Quarterly ResultAug 3, 2026, 07:16 AM
BCB Bancorp Reports Q2 Net Loss of $14.8M; Board Approves Delaware Reincorporation
AI Summary
BCB Bancorp, Inc. reported a net loss of $14.8 million for the second quarter of 2026, or ($0.85) per diluted share, a significant decline from net income in the prior quarter and year-ago period. This loss was primarily driven by a $19.0 million provision for credit losses, a $5.3 million non-cash goodwill impairment charge, and a $2.6 million loss on a loan transferred to held-for-sale. Additionally, the Company's board of directors approved a proposal to change its state of incorporation to Delaware and move to annual director elections, subject to shareholder approval, and suspended common and preferred dividends.
Key Highlights
- Q2 2026 net loss of $14.8 million, compared to net income of $4.9 million in Q1 2026.
- Q2 2026 loss per diluted share of ($0.85), compared to $0.26 in Q1 2026.
- H1 2026 net loss of $9.9 million, compared to a net loss of $4.8 million in H1 2025.
- Q2 2026 provision for credit losses was $19.0 million, up from $2.8 million in Q1 2026.
- Non-cash goodwill impairment charge of $5.3 million recorded in Q2 2026.
- Loss of $2.6 million on a loan transferred to held-for-sale.
- Board approved reincorporation to Delaware and ending staggered board terms, subject to shareholder approval.
- Board suspended common and preferred dividends to preserve capital.
- Efficiency ratio for Q2 2026 was 96.8%, up from 62.4% in the prior quarter.
- Total deposits were $2.636 billion at June 30, 2026, down from $2.672 billion at March 31, 2026.
Price Impact
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