Consumers Bancorp, Inc. reported net income of $3.0 million for the first quarter of fiscal year 2027, which ended September 30, 2026. This figure represents an increase of $404,000, or 15.3%, compared to the same period in the prior year. Earnings per share for the quarter were $0.96, up from $0.84 in the prior year.
Net interest income for the quarter totaled $10.8 million, an increase of $1.2 million, or 12.9%, from the same period last year. The company reported a net interest margin of 3.52% for the quarter ended September 30, 2026. This improvement was attributed to a higher yield on average interest-earning assets, which was 5.25% for the quarter, compared to 5.06% in the prior year.
Balance sheet growth was a key feature of the quarter. Total loans increased by $30.8 million, or an annualized 13.2%, to $968.4 million as of September 30, 2026. This growth was supported by a $24.7 million increase in total deposits, which reached $1.1 billion. The company noted that new loan originations totaled $117.1 million for the quarter, representing an 11.1% increase from the previous quarter.
Asset quality metrics remained strong. Non-performing loans to total loans stood at 0.06% as of September 30, 2026. Annualized net charge-offs to total loans were 0.01% for the fiscal year-to-date period. The provision for credit losses for the quarter was $425,000, compared to $285,000 in the prior year period.
Other income increased by $116,000, or 7.9%, for the quarter compared to the prior year, driven by increased debit card interchange income, bank owned life insurance earnings, and interest rate swap revenue. Other expenses increased by $727,000, or 9.5%, primarily due to higher salaries and benefits and occupancy costs as the company continues to expand its branch network.
The company also announced two expansion initiatives. Renovations have begun on the relocation of the Jackson Township branch to Belden Village, with the move expected in January 2027. Additionally, construction will soon begin on the bank’s first full-service location in Mahoning County, with the Boardman office expected to open in the third quarter of fiscal year 2027.
