BCB Bancorp 2026年第三季度 业绩电话会议摘要

BCB Bancorp, Inc.（NASDAQ: BCBP）利用2026年第三季度加速推进资产负债表重组。该公司出售了超过2亿美元主要为批评类和分类贷款的资产，将另外约1亿美元的贷款按公允价值计值，并完成了一项融资。

核心要点

• 尽管当期冲回了约100万美元的应收利息计提，净息差仍达到3.03%，高于管理层此前给出的2.90%至3.00%的指引区间。
• BCB出售了超过2亿美元主要为批评类和分类贷款的资产，并将另外约1亿美元的贷款按公允价值计值。
• 进入第四季度时，该公司的信贷损失准备金达到7000万美元，占贷款总额的3%以上；同时不良贷款降至2200万美元。
• 分类贷款从1.6亿美元大降70%至4600万美元。分类贷款的拨备覆盖率从28%提升至150%。
• 对贷款组合的详细审查导致此前评级为正常类的7700万美元贷款被下调至关注类或次级类。
• 管理层预计将在第四季度推进剩余大麻相关贷款和存款组合的出售。该组合包括约7000万美元的贷款和7000万至8000万美元的存款。

核心财务数据

业务与经营业绩

存款成本降低对3.03%的净息差形成了支撑。该净息差结果还消化了约100万美元与应收利息计提相关的冲回。

资产质量是管理层关注的焦点。该银行对金额在约100万美元以上的每笔贷款都进行了审查，并重新评估了风险评级、违约概率和违约损失率。这一过程导致此前评级为正常类的7700万美元贷款被调整至关注类或次级类。

Business Express贷款组合规模降至约6500万美元。该组合在当季录得接近100万美元的损失，而截至上年中期，其季度平均损失额为370万美元。尽管如此，BCB仍将该组合的拨备覆盖率从约15%提升至接近18%。

管理层还强调了融资的成功完成，称更稳固的资本结构对于在解决历史信贷问题时保护银行至关重要。公司加强了高管团队，并引入了两名具备上市公司背景的董事。

管理层指引

管理层预计，在第四季度将通过单独交易解决另外几笔问题贷款，特别是次级类和不良类贷款。

BCB还预计将在第四季度完成剩余大麻贷款和存款的出售。截至9月30日，相关贷款已按市值计价，管理层表示交易正在顺利推进，但未保证一定能完成。

由于大麻交易、剩余持有待售资产以及公司计划在特拉华州重新注册，预计第四季度的专业服务与法律费用仍将保持在相对高位。管理层估计第三季度有250万至300万美元的费用偏高且与交易相关，预计其中很大一部分将不再发生，但管理层未提供第四季度精确的费用预测。

6000万美元的递延所得税资产估值准备本质上属于全额计提（非黑即白）而非渐进式转回。管理层表示，如果未来五个季度的盈利数量与质量能够支撑这一决定，2027年底可能是重新考虑该项准备金的首个时机。

风险与关注领域

残余信贷风险仍是主要担忧。尽管管理层认为逐笔贷款审查已识别并消化了潜在损失的定价，但公司承认无法排除历史贷款组合进一步恶化的可能性。

即便较第二季度的2.07亿美元有所下降，季度末批评类贷款仍维持在1.53亿美元的高位。其中很大一部分由已按市值计价的贷款组成。

大麻贷款组合的出售仍有待最终完成。在此之前，相关的专业服务费和资产负债表重组成本可能会使费用维持高位。

除非未来多个季度的盈利能力展示出足够的数量和质量，否则递延所得税资产无法予以恢复。管理层指出，重新评估可能要到2027年底之后才会发生。

分析师问答亮点

分析师关注的重点是当前的拨备准备是否能充分涵盖未来的信贷损失。管理层指出了对约100万美元以上贷款的深度审查、公允价值计值以及分类贷款拨备覆盖率提升至150%的情况。然而，首席执行官托马斯·奥布莱恩（Thomas O’Brien）指出，银行业依然是一项风险业务，并未排除发生额外损失的可能性。

关于费用方面，管理层表示，第三季度偏高的250万至300万美元交易成本中，有很大一部分将在第四季度有所下降。由于大麻资产出售和其他资产负债表清理交易仍在进行中，具体的费用运行率（run rate）仍不确定。

管理层还澄清，第三季度批评类贷款为1.53亿美元（第二季度为2.07亿美元），而非2亿美元。分类贷款降幅更为剧烈，从1.6亿美元降至4600万美元。

关于大麻业务，管理层表示，该组合包括约7000万美元的贷款和7000万至8000万美元的存款。公司对在第四季度推进出售表示有信心，但并未将该交易视为绝对确定。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.

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