Profile: BCB Bancorp Inc (BCBP.A)
16 Mar 2018
BCB Bancorp, Inc. is the holding company parent of BCB Community Bank (the Bank). The Bank is a community-oriented financial institution. The Bank's business is to offer Federal Deposit Insurance Corporation (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. The Bank offers 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; FDIC-insured deposit products, such as 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. It operates through approximately 10 branches in Bayonne, Colonia, Jersey City, Hoboken, Fairfield, Monroe Township, South Orange, Rutherford and Woodbridge, New Jersey, and one branch in Staten Island, New York.
The Bank's loan portfolio includes residential one- to four-family loans; commercial and multi-family loans; construction loans; commercial business loans; home equity loans, and consumer loans. The Bank's commercial real estate loans are secured by improved property, such as office buildings, mixed use buildings retail stores, shopping centers, warehouses, and other non-residential buildings. Loans secured by multi-family residential units are properties consisting of approximately five residential units. The Bank also offers balloon loans with fixed interest rates. The Bank offers loans to finance the construction of various types of commercial and residential properties. The Bank also offers construction loans that convert to a permanent mortgage on the property upon completion of the construction and adherence to conditions established at the time the construction loan was first approved.
The Bank offers a range of commercial business loans in forms of either lines of credit or term loans that are fully amortized. These loans are generally made to small and mid-sized companies located within the Bank's primary and secondary lending areas. A commercial business loan may be secured by equipment, accounts receivable, inventory, chattel or other assets. The Bank offers qualifying business loans guaranteed by the United States Small Business Administration (SBA). The Bank's largest SBA loan is secured by a four-story hotel building located in Brooklyn, New York. Residential loans are secured by one- to four-family dwellings, condominiums and cooperative units. Residential mortgage loans are secured by properties located in its lending areas of Bergen, Essex, Middlesex, Hudson, Monmouth and Richmond Counties.
The Bank offers home equity loans and lines of credit that are secured by either the borrower's primary residence, a secondary residence or an investment. The Bank makes secured passbook, automobile and unsecured consumer loans. The Bank's total loans amount to approximately $1.26 billion.
The Bank's investment policy allows investments in instruments, such as the United States Treasury obligations; the United States federal agency or federally sponsored enterprise obligations; mortgage-backed securities, and certificates of deposit. The Bank has approximately $9.6 million in securities classified as available for sale.
Sources of Funds
The Bank's external source of funds for lending and other investment purposes are deposits. Funds are also derived from the receipt of payments on loans, prepayment of loans, maturities of investment securities and mortgage-backed securities and borrowings. The Bank's consumer and commercial deposits are attracted from within its market area through the offering of a selection of deposit instruments, including demand, negotiable order of withdrawal (NOW), savings and club accounts, money market accounts and term certificate accounts. The Bank has approximately $46.7 million in brokered deposits.
The Bank utilizes overnight borrowings from time to time to fund short-term liquidity needs. The Bank has total borrowings of approximately $204.1 million.
The Bank has three non-bank subsidiaries: BCB Holding Company Investment Corp., Pamrapo Service Corporation and BCB New York Management, Inc. BCB Holding Company Investment Corp. is engaged in holding and investing in securities. BCB New York Management, Inc. is engaged in holding and investing in various loan products and investing in securities.
BCB Bancorp Inc
104-110 AVENUE C
BAYONNE NJ 07002-8906