Quarterly ResultMay 14, 2026, 10:07 AM
Steele Bancorp Q1 Net Income $4.88M, EPS $1.43; Strong Growth Post-Merger
AI Summary
Steele Bancorp reported a significant increase in net income and EPS for the first quarter of 2026, largely driven by the acquisition of Northumberland Bancorp (NUBC) in August 2025. Net income surged to $4.88 million, a 170% increase year-over-year, with EPS rising to $1.43. The company also saw substantial growth in total interest and dividend income and net interest income, reflecting the expanded operations post-merger. The acquisition resulted in an adjusted bargain purchase gain of $18.30 million.
Key Highlights
- Net income increased 170% to $4.88 million for Q1 2026 from $1.81 million in Q1 2025.
- Basic and diluted EPS rose 47% to $1.43 for Q1 2026 from $0.97 in Q1 2025.
- Total interest and dividend income grew 132% to $17.18 million in Q1 2026 from $7.40 million in Q1 2025.
- Net interest income increased 157% to $12.21 million for Q1 2026 from $4.74 million in Q1 2025.
- Total assets reached $1.27 billion as of March 31, 2026, up from $1.26 billion at Dec 31, 2025.
- Total deposits were $1.12 billion as of March 31, 2026, compared to $1.11 billion at Dec 31, 2025.
- The acquisition of Northumberland Bancorp on August 1, 2025, was valued at $40.45 million.
- A preliminary adjusted bargain purchase gain of $18.30 million was recorded from the NUBC acquisition.