $58.2 million for the first six months of 2022, from $56.1 million for the first six months of 2021. The average balance of interest-earning assets increased $195.7 million, or 7.1 percent, to $2.935 billion for the first six months of 2022, from $2.739 billion for the first six months of 2021, while the average yield decreased 13 basis points to 3.97 percent for the first six months of 2022, from 4.10 percent for the first six months of 2021. The increase in the average balance of interest-earning assets mainly related to an increase in the Company’s level of average interest-earning deposits and loans receivable for the first six months of 2022, as compared to the first six months of 2021.

The average balance of loans receivable increased $96.0 million to $2.431 billion for the first six months of 2022, from $2.335 billion for the first six months of 2021. The increase in the average balance on loans receivable was result of the strength of the Company’s loan pipeline. Interest income on loans for the first six months of 2022 also included $308,000 of amortization of purchase credit fair value adjustments related to a prior acquisition, which added approximately four basis points to the average yield on interest earning assets.

Interest expense decreased by $3.1 million, or 36.4 percent, to $5.4 million for the first six months of 2022, from $8.5 million for the first six months of 2021. This decrease resulted primarily from a decrease in the average rate on interest-bearing liabilities of 30 basis points to 0.50 percent for the first six months of 2022, from 0.80 percent for the first six months of 2021, partly offset by an increase in the average balance of interest-bearing liabilities of $17.0 million, or 0.8 percent, to $2.141 billion for the first six months of 2022, from $2.124 billion for the first six months of 2021. The decrease in the average cost of funds primarily resulted from the low interest rate environment and the Company’s focus on managing funding costs.

Net interest margin was 3.60 percent for the first six months of 2022, compared to 3.48 percent for the first six months of 2021. The increase in the net interest margin compared to the first six months of 2021 was the result of an increase in the average volume of loans receivable as well as a decrease in funding costs.

The Company recorded a credit to the provision for loan losses of $2.6 million for the first six months of 2022, compared to a $4.2 million provision for loan losses for the first six months of 2021. The credit was recorded in the first quarter of 2022 and was primarily due to positive quantitative and qualitive factors related to the pandemic in the Company’s ALLL methodology. The qualitive factors included changes in underwriting policies, current economic conditions, delinquency statistics, the adequacy of underlying collateral and the financial strength of borrowers. Loan categories for specific business types were stressed due to rising delinquencies within those market sectors (restaurants, industrial, and mixed use/warehouse) to determine the potential for collateral shortfalls. At March 31, 2022, the stress test resulted in collateral shortfalls and costs associated with foreclosure that were lower than the previous three quarters by approximately $3.0 million. During the first six months of 2022, the Company recorded $431,000 in net charge offs compared to $327,000 in net charge offs for the first six months of 2021.

Noninterest income decreased by $5.7 million, or 119.1 percent, to an expense of $913,000 for the first six months of 2022, from $4.8 million for second quarter of 2021. The decrease in total noninterest income was mainly related to an increase in the unrealized loss of equity securities, a lower gain on sales of loans, and a decrease in gains on the sale of premises, partly offset by an increase in fees and service charges. The unrealized loss on equity securities increased $5.3 million to $5.0 million for the first six months of 2022, from an unrealized gain of $303,000 for the first six months of 2021. The unrealized gains or losses on equity securities are based on market conditions. Gains on sales of loans decreased by $384,000, or 78.0 percent, to $108,000 for the first six months of 2022, from $492,000 for the first six months of 2021. Factors considered when deciding to sell loans include market conditions, demand, and the loan portfolio. Gains on the sale of premises sold were $371,000 for the first six months of 2021 with no comparable gain or loss for the first six months of 2022. These decreases were partly offset by an increase in fees and service charge income resulting from servicing income, ATM, and other customer account fees.

Noninterest expense decreased by $725,000, or 2.7 percent, to $26.0 million for the first six months of 2022, from $26.7 million for the first six months of 2021. The decrease was mainly related to a decrease in debt extinguishment expense and other non-interest expense. The Company recognized an expense of $734,000 for a loss on extinguishment of debt related to the prepayment of higher-cost FHLB borrowings in the first six months of 2021. There was no comparable expense in the first six months of 2022. Salaries and employee benefits expense increased by $394,000, or 3.0 percent, to $13.4 million for the first six months of 2022, from $13.0 million for the first six months of 2021. The increase mainly related to payments made to the estate of former Chief Financial Officer, Thomas Keating, who passed away March 5, 2022, pursuant to the terms of his employment agreement, and normal compensation increases. The number of full-time equivalent employees for the first six months of 2022 was 302 compared to 300 for the same period of 2021.

The income tax provision increased by $2.0 million, or 31.9 percent, to $8.3 million for the first six months of 2022, from $6.3 million for the first six months of 2021. The increase in the income tax provision was a result of higher taxable income for the first six months of 2022, as compared with that same period for 2021. The consolidated effective tax rate for the first six months of 2022 was 29.3 percent compared to 29.4 percent for the first six months of 2021

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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 FHLB and other correspondent banks.

At June 30, 2022 and December 31, 2021, the Company had $15.0 million 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 FHLB borrowings of $87.0 million at June 30, 2022 and $71.7 million at December 31, 2021. The average rate of FHLB advances was 1.38 percent at June 30, 2022 and 1.39 percent at December 31, 2021. The subordinated debentures have a ten-year term and bear interest at a fixed annual rate of 5.625% for the first five years of the term. From and including August 1, 2023, the interest rate will adjust to a floating rate based on the LIBOR plus 2.72% until redemption or maturity. The Notes are scheduled to mature on August 1, 2028.

As it is anticipated that LIBOR will not be supported in its current form after June 30, 2023, the Company is reviewing the agreements for the above debentures to determine alternative reference rates and does not anticipate there will be a significant financial statement impact.

The Company had the ability at June 30, 2022 to obtain additional funding from the FHLB of up to $289.6 million, 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 $492.3 million at June 30, 2022. Based upon historical experience, 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 June 30, 2022, as well as wholesale borrowing capacity of over $800 million.

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 the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors.

On September 17, 2019, the FDIC passed a final rule providing qualifying community banking organizations the ability to opt-in to a new 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. The Bank decided to opt-in to the new CBLR, effective for the quarter ended March 31, 2020. Pursuant to the CARES Act, the federal banking regulators in April 2020 issued interim final rules to set the CBLR at 8.0% beginning in the second quarter of 2020 through the end of 2020. Beginning in 2021, the CBLR increased to 8.5% for the calendar year. At January 1, 2022, the CBLR requirement returned to 9%.

At June 30, 2022 and December 31, 2021, BCB Community Bank exceeded all of its regulatory capital requirements to which it was subject. The following table sets forth the regulatory capital ratios for BCB Community 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 June 30, 2022:
Bank
Community Bank Leverage Ratio	$	303,958	9.91	%	$	245,466	8.00	%		276,149	9.00	%
As of December 31, 2021:
Bank
Community Bank Leverage Ratio	$	299,247	9.92	%	$	211,177	7.00	%	$	256,429	8.50	%

‎

31

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Not required for smaller reporting companies.

ITEM 4. Controls and Procedures

Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Interim 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 Interim 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 Securities and Exchange Commission’s rules and forms.

There has been no change in the Company’s internal control over financial reporting during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

‎

32

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 March 31, 2022, 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 Item 1.A. Risk Factors as set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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

The following table provides certain information related to shares repurchased by the Company during the three months ended June 30, 2022:

Period	Total Number of Shares Purchased		Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 - April 30, 2022	-		-	-	-
May 1 - May 31, 2022	-		-	-	-
June 1 - June 30, 2022	44,598		16.93	44,598	153,863
Total	44,598	$	16.93	44,598	153,863

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFTEY DISCLOSURES

Not applicable

ITEM 5. OTHER INFORMATION

None.

‎

33

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)

‎

34

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: August 4, 2022	By:	/s/ Thomas Coughlin
		Thomas Coughlin
		President and Chief Executive Officer (Principal Executive Officer)
Date: August 4, 2022	By:	/s/ Karen M. Duran
		Karen M. Duran Interim Chief Financial Officer
		(Principal Accounting and Financial Officer)

35

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Thomas Coughlin, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of BCB Bancorp, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and;

d) disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2022	/s/ Thomas Coughlin
	Thomas Coughlin
	President and Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Principal Accounting Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Karen M. Duran, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of BCB Bancorp, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and;

d) disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:August 4, 2022	/s/ Karen M. Duran
	Karen M. Duran Senior Vice President and Interim Chief Financial Officer
	(Principal Accounting and Financial Officer)

EX-32

Exhibit 32

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Thomas Coughlin, President and Chief Executive Officer and Karen M. Duran, Senior Vice President and Interim Chief Financial Officer of BCB Bancorp, Inc. (the “Company”) each certify in his capacity as an officer of the Company that he has reviewed the quarterly report of the Company on Form 10-Q for the quarter ended June 30, 2022 and that to the best of his/her knowledge:

(1) the report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(2) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

The purpose of this statement is solely to comply with Title 18, Chapter 63, Section 1350 of the United States Code, as amended by Section 906 of the Sarbanes-Oxley Act of 2002.

Date: August4, 2022	/s/ Thomas Coughlin
	President and Chief Executive Officer (Principal Executive Officer)
Date: August 4, 2022	/s/ Karen M. Duran
	Senior Vice President and Interim Chief Financial Officer (Principal Accounting and Financial Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	0-50275
Entity Registrant Name	BCB Bancorp, Inc.
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	26-0065262
Entity Address, Address Line One	104-110 Avenue C
Entity Address, City or Town	Bayonne
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07002
City Area Code	201
Local Phone Number	823-0700
Title of 12(b) Security	Common Stock, no par value
Security Exchange Name	NASDAQ
Trading Symbol	BCBP
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,981,867
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001228454
Amendment Flag	false

XML

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and amounts due from depository institutions	$ 10,182	$ 9,606
Interest-earning deposits	195,990	402,023
Total cash and cash equivalents	206,172	411,629
Interest-earning time deposits	735	735
Debt securities available for sale	86,749	85,186
Equity investments	18,968	25,187
Loans held for sale	5	952
Loans receivable, net of allowance for loan losses of $34,113 and $37,119 respectively	2,620,630	2,304,942
Federal Home Loan Bank of New York stock, at cost	6,781	6,084
Premises and equipment, net	11,075	12,237
Accrued interest receivable	10,315	9,183
Other real estate owned	75	75
Deferred income taxes	13,583	12,959
Goodwill and other intangibles	5,406	5,431
Operating lease right-of-use assets	12,194	12,457
Bank-owned life insurance ("BOLI")	70,426	72,485
Other assets	9,657	7,986
Total Assets	3,072,771	2,967,528
LIABILITIES
Non-interest-bearing deposits	595,167	588,207
Interest bearing deposits	2,059,863	1,973,195
Total deposits	2,655,030	2,561,402
FHLB advances	86,986	71,711
Subordinated debentures	37,391	37,275
Operating lease liability	12,496	12,752
Other liabilities	9,231	10,364
Total Liabilities	2,801,134	2,693,504
STOCKHOLDERS' EQUITY
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,645 shares of Series H 3.5% and Series I 3.0%, (liquidation value $10,000 per share) noncumulative perpetual preferred stock at June 30, 2022 and 2,916 shares of Series D 4.5%, Series G 6%, Series H 3.5% and Series I 3% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at December 31, 2021
Additional paid-in capital preferred stock	16,563	28,923
Common stock: no par value; 40,000,000 shares authorized; issued 19,753,295 and 19,708,375 at June 30, 2022 and December 31, 2021, respectively, outstanding 16,984,538 and 16,940,133, at June 30, 2022 and December 31, 2021, respectively
Additional paid-in capital common stock	194,567	193,927
Retained earnings	95,393	81,171
Accumulated other comprehensive loss	(2,997)	1,128
Treasury stock, at cost, 2,813,355 and 2,768,242 shares at June 30, 2022 and December 31, 2021, respectively	(31,889)	(31,125)
Total Stockholders' Equity	271,637	274,024
Total Liabilities and Stockholders' Equity	$ 3,072,771	$ 2,967,528

XML

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Loans receivable, allowance for loan losses	$ 34,113	$ 34,113	$ 37,119
Preferred stock, par value per share	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued	2,645	2,645	2,916
Preferred stock, shares outstanding	2,645	2,645	2,916
Common stock, no par value	$ 0	$ 0	$ 0
Common stock, shares authorized	40,000,000	40,000,000	40,000,000
Common stock, shares issued	19,753,295	19,753,295	19,708,375
Common stock, shares outstanding	16,984,538	16,984,538	16,940,133
Treasury stock, shares	2,813,355	2,813,355	2,768,242
Series D Preferred Stock [Member]
Preferred stock, dividend rate	4.50%	4.50%	4.50%
Preferred stock, liquidation preference per share			$ 10,000
Series G Preferred Stock [Member]
Preferred stock, dividend rate			6.00%
Preferred stock, liquidation preference per share			$ 10,000
Series H Preferred Stock [Member]
Preferred stock, dividend rate	3.50%	3.50%	3.50%
Preferred stock, liquidation preference per share	$ 10,000	$ 10,000	$ 10,000
Series I Preferred Stock [Member]
Preferred stock, dividend rate	3.00%	3.00%	3.00%
Preferred stock, liquidation preference per share	$ 10,000	$ 10,000	$ 10,000

XML

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest and dividend income:
Loans, including fees	$ 28,781	$ 26,888	$ 55,102	$ 53,751
Mortgage-backed securities	47	167	206	373
Other investment securities	939	747	1,887	1,531
FHLB stock and other interest earning assets	694	202	990	424
Total interest income	30,461	28,004	58,185	56,079
Deposits:
Demand	946	1,150	1,704	2,348
Savings and club	110	127	218	245
Certificates of deposit	849	1,639	1,829	3,631
Total deposits	1,905	2,916	3,751	6,224
Borrowings	815	1,024	1,621	2,229
Total interest expense	2,720	3,940	5,372	8,453
Net interest income	27,741	24,064	52,813	47,626
(Credit) provision for loan losses		2,295	(2,575)	4,160
Net interest income after (credit) provision for loan losses	27,741	21,769	55,388	43,466
Non-interest income:
Fees and service charges	1,213	1,029	2,427	2,140
BOLI income	686	729	1,441	1,430
Gain on sales of loans	43	218	108	492
Loss on bulk sale of impaired loans held in portfolio		(64)		(64)
Gain on sales of premises		371		371
Realized and unrealized (losses) on equity investments	(2,302)	499	(4,987)	303
Other	47	38	98	98
Total non-interest income	(313)	2,820	(913)	4,770
Non-interest expense:
Salaries and employee benefits	6,715	6,512	13,451	13,057
Occupancy and equipment	2,673	2,668	5,368	5,621
Data processing and communications	1,469	1,527	2,934	2,982
Professional fees	489	491	983	903
Director fees	296	310	617	557
Regulatory assessments	244	314	548	690
Advertising and promotional	254	109	395	193
Other real estate owned, net	4	19	5	23
Loss from extinguishment of debt		194		734
Other	912	1,013	1,714	1,980
Total non-interest expense	13,056	13,157	26,015	26,740
Income before income tax provision	14,372	11,432	28,460	21,496
Income tax provision	4,209	3,382	8,345	6,329
Net Income	10,163	8,050	20,115	15,167
Preferred stock dividends	138	284	414	567
Net Income available to common stockholders	$ 10,025	$ 7,766	$ 19,701	$ 14,600
Net Income per common share-basic and diluted
Basic	$ 0.59	$ 0.45	$ 1.16	$ 0.85
Diluted	$ 0.58	$ 0.45	$ 1.13	$ 0.85
Weighted average number of common shares outstanding
Basic	16,997	17,126	16,989	17,120
Diluted	17,404	17,282	17,375	17,257

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidated Statements of Comprehensive Income [Abstract]
Net Income	$ 10,163	$ 8,050	$ 20,115	$ 15,167
Unrealized (losses) gains on available-for-sale debt securities:
Unrealized holding (losses) gains arising during the period	(2,290)	341	(5,485)	149
Tax Effect	568	(85)	1,360	(37)
Other comprehensive loss	(1,722)	256	(4,125)	112
Comprehensive income	$ 8,441	$ 8,306	$ 15,990	$ 15,279

XML

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning balance at Dec. 31, 2020			$ 217,999	$ 58,335	$ (26,918)	$ (205)	$ 249,211
Net income				15,167			15,167
Other comprehensive income						112	112
Stock-based compensation expense			251				251
Treasury stock purchases					(1,279)		(1,279)
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock				(567)			(567)
Cash dividends on common stock (per share declared)				(4,593)			(4,593)
Dividend reinvestment plan			219	(219)
Stock purchase plan			222				222
Ending balance at Jun. 30, 2021			218,691	68,123	(28,197)	(93)	258,524
Beginning balance at Mar. 31, 2021			218,356	62,777	(27,330)	(349)	253,454
Net income				8,050			8,050
Other comprehensive income						256	256
Stock-based compensation expense			116				116
Treasury stock purchases					(867)		(867)
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock				(284)			(284)
Cash dividends on common stock (per share declared)				(2,312)			(2,312)
Dividend reinvestment plan			108	(108)
Stock purchase plan			111				111
Ending balance at Jun. 30, 2021			218,691	68,123	(28,197)	(93)	258,524
Beginning balance at Dec. 31, 2021			222,850	81,171	(31,125)	1,128	274,024
Net income				20,115			20,115
Other comprehensive income						(4,125)	(4,125)
Stock-based compensation expense			191				191
Treasury stock purchases					(764)		(764)
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock				(450)			(450)
Redemption of Series D, G and I Preferred Stock			(14,730)				(14,730)
Issuance of Series I Preferred Stock			2,370				2,370
Cash dividends on common stock (per share declared)				(5,213)			(5,213)
Dividend reinvestment plan			230	(230)
Stock purchase plan			219				219
Ending balance at Jun. 30, 2022			211,130	95,393	(31,889)	(2,997)	271,637
Beginning balance at Mar. 31, 2022			220,435	88,132	(31,133)	(1,275)	276,159
Net income				10,163			10,163
Other comprehensive income						(1,722)	(1,722)
Stock-based compensation expense			96				96
Treasury stock purchases					(756)		(756)
Dividends payable on Series D 4.5%, Series G 6%, Series H 3.5%, and Series I 3.0% noncumulative perpetual preferred stock				(174)			(174)
Redemption of Series D, G and I Preferred Stock			(9,650)				(9,650)
Cash dividends on common stock (per share declared)				(2,612)			(2,612)
Dividend reinvestment plan			116	(116)
Stock purchase plan			133				133
Ending balance at Jun. 30, 2022			$ 211,130	$ 95,393	$ (31,889)	$ (2,997)	$ 271,637

XML

Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Treasury stock purchases (shares)	44,598	67,782	45,113	97,875
Cash dividends on common stock (per share)	$ 0.16	$ 0.14	$ 0.32	$ 0.28
Series D Preferred Stock [Member]
Preferred stock, dividend rate	4.50%	4.50%	4.50%	4.50%	4.50%
Series G Preferred Stock [Member]
Preferred stock, dividend rate		6.00%		6.00%	6.00%
Series H Preferred Stock [Member]
Preferred stock, dividend rate	3.50%	3.50%	3.50%	3.50%	3.50%
Series I Preferred Stock [Member]
Preferred stock, dividend rate	3.00%		3.00%		3.00%

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net Income	$ 20,115	$ 15,167
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment	1,242	1,280
Amortization and accretion, net	(522)	(428)
(Credit) provision for loan losses	(2,575)	4,160
Deferred income tax expense (benefit)	736	(1,241)
Loans originated for sale	(4,856)	(19,621)
Proceeds from sales of loans	5,911	20,489
Gain on sales of loans originated for sale	(108)	(492)
Gain on sale of premises		(371)
Realized and unrealized losses (gain) on equity investments	4,987	(303)
Loss on bulk sale of impaired loans held in portfolio		64
Stock-based compensation expense	191	251
BOLI Income	(1,441)	(1,430)
(Increase) decrease in interest receivable	(1,132)	2,303
(Increase) decrease in other assets	(1,671)	824
Decrease in accrued interest payable	(46)	(265)
(Decrease) increase in other liabilities	(1,087)	938
Net Cash Provided by Operating Activities	19,744	21,325
Cash flows from investing activities:
Proceeds from repayments, calls, and maturities on securities available for sale	8,118	24,388
Purchases of securities	(15,488)	(11,129)
Proceeds from bulk sale of impaired loans		2,364
Proceeds from sales of securities	1,232
Net increase in loans receivable	(311,845)	(22,954)
Purchases of BOLI		(8,500)
Proceeds from BOLI	3,500
Additions to premises and equipment	(81)	(198)
Proceeds from the sale of fixed assets and premises		742
Redemption of Federal Home Loan Bank of New York stock	(697)	2,443
Net Cash Used In Investing Activities	(315,261)	(12,844)
Cash flows from financing activities:
Net increase in deposits	93,628	127,764
Proceeds from Federal Home Loan Bank of New York Advances	15,000	10,000
Repayments of Federal Home Loan Bank of New York Advances		(73,000)
Purchases of treasury stock	(764)	(1,279)
Cash dividends paid on common stock	(5,213)	(4,593)
Cash dividends paid on preferred stock	(450)	(567)
Net proceeds from issuance of common stock	219	222
Net proceeds from issuance of preferred stock	2,370
Net payment for redemption of preferred stock	(14,730)
Net Cash Provided by Financing Activities	90,060	58,547
Net Increase (Decrease) in Cash and Cash Equivalents	(205,457)	67,028
Cash and Cash Equivalents - Beginning	411,629	261,229
Cash and Cash Equivalents - Ending	206,172	328,257
Supplementary Cash Flow Information:
Cash paid during the year for: Income taxes	9,948	6,800
Cash paid during the year for: Interest	$ 5,419	$ 8,718

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Basis of Presentation

6 Months Ended

Jun. 30, 2022

Basis of Presentation [Abstract]

Basis of Presentation

Note 1 – Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of BCB Bancorp, Inc. (the “Company”) and the Company’s wholly owned subsidiaries, BCB Community Bank (the “Bank”), BCB Holding Company Investment Corporation, Special Asset REO I, LLC., and Special Asset REO II, LLC. The Company’s business is conducted principally through the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation.

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, 2021, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between December 31, 2021 and the date these consolidated financial statements were issued.

Risks and Uncertainties - We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The full fallout from the pandemic and its long-term impact on economies, markets, industries and financial institutions is not known at this time, and it may take years to fully determine COVID-19’s economic impact.

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, including banking, borrowing and other financial transactions. 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. A public health crisis such as the COVID-19 pandemic is no exception, and its adverse health and economic effects may adversely impact our business and financial condition. As of the date of issuance of the condensed consolidated financial statements, the extent to which the COVID-19 pandemic may impact the Company’s financial condition, liquidity, or results of operations is uncertain.

 

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Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2022

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

Note 2 - Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses ASU 2016-13, and related guidance, requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the consolidated financial statements. The amendments are effective for the Company in 2023. The Company has begun evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. The effect of this change cannot be ascertained at this point, and will depend upon factors including asset components, asset quality and market conditions at the adoption date. The Company has created a Current Expected Credit Loss (“CECL”) task group comprised of members of its finance, credit administration, lending, internal audit, loan operations, compliance, and information systems units. The CECL task group has become familiar with the provisions of ASU 2016-13 and is in the process of implementing the new guidance, which includes, but is not limited to: (1) identifying segments and sub-segments within the loan portfolio that have similar risk characteristics; (2) determining the appropriate methodology for each segment; (3) implementing changes that are necessary to its core operating system and interfaces to be able to capture appropriate data requirements; and (4) evaluating qualitative and economic factors to develop appropriate forecasts for integration into the model. The Company is currently evaluating the effect this guidance may have on its operating results and/or financial position, including assessing any potential impact on its capital.

 

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Reclassification

6 Months Ended

Jun. 30, 2022

Reclassification [Abstract]

Reclassification

Note 3 – Reclassification

Certain amounts as of December 31, 2021 and for the six month period ended June 30, 2021 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.

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Equity Incentive Plans

6 Months Ended

Jun. 30, 2022

Equity Incentive Plans [Abstract]

Equity Incentive Plans

Note 4 – Equity Incentive Plans

Equity Incentive Plans

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 were 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 were permitted to receive incentive stock options. No awards were permitted to be granted under this Plan after April 26, 2021 pursuant to the terms of the 2011 Equity Incentive Plan (defined below).

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, restricted stock awards, restricted stock units, and performance awards. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Equity Incentive Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options.

Under the 2018 Equity Incentive Plan, on February 10, 2021, grants of 66,000 options, in aggregate, were declared for members of the Board of Directors of the Bank and the Company which vest over a 5-year period, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on February 10, 2021. On February 10, 2021, awards of 26,400 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 February 19, 2021, an award of 300 shares of restricted stock was declared for an officer of the Bank and the Company, which vests over a 2-year period, commencing on the anniversary of the award date.

Further, on April 26, 2021, grants of 6,800 options, in aggregate, were declared for certain officers of the Bank and the Company, which vest over a 5-year period commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on April 26, 2021.

On January 12, 2022, awards of 33,000 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.

‎

Note 4 – Equity Incentive Plans (Continued)

The following table presents a summary of the status of the Company’s restricted shares as of June 30, 2022 and 2021.

	Number of Shares Awarded		Weighted Average Grant Date Fair Value
Non-vested at January 1, 2022	26,700	$	12.89
Granted	33,000		16.00
Vested	(6,750)		12.89
Forfeited	-		-
Non-vested at June 30, 2022	52,950	$	14.83

Restricted stock expense for the six months ended June 30, 2022 and June 30, 2021 was $54,000 and $141,000, respectively. Expected future expenses relating to the non-vested restricted shares outstanding as of June 30, 2022 was approximately $640,000 over a weighted average period of 3.23 years.

The following table presents a summary of the status of the Company’s outstanding stock option awards as of June 30, 2022.

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at January 1, 2022	1,194,425	$	9.02-13.68	$	11.64
Options granted	-		-		-
Options exercised	(19,700)		10.55-13.68		11.92
Options forfeited	-		-		-
Options expired	-		-		-
Outstanding at June 30, 2022	1,174,725	$	9.02-13.68	$	11.63

As of June 30, 2022, stock options which were granted and were exercisable totaled 871,985. It is Company policy to issue new shares upon share option exercise.

Compensation expense for the six months ended June 30, 2022 and June 30, 2021 was $88,000 and $110,000, respectively. Expected future compensation expense relating to the 302,740 shares of unvested options outstanding as of June 30, 2022 was $500,000 over a weighted average period of 4.12 years.

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Net Income per Common Share

6 Months Ended

Jun. 30, 2022

Net Income per Common Share [Abstract]

Net Income per Common Share

Note 5 – Net Income per Common Share

Basic net income 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 months ended June 30, 2022 and 2021, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended June 30, 2022 and 2021, the weighted average number of outstanding options considered to be anti-dilutive were 0 and 8,410, respectively. For the six months ended June 30, 2022 and 2021, the weighted average number of outstanding options considered to be anti-dilutive were 0 and 14,723 , 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 June 30,
	2022					2021
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Basic earnings per share:
Income available to common stockholders	$	10,025	16,997	$	0.59	$	7,766	17,126	$	0.45
Effect of dilutive securities:
Stock options		-	407				-	156
Diluted earnings per share:
Income available to common stockholders	$	10,025	17,404	$	0.58	$	7,766	17,282	$	0.45

	For the Six Months Ended June 30,
	2022					2021
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Basic earnings per share:
Income available to common stockholders	$	19,701	16,989	$	1.16	$	14,600	17,120	$	0.85
Effect of dilutive securities:
Stock options		-	386				-	137
Diluted earnings per share:
Income available to common stockholders	$	19,701	17,375	$	1.13	$	14,600	17,257	$	0.85

 

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Securities

6 Months Ended

Jun. 30, 2022

Securities [Abstract]

Securities

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 on equity securities during the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30,				For the six months ended June 30,
(In Thousands)	2022		2021		2022		2021
Net losses recognized during the period on equity securities held at the reporting date	$	(2,302)	$	499	$	(4,928)	$	303
Net losses recognized during the period on equity securities sold during the period		-		-		(59)		-
Realized and unrealized losses on equity investments during the reporting period	$	(2,302)	$	499	$	(4,987)	$	303

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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 June 30, 2022 and December 31, 2021:

	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
Less than one year	$	-	$	-	$	-	$	-
More than one to five years		1		-		-		1
More than five to ten years		6,182		-		163		6,019
More than ten years		22,866		-		2,172		20,694
Sub-total:		29,049		-		2,335		26,714
Corporate Debt securities:
More than five to ten years		56,694		253		983		55,964
Sub-total:		56,694		253		983		55,964
Municipal obligations:
More than ten years		4,051		20		-		4,071
Sub-total:		4,051		20		-		4,071
Total securities	$	89,794	$	273	$	3,318	$	86,749

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
Due within one year	$	2,952	$	-	$	114	$	2,838
More than one to five years		53		-		-		53
More than five to ten years		6,317		165		27		6,455
More than ten years		21,555		298		287		21,566
Sub-total:		30,877		463		428		30,912
Corporate Debt securities:
More than five to ten years		47,765		2,465		159		50,071
Sub-total:		47,765		2,465		159		50,071
Municipal obligations:
Due after ten years		4,104		99		-		4,203
Sub-total:		4,104		99		-		4,203
Total Debt Securities Available	$	82,746	$	3,027	$	587	$	85,186

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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)
June 30 2022
Residential mortgage-backed securities	$	23,194	$	1,671	$	3,520	$	664	$	26,714	$	2,335
Corporate Debt securities		31,929		983		-		-		31,929		983
	$	55,123	$	2,654	$	3,520	$	664	$	58,643	$	3,318
December 31, 2021
Residential mortgage-backed securities	$	7,801	$	159	$	4,681	$	269	$	12,482	$	428
Corporate Debt Securities		12,324		159		-		-		12,324		159
	$	20,125	$	318	$	4,681	$	269	$	24,806	$	587

Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Company intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. At June 30, 2022 and December 31, 2021, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities and corporate debt on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depended on the size of the Company’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of these securities, at June 30, 2022 and December 31, 2021, to be temporary.

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Loans Receivable and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2022

Loans Receivable and Allowance for Loan Losses [Abstract]

Loans Receivable and Allowance for Loan Losses

Note 7 - Loans Receivable and Allowance for Loan Losses

The following tables present the recorded investment in loans receivable as of June 30, 2022 and December 31, 2021 by segment and class:

	June 30, 2022		December 31, 2021
		(In Thousands)
Residential one-to-four family	$	235,883	$	224,534
Commercial and multi-family		2,030,597		1,720,174
Construction		155,070		153,904
Commercial business(1)		181,868		191,139
Home equity(2)		51,808		50,469
Consumer		2,656		3,717
		2,657,882		2,343,937
Less:
Deferred loan fees, net		(3,139)		(1,876)
Allowance for loan losses		(34,113)		(37,119)
Total Loans, net	$	2,620,630	$	2,304,942
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

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

Allowance for Loan Losses

The allowance for loan loss is evaluated regularly by management and reflects consideration of all significant factors that affect the collectability of the loan portfolio. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements. These elements include a general allocated reserve for performing loans, a specific reserve for impaired loans and an unallocated portion.  

The Company consistently applies the following comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include:

Lending policies and procedures;

Personnel responsible for the particular portfolio - relative to experience and ability of staff;

Trend for past due, criticized and classified loans;

Relevant economic factors;

Quality of the loan review system;

Value of collateral for collateral dependent loans;

The effect of any concentrations of credit and the changes in the level of such concentrations; and

Other external factors.

The methodology includes the segregation of the loan portfolio into two divisions: performing loans and loans determined to be impaired. Loans which are performing are evaluated homogeneously by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss experience with an adjustment for the qualitative factors listed above. Impaired loans can be loans which are more than 90 days delinquent, troubled debt restructurings, in the process of foreclosure, or a forced bankruptcy plan. These loans are individually evaluated for loan loss either by current appraisal, or net present value of expected cash flows. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly. During 2022 and 2021, additional stress tests were performed to model a potential collateral deficiency on those loans that are in sectors that have demonstrated a weakness in the current COVID environment.

The Bank also maintains an unallocated allowance to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Management must make estimates using assumptions and information that is often subjective and subject to change.

The loan portfolio is segmented into the following loan segments, where the risk level for each class is analyzed when determining the allowance for loan losses:

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.

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 loans will not provide an adequate source of repayment of the outstanding loan balance.

Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. 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.

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

The following table sets forth the activity in the Company’s allowance for loan losses for the three and six months ended June 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2022 (in thousands):

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, April 1, 2022	$	2,501	$	20,820	$	1,965	$	8,136	$	334	$	15		209	$	33,980
Charge-offs:		-		-		-		(6)		-		-		-		(6)
Recoveries:		2		-		-		135		2		-		-		139
(Credit) Provisions:		62		337		383		(626)		51		2		(209)		-
Ending Balance, June 30, 2022		2,565		21,157		2,348		7,639		387		17		-		34,113
Ending Balance attributable to loans:
Individually evaluated for impairment		211		-		382		5,732		8		-		-		6,333
Collectively evaluated for impairment		2,354		21,157		1,966		1,907		379		17		-		27,780
Ending Balance, June 30, 2022		2,565		21,157		2,348		7,639		387		17		-		34,113
Loans Receivables:
Individually evaluated for impairment		4,786		27,629		3,043		6,182		771		-		-		42,411
Collectively evaluated for impairment		231,097		2,002,968		152,027		175,686		51,037		2,656		-		2,615,471
Total Gross Loans:	$	235,883	$	2,030,597	$	155,070	$	181,868	$	51,808	$	2,656	$	-	$	2,657,882
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)			Home Equity (2)	Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, January 1, 2022	$	4,094	$	22,065	$	2,231	$	8,000	$	533	$	14	$	182	$	37,119
Charge-offs:		-		-		-		(772)		-		-		-		(772)
Recoveries:		2		-		-		136		5		198		-		341
(Credit) Provisions:		(1,531)		(908)		117		275		(151)		(195)		(182)		(2,575)
Ending Balance, June 30, 2022	$	2,565	$	21,157	$	2,348	$	7,639	$	387	$	17	$	-	$	34,113
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

‎

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

The following table sets forth the activity in the Company’s allowance for loan losses for the three and six months ended June 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2021 (in thousands): 

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)		Home Equity (2)			Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, April 1, 2021	$	2,837	$	23,119	$	2,002	$	6,581	$	293	-	$	-	$	645	$	35,477
Charge-offs:		(3)		-		-		(103)		-			(198)		-		(304)
Recovery:		-		-		-		1		3			-		-		4
(Credit) Provisions:		77		1,319		339		373		(2)			201		(12)		2,295
Ending Balance June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294		$	3	$	633	$	37,472
Ending Balance attributable to loans:
Individually evaluated for impairment	$	282	$	1,486	$	150	$	5,033	$	18		$	-	$	-	$	6,969
Collectively evaluated for impairment		2,629		22,952		2,191		1,819		276			3		633		30,503
Ending Balance June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294		$	3	$	633	$	37,472
Loans Receivables:
Individually evaluated for impairment	$	5,216	$	42,013	$	2,787	$	10,982	$	1,283		$	-	$	-	$	62,281
Collectively evaluated for impairment		224,149		1,672,835		178,525		161,147		52,050			459		-		2,289,165
Total Gross Loans:	$	229,365	$	1,714,848	$	181,312	$	172,129	$	53,333		$	459	$	-	$	2,351,446
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)			Home Equity (2)	Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, January 1, 2021	$	3,293	$	21,772	$	1,977	$	6,306	$	286	$	-	$	5	$	33,639
Charge-offs:		(60)		-		-		(103)		-		(198)		-		(361)
Recovery:		27		-		-		1		6		-		-		34
(Credit) Provisions:		(349)		2,666		364		648		2		201		628		4,160
Ending Balance, June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294	$	3	$	633	$	37,472
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

The following table sets forth the amount recorded in loans receivable at December 31, 2021. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands):

		Residential		Commercial & Multi-family		Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for credit losses:
Ending Balance attributable to loans:
Individually evaluated for impairment	$	265	$	1,690	$	210	$	5,650	$	13	$	-	$	-	$	7,828
Collectively evaluated for impairment		3,829		20,375		2,021		2,350		520		14		182		29,291
Ending Balance, December 31, 2021	$	4,094	$	22,065	$	2,231	$	8,000	$	533	$	14	$	182	$	37,119
Loans Receivables:
Individually evaluated for impairment	$	4,961	$	31,745	$	2,847	$	8,746	$	1,083	$	-	$	-	$	49,382
Collectively evaluated for impairment		219,573		1,688,429		151,057		182,393		49,386		3,717		-		2,294,555
Total Gross Loans:	$	224,534	$	1,720,174	$	153,904	$	191,139	$	50,469	$	3,717	$	-	$	2,343,937
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

‎

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

The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and six months ended June 30, 2022 and 2021 (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2022		2022		2021		2021		2022		2022		2021		2021
	Average		Interest		Average		Interest		Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
	Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
Loans with no related allowance recorded:
Residential one-to-four family	$	2,899	$	36	$	2,961	$	37	$	2,916	$	73	$	3,335	$	71
Commercial and Multi-family		24,577		323		31,702		277		23,356		586		40,320		559
Construction		-		-		1,393		-		-		-		929		36
Commercial business(1)		1,250		5		3,780		27		1,538		70		4,468		39
Home equity(2)		459		5		1,105		12		566		10		1,111		23
Consumer		-		-		-		-		-		-		-		-
Total Impaired Loans with no allowance recorded:	$	29,185	$	369	$	40,941	$	353	$	28,376	$	739	$	50,163	$	728
Loans with an allowance recorded:
Residential one-to-four family	$	1,912	$	-	$	2,401	$	67	$	1,945	$	37	$	2,666	$	99
Commercial and Multi-family		1,688		3		11,347		102		4,735		266		8,997		231
Construction		2,999		22		1,393		3		2,948		22		929		3
Commercial business(1)		5,600		-		8,345		24		5,944		65		7,780		117
Home equity(2)		300		-		383		-		301		5		405		2
Consumer		-		-		-		-		-		-		-		-
Total Impaired Loans with an allowance recorded:	$	12,499	$	25	$	23,869	$	196	$	15,873	$	395	$	20,777	$	452
Total Impaired Loans:	$	41,684	$	394	$	64,810	$	549	$	44,249	$	1,134	$	70,940	$	1,180

__________

(1)Includes business lines of credit.

(2)Includes home equity lines of credit.

The following table summarizes the recorded investment by portfolio class at June 30, 2022 and December 31, 2021. (in thousands):

		As of June 30, 2022						As of December 31, 2021
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
		Investment		Balance		Allowance		Investment		Balance		Allowance
Loans with no related allowance recorded:
Residential one-to-four family	$	2,878	$	3,239	$	-	$	2,950	$	3,300	$	-
Commercial and multi-family		27,629		28,801		-		20,915		22,100		-
Construction		-		-		-		-		-		-
Commercial business(1)		709		975		-		2,114		6,905		-
Home equity(2)		472		472		-		779		780		-
Total Impaired Loans with no related allowance recorded:	$	31,688	$	33,487	$	-	$	26,758	$	33,085	$	-
Loans with an allowance recorded:
Residential one-to-four family	$	1,908	$	1,929	$	211	$	2,011	$	2,032	$	265
Commercial and Multi-family		-		-		-		10,830		14,494		1,690
Construction		3,043		3,043		382		2,847		2,847		210
Commercial business(1)		5,473		16,295		5,732		6,632		17,514		5,650
Home equity(2)		299		299		8		304		304		13
Total Impaired Loans with an allowance recorded:	$	10,723	$	21,566	$	6,333	$	22,624	$	37,191	$	7,828
Total Impaired Loans:	$	42,411	$	55,053	$	6,333	$	49,382	$	70,276	$	7,828

__________

(1) Includes business lines of credit.
‎(2) Includes home equity lines of credit.

‎

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

A troubled debt restructured loan (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a concession that would otherwise not be granted to the borrower. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses.

		At June 30, 2022		At December 31, 2021
		(In thousands)
Recorded investment in TDRs:
Accrual status	$	10,983	$	12,402
Non-accrual status		381		3,570
Total recorded investment in TDRs	$	11,364	$	15,972

The Company granted zero TDR loans and three TDR loans totaling $3,225,525 for the three months ended June 30, 2022 and June 30, 2021, respectively.

For the three months ended June 30, 2022 and June 30, 2021, TDRs, for which there was a payment default within twelve months of restructuring, totaled $0 and $134,537 for one loan, respectively.

The following table sets forth the delinquency status of total loans receivable as of June 30, 2022:

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Residential one-to-four family	$	905	$	-	$	-	$	905	$	234,978	$	235,883	$	-
Commercial and multi-family		2,531		-		757		3,288		2,027,309		2,030,597		-
Construction		-		-		3,043		3,043		152,027		155,070		-
Commercial business(1)		535		3,092		2,819		6,446		175,422		181,868		-
Home equity(2)		320		-		30		350		51,458		51,808		-
Consumer		-		-		-		-		2,656		2,656		-
Total	$	4,291	$	3,092	$	6,649	$	14,032	$	2,643,850	$	2,657,882	$	-

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2021:

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Residential one-to-four family	$	1,063	$	-	$	86	$	1,149	$	223,385	$	224,534	$	-
Commercial and multi-family		1,181		-		5,167		6,348		1,713,826		1,720,174		-
Construction		2,899		-		2,847		5,746		148,158		153,904		-
Commercial business(1)		405		166		6,775		7,346		183,793		191,139		3,124
Home equity(2)		190		-		27		217		50,252		50,469		-
Consumer		-		-		-		-		3,717		3,717		-
Total	$	5,738	$	166	$	14,902	$	20,806	$	2,323,131	$	2,343,937	$	3,124

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

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

The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at June 30, 2022 and December 31, 2021, 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 June 30, 2022, and December 31, 2021, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans, loans 90 days past due and still accruing, or loans that were previously 90 days past due which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the loan. There were $192,000 at June 30, 2022 and $3.8 million at December 31, 2021 in nonaccrual loans that were less than ninety days past due. Nonaccrual loans do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $670,000 at June 30, 2022 and at December 31, 2021.

		As of June 30, 2022		As of December 31, 2021
		(In Thousands)		(In Thousands)
Non-Accruing Loans:
Residential one-to-four family	$	267	$	282
Commercial and multi-family		757		8,601
Construction		3,043		2,847
Commercial business(1)		5,104		3,132
Home equity(2)		30		27
Total	$	9,201	$	14,889

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the six months ended June 30, 2022 and the twelve months ended December 31, 2021 would have been approximately $481,000 and $1.3 million, respectively.

‎

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

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.”

When the Company classifies problem assets, the Company may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining the Company’s regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. The loans classified as substandard are secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued.

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 “nonaccrual” 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.

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of June 30, 2022 (in thousands). As of June 30, 2022, the Company had no loans with the classified rating of doubtful or loss.

	Pass		Special Mention		Substandard		Total
Residential one-to-four family	$	235,127	$	489	$	267	$	235,883
Commercial and multi-family		1,987,912		20,585		22,100		2,030,597
Construction		152,027		-		3,043		155,070
Commercial business(1)		171,263		4,831		5,774		181,868
Home equity(2)		51,517		49		242		51,808
Consumer		2,656		-		-		2,656
Total Gross Loans	$	2,600,502	$	25,954	$	31,426	$	2,657,882

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of December 31, 2021 (in thousands). As of December 31, 2021, the Company had no loans with the classified rating of doubtful or loss.

	Pass		Special Mention		Substandard		Total
Residential one-to-four family	$	223,660	$	505	$	369	$	224,534
Commercial and multi-family		1,647,701		45,087		27,386		1,720,174
Construction		151,057		-		2,847		153,904
Commercial business(1)		178,056		4,767		8,316		191,139
Home equity(2)		50,230		-		239		50,469
Consumer		3,717		-		-		3,717
Total Gross Loans	$	2,254,421	$	50,359	$	39,157	$	2,343,937

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 8 – Stockholders’ Equity

On May 1, 2022, the Company redeemed all 940 outstanding shares of it’s Series D 4.5% Noncumulative Perpetual Preferred Stock, at their face value of $10,000 per share, for a total redemption amount of $9.4 million.

On March 24, 2022, BCB Bancorp, Inc. (the “Company”) closed a round of private placement of Series I Noncumulative Perpetual Stock, par value $0.01 per share (the “Series I Preferred Stock”), resulting in gross proceeds of $2,620,000 for 260 shares.

On February 4, 2022, the Company redeemed all 533 outstanding shares of its Series G 6.0% Noncumulative Perpetual Preferred Stock, at their face value of $10,000 per share, for a total redemption amount of $5.3 million.

On December 21, 2021, BCB Bancorp, Inc. (the “Company”) closed a round of private placement of Series I Noncumulative Perpetual Stock, par value $0.01 per share (the “Series I Preferred Stock”), resulting in gross proceeds of $3,200,000 for 320 shares.

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Bank Owned Life Insurance

6 Months Ended

Jun. 30, 2022

Bank Owned Life Insurance [Abstract]

Bank Owned Life Insurance

Note 9 – Bank Owned Life Insurance

The Bank purchased an additional $8.5 million of bank owned life insurance (“BOLI”) in January, 2021. 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 June 30, 2022 the Bank had $70.4 million in BOLI. BOLI is accounted for using the cash surrender value method and is recorded at its net realizable value.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 10 – Goodwill and Other Intangible Assets

The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with the acquisition of IA Bancorp, Inc. as of April 17, 2018. 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.

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 believes that the fair values of our goodwill and other intangible assets were in excess of their carrying amounts and there was no impairment at June 30, 2022.

Amortization expense of the core deposit intangibles was $12,000 and $14,000 for the three months ended June 30, 2022 and 2021, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at June 30, 2022 was $152,000 and $5.2 million, respectively. The unamortized balance of the core deposits intangibles and the amount of goodwill at June 30, 2021 was $205,000 and $5.2 million, respectively.

‎

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2022

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

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 June 30, 2022:
Securities
Debt Securities Available for Sale	$	86,749	$	-	$	86,749	$	-
Marketable Equities	$	18,968	$	18,968	$	-	$	-
Total Securities	$	105,717	$	18,968	$	86,749	$	-
As of December 31, 2021:
Securities
Debt Securities Available for Sale	$	85,186	$	-	$	85,186	$	-
Marketable Equities	$	25,187	$	25,187	$	-	$	-
Total Securities	$	110,373	$	25,187	$	85,186	$	-

The Company’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. 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 June 30, 2022 and 2021.
‎
‎There were no liabilities measured at fair value on a recurring basis at June 30, 2022 or December 31, 2021.

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 June 30, 2022
Impaired Loans	$	4,390	$	-	$	-	$	4,390
Other real estate owned	$	75	$	-	$	-	$	75
As of December 31, 2021:
Impaired Loans	$	14,796	$	-	$	-	$	14,796
Other real estate owned	$	75	$	-	$	-	$	75

‎There were no liabilities measured at fair value on a recurring basis at June 30, 2022 or December 31, 2021.
‎

Note 11 – Fair Values of Financial Instruments (Continued)

The following tables present additional quantitative information as of June 30, 2022 and December 31, 2021 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
June 30, 2022:
Impaired Loans	$	4,390	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	75	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
December 31, 2021:
Impaired Loans	$	14,796	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	75	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 June 30, 2022 and December 31, 2021.

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 (Carried at Cost)

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 Cost)

The fair values of loans, except for certain impaired 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.
‎

Note 11 – Fair Values of Financial Instruments (Continued)

Impaired Loans (Generally Carried at Fair Value)

Impaired loans are those for which the Company has measured and recorded an impairment generally 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 June 30, 2022 and December 31, 2021 consisted of the loan balances of $10.7 million net of a valuation allowance of $6.3 million and $22.6 million net of a valuation of loan allowance of $7.8 million, respectively.

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

Real Estate Owned is generally 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, passbook 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.

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 (Disclosed at Cost)

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.

‎

Note 11 – Fair Values of Financial Instruments (Continued)

The carrying values and estimated fair values of financial instruments were as follows as of June 30, 2022 and December 31, 2021:

		As of June 30, 2022
					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	$	206,172	$	206,172	$	206,172	$	-	$	-
Interest-earning time deposits		735		735		-		735		-
Debt securities available for sale		86,749		86,749		-		86,749		-
Equity investments		18,968		18,968		18,968		-		-
Loans held for sale		5		5		-		5		-
Loans receivable, net		2,620,630		2,495,331		-		-		2,495,331
FHLB of New York stock, at cost		6,781		6,781		-		6,781		-
Accrued interest receivable		10,315		10,315		-		10,315		-
Financial liabilities:
Deposits		2,655,030		2,404,341		1,874,751		529,590		-
Borrowings		86,986		83,035		-		83,035		-
Subordinated debentures		37,391		42,249		-		42,249		-
Accrued interest payable		1,005		1,005		-		1,005		-

		As of December 31, 2021
					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	$	411,629	$	411,629	$	411,629	$	-	$	-
Interest-earning time deposits		735		735		-		735		-
Debt securities available for sale		85,186		85,186		-		85,186		-
Equity investments		25,187		25,187		25,187		-		-
Loans held for sale		952		952		-		952		-
Loans receivable, net		2,304,942		2,313,204		-		-		2,313,204
FHLB of New York stock, at cost		6,084		6,084		-		6,084		-
Accrued interest receivable		9,183		9,183		-		9,183		-
Financial liabilities:
Deposits		2,561,402		2,520,191		1,881,121		639,070		-
Debt		71,711		71,214		-		71,214		-
Subordinated debentures		37,275		45,020		-		45,020		-
Accrued interest payable		1,051		1,051		-		1,051		-

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Subordinated Debt

6 Months Ended

Jun. 30, 2022

Subordinated Debt [Abstract]

Subordinated Debt

Note 12 – Subordinated debt

On July 30, 2018, the Company issued $33.5 million of fixed-to-floating rate subordinated debentures (the “Notes”) in a private placement. The Notes have a 10-year term and bear interest at a fixed annual rate of 5.625% for the first five years of the term (the "Fixed Interest Rate Period"). From and including August 1, 2023, the interest rate will adjust to a floating rate based on the three-month LIBOR plus 2.72% until redemption or maturity (the "Floating Interest Rate Period"). The Notes are scheduled to mature on August 1, 2028. Subject to limited exceptions, the Company cannot redeem the Notes for the first five years of the term. The Company will pay interest in arrears semi-annually during the Fixed Interest Rate Period and quarterly during the Floating Interest Rate Period during the term of the Notes. 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 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 additional capital is used for general corporate purposes including organic growth initiatives. Subordinated debt includes associated deferred costs of $233,000 and $349,000 at June 30, 2022 and December 31, 2021, respectively.

The Company also has $4,124,000 of mandatory redeemable trust preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly, equal to the three-month LIBOR plus 2.65%.

As it is anticipated that LIBOR will not be supported in its current form after June 30, 2023, the Company is reviewing the agreements for the above debentures to determine alternative reference rates and does not anticipate there will be a significant financial statement impact.

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Lease Obligations

6 Months Ended

Jun. 30, 2022

Lease Obligations [Abstract]

Lease Obligations

Note 13 – Lease Obligations

The Company leases 28 of its offices under various operating lease agreements. The leases have remaining terms of one year to 10 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 June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Operating lease expense	$	938	$	932	$	1,840	$	1,884
Variable lease expense-operating leases	$	257	$	244	$	476	$	490

		At June 30, 2022		At December 31, 2021
Supplemental balance sheet information related to leases:
Operating Leases
Operating lease right-of-use assets	$	12,194	$	12,457
Current liabilities	$	3,046	$	3,296
Operating lease liabilities (noncurrent portion)		10,415		10,529
Imputed Interest		(965)		(1,073)
Total operating lease liabilities	$	12,496	$	12,752

The weighted average remaining lease term for operating leases at June 30, 2022 and December 31, 2021 was 5.75 years and 5.99 years, respectively. The weighted average discount rate for operating leases at June 30, 2022 and December 31, 2021 was 2.38 percent and 2.60 percent, respectively.

The following table summarizes the Company’s maturity of lease obligations for operating leases at June 30, 2022 and December 31, 2021 (in thousands):

Maturities of lease liabilities:
		At June 30, 2022		At December 31, 2021
		Operating Leases		Operating Leases
One year or less	$	3,046	$	3,296
Over one year through three years		4,510		4,455
Over three years through five years		3,226		3,012
Over five years		2,679		3,062
Gross Operating Lease Liabilities	$	13,461	$	13,825
Imputed Interest		(965)		(1,073)
Total Operating Lease Liabilities	$	12,496	$	12,752

 

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Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 14 – Subsequent Events

On July 13, 2022, 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 August 1, 2022 with a payment date of August 15, 2022.

 

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Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2022

Equity Incentive Plans [Abstract]

Summary of Status of Restricted Shares

	Number of Shares Awarded		Weighted Average Grant Date Fair Value
Non-vested at January 1, 2022	26,700	$	12.89
Granted	33,000		16.00
Vested	(6,750)		12.89
Forfeited	-		-
Non-vested at June 30, 2022	52,950	$	14.83

Summary of Stock Option Activity

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at January 1, 2022	1,194,425	$	9.02-13.68	$	11.64
Options granted	-		-		-
Options exercised	(19,700)		10.55-13.68		11.92
Options forfeited	-		-		-
Options expired	-		-		-
Outstanding at June 30, 2022	1,174,725	$	9.02-13.68	$	11.63

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Net Income per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

Net Income per Common Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	For the Three Months Ended June 30,
	2022					2021
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Basic earnings per share:
Income available to common stockholders	$	10,025	16,997	$	0.59	$	7,766	17,126	$	0.45
Effect of dilutive securities:
Stock options		-	407				-	156
Diluted earnings per share:
Income available to common stockholders	$	10,025	17,404	$	0.58	$	7,766	17,282	$	0.45

	For the Six Months Ended June 30,
	2022					2021
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, except per share data)
Basic earnings per share:
Income available to common stockholders	$	19,701	16,989	$	1.16	$	14,600	17,120	$	0.85
Effect of dilutive securities:
Stock options		-	386				-	137
Diluted earnings per share:
Income available to common stockholders	$	19,701	17,375	$	1.13	$	14,600	17,257	$	0.85

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Securities (Tables)

6 Months Ended

Jun. 30, 2022

Securities [Abstract]

Summary of Disaggregated Net Losses on Equity Securities

	For the three months ended June 30,				For the six months ended June 30,
(In Thousands)	2022		2021		2022		2021
Net losses recognized during the period on equity securities held at the reporting date	$	(2,302)	$	499	$	(4,928)	$	303
Net losses recognized during the period on equity securities sold during the period		-		-		(59)		-
Realized and unrealized losses on equity investments during the reporting period	$	(2,302)	$	499	$	(4,987)	$	303

Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale

	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
Less than one year	$	-	$	-	$	-	$	-
More than one to five years		1		-		-		1
More than five to ten years		6,182		-		163		6,019
More than ten years		22,866		-		2,172		20,694
Sub-total:		29,049		-		2,335		26,714
Corporate Debt securities:
More than five to ten years		56,694		253		983		55,964
Sub-total:		56,694		253		983		55,964
Municipal obligations:
More than ten years		4,051		20		-		4,071
Sub-total:		4,051		20		-		4,071
Total securities	$	89,794	$	273	$	3,318	$	86,749

	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential Mortgage-backed securities:
Due within one year	$	2,952	$	-	$	114	$	2,838
More than one to five years		53		-		-		53
More than five to ten years		6,317		165		27		6,455
More than ten years		21,555		298		287		21,566
Sub-total:		30,877		463		428		30,912
Corporate Debt securities:
More than five to ten years		47,765		2,465		159		50,071
Sub-total:		47,765		2,465		159		50,071
Municipal obligations:
Due after ten years		4,104		99		-		4,203
Sub-total:		4,104		99		-		4,203
Total Debt Securities Available	$	82,746	$	3,027	$	587	$	85,186

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

	12 Months or Less				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In Thousands)
June 30 2022
Residential mortgage-backed securities	$	23,194	$	1,671	$	3,520	$	664	$	26,714	$	2,335
Corporate Debt securities		31,929		983		-		-		31,929		983
	$	55,123	$	2,654	$	3,520	$	664	$	58,643	$	3,318
December 31, 2021
Residential mortgage-backed securities	$	7,801	$	159	$	4,681	$	269	$	12,482	$	428
Corporate Debt Securities		12,324		159		-		-		12,324		159
	$	20,125	$	318	$	4,681	$	269	$	24,806	$	587

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Loans Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2022

Loans Receivable and Allowance for Loan Losses [Abstract]

Recorded Investment in Loans Receivable

	June 30, 2022		December 31, 2021
		(In Thousands)
Residential one-to-four family	$	235,883	$	224,534
Commercial and multi-family		2,030,597		1,720,174
Construction		155,070		153,904
Commercial business(1)		181,868		191,139
Home equity(2)		51,808		50,469
Consumer		2,656		3,717
		2,657,882		2,343,937
Less:
Deferred loan fees, net		(3,139)		(1,876)
Allowance for loan losses		(34,113)		(37,119)
Total Loans, net	$	2,620,630	$	2,304,942
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Allowance for Loan Losses

The following table sets forth the activity in the Company’s allowance for loan losses for the three and six months ended June 30, 2022, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2022 (in thousands):

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, April 1, 2022	$	2,501	$	20,820	$	1,965	$	8,136	$	334	$	15		209	$	33,980
Charge-offs:		-		-		-		(6)		-		-		-		(6)
Recoveries:		2		-		-		135		2		-		-		139
(Credit) Provisions:		62		337		383		(626)		51		2		(209)		-
Ending Balance, June 30, 2022		2,565		21,157		2,348		7,639		387		17		-		34,113
Ending Balance attributable to loans:
Individually evaluated for impairment		211		-		382		5,732		8		-		-		6,333
Collectively evaluated for impairment		2,354		21,157		1,966		1,907		379		17		-		27,780
Ending Balance, June 30, 2022		2,565		21,157		2,348		7,639		387		17		-		34,113
Loans Receivables:
Individually evaluated for impairment		4,786		27,629		3,043		6,182		771		-		-		42,411
Collectively evaluated for impairment		231,097		2,002,968		152,027		175,686		51,037		2,656		-		2,615,471
Total Gross Loans:	$	235,883	$	2,030,597	$	155,070	$	181,868	$	51,808	$	2,656	$	-	$	2,657,882
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)			Home Equity (2)	Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, January 1, 2022	$	4,094	$	22,065	$	2,231	$	8,000	$	533	$	14	$	182	$	37,119
Charge-offs:		-		-		-		(772)		-		-		-		(772)
Recoveries:		2		-		-		136		5		198		-		341
(Credit) Provisions:		(1,531)		(908)		117		275		(151)		(195)		(182)		(2,575)
Ending Balance, June 30, 2022	$	2,565	$	21,157	$	2,348	$	7,639	$	387	$	17	$	-	$	34,113
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

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

The following table sets forth the activity in the Company’s allowance for loan losses for the three and six months ended June 30, 2021, and the related portion of the allowances for loan losses that is allocated to each loan class, as of June 30, 2021 (in thousands): 

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)		Home Equity (2)			Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, April 1, 2021	$	2,837	$	23,119	$	2,002	$	6,581	$	293	-	$	-	$	645	$	35,477
Charge-offs:		(3)		-		-		(103)		-			(198)		-		(304)
Recovery:		-		-		-		1		3			-		-		4
(Credit) Provisions:		77		1,319		339		373		(2)			201		(12)		2,295
Ending Balance June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294		$	3	$	633	$	37,472
Ending Balance attributable to loans:
Individually evaluated for impairment	$	282	$	1,486	$	150	$	5,033	$	18		$	-	$	-	$	6,969
Collectively evaluated for impairment		2,629		22,952		2,191		1,819		276			3		633		30,503
Ending Balance June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294		$	3	$	633	$	37,472
Loans Receivables:
Individually evaluated for impairment	$	5,216	$	42,013	$	2,787	$	10,982	$	1,283		$	-	$	-	$	62,281
Collectively evaluated for impairment		224,149		1,672,835		178,525		161,147		52,050			459		-		2,289,165
Total Gross Loans:	$	229,365	$	1,714,848	$	181,312	$	172,129	$	53,333		$	459	$	-	$	2,351,446
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

	Residential			Commercial & Multi-family	Construction		Commercial Business (1)			Home Equity (2)	Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, January 1, 2021	$	3,293	$	21,772	$	1,977	$	6,306	$	286	$	-	$	5	$	33,639
Charge-offs:		(60)		-		-		(103)		-		(198)		-		(361)
Recovery:		27		-		-		1		6		-		-		34
(Credit) Provisions:		(349)		2,666		364		648		2		201		628		4,160
Ending Balance, June 30, 2021	$	2,911	$	24,438	$	2,341	$	6,852	$	294	$	3	$	633	$	37,472
_____________________________
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

The following table sets forth the amount recorded in loans receivable at December 31, 2021. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands):

		Residential		Commercial & Multi-family		Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for credit losses:
Ending Balance attributable to loans:
Individually evaluated for impairment	$	265	$	1,690	$	210	$	5,650	$	13	$	-	$	-	$	7,828
Collectively evaluated for impairment		3,829		20,375		2,021		2,350		520		14		182		29,291
Ending Balance, December 31, 2021	$	4,094	$	22,065	$	2,231	$	8,000	$	533	$	14	$	182	$	37,119
Loans Receivables:
Individually evaluated for impairment	$	4,961	$	31,745	$	2,847	$	8,746	$	1,083	$	-	$	-	$	49,382
Collectively evaluated for impairment		219,573		1,688,429		151,057		182,393		49,386		3,717		-		2,294,555
Total Gross Loans:	$	224,534	$	1,720,174	$	153,904	$	191,139	$	50,469	$	3,717	$	-	$	2,343,937
(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Impaired Loans

The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and six months ended June 30, 2022 and 2021 (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2022		2022		2021		2021		2022		2022		2021		2021
	Average		Interest		Average		Interest		Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
	Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
Loans with no related allowance recorded:
Residential one-to-four family	$	2,899	$	36	$	2,961	$	37	$	2,916	$	73	$	3,335	$	71
Commercial and Multi-family		24,577		323		31,702		277		23,356		586		40,320		559
Construction		-		-		1,393		-		-		-		929		36
Commercial business(1)		1,250		5		3,780		27		1,538		70		4,468		39
Home equity(2)		459		5		1,105		12		566		10		1,111		23
Consumer		-		-		-		-		-		-		-		-
Total Impaired Loans with no allowance recorded:	$	29,185	$	369	$	40,941	$	353	$	28,376	$	739	$	50,163	$	728
Loans with an allowance recorded:
Residential one-to-four family	$	1,912	$	-	$	2,401	$	67	$	1,945	$	37	$	2,666	$	99
Commercial and Multi-family		1,688		3		11,347		102		4,735		266		8,997		231
Construction		2,999		22		1,393		3		2,948		22		929		3
Commercial business(1)		5,600		-		8,345		24		5,944		65		7,780		117
Home equity(2)		300		-		383		-		301		5		405		2
Consumer		-		-		-		-		-		-		-		-
Total Impaired Loans with an allowance recorded:	$	12,499	$	25	$	23,869	$	196	$	15,873	$	395	$	20,777	$	452
Total Impaired Loans:	$	41,684	$	394	$	64,810	$	549	$	44,249	$	1,134	$	70,940	$	1,180

__________

(1)Includes business lines of credit.

(2)Includes home equity lines of credit.

The following table summarizes the recorded investment by portfolio class at June 30, 2022 and December 31, 2021. (in thousands):

		As of June 30, 2022						As of December 31, 2021
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
		Investment		Balance		Allowance		Investment		Balance		Allowance
Loans with no related allowance recorded:
Residential one-to-four family	$	2,878	$	3,239	$	-	$	2,950	$	3,300	$	-
Commercial and multi-family		27,629		28,801		-		20,915		22,100		-
Construction		-		-		-		-		-		-
Commercial business(1)		709		975		-		2,114		6,905		-
Home equity(2)		472		472		-		779		780		-
Total Impaired Loans with no related allowance recorded:	$	31,688	$	33,487	$	-	$	26,758	$	33,085	$	-
Loans with an allowance recorded:
Residential one-to-four family	$	1,908	$	1,929	$	211	$	2,011	$	2,032	$	265
Commercial and Multi-family		-		-		-		10,830		14,494		1,690
Construction		3,043		3,043		382		2,847		2,847		210
Commercial business(1)		5,473		16,295		5,732		6,632		17,514		5,650
Home equity(2)		299		299		8		304		304		13
Total Impaired Loans with an allowance recorded:	$	10,723	$	21,566	$	6,333	$	22,624	$	37,191	$	7,828
Total Impaired Loans:	$	42,411	$	55,053	$	6,333	$	49,382	$	70,276	$	7,828

__________

(1) Includes business lines of credit.
‎(2) Includes home equity lines of credit.

Troubled Debt Restructurings

		At June 30, 2022		At December 31, 2021
		(In thousands)
Recorded investment in TDRs:
Accrual status	$	10,983	$	12,402
Non-accrual status		381		3,570
Total recorded investment in TDRs	$	11,364	$	15,972

Delinquency Status of Total Loans

The following table sets forth the delinquency status of total loans receivable as of June 30, 2022:

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Residential one-to-four family	$	905	$	-	$	-	$	905	$	234,978	$	235,883	$	-
Commercial and multi-family		2,531		-		757		3,288		2,027,309		2,030,597		-
Construction		-		-		3,043		3,043		152,027		155,070		-
Commercial business(1)		535		3,092		2,819		6,446		175,422		181,868		-
Home equity(2)		320		-		30		350		51,458		51,808		-
Consumer		-		-		-		-		2,656		2,656		-
Total	$	4,291	$	3,092	$	6,649	$	14,032	$	2,643,850	$	2,657,882	$	-

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2021:

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Residential one-to-four family	$	1,063	$	-	$	86	$	1,149	$	223,385	$	224,534	$	-
Commercial and multi-family		1,181		-		5,167		6,348		1,713,826		1,720,174		-
Construction		2,899		-		2,847		5,746		148,158		153,904		-
Commercial business(1)		405		166		6,775		7,346		183,793		191,139		3,124
Home equity(2)		190		-		27		217		50,252		50,469		-
Consumer		-		-		-		-		3,717		3,717		-
Total	$	5,738	$	166	$	14,902	$	20,806	$	2,323,131	$	2,343,937	$	3,124

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Non-Accruing Loans

		As of June 30, 2022		As of December 31, 2021
		(In Thousands)		(In Thousands)
Non-Accruing Loans:
Residential one-to-four family	$	267	$	282
Commercial and multi-family		757		8,601
Construction		3,043		2,847
Commercial business(1)		5,104		3,132
Home equity(2)		30		27
Total	$	9,201	$	14,889

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Loan Portfolio by Pass Rating

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of June 30, 2022 (in thousands). As of June 30, 2022, the Company had no loans with the classified rating of doubtful or loss.

	Pass		Special Mention		Substandard		Total
Residential one-to-four family	$	235,127	$	489	$	267	$	235,883
Commercial and multi-family		1,987,912		20,585		22,100		2,030,597
Construction		152,027		-		3,043		155,070
Commercial business(1)		171,263		4,831		5,774		181,868
Home equity(2)		51,517		49		242		51,808
Consumer		2,656		-		-		2,656
Total Gross Loans	$	2,600,502	$	25,954	$	31,426	$	2,657,882

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention and substandard within the Company’s internal risk rating system as of December 31, 2021 (in thousands). As of December 31, 2021, the Company had no loans with the classified rating of doubtful or loss.

	Pass		Special Mention		Substandard		Total
Residential one-to-four family	$	223,660	$	505	$	369	$	224,534
Commercial and multi-family		1,647,701		45,087		27,386		1,720,174
Construction		151,057		-		2,847		153,904
Commercial business(1)		178,056		4,767		8,316		191,139
Home equity(2)		50,230		-		239		50,469
Consumer		3,717		-		-		3,717
Total Gross Loans	$	2,254,421	$	50,359	$	39,157	$	2,343,937

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring

			(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 June 30, 2022:
Securities
Debt Securities Available for Sale	$	86,749	$	-	$	86,749	$	-
Marketable Equities	$	18,968	$	18,968	$	-	$	-
Total Securities	$	105,717	$	18,968	$	86,749	$	-
As of December 31, 2021:
Securities
Debt Securities Available for Sale	$	85,186	$	-	$	85,186	$	-
Marketable Equities	$	25,187	$	25,187	$	-	$	-
Total Securities	$	110,373	$	25,187	$	85,186	$	-

Fair Value Measurements, Nonrecurring

			(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 June 30, 2022
Impaired Loans	$	4,390	$	-	$	-	$	4,390
Other real estate owned	$	75	$	-	$	-	$	75
As of December 31, 2021:
Impaired Loans	$	14,796	$	-	$	-	$	14,796
Other real estate owned	$	75	$	-	$	-	$	75

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
June 30, 2022:
Impaired Loans	$	4,390	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	75	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
December 31, 2021:
Impaired Loans	$	14,796	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	75	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.

Carrying Values and Estimated Fair Values of Financial Instruments

		As of June 30, 2022
					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	$	206,172	$	206,172	$	206,172	$	-	$	-
Interest-earning time deposits		735		735		-		735		-
Debt securities available for sale		86,749		86,749		-		86,749		-
Equity investments		18,968		18,968		18,968		-		-
Loans held for sale		5		5		-		5		-
Loans receivable, net		2,620,630		2,495,331		-		-		2,495,331
FHLB of New York stock, at cost		6,781		6,781		-		6,781		-
Accrued interest receivable		10,315		10,315		-		10,315		-
Financial liabilities:
Deposits		2,655,030		2,404,341		1,874,751		529,590		-
Borrowings		86,986		83,035		-		83,035		-
Subordinated debentures		37,391		42,249		-		42,249		-
Accrued interest payable		1,005		1,005		-		1,005		-

		As of December 31, 2021
					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	$	411,629	$	411,629	$	411,629	$	-	$	-
Interest-earning time deposits		735		735		-		735		-
Debt securities available for sale		85,186		85,186		-		85,186		-
Equity investments		25,187		25,187		25,187		-		-
Loans held for sale		952		952		-		952		-
Loans receivable, net		2,304,942		2,313,204		-		-		2,313,204
FHLB of New York stock, at cost		6,084		6,084		-		6,084		-
Accrued interest receivable		9,183		9,183		-		9,183		-
Financial liabilities:
Deposits		2,561,402		2,520,191		1,881,121		639,070		-
Debt		71,711		71,214		-		71,214		-
Subordinated debentures		37,275		45,020		-		45,020		-
Accrued interest payable		1,051		1,051		-		1,051		-

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Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2022

Lease Obligations [Abstract]

Schedule of Lease Information

		Three Months Ended June 30, 2022		Three Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Operating lease expense	$	938	$	932	$	1,840	$	1,884
Variable lease expense-operating leases	$	257	$	244	$	476	$	490

		At June 30, 2022		At December 31, 2021
Supplemental balance sheet information related to leases:
Operating Leases
Operating lease right-of-use assets	$	12,194	$	12,457
Current liabilities	$	3,046	$	3,296
Operating lease liabilities (noncurrent portion)		10,415		10,529
Imputed Interest		(965)		(1,073)
Total operating lease liabilities	$	12,496	$	12,752

Summary of Maturity of Lease Obligations for Operating Leases

Maturities of lease liabilities:
		At June 30, 2022		At December 31, 2021
		Operating Leases		Operating Leases
One year or less	$	3,046	$	3,296
Over one year through three years		4,510		4,455
Over three years through five years		3,226		3,012
Over five years		2,679		3,062
Gross Operating Lease Liabilities	$	13,461	$	13,825
Imputed Interest		(965)		(1,073)
Total Operating Lease Liabilities	$	12,496	$	12,752

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Equity Incentive Plans (Narrative) (Details) - USD ($)					6 Months Ended
	Jan. 12, 2022	Apr. 26, 2021	Feb. 19, 2021	Feb. 10, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Options granted
Stock option expense					$ 88,000	$ 110,000
Restricted stock expense					$ 54,000	$ 141,000
Options [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares underlying unexercised options					302,740
Expected future compensation expense, unexercised options					$ 500,000
Expected future compensation expense, weighted average period for recognition					4 years 1 month 13 days
Options Exercisable - Number of Option Shares					871,985
Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected future expenses relating to non-vested restricted shares					$ 640,000
Expected future compensation expense, weighted average period for recognition					3 years 2 months 23 days
2018 Equity Incentive Plan [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares authorized for issuance					1,000,000
2011 Stock Plan [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares authorized for issuance					900,000
Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Vesting period	4 years
Directors [Member] | Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Restricted stock issued	33,000
Directors [Member] | 2018 Equity Incentive Plan [Member] | Options [Member]
Defined Benefit Plan Disclosure [Line Items]
Options granted				66,000
Vesting period				5 years
Directors [Member] | 2018 Equity Incentive Plan [Member] | Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Restricted stock issued			300	26,400
Vesting period			2 years	4 years
Certain Officers [Member]
Defined Benefit Plan Disclosure [Line Items]
Options granted		6,800
Vesting period		5 years

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Equity Incentive Plans (Summary of Status of Restricted Shares) (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Equity Incentive Plans [Abstract]
Number of Shares Awarded, Non-vested at beginning of period | shares	26,700
Number of Shares Awarded, Granted | shares	33,000
Number of Shares Awarded, Vested | shares	(6,750)
Number of Shares Awarded, Forfeited | shares
Number of Shares Awarded, Non-vested at end of period | shares	52,950
Weighted Average Grant Date Fair Value, Non-vested at beginning of period | $ / shares	$ 12.89
Weighted Average Grant Date Fair Value, Granted | $ / shares	16.00
Weighted Average Grant Date Fair Value, Vested | $ / shares	12.89
Weighted Average Grant Date Fair Value, Forfeited | $ / shares
Weighted Average Grant Date Fair Value, Non-vested at end of period | $ / shares	$ 14.83

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Equity Incentive Plans (Summary of Stock Option Activity) (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Equity Incentive Plans [Abstract]
Outstanding, Beginning Balance - Number of Options	1,194,425
Options Granted - Number of Options
Options Exercised - Number of Options	(19,700)
Options Forfeited - Number of Options
Options Expired - Number of Options
Outstanding, Ending Balance - Number of Options	1,174,725	1,194,425
Outstanding, Range of Exercise Price, Lower Range Limit (per share)	$ 9.02	$ 9.02
Outstanding, Range of Exercise Price, Upper Range Limit (per share)	13.68	13.68
Options Granted, Exercise Price
Options Forfeited - Exercise Price
Options expired - Exercise prices
Options Shares Granted, Range of Exercise Prices, Lower Range Limit	10.55
Options Shares Granted, Range of Exercise Prices, Upper Range Limit	13.68
Outstanding Number of Options, Beginning Balance - Weighted Average Exercise Price	11.64
Number of Options Granted - Weighted Average Exercise Price
Number of Options, Exercised - Weighted Average Exercise Price	11.92
Number of Options Forfeited - Weighted Average Exercise Price
Number of Options Expired - Weighted Average Exercise Price
Outstanding Number of Options, Ending Balance - Weighted Average Exercise Price	$ 11.63	$ 11.64

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Net Income per Common Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Income per Common Share [Abstract]
Anti-dilutive outstanding options	0	8,410	0	14,723

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Net Income Per Common Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Income per Common Share [Abstract]
Basic earnings per share: Income available to common stockholders	$ 10,025	$ 7,766	$ 19,701	$ 14,600
Diluted earnings per share: Income available to common stockholders	$ 10,025	$ 7,766	$ 19,701	$ 14,600
Basic earnings per share: Income available to common stockholders, Shares	16,997	17,126	16,989	17,120
Effect of dilutive securities: Stock options: Shares	407	156	386	137
Diluted earnings per share: Income available to common stockholders, Shares	17,404	17,282	17,375	17,257
Basic earnings per share: Income available to common stockholders, Per share amount	$ 0.59	$ 0.45	$ 1.16	$ 0.85
Diluted earnings per share: Income available to common stockholders, Per share amount	$ 0.58	$ 0.45	$ 1.13	$ 0.85

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Securities (Summary of Disaggregated Net Losses on Equity Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Securities [Abstract]
Net losses recognized during the period on equity securities held at the reporting date	$ (2,302)	$ 499	$ (4,928)	$ 303
Net losses recognized during the period on equity securities sold during the period			(59)
Realized and unrealized losses on equity investments during the reporting period	$ (2,302)	$ 499	$ (4,987)	$ 303

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Securities (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Amortized Cost	$ 89,794	$ 82,746
Debt securities: Gross Unrealized Gains	273	3,027
Debt securities: Gross Unrealized Losses	3,318	587
Debt securities: Fair Value	86,749	85,186
Residential Mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Less than one year, Amortized Cost		2,952
Debt securities, More than one to five years, Amortized Cost	1	53
Debt securities, More than five to ten years, Amortized Cost	6,182	6,317
Debt securities, More than ten years, Amortized Cost	22,866	21,555
Debt Securities, Amortized Cost	29,049	30,877
Debt securities: More than five to ten years, Gross Unrealized Gains		165
Debt securities, More than ten years, Gross Unrealized Gains		298
Debt securities: Gross Unrealized Gains		463
Debt securities: Due within one year, Gross Unrealized Losses		114
Debt securities: More than five to ten years, Gross Unrealized Losses	163	27
Debt securities: More than ten years, Gross Unrealized Losses	2,172	287
Debt securities: Gross Unrealized Losses	2,335	428
Debt securities: Due within one year, Fair Value		2,838
Debt securities: More than one to five years, Fair Value	1	53
Debt securities: More than five to ten years, Fair Value	6,019	6,455
Debt securities: More than ten years, Fair Value	20,694	21,566
Debt securities: Fair Value	26,714	30,912
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt securities, More than five to ten years, Amortized Cost	56,694	47,765
Debt Securities, Amortized Cost	56,694	47,765
Debt securities: More than five to ten years, Gross Unrealized Gains	253	2,465
Debt securities: Gross Unrealized Gains	253	2,465
Debt securities: More than five to ten years, Gross Unrealized Losses	983	159
Debt securities: Gross Unrealized Losses	983	159
Debt securities: More than five to ten years, Fair Value	55,964	50,071
Debt securities: Fair Value	55,964	50,071
Municipal Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt securities, More than ten years, Amortized Cost	4,051	4,104
Debt Securities, Amortized Cost	4,051	4,104
Debt securities, More than ten years, Gross Unrealized Gains	20	99
Debt securities: Gross Unrealized Gains	20	99
Debt securities: More than ten years, Fair Value	4,071	4,203
Debt securities: Fair Value	$ 4,071	$ 4,203

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Securities (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value ) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, 12 Months or Less - Fair Value	$ 55,123	$ 20,125
Debt Securities, More than 12 Months - Fair Value	3,520	4,681
Debt Securities - Total Fair Value	58,643	24,806
Debt Securities, 12 Months or Less - Unrealized Losses	2,654	318
Debt Securities, More than 12 Months - Unrealized Losses	664	269
Debt Securities - Total Unrealized Losses	3,318	587
Residential Mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, 12 Months or Less - Fair Value	23,194	7,801
Debt Securities, More than 12 Months - Fair Value	3,520	4,681
Debt Securities - Total Fair Value	26,714	12,482
Debt Securities, 12 Months or Less - Unrealized Losses	1,671	159
Debt Securities, More than 12 Months - Unrealized Losses	664	269
Debt Securities - Total Unrealized Losses	2,335	428
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, 12 Months or Less - Fair Value	31,929	12,324
Debt Securities - Total Fair Value	31,929	12,324
Debt Securities, 12 Months or Less - Unrealized Losses	983	159
Debt Securities - Total Unrealized Losses	$ 983	$ 159

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Loans Receivable and Allowance for Loan Losses (Narrative) (Details)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) loan	Jun. 30, 2021 USD ($) loan	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans, interest income lost			$ 481,000	$ 1,300,000
Loans Receivable >90 Days and Accruing				3,124,000
Loans acquired with deteriorated credit quality, fair value	$ 670,000		670,000	670,000
Troubled debt restructurings, number | loan	0	3
Troubled debt restructurings, amount		$ 3,225,525
Troubled debt restructurings, subsequent default, amount	$ 0	$ 134,537
Troubled debt restructuring, subsequent default, number | loan		1
Loans Receivable within 90 Days	9,201,000		9,201,000	14,889,000
Loans receivable, gross	2,657,882,000	$ 2,351,446,000	2,657,882,000	2,343,937,000
Less Than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable within 90 Days	192,000		192,000	3,800,000
Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	0		0	0
Loss [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	$ 0		$ 0	$ 0

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Loans Receivable and Allowance for Loan Losses (Recorded Investment in Loans Receivable) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	$ 2,657,882	$ 2,343,937	$ 2,351,446
Deferred loan fees, net	(3,139)	(1,876)
Allowance for loan losses	(34,113)	(37,119)
Net Loans	2,620,630	2,304,942
Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	235,883	224,534	229,365
Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	2,030,597	1,720,174	1,714,848
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	155,070	153,904	181,312
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	181,868	191,139	172,129
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	51,808	50,469	53,333
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	$ 2,656	$ 3,717	$ 459

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Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	$ 33,980	$ 35,477	$ 37,119	$ 33,639
Allowance for loan losses: Charge-offs	(6)	(304)	(772)	(361)
Allowance for loan losses: Recovery	139	4	341	34
Allowance for loan losses: (Credit) Provisions		2,295	(2,575)	4,160
Allowance for loan losses: Ending balance: individually evaluated for impairment	6,333	6,969	6,333	6,969	$ 7,828
Allowance for loan losses: Ending balance: collectively evaluated for impairment	27,780	30,503	27,780	30,503	29,291
Allowance for loan losses: Ending Balance	34,113	37,472	34,113	37,472
Loans receivables: Ending balance: individually evaluated for impairment	42,411	62,281	42,411	62,281	49,382
Loans receivables: Ending balance: collectively evaluated for impairment	2,615,471	2,289,165	2,615,471	2,289,165	2,294,555
Loans receivables: Ending balance	2,657,882	2,351,446	2,657,882	2,351,446	2,343,937
Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	2,501	2,837	4,094	3,293
Allowance for loan losses: Charge-offs		(3)		(60)
Allowance for loan losses: Recovery	2		2	27
Allowance for loan losses: (Credit) Provisions	62	77	(1,531)	(349)
Allowance for loan losses: Ending balance: individually evaluated for impairment	211	282	211	282	265
Allowance for loan losses: Ending balance: collectively evaluated for impairment	2,354	2,629	2,354	2,629	3,829
Allowance for loan losses: Ending Balance	2,565	2,911	2,565	2,911
Loans receivables: Ending balance: individually evaluated for impairment	4,786	5,216	4,786	5,216	4,961
Loans receivables: Ending balance: collectively evaluated for impairment	231,097	224,149	231,097	224,149	219,573
Loans receivables: Ending balance	235,883	229,365	235,883	229,365	224,534
Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	20,820	23,119	22,065	21,772
Allowance for loan losses: (Credit) Provisions	337	1,319	(908)	2,666
Allowance for loan losses: Ending balance: individually evaluated for impairment		1,486		1,486	1,690
Allowance for loan losses: Ending balance: collectively evaluated for impairment	21,157	22,952	21,157	22,952	20,375
Allowance for loan losses: Ending Balance	21,157	24,438	21,157	24,438
Loans receivables: Ending balance: individually evaluated for impairment	27,629	42,013	27,629	42,013	31,745
Loans receivables: Ending balance: collectively evaluated for impairment	2,002,968	1,672,835	2,002,968	1,672,835	1,688,429
Loans receivables: Ending balance	2,030,597	1,714,848	2,030,597	1,714,848	1,720,174
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	1,965	2,002	2,231	1,977
Allowance for loan losses: (Credit) Provisions	383	339	117	364
Allowance for loan losses: Ending balance: individually evaluated for impairment	382	150	382	150	210
Allowance for loan losses: Ending balance: collectively evaluated for impairment	1,966	2,191	1,966	2,191	2,021
Allowance for loan losses: Ending Balance	2,348	2,341	2,348	2,341
Loans receivables: Ending balance: individually evaluated for impairment	3,043	2,787	3,043	2,787	2,847
Loans receivables: Ending balance: collectively evaluated for impairment	152,027	178,525	152,027	178,525	151,057
Loans receivables: Ending balance	155,070	181,312	155,070	181,312	153,904
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	8,136	6,581	8,000	6,306
Allowance for loan losses: Charge-offs	(6)	(103)	(772)	(103)
Allowance for loan losses: Recovery	135	1	136	1
Allowance for loan losses: (Credit) Provisions	(626)	373	275	648
Allowance for loan losses: Ending balance: individually evaluated for impairment	5,732	5,033	5,732	5,033	5,650
Allowance for loan losses: Ending balance: collectively evaluated for impairment	1,907	1,819	1,907	1,819	2,350
Allowance for loan losses: Ending Balance	7,639	6,852	7,639	6,852
Loans receivables: Ending balance: individually evaluated for impairment	6,182	10,982	6,182	10,982	8,746
Loans receivables: Ending balance: collectively evaluated for impairment	175,686	161,147	175,686	161,147	182,393
Loans receivables: Ending balance	181,868	172,129	181,868	172,129	191,139
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	334	293	533	286
Allowance for loan losses: Recovery	2	3	5	6
Allowance for loan losses: (Credit) Provisions	51	(2)	(151)	2
Allowance for loan losses: Ending balance: individually evaluated for impairment	8	18	8	18	13
Allowance for loan losses: Ending balance: collectively evaluated for impairment	379	276	379	276	520
Allowance for loan losses: Ending Balance	387	294	387	294
Loans receivables: Ending balance: individually evaluated for impairment	771	1,283	771	1,283	1,083
Loans receivables: Ending balance: collectively evaluated for impairment	51,037	52,050	51,037	52,050	49,386
Loans receivables: Ending balance	51,808	53,333	51,808	53,333	50,469
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	15		14
Allowance for loan losses: Charge-offs		(198)		(198)
Allowance for loan losses: Recovery			198
Allowance for loan losses: (Credit) Provisions	2	201	(195)	201
Allowance for loan losses: Ending balance: collectively evaluated for impairment	17	3	17	3	14
Allowance for loan losses: Ending Balance	17	3	17	3
Loans receivables: Ending balance: collectively evaluated for impairment	2,656	459	2,656	459	3,717
Loans receivables: Ending balance	2,656	459	2,656	459	3,717
Unallocated [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	209	645	182	5
Allowance for loan losses: (Credit) Provisions	$ (209)	(12)	$ (182)	628
Allowance for loan losses: Ending balance: collectively evaluated for impairment		633		633	$ 182
Allowance for loan losses: Ending Balance		$ 633		$ 633

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Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment - With no related allowance recorded	$ 29,185	$ 40,941	$ 28,376	$ 50,163
Average Recorded Investment - With an allowance recorded	12,499	23,869	15,873	20,777
Average Recorded Investment - Total	41,684	64,810	44,249	70,940
Interest Income Recognized - With no related allowance recorded	369	353	739	728
Interest Income Recognized - With an allowance recorded	25	196	395	452
Interest Income Recognized - Total	394	549	1,134	1,180
Recorded Investment - With no related allowance recorded	31,688		31,688		$ 26,758
Recorded Investment - With an allowance recorded	10,723		10,723		22,624
Recorded Investment - Total	42,411		42,411		49,382
Unpaid Principal Balance - With no related allowance recorded	33,487		33,487		33,085
Unpaid Principal Balance - With an allowance recorded	21,566		21,566		37,191
Unpaid Principal Balance - Total	55,053		55,053		70,276
Related Allowance	6,333		6,333		7,828
Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment - With no related allowance recorded	2,899	2,961	2,916	3,335
Average Recorded Investment - With an allowance recorded	1,912	2,401	1,945	2,666
Interest Income Recognized - With no related allowance recorded	36	37	73	71
Interest Income Recognized - With an allowance recorded		67	37	99
Recorded Investment - With no related allowance recorded	2,878		2,878		2,950
Recorded Investment - With an allowance recorded	1,908		1,908		2,011
Unpaid Principal Balance - With no related allowance recorded	3,239		3,239		3,300
Unpaid Principal Balance - With an allowance recorded	1,929		1,929		2,032
Related Allowance	211		211		265
Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment - With no related allowance recorded	24,577	31,702	23,356	40,320
Average Recorded Investment - With an allowance recorded	1,688	11,347	4,735	8,997
Interest Income Recognized - With no related allowance recorded	323	277	586	559
Interest Income Recognized - With an allowance recorded	3	102	266	231
Recorded Investment - With no related allowance recorded	27,629		27,629		20,915
Recorded Investment - With an allowance recorded					10,830
Unpaid Principal Balance - With no related allowance recorded	28,801		28,801		22,100
Unpaid Principal Balance - With an allowance recorded					14,494
Related Allowance					1,690
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment - With no related allowance recorded		1,393		929
Average Recorded Investment - With an allowance recorded	2,999	1,393	2,948	929
Interest Income Recognized - With no related allowance recorded				36
Interest Income Recognized - With an allowance recorded	22	3	22	3
Recorded Investment - With an allowance recorded	3,043		3,043		2,847
Unpaid Principal Balance - With an allowance recorded	3,043		3,043		2,847
Related Allowance	382		382		210
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment - With no related allowance recorded	1,250	3,780	1,538	4,468
Average Recorded Investment - With an allowance recorded	5,600	8,345	5,944	7,780
Interest Income Recognized - With no related allowance recorded	5	27	70	39
Interest Income Recognized - With an allowance recorded		24	65	117
Recorded Investment - With no related allowance recorded	709		709		2,114
Recorded Investment - With an allowance recorded	5,473		5,473		6,632
Unpaid Principal Balance - With no related allowance recorded	975		975		6,905
Unpaid Principal Balance - With an allowance recorded	16,295		16,295		17,514
Related Allowance	5,732		5,732		5,650
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment - With no related allowance recorded	459	1,105	566	1,111
Average Recorded Investment - With an allowance recorded	300	383	301	405
Interest Income Recognized - With no related allowance recorded	5	$ 12	10	23
Interest Income Recognized - With an allowance recorded			5	$ 2
Recorded Investment - With no related allowance recorded	472		472		779
Recorded Investment - With an allowance recorded	299		299		304
Unpaid Principal Balance - With no related allowance recorded	472		472		780
Unpaid Principal Balance - With an allowance recorded	299		299		304
Related Allowance	$ 8		$ 8		$ 13

XML

Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Modifications [Line Items]
Total recorded investment in TDRs	$ 11,364	$ 15,972
Performing Financing Receivable [Member]
Financing Receivable, Modifications [Line Items]
Total recorded investment in TDRs	10,983	12,402
Nonperforming Financing Receivable [Member]
Financing Receivable, Modifications [Line Items]
Total recorded investment in TDRs	$ 381	$ 3,570

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Loans Receivable and Allowance for Loan Losses (Delinquency Status of Total Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	$ 2,657,882	$ 2,343,937
Loans Receivable >90 Days and Accruing		3,124
Total Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	14,032	20,806
30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	4,291	5,738
60 to 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	3,092	166
Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	6,649	14,902
Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	2,643,850	2,323,131
Originated loans [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	235,883	224,534
Loans Receivable >90 Days and Accruing
Originated loans [Member] | Residential [Member] | Total Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	905	1,149
Originated loans [Member] | Residential [Member] | 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	905	1,063
Originated loans [Member] | Residential [Member] | Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		86
Originated loans [Member] | Residential [Member] | Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	234,978	223,385
Originated loans [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	2,030,597	1,720,174
Loans Receivable >90 Days and Accruing
Originated loans [Member] | Commercial & Multi-family [Member] | Total Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	3,288	6,348
Originated loans [Member] | Commercial & Multi-family [Member] | 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	2,531	1,181
Originated loans [Member] | Commercial & Multi-family [Member] | Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	757	5,167
Originated loans [Member] | Commercial & Multi-family [Member] | Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	2,027,309	1,713,826
Originated loans [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	155,070	153,904
Loans Receivable >90 Days and Accruing
Originated loans [Member] | Construction [Member] | Total Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	3,043	5,746
Originated loans [Member] | Construction [Member] | 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable		2,899
Originated loans [Member] | Construction [Member] | Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	3,043	2,847
Originated loans [Member] | Construction [Member] | Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	152,027	148,158
Originated loans [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	181,868	191,139
Loans Receivable >90 Days and Accruing		3,124
Originated loans [Member] | Commercial Business [Member] | Total Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	6,446	7,346
Originated loans [Member] | Commercial Business [Member] | 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	535	405
Originated loans [Member] | Commercial Business [Member] | 60 to 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	3,092	166
Originated loans [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	2,819	6,775
Originated loans [Member] | Commercial Business [Member] | Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	175,422	183,793
Originated loans [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	51,808	50,469
Loans Receivable >90 Days and Accruing
Originated loans [Member] | Home Equity [Member] | Total Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	350	217
Originated loans [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	320	190
Originated loans [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	30	27
Originated loans [Member] | Home Equity [Member] | Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	51,458	50,252
Originated loans [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	2,656	3,717
Loans Receivable >90 Days and Accruing
Originated loans [Member] | Consumer [Member] | Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Receivable	$ 2,656	$ 3,717

XML

Loans Receivable and Allowance for Loan Losses (Non-Accruing Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	$ 9,201	$ 14,889
Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	267	282
Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	757	8,601
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	3,043	2,847
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	5,104	3,132
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	$ 30	$ 27

XML

Loans Receivable and Allowance for Loan Losses (Loan Portfolio by Pass Rating) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	$ 2,657,882	$ 2,343,937	$ 2,351,446
Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	2,600,502	2,254,421
Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	25,954	50,359
Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	31,426	39,157
Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	235,883	224,534	229,365
Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	2,030,597	1,720,174	1,714,848
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	155,070	153,904	181,312
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	181,868	191,139	172,129
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	51,808	50,469	53,333
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	2,656	3,717	$ 459
Originated loans [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	235,883	224,534
Originated loans [Member] | Residential [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	235,127	223,660
Originated loans [Member] | Residential [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	489	505
Originated loans [Member] | Residential [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	267	369
Originated loans [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	2,030,597	1,720,174
Originated loans [Member] | Commercial & Multi-family [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	1,987,912	1,647,701
Originated loans [Member] | Commercial & Multi-family [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	20,585	45,087
Originated loans [Member] | Commercial & Multi-family [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	22,100	27,386
Originated loans [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	155,070	153,904
Originated loans [Member] | Construction [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	152,027	151,057
Originated loans [Member] | Construction [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	3,043	2,847
Originated loans [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	181,868	191,139
Originated loans [Member] | Commercial Business [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	171,263	178,056
Originated loans [Member] | Commercial Business [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	4,831	4,767
Originated loans [Member] | Commercial Business [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	5,774	8,316
Originated loans [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	51,808	50,469
Originated loans [Member] | Home Equity [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	51,517	50,230
Originated loans [Member] | Home Equity [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	49
Originated loans [Member] | Home Equity [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	242	239
Originated loans [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	2,656	3,717
Originated loans [Member] | Consumer [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	$ 2,656	$ 3,717

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Stockholders' Equity (Narrative) (Details) - USD ($)					3 Months Ended		6 Months Ended		12 Months Ended
	May 01, 2022	Mar. 24, 2022	Feb. 04, 2022	Dec. 21, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Stockholders' Equity Note [Line Items]
Preferred stock, par value per share					$ 0.01		$ 0.01		$ 0.01
Preferred stock redeemed, value					$ 9,650,000		$ 14,730,000
Series D Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Preferred stock, dividend rate	4.50%				4.50%	4.50%	4.50%	4.50%	4.50%
Preferred stock redeemed, shares	940
Preferred stock, redemption price	$ 10,000
Preferred stock redeemed, value	$ 9,400,000
Series I Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Preferred stock, par value per share		$ 0.01		$ 0.01
Preferred stock, dividend rate					3.00%		3.00%		3.00%
Proceeds from issuance of private placement		$ 2,620,000		$ 3,200,000
Shares issued		260		320
Series G Preferred Stock [Member]
Stockholders' Equity Note [Line Items]
Preferred stock, dividend rate			6.00%			6.00%		6.00%	6.00%
Preferred stock redeemed, shares			533
Preferred stock, redemption price			$ 10,000
Preferred stock redeemed, value			$ 5,300,000

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Bank Owned Life Insurance (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022
Bank Owned Life Insurance [Abstract]
Purchases of BOLI	$ 8,500
Bank owned life insurance, amount		$ 70,400

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Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Impairment of intangible assets			$ 0
Goodwill	$ 5,200,000	$ 5,200,000	5,200,000
Core Deposit Intangibles [Member]
Amortization expense	12,000	14,000
Intangible assets, net	$ 152,000	$ 205,000	$ 152,000
Intangible asset, useful life			10 years

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Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers between fair value hierarchy	$ 0	$ 0
Impaired loans	10,723,000		$ 22,624,000
Valuation allowance	6,333,000		7,828,000
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0		0
(Level 3) Significant Unobservable Inputs [Member] | Impaired Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	10,700,000		22,600,000
Valuation allowance	$ 6,300,000		$ 7,800,000

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Fair Value of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities Available for Sale	$ 86,749	$ 85,186
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities Available for Sale	86,749	85,186
Marketable Equities	18,968	25,187
Total Securities	105,717	110,373
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Equities	18,968	25,187
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities Available for Sale
Marketable Equities	18,968	25,187
Total Securities	18,968	25,187
(Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities Available for Sale	86,749	85,186
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities Available for Sale	86,749	85,186
Total Securities	86,749	85,186
(Level 3) Significant Unobservable Inputs [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities Available for Sale
Marketable Equities
Total Securities

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Fair Value of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 4,390	$ 14,796
Other real estate owned	75	75
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans
Other real estate owned
(Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans
Other real estate owned
(Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	4,390	14,796
Other real estate owned	$ 75	$ 75

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Fair Value of Financial Instruments (Quantitative Information about Level 3 Fair Value Measurements) (Details) $ in Thousands	Jun. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans | $	$ 4,390	$ 14,796
Other Real Estate Owned | $	75	75
(Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans | $	4,390	14,796
Other Real Estate Owned | $	$ 75	$ 75
(Level 3) Significant Unobservable Inputs [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans, Range | item	0	0
Other Real Estate Owned, Range | item	0	0
(Level 3) Significant Unobservable Inputs [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans, Range | item	10	10
Other Real Estate Owned, Range | item	10	10

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Fair Value of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	$ 86,749	$ 85,186
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	206,172	411,629
Interest-earning time deposits	735	735
Debt securities available for sale	86,749	85,186
Equity investments	18,968	25,187
Loans held for sale	5	952
Loans receivable, net	2,620,630	2,304,942
FHLB of New York stock, at cost	6,781	6,084
Accrued interest receivable	10,315	9,183
Deposits	2,655,030	2,561,402
Debt	86,986	71,711
Subordinated debentures	37,391	37,275
Accrued interest payable	1,005	1,051
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	206,172	411,629
Interest-earning time deposits	735	735
Debt securities available for sale	86,749	85,186
Equity investments	18,968	25,187
Loans held for sale	5	952
Loans receivable, net	2,495,331	2,313,204
FHLB of New York stock, at cost	6,781	6,084
Accrued interest receivable	10,315	9,183
Deposits	2,404,341	2,520,191
Debt	83,035	71,214
Subordinated debentures	42,249	45,020
Accrued interest payable	1,005	1,051
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	206,172	411,629
Equity investments	18,968	25,187
Deposits	1,874,751	1,881,121
(Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest-earning time deposits	735	735
Debt securities available for sale	86,749	85,186
Loans held for sale	5	952
FHLB of New York stock, at cost	6,781	6,084
Accrued interest receivable	10,315	9,183
Deposits	529,590	639,070
Debt	83,035	71,214
Subordinated debentures	42,249	45,020
Accrued interest payable	1,005	1,051
(Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, net	$ 2,495,331	$ 2,313,204

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Subordinated Debt (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jul. 30, 2018
Trust Preferred Securities Subject to Mandatory Redemption [Member]
Subordinated Borrowing [Line Items]
Variable interest rate spread	2.65%
Trust preferred securities	$ 4,124,000
Fixed To Floating Rate Subordinated Debentures [Member]
Subordinated Borrowing [Line Items]
Face amount			$ 33,500,000
Notes term	10 years
Redemption restriction period	5 years
Deferred finance costs	$ 233,000	$ 349,000
Fixed To Floating Rate Subordinated Debentures [Member] | First Five Years [Member]
Subordinated Borrowing [Line Items]
Interest rate	5.625%
Fixed To Floating Rate Subordinated Debentures [Member] | After Five Years [Member]
Subordinated Borrowing [Line Items]
Variable interest rate spread	2.72%

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Lease Obligations (Narrative) (Details) - item	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Number of operating leases	28
Weighted average remaining lease term, operating leases	5 years 9 months	5 years 11 months 26 days
Weighted average discount rate, operating leases	2.38%	2.60%
Minimum [Member]
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Remaining lease terms	10 years

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Lease Obligations (Schedule of Lease Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Operating lease expense	$ 938	$ 932	$ 1,840	$ 1,884
Variable lease cost-operating leases	257	$ 244	476	$ 490
Operating lease right-of-use assets	12,194		12,194		$ 12,457
Current liabilities	3,046		3,046		3,296
Operating lease liabilities (noncurrent portion)	10,415		10,415		10,529
Imputed interest	(965)		(965)		(1,073)
Total operating lease liabilities	$ 12,496		$ 12,496		$ 12,752

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Lease Obligations (Summary of Maturity of Lease Obligations for Operating Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies [Abstract]
One year or less	$ 3,046	$ 3,296
Over one year through three years	4,510	4,455
Over three years through five years	3,226	3,012
Over five years	2,679	3,062
Gross Operating Lease Liabilities	13,461	13,825
Imputed interest	(965)	(1,073)
Total operating lease liabilities	$ 12,496	$ 12,752

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Subsequent Events (Narrative) (Details) - Subsequent Event [Member]	Jul. 13, 2022 $ / shares
Subsequent Event [Line Items]
Date declared	Jul. 13, 2022
Dividends per common share	$ 0.16
Date of record	Aug. 01, 2022
Date paid	Aug. 15, 2022