Steele Bancorp, Inc. reported unaudited financial results for the third quarter of 2026, showing a significant decline in net income compared to the prior year. The company, which completed a merger with Northumberland Bancorp on August 1, 2025, reported net income of $5.46 million for the quarter ended September 30, 2026. This figure represents a 60.1% decrease from the $13.68 million reported in the same period of 2025. Year-to-date net income for 2026 was $15.60 million, a 9.9% decrease from the $17.30 million recorded for the first nine months of 2025.
The decline in net income was driven by a substantial drop in noninterest income, which decreased by 91.0% to $1.72 million for the quarter. This decrease is primarily attributed to the absence of a $17.83 million bargain purchase gain recorded in the third quarter of 2025 as a result of the Northumberland Bancorp merger. Conversely, net interest income for the quarter increased by 38.1% to $13.63 million, driven by higher interest income from growth in loan and securities balances. The company’s return on average assets fell to 1.69% for the quarter, down from 5.19% in the prior year, while the return on average equity decreased to 17.15% from 56.35%.
On the balance sheet, total assets increased to $1.28 billion as of September 30, 2026, up from $1.26 billion at the end of 2025. The company maintained a strong liquidity position with additional borrowing capacity of $498.26 million from the Federal Home Loan Bank of Pittsburgh and $4.21 million from the Federal Reserve’s Discount Window. Steele Bancorp remains well capitalized, with a total equity-to-assets ratio of 9.93% as of September 30, 2026.
