BCB 반코프 2026년 3분기 실적발표 컨퍼런스 콜 요약

BCB 반코프(NASDAQ: BCBP)는 2026년 3분기를 재무제표 구조조정을 가속화하는 기회로 활용했습니다. 회사는 주로 요주의 및 고정이하로 분류된 대출 2억 달러 이상을 매각했으며, 추가로 약 1억 달러 규모의 대출을 공정가치로 재평가하고 자본 확충을 완료했습니다.

핵심 요약

• 약 100만 달러 규모의 미수이자 계상 취소에도 불구하고, 순이자마진(NIM)은 3.03%를 기록해 경영진이 이전에 제시했던 전망치 범위인 2.90%~3.00%를 상회했습니다.
• BCB는 주로 요주의 및 고정이하 여신인 대출 2억 달러 이상을 매각했으며, 추가로 약 1억 달러 규모의 대출을 공정가치로 재평가했습니다.
• 회사는 총대출의 3% 이상에 해당하는 7,000만 달러의 대손충당금을 확보한 채 4분기에 진입했으며, 부실채권(NPL)은 2,200만 달러로 감소했습니다.
• 고정이하 여신은 1억 6,000만 달러에서 4,600만 달러로 70% 감소했습니다. 고정이하 여신 대비 충당금 적립률은 28%에서 150%로 상승했습니다.
• 상세한 포트폴리오 점검 결과, 기존에 정상 등급이었던 대출 중 7,700만 달러가 요주의 또는 고정 이하 등급으로 하향 조정되었습니다.
• 경영진은 4분기 중 남은 대마(카나비스) 관련 대출 및 예금 포트폴리오의 매각을 추진할 것으로 예상하고 있습니다. 해당 포트폴리오는 약 7,000만 달러의 대출과 7,000만~8,000만 달러 규모의 예금으로 구성되어 있습니다.

핵심 재무 데이터

사업 및 영업 실적

예금 비용 감소가 3.03%의 순이자마진을 뒷받침했습니다. 마진 실적에는 미수이자 계상 취소와 관련된 약 100만 달러의 차감 요인도 반영되었습니다.

경영진의 최우선 과제는 자산 건전성이었습니다. 은행은 약 100만 달러 이상의 모든 대출을 점검하고 위험 등급, 부도율(PD), 부도시 손실률(LGD)을 재평가했습니다. 이 과정에서 기존에 정상 등급이었던 대출 중 7,700만 달러가 요주의 또는 고정 이하 등급으로 조정되었습니다.

비즈니스 익스프레스 포트폴리오는 약 6,500만 달러 규모로 감소했습니다. 전년도 중반까지 분기 평균 370만 달러의 손실을 기록했던 것과 비교해 이번 분기 손실은 100만 달러에 근접했습니다. 그럼에도 BCB는 해당 포트폴리오의 충당금 적립률을 기존 약 15%에서 18%에 육박하는 수준으로 끌어올렸습니다.

경영진은 또한 성공적인 자본 확충을 강조하며, 기존 신용 리스크 문제를 해결하는 동안 은행을 보호하기 위해 강화된 자본 구조가 필요했다고 설명했습니다. 회사는 경영진 라인업을 강화하고 상장사 경험이 있는 이사 2명을 신규 선임했습니다.

경영진 가이던스

경영진은 4분기 중 개별 거래를 통해 특히 고정 이하 및 부실채권 범주에 속한 몇몇 추가 부실 대출이 해결될 것으로 예상하고 있습니다.

또한 BCB는 4분기 중에 남은 대마 관련 대출 및 예금 매각을 완료할 것으로 예상합니다. 해당 대출은 9월 30일 기준으로 시가평가(mark to market)되었으며, 경영진은 매각 완료를 보장하지는 않으면서도 관련 거래가 상당 부분 진행되었다고 밝혔습니다.

대마 거래, 잔여 매각예정자산, 델라웨어주로의 법인 이전 계획 등으로 인해 4분기에도 전문 서비스 및 법률 비용이 다소 높게 유지될 것으로 예상됩니다. 경영진은 3분기 비용 중 250만~300만 달러가 일시적으로 증가한 거래 관련 비용이었으며 이 중 상당 부분이 소멸할 것으로 추정했으나, 4분기 비용에 대한 정확한 추정치는 제시하지 않았습니다.

6,000만 달러 규모의 이연법인세자산 평가충당금은 점진적으로 환입되기보다 사실상 일시 반영되는(binary) 성격을 가집니다. 경영진은 향후 5개 분기 동안의 이익 규모와 질이 뒷받침된다면 2027년 말이 해당 충당금을 재검토할 수 있는 첫 번째 기회가 될 것이라고 말했습니다.

리스크 및 주요 관전 포인트

잔여 신용 리스크가 주요 우려 사항으로 남아 있습니다. 경영진은 건별 대출 점검을 통해 잠재적 손실을 식별하고 가격에 반영했다고 믿고 있지만, 기존 포트폴리오의 추가 부실화 가능성을 배제할 수는 없다고 인정했습니다.

요주의 이하 여신은 2분기 2억 700만 달러에서 감소했음에도 불구하고 분기 말 기준 1억 5,300만 달러를 유지했습니다. 이 중 상당 부분은 이미 시가평가된 대출로 구성되어 있습니다.

대마 포트폴리오 매각은 아직 최종 완료 과제로 남아 있습니다. 매각 완료 전까지는 관련 전문 서비스 비용과 재무제표 구조조정 비용으로 인해 지출이 높은 수준을 유지할 수 있습니다.

미래 수익성이 여러 분기에 걸쳐 충분한 규모와 질을 입증하지 못하는 한 이연법인세자산은 환입될 수 없습니다. 경영진은 2027년 말 이전에는 재평가가 이루어지지 않을 수 있음을 시사했습니다.

애널리스트 Q&A 핵심 요약

애널리스트들은 현재의 대손충당금이 향후 발생할 신용 손실을 충분히 반영하고 있는지에 주목했습니다. 경영진은 약 100만 달러 이상 대출에 대한 면밀한 점검, 공정가치 평가, 고정이하 여신 충당금 적립률의 150%로의 상승을 언급했습니다. 그러나 토마스 오브라이언(Thomas O’Brien) CEO는 은행업이 본질적으로 리스크 사업이라는 점을 지적하며 추가 손실 가능성을 배제하지 않았습니다.

비용과 관련해서 경영진은 3분기에 일시 증가했던 거래 비용 250만~300만 달러 중 상당 부분이 4분기에는 줄어들 것이라고 밝혔습니다. 다만 대마 매각 및 기타 재무제표 정산 거래가 여전히 진행 중이어서 정확한 상시 비용 수준(run rate)은 불확실한 상태로 남아 있습니다.

경영진은 또한 3분기 요주의 이하 여신이 2억 달러가 아니라 1억 5,300만 달러였으며, 이는 2분기 2억 700만 달러에서 감소한 수치라고 설명했습니다. 고정이하 여신은 1억 6,000만 달러에서 4,600만 달러로 더욱 급격히 감소했습니다.

대마 사업과 관련하여 경영진은 해당 포트폴리오에 약 7,000만 달러의 대출과 7,000만~8,000만 달러의 예금이 포함되어 있다고 밝혔습니다. 회사는 4분기 매각을 향해 진전을 이루고 있다고 확신을 표명했지만 거래 성사를 확정적으로 제시하지는 않았습니다.

실적발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.