BCB Bancorp falls after posting surprise first-quarter loss

Community lender BCB Bancorp's BCBP.O shares fall 5.2% to $8.91

BCBP posts Q1 loss of 51 cents/shr vs Wall Street expectations of profit of 22 cents/shr

Q1 loss was driven by a $13.7 million reserve tied to a $34.2 million loan in the cannabis sector - CEO Michael Shriner

"Although the borrower remains current, the significant deterioration in their financial condition warranted a downgrade to non-accrual status and the establishment of the reserve," Shriner says

Piper Sandler cuts PT to $10 from $11.50 as it anticipates credit metrics might deteriorate a bit further through 2025 as the bank completes a broad review of the portfolio

1 of 4 brokerages rate the stock "strong buy" and three "hold"; median PT $12 - data compiled by LSEG

As of last close, BCBP stock down 20.6% YTD