The headline GAAP EPS decline is misleading due to the prior year's merger-related bargain purchase gain. Focus on the 38% growth in net interest income and 56 bps NIM expansion as indicators of strong core profitability. Monitor nonperforming assets, which remain elevated at $7.28 million, for any further credit deterioration.
Price Chart
Executive Summary
Steele Bancorp reported Q3 2026 net income of $5.46 million, or $1.60 per share, a 60% decline from the prior-year quarter which included a $17.83 million bargain purchase gain from the Northumberland merger. Core operating performance was strong, with net interest income rising 38% to $13.63 million and net interest margin expanding 56 basis points to 4.46%, driven by higher loan yields and lower funding costs.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP net income of $5.46 million ($1.60/share) vs. $13.68 million ($4.77/share) in Q3 2025, which included a $17.83 million non-taxable bargain purchase gain.
- Net interest income increased 38.1% YoY to $13.63 million, with net interest margin expanding to 4.46% from 3.90%.
- Provision for credit losses was $633 thousand, down significantly from $4.23 million in Q3 2025.
- Noninterest expense decreased 25.4% to $8.12 million, primarily due to the absence of $3.87 million in merger-related costs from the prior year.
- Book value per share rose to $37.20, and the bank remains well-capitalized with a total equity-to-assets ratio of 9.93%.
Financial Impact
Net income declined 60% YoY due to a one-time bargain purchase gain in the prior year, but core net interest income grew 38% and margins expanded significantly.
Risk Factors
- Nonperforming assets remain elevated at $7.28 million, with nonaccrual loans at $7.22 million, indicating potential credit quality issues.
- Noninterest-bearing deposits dropped sharply to $142 million from $221 million at year-end 2025, which could pressure funding costs if the mix shift continues.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-033341 |
| Document: miff20260818_8k.htm | 0001437749-26-033341 |
| Document: 0001437749-26-033341-index-headers.html | 0001437749-26-033341 |
| Document: 0001437749-26-033341-index.html | 0001437749-26-033341 |
| Document: 0001437749-26-033341.txt | 0001437749-26-033341 |
| 8-K Data (Synthetic) | 0001437749-26-033341 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d 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 26w ago | 8-K | $38.00 $43.05 | ▲ +13.29% | ▲ +6.51% | $49.01 (+28.97%) |
US Market Status
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