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Benefits Plans (Tables)

12 Months Ended

Dec. 31, 2024

Pension Plan's Funded Status and Components of Net Periodic Pension Cost


Change in Benefit Obligation:	December 31,
		2024		2023		2022
	(In Thousands)
Benefit obligation, beginning of year	$	4,802	$	4,935	$	6,492
Interest cost		224		238		178
Actuarial gain ⁽¹⁾		(256)		(25)		(1,362)
Benefits paid		(363)		(346)		(363)
Lump sum distributions		(179)		-		(10)
Benefit obligation, ending	$	4,228	$	4,802	$	4,935
Change in Plan Assets:
Fair value of assets, beginning of year	$	6,012	$	5,965	$	7,144
Actual return on plan assets		612		393		(806)
Benefits paid		(363)		(346)		(363)
Lump sum distributions		(179)		-		(10)
Fair value of assets, ending	$	6,082	$	6,012	$	5,965
Fair value of assets	$	6,082	$	6,012	$	5,965
Projected benefit obligation		4,228		4,802		4,935
Funded status, included in other assets, net	$	1,854	$	1,210	$	1,030
Valuation assumptions used to determine benefit obligation at period end:
Discount rate		5.54%		4.83%		5.02%
Salary increase rate		N/A		N/A		N/A

(1) Actuarial gain comes about when the actual plan results are more favorable than the actuarial assumptions used to perform the calculations. The primary actuarial assumptions used are interest and mortality as well as the rate of return on the plan assets. Differences between expected and actual results in each year are included in the net actuarial gain.

Net Periodic Pension and SERP Expense


Net Periodic Pension Expense:	December 31,
		2024		2023		2022
	(In Thousands)
Interest cost	$	224	$	238	$	178
Expected return on assets		(350)		(346)		(417)
Amortization of net loss		-		55		66
Net periodic pension benefit	$	(126)	$	(53)	$	(173)
Valuation assumptions used to determine net periodic benefit for the year:
Discount rate		4.83%		5.02%		2.83%
Long term rate of return on plan assets		6.00%		6.00%		6.00%
Salary increase rate		N/A		N/A		N/A

Asset Allocation Parameters by Asset Class



Asset Allocation Parameters by Asset Class
	Minimum	Target	Maximum
Equity
Large-Cap U.S.		42%
Mid/Small-Cap U.S.		11%
Non-U.S.		26%
Total-Equity	40%	55%	60%

Fixed Income
Long/Short Duration		43%
Money Market/Certificates of Deposit		2%
Total-Fixed Income	40%	45%	60%

Schedule of Fair Value of Plan Assets

The fair values of the Pension Plan assets at December 31, 2024, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):



Asset Category		Total		(Level 1)		(Level 2)		(Level 3)
Mutual funds-Equity
Large-Cap Value (a)	$	1,035	$	1,035	$	-	$	-
Large-Cap Growth (b)		-		-		-		-
Diversified Emerging Markets (f)		88		88		-		-
Large Blend (d)		1,253		1,253		-		-
Technology (g)		168		168		-		-
Mutual Funds-Fixed Income
Long Government (h)		38		38		-		-
Multi-Sector Bond (c)		1,181		1,181		-		-
High Yield Bond (e)		622		622		-		-
Intermediate Core Bond (i)		595		595
BCB Common Stock		590		590		-		-
Cash Equivalents
Money Market		512		512		-		-
Total	$	6,082	$	6,082	$	-	$	-

The fair values of the Company’s pension plan assets at December 31, 2023, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):




Asset Category		Total		(Level 1)		(Level 2)		(Level 3)
Mutual funds-Equity
Large-Cap Value (a)	$	1,120	$	1,120	$	-	$	-
Large-Cap Growth (b)		261		261		-		-
Diversified Emerging Markets (f)		95		95		-		-
Large Blend (d)		1,025		1,025		-		-
Technology (g)		137		137		-		-
Mutual Funds-Fixed Income
Long Government (h)		46		46		-		-
Multi-Sector Bond (c)		1,244		1,244		-		-
High Yield Bond (e)		648		648		-		-
Intermediate Core Bond (i)		656		656		-		-
BCB Common Stock		666		666		-		-
Cash Equivalents
Money Market		114		114		-		-
Total	$	6,012	$	6,012	$	-	$	-

a)Large Cap value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70 percent of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

b)Large Cap Growth Stocks of large cap companies that are projected to grow faster than other large cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

c)Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities.

d)This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value.

e)High Yield Bond funds invest at least 65 percent of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective.

f)The fund invests at least 80% of the value of its assets in equity securities and equity related instruments that are tied economically to emerging markets.

g)The fund normally invests at least 80% of the fund’s net assets in securities of issuers principally engaged in offering, using or developing products, processes or services that will provide or benefit significantly from technological advances and improvements.

h)The fund normally invests at least 80% of assets in securities included in the Bloomberg Barclays U.S. Long Treasury Bond Index.

i)Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures.

Expected Benefit Payments



2025	$	374
2026		373
2027		374
2028		371
2029		361
2030-2034		1,619

Schedule of Share-Based Compensation Expense



	Years Ended December 31,
		2024		2023		2022
Stock Option Expense	$	128	$	133	$	216
Restricted Stock Expense		639		460		916
Total share-based compensation expense	$	767	$	593	$	1,132

Summary of Status of Restricted Shares



	Number of Shares Awarded	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2023	86,752	$ 14.98
Granted	50,000	9.44
Vested	(50,227)	13.85
Forfeited	(1,725)	14.92
Non-vested at December 31, 2024	84,800	$ 12.38

Summary of Stock Option Activity


	Number of Options		Range of Exercise Price		Weighted Average Exercise Price	Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (000's)
Outstanding at January 1, 2023	1,036,975	$	9.03-13.68	$	11.72	4.47	$	6,502
Options forfeited	-		-		-	-		-
Options exercised ⁽¹⁾	(61,000)		9.03		9.03	-		-
Options granted	-		-		-	-		-
Options expired	-		-		-	-		-
Outstanding at December 31, 2023	975,975	$	10.55-13.68	$	11.89	3.83	$	984
Options forfeited	-		-		-	-		-
Options exercised ⁽²⁾	(2,000)		12.19		12.19	-		-
Options granted	-		-		-	-		-
Options expired	(80,000)		13.32		13.32	-		-
Outstanding at December 31, 2024	893,975	$	10.55-13.68	$	11.76	3.16	$	355
Exercisable at December 31, 2024	799,955

(1) Includes 9,628 cashless exercise of options during 2023.

(2) Includes 2,000 cashless exercise of options during 2024.