BCB Bancorp in Bayonne, N.J., reported lower quarterly earnings after selling loans.
The $3.8 billion-asset company’s second-quarter earnings fell by 67% from a year earlier, to $2.8 million.
BCB agreed to sell a $38.4 million pool of commercial real estate and multifamily loans at a $4.6 million pretax loss. It also sold a nonperforming loan for a $288,000 pretax loss.
The company also recorded unrealized losses of $222,000 on its equity securities.
“We remain disciplined and committed to executing our strategic plan that will continue to strengthen our balance sheet by enhancing our liquidity and capital positions while also delivering consistent and improving profitability,” Michael Shriner, BCB’s president and CEO, said in a press release.
“The bank was able to enter into an agreement to sell a small portfolio of loans at an attractive price that added liquidity without diluting the bank’s capital ratios,” he added. “We are prepared and remain well-positioned to navigate through the current economic environment.”