BCB Bancorp posts Q4 loss due to write-down; adjusts dividend

Overview

• Community bank's Q4 net loss of $12 mln vs year-ago profit, due to cannabis-related property write-down

• Net interest margin for Q4 rose to 3.03% from 2.53% yr/yr

• Company declared regular quarterly cash dividend of $0.08 per share

Outlook

• BCB Bancorp focuses on improving earnings performance and disciplined capital allocation

Result Drivers

• CANNABIS PROPERTY WRITE-DOWN - Co reported a $15.1 mln pre-tax write-down on a cannabis-related property, impacting Q4 results

• NET CHARGE-OFFS - Co recognized $16.3 mln in net charge-offs, primarily in C&I loan portfolio, affecting Q4 performance

• ASSET QUALITY MEASURES - Management took steps to improve asset quality and capital position, reducing wholesale funding exposure

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for BCB Bancorp Inc is $9.00, about 15.1% above its January 29 closing price of $7.82

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nGNX94XGff

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