BCB Bancorp Quý 3/2026 Tóm tắt cuộc họp báo cáo kết quả kinh doanh

BCB Bancorp, Inc. (NASDAQ: BCBP) đã tận dụng quý 3 năm 2026 để đẩy nhanh quá trình tái cơ cấu bảng cân đối kế toán. Công ty đã bán hơn 200 triệu USD nợ, chủ yếu là nợ bị chú ý và nợ phân loại, ghi nhận thêm khoảng 100 triệu USD dư nợ theo giá trị hợp lý và hoàn tất một đợt huy động vốn.

Điểm tin chính

• Biên lãi thuần (NIM) đạt 3,03%, cao hơn mức dự báo 2,90% đến 3,00% mà ban lãnh đạo đưa ra trước đó, mặc dù đã hoàn nhập khoảng 1 triệu USD lãi dự thu.
• BCB đã bán hơn 200 triệu USD nợ, phần lớn là nợ bị chú ý và nợ phân loại, đồng thời ghi nhận thêm khoảng 100 triệu USD nợ theo giá trị hợp lý.
• Công ty bước vào quý 4 với khoản dự phòng tổn thất tín dụng trị giá 70 triệu USD, chiếm hơn 3% tổng dư nợ, trong khi nợ xấu giảm xuống còn 22 triệu USD.
• Nợ phân loại giảm 70% từ 160 triệu USD xuống 46 triệu USD. Tỷ lệ bao phủ dự phòng cho nợ phân loại tăng từ 28% lên 150%.
• Kết quả rà soát chi tiết danh mục đầu tư đã dẫn đến việc phân loại lại 77 triệu USD dư nợ vốn được đánh giá đủ tiêu chuẩn trước đó sang nợ cần chú ý hoặc nợ dưới tiêu chuẩn.
• Ban lãnh đạo dự kiến sẽ xúc tiến việc bán danh mục cho vay và tiền gửi ngành cần sa còn lại trong quý 4. Danh mục này bao gồm khoảng 70 triệu USD dư nợ cho vay và 70 triệu đến 80 triệu USD tiền gửi.

Dữ liệu tài chính cốt lõi

Kết quả kinh doanh và hoạt động

Chi phí tiền gửi thấp hơn đã hỗ trợ biên lãi thuần đạt mức 3,03%. Kết quả biên lãi thuần này cũng đã hấp thụ khoảng 1 triệu USD khoản hoàn nhập liên quan đến lãi dự thu.

Chất lượng tài sản là trọng tâm hàng đầu của ban lãnh đạo. Ngân hàng đã rà soát mọi khoản cho vay trên khoảng 1 triệu USD và đánh giá lại xếp hạng rủi ro, xác suất vỡ nợ cũng như tỷ lệ tổn thất dự kiến khi vỡ nợ. Quá trình này đã dẫn đến việc hạ bậc 77 triệu USD dư nợ vốn từng được xếp loại đủ tiêu chuẩn sang nợ cần chú ý hoặc nợ dưới tiêu chuẩn.

Danh mục Business Express đã giảm xuống còn khoảng 65 triệu USD. Danh mục này ghi nhận mức thua lỗ gần 1 triệu USD trong quý, so với mức lỗ trung bình hàng quý là 3,7 triệu USD tính đến giữa năm ngoái. BCB vẫn tăng tỷ lệ bao phủ dự phòng cho danh mục này lên gần 18% từ mức khoảng 15%.

Ban lãnh đạo cũng nhấn mạnh đợt huy động vốn thành công, cho biết cấu trúc vốn vững chắc hơn là điều cần thiết để bảo vệ ngân hàng trong khi xử lý các vấn đề tín dụng tồn đọng. Công ty đã củng cố đội ngũ lãnh đạo cấp cao và bổ sung hai giám đốc có kinh nghiệm làm việc tại các công ty đại chúng.

Dự báo từ Ban lãnh đạo

Ban lãnh đạo dự kiến một số khoản nợ có vấn đề bổ sung, đặc biệt là trong các nhóm nợ dưới tiêu chuẩn và nợ xấu, sẽ được xử lý thông qua các giao dịch riêng lẻ trong quý 4.

BCB cũng dự kiến sẽ hoàn tất việc bán các khoản cho vay và tiền gửi ngành cần sa còn lại trong quý 4. Các khoản vay đã được hạch toán theo giá thị trường tính đến ngày 30 tháng 9, và ban lãnh đạo cho biết giao dịch đã tiến triển tốt, dù không đưa ra bảo đảm chắc chắn về việc hoàn tất.

Chi phí pháp lý và tư vấn chuyên môn dự kiến sẽ vẫn ở mức khá cao trong quý 4 do giao dịch ngành cần sa, các tài sản nắm giữ để bán còn lại và kế hoạch tái lập công ty tại bang Delaware. Ban lãnh đạo ước tính khoảng 2,5 triệu đến 3 triệu USD chi phí trong quý 3 đã gia tăng và liên quan đến giao dịch, với một phần lớn dự kiến sẽ giảm bớt, mặc dù không đưa ra ước tính chi phí chính xác cho quý 4.

Khoản dự phòng giảm giá tài sản thuế hoãn lại trị giá 60 triệu USD về bản chất là có tính chất nhị phân (có hoặc không) thay vì được hoàn nhập dần dần. Ban lãnh đạo cho biết cuối năm 2027 có thể là thời điểm sớm nhất để xem xét lại khoản dự phòng này, với điều kiện quy mô và chất lượng lợi nhuận trong 5 quý tới hỗ trợ cho quyết định đó.

Rủi ro và các yếu tố cần theo dõi

Rủi ro tín dụng còn lại vẫn là mối quan ngại chính. Mặc dù ban lãnh đạo tin rằng việc rà soát từng khoản vay đã xác định và định giá các khoản tổn thất tiềm năng, công ty thừa nhận rằng không thể loại trừ khả năng danh mục tồn đọng tiếp tục suy giảm chất lượng.

Nợ bị chú ý vẫn ở mức 153 triệu USD vào cuối quý, ngay cả sau khi đã giảm từ mức 207 triệu USD trong quý 2. Một phần đáng kể bao gồm các khoản vay đã được hạch toán theo giá thị trường.

Việc bán danh mục ngành cần sa vẫn phụ thuộc vào kết quả hoàn tất giao dịch. Cho đến lúc đó, phí tư vấn chuyên môn liên quan và chi phí tái cơ cấu bảng cân đối kế toán có thể khiến chi phí duy trì ở mức cao.

Tài sản thuế hoãn lại không thể được khôi phục trừ khi khả năng sinh lời trong tương lai chứng minh được quy mô và chất lượng đủ tốt qua nhiều quý. Ban lãnh đạo chỉ ra rằng việc đánh giá lại có thể sẽ không diễn ra trước cuối năm 2027.

Điểm tin Q&A với chuyên gia phân tích

Các chuyên gia phân tích tập trung vào việc liệu khoản dự phòng hiện tại có phản ánh đầy đủ tổn thất tín dụng trong tương lai hay không. Ban lãnh đạo chỉ ra đợt rà soát sâu các khoản vay trên khoảng 1 triệu USD, việc ghi nhận theo giá trị hợp lý và mức tăng tỷ lệ bao phủ dự phòng nợ phân loại lên 150%. Tuy nhiên, Tổng Giám đốc (CEO) Thomas O’Brien lưu ý rằng ngân hàng vẫn là lĩnh vực kinh doanh rủi ro và không loại trừ khả năng phát sinh thêm tổn thất.

Về chi phí, ban lãnh đạo cho biết một phần lớn trong số 2,5 triệu đến 3 triệu USD chi phí giao dịch gia tăng của quý 3 sẽ giảm trong quý 4. Mức chi phí thực tế chính xác vẫn chưa chắc chắn vì thương vụ bán danh mục cần sa và các giao dịch làm sạch bảng cân đối kế toán khác vẫn đang được triển khai.

Ban lãnh đạo cũng làm rõ rằng nợ bị chú ý trong quý 3 là 153 triệu USD chứ không phải 200 triệu USD, so với mức 207 triệu USD trong quý 2. Nợ phân loại đã giảm mạnh hơn, xuống còn 46 triệu USD từ mức 160 triệu USD.

Liên quan đến mảng kinh doanh cần sa, ban lãnh đạo cho biết danh mục này bao gồm khoảng 70 triệu USD dư nợ cho vay và 70 triệu đến 80 triệu USD tiền gửi. Công ty thể hiện sự tự tin trong việc đạt tiến triển hướng tới thương vụ bán trong quý 4 nhưng không khẳng định giao dịch chắc chắn thành công.

Toàn văn biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.