BCB Bancorp, Inc. reported a net loss of $132.5 million for the third quarter of 2026, a significant increase compared to a loss of $14.8 million in the prior quarter. The loss per diluted share was ($6.92), compared to ($0.85) in the second quarter of 2026. The company also reported a net loss of $142.8 million for the nine months ended September 30, 2026, compared to a loss of $1.9 million for the same period in 2025.
The primary drivers of the loss were a $115.0 million provision for credit losses and a $59.9 million valuation allowance against deferred tax assets. Net charge-offs for the quarter totaled $89.7 million. The company also noted that total criticized and classified loans decreased to $198.9 million from $367.4 million at the end of the second quarter.
To address its balance sheet, BCB Bancorp completed a series of loan sales totaling $204.3 million, consisting of commercial and multifamily real estate, commercial and industrial, and construction loans. Additionally, the company transferred $100.9 million of loans to held-for-sale status. These actions resulted in a charge-off of $42.3 million to the allowance for credit losses on loans for the sold portfolio and $44.2 million for the transferred loans.
As part of its strategy to strengthen its financial position, the company successfully completed a $98.0 million equity capital raise through an underwritten public offering. The net proceeds were $91.4 million, including the exercise of the underwriters' option. This capital raise, combined with the loan sales, resulted in a substantial increase in cash and cash equivalents to $500.3 million at September 30, 2026.
On the executive front, the company announced a reorganization of its C-Suite. Ryan Blake was transitioned from Chief Operating Officer to the newly established role of Chief Banking Officer, overseeing retail banking, operations, and marketing. Sandra Sievewright moved from Chief Compliance Officer to Chief Administrative Officer, taking oversight of BSA, facilities, security, and compliance. The Bank also appointed Eleni Willis as Chief Risk Officer and Karen Duran as Principal Accounting Officer, reporting to the Chief Financial Officer.
