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BCB Bancorp Appoints Patricia Schaubeck as Chief Legal Officer
BCB Bancorp announced the appointment of Patricia Schaubeck as executive VP, chief legal officer and corporate secretary of both the company and the bank as part of a reorganization of the company's legal department and C-Suite.
BCB Bancorp Sells Problem Loan Portfolios Totaling Approximately $205.3 Million
BCB Bancorp announced that the Bank has entered into definitive agreements to sell several portfolios of certain problem loans, most of which are rated criticized or classified under the Bank's internal risk rating system. Between September 21 and September 24, 2026, the Bank entered into definitive agreements with six different purchasers providing for the sale of loans with an aggregate unpaid principal balance of approximately $205.3M as of June 30, 2026. The portfolios being sold consist of commercial and multifamily real estate loans with an aggregate unpaid principal balance of approximately $180.7M, commercial and industrial loans with an aggregate unpaid principal balance of approximately $14.8M, and construction loans with an aggregate unpaid principal balance of approximately $9.8M, in each case, as of June 30, 2026. None of the Bank's business express loans are included in the portfolios. The estimated pre-tax loss attributable to these loan sales is $43.3M, which will be recorded in the third quarter of 2026. Closing has occurred with respect to five of the six loan sale transactions, with the last transaction expected to close before the end of the third quarter of 2026. Each definitive agreement is independent of the others, and the closing of any one agreement was not conditioned on the closing of any other.
BCB Bancorp Launches Underwritten Public Offering
BCB Bancorp, the holding company for BCB Community Bank, announced that it has launched an underwritten public offering of shares of its common stock, without par value. The company intends to use the net proceeds of this offering of common stock for general corporate purposes, including maintaining liquidity, funding working capital needs, supporting bank capital including in connection with the expected disposition of identified potential problem loans, reducing debt, and maintaining the company's capital and liquidity ratios, and the capital and liquidity ratios of the bank, at acceptable levels. Piper Sandler & Co. is acting as the sole book-running manager for the proposed offering.
BCB Bank Markets Problem Loan Portfolio, Anticipates $120M Net Loss
The company announced that during Q3, management of the bank identified for sale and commenced marketing of a portfolio of certain problem loans, most of which are rated criticized or classified under the bank's internal risk rating system. The portfolio consists of commercial and multifamily real estate loans with an aggregate unpaid principal balance of approximately $183.4M, commercial and industrial loans with an aggregate unpaid principal balance of approximately $16.7M, and construction loans with an aggregate unpaid principal balance of approximately $9.8M, in each case, as of June 30. The bank has received non-binding indications of interest from multiple prospective purchasers covering all of the approximately $210M aggregate principal balance of the problem loans marketed for sale. Based on those indications, the bank currently expects to complete the related sales during Q3. Any loans not sold by quarter-end are expected to be transferred to held for sale and recorded at estimated fair value based on prevailing market indications with the sale efforts to continue into Q4. The definitive loan purchase agreements for the loan sales are still being negotiated, and the prospective purchasers are continuing to conduct their due diligence reviews of the loans. The company anticipates its net interest margin for Q3 to be in the range of 2.90%-3.00%, expects to report noninterest income in the range of $5.1M-$5.7M and noninterest expense in the range of $17.9M-$18.5M, and anticipates that its provision for credit losses for Q3 will be in the range of $112M-$120M, resulting in a substantial net loss for the quarter. Included in loan loss provisioning is an expected $87M pre-tax loss on the anticipated sale of $210M of problem loans and the expected transfer to held for sale of an additional $96M of commercial real estate loans and cannabis related loans. BCB's anticipated provision for credit losses for the quarter reflects its expectations regarding management's estimates of the amounts appropriate to maintain adequate balances in its credit loss reserve, in view of recent adjustments to internal risk ratings in its loan portfolio and current market and credit conditions affecting its borrowers. As a result of the company's cumulative loss position in recent years, and anticipated loss at the end of Q3, the company determined it is more likely than not that the net deferred tax assets will not be realized and therefore recorded a valuation allowance against its entire net deferred tax asset balance of approximately $50M for the quarter ended September 30, which will adversely affect results of operations for the quarter.
BCB Bancorp Files $100M Mixed Securities Shelf
BCB Bancorp files $100M mixed securities shelf
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