Signed networks with positive and negative links attract considerable interest in their studying since they contain more information than unsigned networks. Community detection and sign (or attitude) prediction are still primary challenges, as the fundamental problems of signed network analysis. For this, a generative Bayesian approach is presented wherein 1) a signed stochastic blockmodel is proposed to characterize the community structure in the context of signed networks, by explicit formulating the distributions of the density and frustration of signed links from a stochastic perspective, and 2) a model learning algorithm is advanced by theoretical deriving a variational Bayes EM for the parameter estimation and variation-based approximate evidence for the model selection. The comparison of the above approach with the state-of-the-art methods on synthetic and real-world networks, shows its advantage in the community detection and sign prediction for the exploratory networks.