This amendment is a non-event for traders — no financial data changed. The key development to monitor is the Bank's CBLR falling to 8.56%, which triggers a two-quarter grace period. If the ratio does not recover above 9.00% by mid-2026, the Bank would lose its well-capitalized status and face more stringent capital requirements. Watch the next quarterly filing for the CBLR update.
Price Chart
Executive Summary
Steele Bancorp filed Amendment No. 1 to its 2025 Form 10-K solely to correct a labeling error — removing the word '(Unaudited)' from the headings of the consolidated Statements of Income, Comprehensive Income, Changes in Stockholders' Equity, and Cash Flows. No financial data, disclosures, or accounting were changed. The amendment also re-files Section 302 certifications. The underlying 10-K reflects a transformative year: the August 2025 acquisition of Northumberland Bancorp (NUBC) doubled total assets to $1.26B, generated an $18.3M bargain purchase gain, and drove net income to $22.9M vs. $4.5M in 2024. However, the Bank's Community Bank Leverage Ratio fell to 8.56%, below the 9.00% well-capitalized threshold, triggering a two-quarter grace period.
Key Facts
- Amendment is purely administrative: removed '(Unaudited)' from four financial statement headings in the original 10-K.
- No restatement, no correction of errors, no change to any financial figures or disclosures.
- Original 10-K reported FY2025 net income of $22.9M (vs. $4.5M in 2024), including an $18.3M bargain purchase gain from the NUBC acquisition.
- Total assets doubled to $1.26B at Dec 31, 2025 from $596.7M a year earlier, driven by the NUBC acquisition on Aug 1, 2025.
- Bank's Community Bank Leverage Ratio fell to 8.56% at Dec 31, 2025, below the 9.00% well-capitalized minimum, entering a two-quarter grace period.
- Auditor Yount, Hyde & Barbour, P.C. issued an unqualified opinion; no going concern or material weakness noted.
- Exhibits filed include new Insider Trading Policy (Ex-19.1), Section 302/906 certifications, and consent of independent auditor.
Financial Impact
No financial impact from the amendment itself. The original 10-K shows net income of $22.9M, total assets of $1.26B, and a bargain purchase gain of $18.3M from the NUBC acquisition.
Risk Factors
- Bank's Community Bank Leverage Ratio at 8.56% is below the 9.00% well-capitalized threshold; failure to recover within two quarters could trigger regulatory restrictions.
- Integration risk from the NUBC acquisition remains — merger-related expenses were $5.5M in FY2025.
- Nonaccrual loans rose to $6.3M at Dec 31, 2025 from $0.4M a year earlier, reflecting acquired portfolio credit quality.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001437749-26-016065 |
| Exhibit: ex_954083.htm | 0001437749-26-016065 |
| Exhibit: ex_953608.htm | 0001437749-26-016065 |
| Exhibit: ex_953609.htm | 0001437749-26-016065 |
| Exhibit: ex_953610.htm | 0001437749-26-016065 |
| Exhibit: ex_953607.htm | 0001437749-26-016065 |
| Exhibit: ex_954082.htm | 0001437749-26-016065 |
| Exhibit: ex_954084.htm | 0001437749-26-016065 |
| Document: 0001437749-26-016065-index-headers.html | 0001437749-26-016065 |
| Document: 0001437749-26-016065-index.html | 0001437749-26-016065 |
| Document: 0001437749-26-016065.txt | 0001437749-26-016065 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $47.99 | awaiting T+60 | — | $49.01 (+2.13%) |
Aug 28, 2026 8w ago | 8-K | $46.25 | awaiting T+60 | — | $49.01 (+5.97%) |
May 21, 2026 22w ago | 8-K | $40.11 $46.15 | ▲ +15.06% | ▲ +10.76% | $49.01 (+22.19%) |
May 12, 2026 23w ago | 8-K | $40.00 $46.16 | ▲ +15.40% | ▲ +11.02% | $49.01 (+22.52%) |
May 11, 2026 23w ago | 10-K/A | $39.85 $47.70 | ▲ +19.70% | ▲ +15.31% | $49.01 (+22.99%) |
May 6, 2026 24w ago | 10-Q/A | $40.00 $47.99 | ▲ +19.98% | ▲ +17.91% | $49.01 (+22.52%) |
May 6, 2026 24w ago | 10-Q/A | $40.00 $47.99 | ▲ +19.98% | ▲ +17.91% | $49.01 (+22.52%) |
Apr 20, 2026 27w ago | 8-K | $38.00 $43.05 | ▲ +13.29% | ▲ +6.51% | $49.01 (+28.97%) |
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