BCB Bancorp 2026 年第三季財報電話會議摘要

BCB Bancorp, Inc. (NASDAQ: BCBP) 利用 2026 年第三季加速推動資產負債表重組。該公司出售了超過 2 億美元主要屬於關注類與列管類的貸款，將另外約 1 億美元的貸款按公允價值計價，並完成了資本募集。

重點摘要

• 儘管衝銷了約 100 萬美元的應收利息計提，淨利息收益率 (NIM) 仍達 3.03%，高於管理層先前預期的 2.90% 至 3.00% 區間。
• BCB 出售了超過 2 億美元主要為關注類與列管類的貸款，並將另外約 1 億美元的貸款按公允價值計價。
• 該公司進入第四季時擁有 7,000 萬美元的信用損失準備，佔總貸款額的 3% 以上，同時不良貸款降至 2,200 萬美元。
• 列管貸款自 1.6 億美元大幅下降 70% 至 4,600 萬美元。列管貸款的準備金覆蓋率從 28% 提升至 150%。
• 經詳細檢視貸款組合後，先前評級為正常的 7,700 萬美元貸款被降評為關注類或次級。
• 管理層預計在第四季推動出售剩餘的大麻貸款與存款組合。該組合包含約 7,000 萬美元的貸款，以及 7,000 萬至 8,000 萬美元的存款。

核心財務數據

業務與營運績效

較低的存款成本推升了 3.03% 的淨利息收益率。該收益率成果同時吸收了約 100 萬美元與應收利息計提相關的衝銷。

資產品質是管理層的重中之重。該銀行審視了每一筆金額在大約 100 萬美元以上的貸款，並重新評估風險等級、違約機率以及違約損失率。此一過程導致先前評級為正常的 7,700 萬美元貸款被移至關注類或次級。

Business Express 貸款組合規模降至約 6,500 萬美元。該組合在本季錄得接近 100 萬美元的損失，相較之下，前一年年中以前的平均單季損失為 370 萬美元。BCB 仍將該組合的準備金覆蓋率從約 15% 提高至接近 18%。

管理層亦特別提到成功完成資本募集，並表示更強健的資本結構對於在處理歷史信用風險問題時保護銀行至關重要。該公司強化了高階管理團隊，並引進兩名具備上市公司經驗的董事。

管理層展望指引

管理層預計在第四季透過個別交易解決若干額外的問題貸款，特別是次級與不良貸款類別。

BCB 還預計在第四季完成剩餘大麻貸款與存款的出售。截至 9 月 30 日，這些貸款已按市價計價，管理層表示交易進展順利，但並未承諾保證完成。

受大麻交易、剩餘待售資產以及公司計畫在德拉瓦州重新註冊成立所致，專業與法律費用預計在第四季仍將維持偏高。管理層估計第三季有 250 萬至 300 萬美元的費用屬於偏高且與交易相關的支出，預期大部分將會消失，但並未提供第四季費用的精確預估。

6,000 萬美元的遞延所得稅資產評價備抵實質上屬於二元性質，而非漸進式迴轉。管理層表示，若未來五個季度的獲利數量與品質能支持該決定，2027 年底可能是首次重新評估該備抵金額的時機。

風險與關注領域

殘餘信用風險仍是主要疑慮。儘管管理層認為逐筆貸款審視已識別並反映了潛在損失的價格，但公司坦承無法排除歷史貸款組合進一步惡化的可能性。

季末關注類貸款仍達 1.53 億美元，即使已低於第二季的 2.07 億美元。其中很大一部分由已按市價計價的貸款組成。

大麻貸款組合出售仍待最終完成。在此之前，相關的專業費用與資產負債表重組成本可能會使費用居高不下。

除非未來多個季度的獲利展現出足夠的數量與品質，否則遞延所得稅資產無法恢復。管理層指出，重新評估可能要到 2027 年底才會進行。

分析師問答環節亮點

分析師聚焦於當前的準備金是否足以涵蓋未來的信用損失。管理層指出，他們對約 100 萬美元以上的貸款進行了深度審視、進行了公允價值計價，並將列管貸款準備金覆蓋率提高至 150%。然而，執行長 Thomas O’Brien 指出，銀行業本質上仍是風險事業，並未排除額外損失的可能性。

在費用方面，管理層表示第三季 250 萬至 300 萬美元偏高交易成本中的大部分應會在第四季下降。確切的營運費用率仍不確定，因為大麻出售案及其他資產負債表清理交易仍在進行中。

管理層亦澄清，第三季關注類貸款為 1.53 億美元而非 2 億美元，相較第二季的 2.07 億美元有所下降。列管貸款下降幅度更為劇烈，從 1.6 億美元降至 4,600 萬美元。

關於大麻業務，管理層表示該組合包含約 7,000 萬美元的貸款與 7,000 萬至 8,000 萬美元的存款。公司對在第四季推動出售展現信心，但並未將此筆交易視為必然完成。

財報電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.