BCB BANCORP INC

BCB Bancorp, Inc. announced the launch of an underwritten public offering of its common stock. Concurrently, the company provided a business update indicating significant actions to address problem loans and cannabis-related business lines. Management has identified for sale a portfolio of problem loans totaling approximately $210 million and is marketing its cannabis-related business lines, including loans and deposits. These actions are expected to result in a substantial net loss for the third quarter of 2026, estimated between $126.2 million and $136.1 million, including an anticipated pre-tax loss of $87 million and a $50 million valuation allowance against net deferred tax assets.

BCB Bancorp reported its second quarter 2026 results, which included a loss primarily due to a $5.3 million goodwill write-off. The company suspended dividends on both common and preferred shares to retain liquidity and build capital, while also announcing plans to change its state of incorporation to Delaware and eliminate staggered director terms. Management is undertaking a major financial restructuring, focusing on a critical review of its credit portfolios, particularly C&I and commercial real estate, with meaningful clarity expected around Labor Day. Operating expenses are anticipated to remain elevated for a couple of quarters due to consultants and legal fees as the company addresses past aggressive growth and credit issues.

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.

BCB Bancorp reported a net loss of $14.8 million for Q2 2026, a significant decline from net income of $3.6 million in Q2 2025. This loss was primarily driven by a $19.0 million provision for credit losses and a $5.3 million non-cash goodwill impairment charge. To preserve capital, the board of directors suspended both common and preferred dividends. The company also announced plans to reincorporate in Delaware and move to annual director elections.

BCB Bancorp, Inc. announced that it will release its financial results for the second quarter ended June 30, 2026, prior to market open on Monday, August 3, 2026. Following the release, the company will host an earnings conference call and webcast on the same day at 8:45 a.m. Eastern Time to discuss the results. Interested investors are invited to join the call using the provided conference ID, and a replay will be available online.

BCB Bancorp, Inc. announced the suspension of its 2026 Amended and Restated Dividend Reinvestment and Stock Purchase Plan, effective August 6, 2026. As a result, no new cash dividend reinvestments or optional cash purchases will be accepted or processed on or after the suspension date. Shares currently held in the Plan will remain registered in participants' accounts and will not be affected by the suspension.

BCB Bancorp, Inc. announced the suspension of its quarterly cash dividends on both common and preferred stock, along with its 2026 Dividend Reinvestment and Stock Purchase Plan. This move is projected to conserve approximately $1.86 million in capital per quarter. The company stated the decision is a prudent course of action to preserve its "well-capitalized" position and support long-term shareholder value, as it undertakes a comprehensive evaluation of its credit portfolios.

BCB Bancorp, Inc. announced the grant of 709,220 shares of restricted common stock to Thomas M. O’Brien. This grant was an inducement for Mr. O'Brien to enter into an employment agreement and commence his role as Chief Executive Officer and President. The shares will vest in 20% increments annually from December 31, 2026, through December 31, 2030, contingent on his continued service.

BCB Bancorp, Inc. announced that its new President and CEO, Thomas M. O’Brien, hosted an investor conference call on June 1, 2026. O'Brien discussed his initial focus on addressing the company's capital structure, complex debt obligations, and the need to quantify and manage criticized loans and recent losses. He emphasized a long-term approach focused on tangible book value growth and transparency, with a more comprehensive update expected around the third quarter earnings. O'Brien also commented on the company's deposit base and board alignment.

BCB Bancorp, Inc. announced the appointment of Thomas M. O’Brien as President and Chief Executive Officer of the Company and BCB Community Bank, effective June 1, 2026. Mr. O’Brien, a veteran with 48 years of banking experience, including leadership roles at six different banking companies, will also join the boards of both entities. The Board of Directors made this change to address recent operational and credit challenges, expressing confidence in O'Brien's ability to provide a sound foundation for the Company's future. His compensation includes an annual base salary of $400,000, up to $5,000 monthly for expenses, and an $8,000,000 restricted stock grant.