BCB Bancorp, Inc. (NASDAQ: BCBP) announced the launch of an underwritten public offering of common stock, with Piper Sandler & Co. acting as sole book-running manager. The company also intends to grant underwriters a 30-day option to purchase additional shares.

The Bayonne, N.J.-based bank holding company said it plans to use proceeds for general corporate purposes, including maintaining liquidity, supporting capital levels, funding working capital, and reducing debt.

Alongside the offering, BCB Bancorp disclosed that management identified a portfolio of problem loans for sale during the third quarter of 2026. The portfolio includes commercial and multifamily real estate loans with an unpaid principal balance of approximately $183.4 million, commercial and industrial loans of approximately $16.7 million, and construction loans of approximately $9.8 million, totaling roughly $210 million as of June 30, 2026. Most loans carry an internal credit risk rating of Special Mention or Substandard.

The bank said it has received non-binding indications of interest from multiple prospective purchasers covering the full $210 million portfolio and expects to complete sales during the third quarter. The bank also plans to transfer approximately $27 million of commercial real estate loans to held-for-sale status and is marketing its cannabis-related business lines, including approximately $69 million in cannabis loans and $70 million in cannabis-related deposits.

The company expects its provision for credit losses to range from $112 million to $120 million for the quarter, which includes an anticipated $87 million pre-tax loss on planned loan sales. The company also recorded a valuation allowance of approximately $50 million against its entire net deferred tax asset balance.

BCB Bancorp currently expects to report a net loss of between $126.2 million and $136.1 million for the third quarter of 2026. The company projects a net interest margin of 2.90% to 3.00%, noninterest income of $5.1 million to $5.7 million, and noninterest expense of $17.9 million to $18.5 million.

Thomas M. O'Brien, President and Chief Executive Officer, said the actions announced reflect a commitment to "aggressively address" credit challenges and place "transparent, actionable solutions in place promptly."