BUZZ-BCB Bancorp falls after posting surprise first-quarter loss

Reuters

Apr 23, 2025

** Community lender BCB Bancorp's BCBP.O shares fall 5.2% to $8.91

** BCBP posts Q1 loss of 51 cents/shr vs Wall Street expectations of profit of 22 cents/shr

** Q1 loss was driven by a $13.7 million reserve tied to a $34.2 million loan in the cannabis sector - CEO Michael Shriner

** "Although the borrower remains current, the significant deterioration in their financial condition warranted a downgrade to non-accrual status and the establishment of the reserve," Shriner says

** Piper Sandler cuts PT to $10 from $11.50 as it anticipates credit metrics might deteriorate a bit further through 2025 as the bank completes a broad review of the portfolio

** 1 of 4 brokerages rate the stock "strong buy" and three "hold"; median PT $12 - data compiled by LSEG

** As of last close, BCBP stock down 20.6% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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