Steele Bancorp Reports Net Income of $5.46 Million and EPS of $1.60 in Third Quarter
Key Facts
Steele Bancorp reported net income of $5.46 million in the third quarter of 2026, equivalent to $1.60 per basic and diluted share, according to a summary published by Quiver Quantitative on the day of the announcement. The result puts the bank’s quarterly earnings below the year-earlier period. Net income then was $13.68 million, or $4.77 per share. The company says 2025 results included income and expenses related to the merger with Northumberland Bancorp in August of that year. The year-over-year comparison therefore does not reflect a purely operational change between like-for-like periods.
The comparison takes on further context from the merger’s timing: Steele Bancorp completed its acquisition of Northumberland Bancorp on August 1, 2025, while the comparable periods from that year predated the merger, according to the company. As a result, the annual results are not directly comparable, limiting what can be inferred from the apparent decline in net income alone. Current-quarter operating figures show a different picture for net interest margin, which rose to 4.46% from 3.90% in the third quarter of 2025. The margin measures the difference between the returns a bank earns on interest-bearing assets and the cost of funding them, as a share of the relevant assets. Net interest income in the second quarter of 2026 rose to $12.66 million, compared with $4.99 million in the same period of 2025, according to the company’s release for that quarter.
For the first half, Steele Bancorp’s net income was $10.14 million in 2026, compared with $3.63 million in the first half of 2025. The company attributed second-quarter interest income growth to higher interest income as loan and securities balances grew. But it said some of that effect was offset by higher interest expense related to increased deposits following the merger. These factors show how growth in interest-bearing assets and funding costs both shaped the bank’s results during the year. In the third quarter, the widening of net interest margin coincided with lower net income compared with the exceptional figure recorded a year earlier, making it important to separate operating performance from the comparison effect when assessing the results.
Noninterest income fell to $1.72 million in the third quarter of 2026, from $19.03 million a year earlier. The comparable period included a $17.83 million bargain purchase gain, according to the Quiver Quantitative summary. The inclusion of this large gain in 2025 means the year-over-year difference in noninterest income largely reflects differences in the items recorded in each period. It also explains part of the gap between current-quarter net income and last year’s level, alongside income and expenses related to the merger. Noninterest income alone does not establish a similar change in the bank’s recurring revenue sources.
For credit losses, the provision for loans was $625,000 in the third quarter, compared with $4.23 million in the third quarter of 2025, according to the same source. The provision is the amount an institution sets aside for expected credit losses on loans, so differences between periods may affect reported net income. The available figures do not provide details explaining the decline in the provision or whether it was related to a change in loan portfolio quality. In parallel, total deposits increased by $12.55 million from the end of 2025 to reach $1.12 billion on September 30, 2026. These figures put growth in the funding base alongside changes in margin and provisions among the quarter’s indicators.
STLE shares closed at $47.99 on October 22, 2026, according to EL7 data. The available data do not include the session low or the stock’s movement after the results were released, so the market’s reaction to the announcement cannot be determined from the closing price alone. The comparison between third-quarter earnings and last year’s level remains subject to the effects of the 2025 merger and bargain purchase gain. The operating figures cited in the summary include a wider net interest margin, a lower provision for loan losses and higher deposits since year-end. The available information does not include a date for a subsequent financial announcement or new company guidance.