With about 18.1 million shares outstanding, BCBP has a market cap of about $150 million.
The stock closed down 2.3% at $8.25 on Wednesday. Shares are down about 26% over the past three months, leaving them up 2% year to date.
BCBP said it identified for sale and commenced marketing a portfolio of certain problem loans, including commercial and multifamily real estate loans, commercial and industrial (C&I) loans and construction loans with aggregate unpaid balances of approximately $183.4 million, $16.7 million and $9.8 million, respectively, as of June 30.
It anticipates provisions for credit losses in the third quarter in the range of $112 million to $120 million to result in a "substantial net loss for the quarter": it sees a third-quarter net loss of $126.2 million to $131.1 million.
Community bank BCB Bancorp's BCBP.O shares fell 6.7% to $7.70 post-market as it seeks an equity raise and expects to report a third-quarter loss.
Bayonne, New Jersey-based BCBP launched a stock offering without disclosing the deal size.
The company said it intends to use net offering proceeds to maintain liquidity, fund working capital, support capital in connection with the expected disposition of identified potential problem loans, reduce debt, among other uses.
Piper Sandler is sole bookrunner.
