Quarterly ResultMay 14, 2026, 03:12 PM
Ballston Spa Bancorp Q1 Net Income Plunges 81% to $244K
AI Summary
Ballston Spa Bancorp reported a significant decline in net income for Q1 2026, falling 81% to $244 thousand, with EPS dropping to $0.33. This was primarily driven by a substantial increase in non-interest expenses, including $749 thousand in merger-related costs and higher compensation and benefits. Despite an increase in net interest income and total deposits, the elevated expenses led to a sharp reduction in profitability.
Key Highlights
- Net income decreased 81.2% to $244 thousand for Q1 2026 compared to Q1 2025.
- Basic earnings per share fell 81.1% to $0.33 for Q1 2026.
- Total non-interest expenses rose 29% to $7,120 thousand, including $749 thousand in merger expenses.
- Net interest income increased 5.6% to $6,788 thousand for the quarter.
- Total deposits grew 5.5% to $807,739 thousand as of March 31, 2026.
- Short-term FHLB borrowings decreased by $54,000 thousand to $0.
- Junior subordinated debentures increased by $25,444 thousand to $33,194 thousand.