BCBバンコープ 2026年第3四半期 決算説明会要約

BCBバンコープ（NASDAQ: BCBP）は、2026年第3四半期を通じてバランスシートの再編を加速させました。同社は、主に要注意債権および分類債権からなる2億ドル以上のローンを売却したほか、さらに約1億ドルのローンを公正価値で評価替えし、資本増強を完了しました。

主なポイント

• 未収利息の計上取消が約100万ドル発生したものの、純金利マージンは3.03%となり、経営陣が以前示していた2.90%〜3.00%の予想レンジを上回りました。
• BCBは、主に要注意債権および分類債権からなる2億ドル以上のローンを売却し、さらに約1億ドルのローンを公正価値に評価替えしました。
• 同社は第4四半期を全ローンの3%超に相当する7,000万ドルの貸倒引当金を確保して迎え、一方で不良債権は2,200万ドルに減少しました。
• 分類債権は1億6,000万ドルから4,600万ドルへ70%減少しました。分類債権の引当率は28%から150%へと上昇しました。
• ポートフォリオの詳細な見直しにより、以前は正常先と査定されていたローンのうち7,700万ドルが要観察先または要管理先に格下げされました。
• 経営陣は、第4四半期中に残る大麻関連の融資および預金ポートフォリオの売却を進める見込みです。同ポートフォリオには、約7,000万ドルの融資と7,000万〜8,000万ドルの預金が含まれています。

主要財務データ

事業および業績動向

預金コストの低下が3.03%の純金利マージンを支えました。また、マージン実績には未収利息の計上取消に伴う約100万ドルの影響も吸収されています。

資産の質が経営陣の最優先事項でした。同行は約100万ドルを超えるすべての融資を点検し、リスク格付け、デフォルト確率、およびデフォルト時損失率を再評価しました。このプロセスにより、以前は正常先と査定されていた7,700万ドルの融資が要観察先または要管理先に引き下げられました。

ビジネス・エクスプレス・ポートフォリオは約6,500万ドルに減少しました。前年中頃までの四半期平均損失額が370万ドルであったのに対し、当四半期の損失額は100万ドル近くとなりました。それでもBCBは、同ポートフォリオの引当率を前四半期の約15%から18%近くに引き上げました。

経営陣はまた、資本増強の成功を強調し、過去の与信問題に対処しながら銀行を保護するために資本構造の強化が必要であったと述べました。同社は経営陣を強化し、上場企業での経験を持つ取締役2名を新たに招聘しました。

経営見通し

経営陣は、第4四半期中に個別取引を通じて、特に要管理先や不良債権のカテゴリーにおける複数の問題債権が解決されると見込んでいます。

BCBはまた、第4四半期中に残る大麻関連の融資および預金の売却を完了することを見込んでいます。ローンは9月30日時点で時価評価されており、経営陣は取引が順調に進んでいると述べる一方、完了を約束することまでは控えました。

大麻関連の取引、売却目的保有資産の残り、および計画しているデラウェア州への本社移転に伴い、専門家報酬および弁護士費用は第4四半期もやや高止まりする見込みです。経営陣は、第3四半期の経費のうち250万〜300万ドルが高水準かつ取引関連の費用であったと推計しており、その大部分は消失する見込みであるとしていますが、第4四半期の具体的な経費予想は示しませんでした。

6,000万ドルの繰延税金資産の評価性引当額は、段階的な取り崩しの対象ではなく、実質的にオール・オア・ナッシング（一括での見直し）となります。経営陣は、今後5四半期の収益の「量」と「質」が判断を裏付ければ、2027年末がこの引当額の再検討を行う最初の機会となり得ると述べました。

リスクと今後の注目点

残存する信用リスクが依然として最大の懸念事項です。個別ローンの見直しによって潜在的損失が特定され価格に反映されたと経営陣は考えているものの、既存ポートフォリオのさらなる悪化は否定できないと同社は認めました。

要注意債権は、第2四半期の2億700万ドルから減少したものの、四半期末時点で1億5,300万ドル残存しています。その相当部分は、すでに時価評価されたローンで構成されています。

大麻ポートフォリオの売却は引き続き完了に至っていません。それまでの間、関連する専門家費用やバランスシート再編費用により、経費が高水準で維持される可能性があります。

将来の収益性が複数四半期にわたり十分な数量と質を示さない限り、繰延税金資産を復元（計上）することはできません。経営陣は、再評価が2027年末より前に行われることはない可能性を示しました。

アナリスト質疑応答の要点

アナリストの関心は、現在の引当金が将来の信用損失を十分に網羅しているかに集中しました。経営陣は、約100万ドル超のローンに対する詳細な見直し、公正価値評価、および分類債権引当率の150%への引き上げを挙げました。しかし、トーマス・オブライエン最高経営責任者（CEO）は、銀行業務はリスクビジネスであり続けると指摘し、追加損失の可能性を排除しませんでした。

経費に関して、経営陣は第3四半期に膨らんだ250万〜300万ドルの取引コストの大部分が第4四半期には減少するはずだと述べました。ただし、大麻関連の売却やその他のバランスシート整理取引が進行中であるため、正確なランレート（定常経費率）は不確実なままです。

経営陣はまた、第3四半期の要注意債権が第2四半期の2億700万ドルに対し、2億ドルではなく1億5,300万ドルであったことを明確にしました。分類債権はより大幅に減少し、1億6,000万ドルから4,600万ドルに減少しました。

大麻事業について、経営陣はポートフォリオに約7,000万ドルの融資と7,000万〜8,000万ドルの預金が含まれていると述べました。同社は第4四半期の売却に向けた進展に自信を示したものの、取引を確定的なものとしては示しませんでした。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, everyone. Thank you for joining us, and welcome to the BCB Bancorp, Inc. 2026 Third Quarter Earnings Call. [Operator Instructions]

I will now hand the conference over to Thomas O'Brien, President and Chief Executive Officer. Thomas, please go ahead.

Thomas O'Brien

Thank you, and good morning, all. I appreciate you joining the third quarter earnings call for the company. Obviously, before I begin, I encourage you to read the forward-looking statement as contained in our press release. So I guess I can begin by stating the obvious, never quite reported a quarter like this in my career. It was momentous for the company in many ways. But I think it's fair to say we successfully accomplished everything that was set out on my June 1 call, when I joined the bank and actually more than that. I also believe that the results of the quarter pretty closely follow the guidance we provided in all of the recent filings and announcements around the capital issuance and loan sales.

For this call, I don't see much value in discussing these [indiscernible] book numbers for net income. To the extent you want to, certainly, Jawad will be able to give you as much color as you want on that. But honestly, the numbers are so big as to disappear. I'm not sure I can even count that high. But as I said, I think the numbers, while admitted to be huge, hopefully, are self-explanatory given our previous disclosures on the strategic plan, capital and asset quality.

So I thought I'd just confine my quick remarks here on the outcomes and the expectations for the period ahead. I think it's probably worthwhile to focus some initial attention on our margin came in at 3.03%, slightly higher than the estimated range of 2.90% to 3% that we had previewed. And this was in spite of the reversal of several interest receivable accruals approximating around $1 million. Deposit costs trended lower, further supporting the NIM. Not surprisingly, asset quality improved along with the reserve coverage ratios.

The sale of mostly criticized and classified loans aggregating over $200 million, along with the write-down to fair market value of another $100 million, have gone a long way to cleaning up the loan quality problems that have dogged BCB in the recent past. We began the fourth quarter with a $70 million ACL over 3% of loans and a low $22 million in NPLs. We continue to forecast the sale of our remaining cannabis portfolio of loans and deposits in the fourth quarter. All of the loans were marked-to-market at September 30.

During the third quarter and in anticipation of the capital raise, our team went through the loan book to identify any needed risk rating changes to more properly align our enhanced process with potential future problems.

In so doing, we identified another $77 million of previously pass-rated loans that were subsequently downgraded to either special mention or substandard. We believe that this discipline will continue to focus our attention and our disclosures on the residual credit risk. We believe that the loan-by-loan process that we followed has properly surfaced residual credit risk and accounted for the potential for loss.

In the fourth quarter, we anticipate additional problem loans being favorably resolved in a few one-off type transactions, individual loans being resolved. I should also point out that 2 larger problem loans were paid in full during the quarter.

As a consequence of the restructuring and prior year losses, we established a 100% valuation allowance against our deferred tax assets. So it was $60 million. That is reversible when we have determined that our profitability over the next several quarters and prospectively support a change.

Our capital raise was very successful and the stock price has reacted favorably since. While dilution is something that I would never take lightly, the alternative for BCB was much more pessimistic. We believe the interest of all shareholders is best served by protecting the bank and the company with a strong capital structure and by confronting legacy problems head on.

Welcome our new investors and appreciate your support. You, together with our existing shareholders will find us to be working tirelessly in our collective best interest transparently and proactively. I've strengthened the executive ranks of the bank and welcomed 2 new directors, both with extensive public company experience. I'm confident that the painful decisions that we have made will yield the kind of results over the coming quarters that fully validate our expectations. That's probably more than enough of my thoughts here. I'm -- as typical, I suspect the questions are going to be more focused, and we're going to be happy to take those. Jawad is on the call with me. And so operator, we're ready to take questions.

Operator

[Operator Instructions] Your first question comes from the line of Justin Crowley with Piper Sandler.

質疑応答

Justin Crowley

Obviously, a lot of softness in the quarter with the loan sales and still a fair amount sitting in criticized and classified. But as you called out, a pretty healthy allowance to go along with it. So I was just kind of curious a little more for your thoughts on how exactly you see that level trending into the end of the year with the potential for more sale activity and just overall comfort with the further -- or any further loss being reflected in the reserve, which Tom, I know you touched on a little.

Thomas O'Brien

Yes, sure. That -- I mean, going back to my June 1 call, that asset quality was kind of job 1 through 10. The process we went through in the quarter, we did a pretty deep dive on every single loan over about $1 million. And some we, as I mentioned in my remarks, we risk rated. We have -- I think in total, Jawad can correct me if I'm wrong, but about -- almost $100 million in loans that we have marked-to-market. And if you look in the remaining criticized loans, that's the lion's share of it.

So I would say several of these loans, we expect to be cleaned up in the quarter, especially in the substandard category, which is relatively low anyhow, but -- and in the NPL category, which is down to $22 million. So it's a risk business, but -- so I can never say never, but I don't know what else we could have done to identify and price the credits that we have concern of potential loss in.

Justin Crowley

Just in that regard...

Jawad Chaudhry

The classified loans saw a 70% reduction, pretty meaningful from $160 million to $46 million, and our reserve coverage went up from 28% to 150%. So fairly strong progress in reducing our exposure to classified loans.

Justin Crowley

Right. I hear you on that. That's helpful. And then maybe I just wanted to confirm how you're thinking about ultimately the mechanics of the DTA and the valuation allowance. I guess assuming the bank returns to profitability, let's just say, in the fourth quarter and that can be maintained, what could the timing of that recapture look like? And would you expect full recapture just on one fell swoop as opposed to kind of a current piecemeal?

Thomas O'Brien

Yes. No, it's kind of binary, Justin. It's either in or out. So I would -- and again, I guess I'd probably reflect on my experience at Sun National Bank with the DTA valuation allowance there. But I would think by the end of '27, assuming both quantity and quality of earnings in each of the next 5 quarters supports the decision, I think that's probably the first opportunity we have to reconsider.

Justin Crowley

Okay. Great. And then maybe just one last one. Just on the level of expenses from here, obviously, some added costs in the third quarter, just given everything that was going on. And how much of that falls over the run rate as we think about the fourth quarter and then as we get into next year? I'm sure there'll be some elevated expenses, but just kind of in comparison to what we saw this quarter.

Thomas O'Brien

Yes. I think that's absolutely to be expected. Professional fees, legal fees will continue to be a little bit higher in this fourth quarter because of just some of the remaining things that we have going on, including the cannabis transaction. And if I recall, I think we had -- it was about $5 million of higher expenses this quarter. And I think the lion's share of that should start to drop away. And we also have the reincorporation into Delaware, which is coming up in the middle of November. So those are all expenses of kind of the restructure of the entire institution.

Justin Crowley

Okay. So you're starting to see that drop off.

Thomas O'Brien

Yes. Jawad, feel free to.

Jawad Chaudhry

Yes. I think just echoing what Tom said, I would size probably $2.5 million to $3 million of elevated expenses in the quarter tied to a number of transactions that we executed. Fourth quarter would still see some elevation of inflation and expenses. We should be able to give you better guidance, Justin, when we talk about our fourth quarter results. For the full year 2027, when we come back, we should be able to give you better guidance.

Justin Crowley

And then...

Thomas O'Brien

No, I'm going to -- Justin, I would say, too, and again, this is just kind of goes back to my experience that I mentioned this to the Board of Directors yesterday also that typically, when you go through the work that we have in this context, you start to see some of the fruits of your labor, you start to see some recoveries. And there's some, I would say, positive volatility in that likely or wouldn't be a surprise. But I think in terms of the negative part of that, I think we pretty -- took a pretty sharp pencil to the numbers.

Justin Crowley

Right. Okay. And then, Jawad, that $2.5 million or $3 million, call it, that you called out, you would expect that -- at least that portion of the increase in expenses to maybe fall back out in the fourth quarter. Is that a reasonable assumption?

Jawad Chaudhry

The fourth quarter, a good portion of that should fall back, Justin, but we are still pursuing our cannabis sale transaction. We are still cleaning up the balance sheet for some leftover trades that are actually held for sale. So it's difficult to give you a precise estimate for the fourth quarter. But yes, it's a fair statement that a good portion should fall off, and we'll provide better guidance when we come back to talk about our fourth quarter results.

Operator

Your next question comes from the line of Ross Haberman with Rlh Investments.

Ross Haberman

Just very brief numbers questions. Criticized loans of $200 million, does that include the cannabis loan?

Jawad Chaudhry

So the cannabis loan...

Go ahead please. Go ahead, Tom.

Thomas O'Brien

Yes. We'll both talk -- the cannabis loans were mark-to-market -- and -- but I would say, too, that those loans were performing.

Jawad Chaudhry

And Ross, just to comment on the number that you quoted, our criticized loans that we had reported for the second quarter were $207 million. For the third quarter, that number is $153 million. So it's not $200 million.

Ross Haberman

Okay. And could you give us a little update on the Business Express loans? I think as of last quarter, they were around $69 million or $70 million. What's the balance? And what are you seeing as the current default rate? And what are your allowance -- what's your quarterly allowance against that?

Thomas O'Brien

Go ahead, Jawad.

Jawad Chaudhry

Sure. The Business Express loan portfolio balance is approximately $65 million now, Ross. The portfolio continues to behave well. You may recall in the last call, we had talked about we were seeing an average of $3.7 million of quarterly losses through middle of last year. Since then, the portfolio has behaved much better. Our reserve coverage that we had reported for the second quarter for the portfolio was approximately 15%, 1-5. And during the third quarter, the portfolio once again behaved well. We only saw close to $1 million of losses, but we still did a little bit of a reserve build. So the reserve coverage increased from 15% to close to 18%. And you would see that detail when we publish our 10-Q.

Ross Haberman

And just one final question. Tom, are you optimistic that you're going to sell or get -- have a deal with the cannabis loans and deposits in the fourth quarter?

Thomas O'Brien

Yes, I think so. I mean it's -- I think -- I'm trying to pull the numbers out of my head here. It's about $70 million to $80 million in deposits and about $70 million [indiscernible] loans. But yes, I think we're pretty far along. So there's nothing that's come up that stop, but I feel pretty good about it.

Ross Haberman

And just one final question. Any further deterioration in any of the loans since you first laid your initial swipe or cut or everything else basically is performing as you expected? And at least at the moment, you're not going to -- you don't feel the necessity to make any further larger allowances?

Thomas O'Brien

No, absolutely. I think, as I mentioned, the process we went through, I guess, starting in -- after I've been at the bank for about a month of looking at the pass rate of loans was really driven by one particular loan that presented with problems. And we -- and I looked at the existing risk rating and in my view, it was kind of too strong for the risk on credit. So I just said at that point, let's go through all of them. So again, it's hard to predict what the legacy portfolio is. They've all been -- most of them have been visited. We did a probability of default and loss given default and all of that factors into the numbers you saw in the quarter.

Operator

There are no further questions at this time. I will now turn the call back to Thomas O'Brien for closing remarks.

Thomas O'Brien

Well, okay. That was easier than I expected. So our next call will be in the fourth quarter, the earnings release in probably late January. So I'm expecting a much better announcement at that time. And I think both for internal consumption within BCB and our investor base and others, you'll start to see the -- again, the fruits of our labor and the process we went through. It's obviously pretty complex right now with all these very large numbers being presented. But the diligence in the process and the carefulness that we exercised in terms of assigning risk and potential for loss, I think, is going to give us the protection that we all expect and demand from the bank. And I think -- again, I think the fourth quarter will be a very good look for all of us at that process. But at this point, we're pretty optimistic. So with that, thank you for joining, the last couple of months of the year and I hope it's all a good one for you, and we'll be in touch in early '27. Thank you.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.