Narragansett Bancorp, Inc.
Announces Results for the Quarter Ended September 30, 2026
Investor Contact
Marie Pellegrino
President
IR@baycoastbank.com
888-806-2872
SWANSEA, MA, October 27, 2026- Narragansett Financial Corporation (the "Company"), the parent company of BayCoast Bank, today announced its third quarter financial results. Following completion of the pending reorganization and related stock offering, Narragansett Bancorp, Inc. will become the consolidated reporting entity. The Company reported net income of $4.4 million, compared to net income of $3.5 million for the prior quarter, an increase of $954,000. The increase is attributed to a $1.4 million increase in net interest income, a $1.1 million decrease in provision for credit losses and a $562,000 decrease in operating expenses, partially offset by a $1.2 million decrease in non-interest income and a $929,000 increase in provision for income taxes.
BALANCE SHEET
•Total assets were $2.96 billion at September 30, 2026, representing an increase of $87.9 million, or 3.1%, from the prior quarter.
•Total cash and cash equivalents were $98.0 million on September 30, 2026, representing an increase of $45.2 million, or 85.8%, from the prior quarter. The increase was due to proceeds from our minority stock offering that were being held in escrow pending the completion of the offering.
•Investment securities totaled $390.2 million at September 30, 2026, representing an increase of $30.4 million, or 8.4%.
•Gross loans were $2.3 billion on September 30, 2026, representing an increase of $21.6 million or 1.0% from the prior quarter as demand for new originations continued. The main driver of the new growth was in home equity loans and lines of credit and residential real estate loans, which increased $39.6 million and $7.0 million, respectively. This increase was partially offset by a $14.6 million decrease in consumer loans and an $11.3 million decrease in commercial and multi-family loans.
•Deposits totaled $2.6 billion on September 30, 2026, representing an increase of $125.6 million, or 5.1% from the prior quarter. Demand deposits increased $105.7 million from the prior quarter due to proceeds from the minority stock offering being held in escrow. Money market accounts increased $32.7 million and interest-bearing accounts increased $9.7 million, partially offset by a $22.2 million decrease in certificates of deposit.
•FHLB borrowings totaled $45.5 million on September 30, 2026, representing a decrease of $40.0 million, or 46.8% from the prior quarter, due to our improved liquidity position.
•Subordinated debt was $94.8 million at September 30, 2026, representing an increase of $206,000, or 0.22%, from the prior quarter.
•Retained earnings were $187.4 million on September 30, 2026, which represents a decrease of $1.8 million from the prior quarter. Net income of $4.4 million was offset by a $6.2 million increase in accumulated other comprehensive losses, primarily driven by unrealized losses in the U.S. Treasury portfolio resulting from higher market interest rates during the quarter.
NET INTEREST INCOME
•Net interest income was $22.8 million for the three months ended September 30, 2026, compared to $21.4 million for the prior quarter, representing an increase of $1.4 million, or 6.7%. Net interest income was $19.5 million for the same period last year, representing an increase of $3.3 million, or 16.8%.
•Net interest margin was 3.42% for the three months ended September 30, 2026, which represents a 21 basis point improvement from the prior quarter. Compared to the same quarter last year, net interest margin has expanded by 55 basis points.
•The increase in interest income during the three months ended September 30, 2026, was primarily attributable to increases in loan and investment securities yields, partially offset by decreases in the average balance of loans and investment securities.
•Interest expense for the three months ended September 30, 2026, was consistent with the prior quarter. Total average deposits increased, as well as the yield on subordinated debt; however, this was partially offset by a decrease in the average balance of other borrowings.
PROVISION FOR CREDIT LOSS & ASSET QUALITY
•Provision for credit loss decreased by $1.1 million from the prior quarter due to an improvement in asset quality. A benefit of $250,000 was recorded during the third quarter of 2026 due to a decrease in the allowance on individually evaluated loans.
•The allowance for credit losses to total loans was 1.31% as of September 30, 2026, compared to 1.34% as of June 30, 2026 and 1.36% as of September 30, 2025.
•Non-performing loans as a percentage of total loans was 1.55% as of September 30, 2026, compared to 1.90% as of June 30, 2026. The decrease was due to a commercial real estate loan and a commercial loan in the amounts of $6.0 million and $1.1 million, respectively, that paid off during the third quarter.
•Non-performing loans as a percentage of total loans was 0.28% as of September 30, 2025. The increase in non-performing loans when compared to September 30, 2025, was due to four commercial real estate loans and one commercial loan, with total balances of $35.8 million, being placed on non-accrual status. All four loans were performing as of September 30, 2026.
NON-INTEREST INCOME
•Non-interest income was $12.8 million for the quarter ended September 30, 2026, a decrease of $1.2 million from the prior quarter.
•Bank owned life insurance income decreased $1.4 million during the quarter due to market-related changes in the value of assets associated with the non-qualified deferred compensation plan.
•Mortgage banking income decreased $328,000 during the quarter due to a decrease in loan sale volume.
•These decreases were partially offset by a $436,000 increase in gain (loss) on portfolio loans due to more favorable pricing on private investor sales and a $249,000 increase in net loan servicing fee (expense) income due to a decrease in mortgage servicing rights amortization.
NON-INTEREST EXPENSE
•Non-interest expense was $30.0 million for the quarter ended September 30, 2026, a $562,000 decrease from the prior quarter.
•Salaries and employee benefits decreased $1.2 million during the quarter due to lower deferred compensation attributed to market fluctuations in the non-qualified deferred compensation plan, partially offset by an increase in bonus expense.
•Other general and administrative expenses increased $665,000 during the quarter due primarily to a significant one-time charitable donation.
PROVISION FOR INCOME TAX
•Income tax expense increased by $929,000 for the quarter ended September 30, 2026, due to a decrease in tax- exempt income. The effective tax rates were 24.4% and 12.6% for the quarter ended September 30, 2026 and June 30, 2026, respectively. The effective tax rate for each period was below the statutory rate due to tax-exempt income.
ABOUT BAYCOAST BANK.
Originally chartered in 1851, BayCoast Bank is a Massachusetts-chartered stock savings bank that operates from its main office and 26 full-service branch banking offices in the South Coast of Massachusetts and the State of Rhode Island, as well as two loan production offices in Massachusetts and Rhode Island. BayCoast Bank’s deposits are insured in full beyond federal deposit insurance coverage limits by the Depositors Insurance Fund.
Selected Financial Data (unaudited)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or For the
Three Months Ended |
|
|
At or For the
Nine Months Ended |
|
|
|
September 30,
2026 |
|
|
June 30,
2026 |
|
|
September 30,
2025 |
|
|
September 30,
2026 |
|
|
September 30,
2025 |
|
Financial Condition Data: |
|
(Dollars in Thousands) |
|
Loans, net of allowance for credit losses |
|
$ |
2,242,028 |
|
|
$ |
2,219,766 |
|
|
$ |
2,252,679 |
|
|
$ |
2,242,028 |
|
|
$ |
2,252,679 |
|
Total assets |
|
|
2,962,416 |
|
|
|
2,874,485 |
|
|
|
2,874,964 |
|
|
|
2,962,416 |
|
|
|
2,874,964 |
|
Deposits |
|
|
2,574,083 |
|
|
|
2,448,460 |
|
|
|
2,435,202 |
|
|
|
2,574,083 |
|
|
|
2,435,202 |
|
Total retained earnings |
|
|
187,391 |
|
|
|
189,196 |
|
|
|
179,075 |
|
|
|
187,391 |
|
|
|
179,075 |
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (1) |
|
|
0.60 |
% |
|
|
0.48 |
% |
|
|
0.41 |
% |
|
|
0.42 |
% |
|
|
0.14 |
% |
Return on average equity (1) |
|
|
9.32 |
% |
|
|
7.41 |
% |
|
|
2.35 |
% |
|
|
6.52 |
% |
|
|
2.44 |
% |
Interest rate spread (2) |
|
|
3.03 |
% |
|
|
2.80 |
% |
|
|
2.44 |
% |
|
|
2.79 |
% |
|
|
2.29 |
% |
Net interest margin (1)(3) |
|
|
3.42 |
% |
|
|
3.21 |
% |
|
|
2.87 |
% |
|
|
3.20 |
% |
|
|
2.72 |
% |
Noninterest expense to average assets (1) |
|
|
4.08 |
% |
|
|
4.25 |
% |
|
|
4.01 |
% |
|
|
4.14 |
% |
|
|
3.88 |
% |
Efficiency ratio (4) |
|
|
84.25 |
% |
|
|
86.49 |
% |
|
|
90.70 |
% |
|
|
86.85 |
% |
|
|
89.99 |
% |
Average interest-earning assets to average interest-bearing liabilities |
|
|
121.57 |
% |
|
|
121.07 |
% |
|
|
120.02 |
% |
|
|
121.13 |
% |
|
|
118.47 |
% |
Loans to deposits ratio |
|
|
88.40 |
% |
|
|
92.05 |
% |
|
|
93.94 |
% |
|
|
88.40 |
% |
|
|
93.94 |
% |
Capital Ratios: |
|
|
|
|
|
|
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|
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|
|
|
|
|
|
Average equity to average assets |
|
|
6.58 |
% |
|
|
6.56 |
% |
|
|
6.10 |
% |
|
|
6.55 |
% |
|
|
5.96 |
% |
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans as a percentage of total loans |
|
|
1.31 |
% |
|
|
1.34 |
% |
|
|
1.36 |
% |
|
|
1.31 |
% |
|
|
1.36 |
% |
Allowance for credit losses on loans as a percentage of non-performing loans |
|
|
84.85 |
% |
|
|
70.78 |
% |
|
|
480.80 |
% |
|
|
84.85 |
% |
|
|
480.80 |
% |
Net (charge-offs) recoveries to average outstanding loans during the period (1) |
|
|
(0.03 |
)% |
|
|
(0.16 |
)% |
|
|
(0.09 |
)% |
|
|
(0.09 |
)% |
|
|
(0.08 |
)% |
Non-performing loans as a percentage of total loans |
|
|
1.55 |
% |
|
|
1.90 |
% |
|
|
0.28 |
% |
|
|
1.55 |
% |
|
|
0.28 |
% |
Non-performing loans as a percentage of total assets |
|
|
1.19 |
% |
|
|
1.49 |
% |
|
|
0.23 |
% |
|
|
1.19 |
% |
|
|
0.23 |
% |
Total non-performing assets as a percentage of total assets |
|
|
1.19 |
% |
|
|
1.49 |
% |
|
|
0.23 |
% |
|
|
1.19 |
% |
|
|
0.23 |
% |
(1)Annualized for the three-month and nine-month periods.
(2)Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3)Represents net interest income as a percentage of average interest-earning assets.
(4)Represents operating expenses divided by the sum of net interest income and other income.
Consolidated Balance Sheets (Unaudited)
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2026 |
|
|
June 30,
2026 |
|
|
December 31,
2025 |
|
|
September 30,
2025 |
|
|
|
(In thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
97,987 |
|
|
$ |
52,748 |
|
|
$ |
38,519 |
|
|
$ |
55,776 |
|
Securities available for sale, at fair value |
|
|
390,202 |
|
|
|
359,819 |
|
|
|
342,292 |
|
|
|
334,465 |
|
Marketable equity securities, at fair value |
|
|
2,427 |
|
|
|
2,378 |
|
|
|
2,188 |
|
|
|
2,107 |
|
Federal Home Loan Bank stock, at cost |
|
|
3,389 |
|
|
|
5,082 |
|
|
|
5,787 |
|
|
|
5,441 |
|
Loans held for sale, at fair value |
|
|
10,559 |
|
|
|
20,036 |
|
|
|
21,262 |
|
|
|
18,210 |
|
Loans, net of allowance for credit losses of $29,843 at
September 30, 2026, $30,254 at June 30, 2026, $29,078 at
December 31, 2025 and $31,116 at September 30, 2025 |
|
|
2,242,028 |
|
|
|
2,219,766 |
|
|
|
2,236,274 |
|
|
|
2,252,679 |
|
Mortgage servicing rights, net |
|
|
14,662 |
|
|
|
14,644 |
|
|
|
13,991 |
|
|
|
14,614 |
|
Bank-owned life insurance |
|
|
43,402 |
|
|
|
43,346 |
|
|
|
40,962 |
|
|
|
40,583 |
|
Premises and equipment, net |
|
|
40,598 |
|
|
|
40,869 |
|
|
|
40,701 |
|
|
|
40,942 |
|
Accrued interest receivable |
|
|
10,266 |
|
|
|
9,929 |
|
|
|
10,034 |
|
|
|
9,839 |
|
Net deferred tax asset |
|
|
9,576 |
|
|
|
7,460 |
|
|
|
5,841 |
|
|
|
8,653 |
|
Goodwill and other intangible assets |
|
|
27,699 |
|
|
|
27,861 |
|
|
|
28,186 |
|
|
|
28,444 |
|
Equity method investments |
|
|
14,447 |
|
|
|
14,439 |
|
|
|
14,196 |
|
|
|
13,853 |
|
Right of use lease asset |
|
|
9,331 |
|
|
|
9,603 |
|
|
|
10,041 |
|
|
|
10,332 |
|
Other assets |
|
|
45,843 |
|
|
|
46,505 |
|
|
|
48,302 |
|
|
|
39,026 |
|
Total assets |
|
$ |
2,962,416 |
|
|
$ |
2,874,485 |
|
|
$ |
2,858,576 |
|
|
$ |
2,874,964 |
|
Liabilities and Retained Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
541,193 |
|
|
$ |
435,538 |
|
|
$ |
394,297 |
|
|
$ |
412,970 |
|
Interest bearing deposits |
|
|
2,032,890 |
|
|
|
2,012,922 |
|
|
|
2,029,009 |
|
|
|
2,022,232 |
|
Short-term borrowings |
|
|
45,157 |
|
|
|
85,000 |
|
|
|
97,533 |
|
|
|
95,000 |
|
Long-term borrowings |
|
|
313 |
|
|
|
490 |
|
|
|
530 |
|
|
|
550 |
|
Subordinated debt |
|
|
94,784 |
|
|
|
94,737 |
|
|
|
94,578 |
|
|
|
109,482 |
|
Lease liability |
|
|
9,566 |
|
|
|
9,830 |
|
|
|
10,257 |
|
|
|
10,536 |
|
Other liabilities |
|
|
51,122 |
|
|
|
46,772 |
|
|
|
45,526 |
|
|
|
45,119 |
|
Total liabilities |
|
|
2,775,025 |
|
|
|
2,685,289 |
|
|
|
2,671,730 |
|
|
|
2,695,889 |
|
Retained earnings |
|
|
198,538 |
|
|
|
194,113 |
|
|
|
189,395 |
|
|
|
186,582 |
|
Accumulated other comprehensive loss |
|
|
(11,147 |
) |
|
|
(4,917 |
) |
|
|
(2,549 |
) |
|
|
(7,507 |
) |
Total retained earnings |
|
|
187,391 |
|
|
|
189,196 |
|
|
|
186,846 |
|
|
|
179,075 |
|
Total liabilities and retained earnings |
|
$ |
2,962,416 |
|
|
$ |
2,874,485 |
|
|
$ |
2,858,576 |
|
|
$ |
2,874,964 |
|
Consolidated Statements of Net Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30,
2026 |
|
|
June 30,
2026 |
|
|
September 30,
2025 |
|
|
September 30,
2026 |
|
|
September 30,
2025 |
|
|
|
(In thousands) |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
33,061 |
|
|
$ |
31,880 |
|
|
$ |
33,057 |
|
|
$ |
96,423 |
|
|
$ |
98,686 |
|
Interest on debt securities |
|
|
3,421 |
|
|
|
3,005 |
|
|
|
2,484 |
|
|
|
9,209 |
|
|
|
6,790 |
|
Dividend income |
|
|
99 |
|
|
|
118 |
|
|
|
210 |
|
|
|
331 |
|
|
|
703 |
|
Interest on cash and cash equivalents |
|
|
183 |
|
|
|
141 |
|
|
|
586 |
|
|
|
365 |
|
|
|
1,397 |
|
Total interest and dividend income |
|
|
36,764 |
|
|
|
35,144 |
|
|
|
36,337 |
|
|
|
106,328 |
|
|
|
107,576 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
11,480 |
|
|
|
11,175 |
|
|
|
12,852 |
|
|
|
34,057 |
|
|
|
38,773 |
|
Interest on borrowings |
|
|
601 |
|
|
|
873 |
|
|
|
2,053 |
|
|
|
2,750 |
|
|
|
7,322 |
|
Interest on subordinated debt |
|
|
1,886 |
|
|
|
1,722 |
|
|
|
1,917 |
|
|
|
5,185 |
|
|
|
5,738 |
|
Total interest expense |
|
|
13,967 |
|
|
|
13,770 |
|
|
|
16,822 |
|
|
|
41,992 |
|
|
|
51,833 |
|
Net interest income |
|
|
22,797 |
|
|
|
21,374 |
|
|
|
19,515 |
|
|
|
64,336 |
|
|
|
55,743 |
|
(Benefit) provision for credit losses |
|
|
(250 |
) |
|
|
800 |
|
|
|
1,860 |
|
|
|
2,250 |
|
|
|
5,760 |
|
Net interest income, after (benefit) provision for credit losses |
|
|
23,047 |
|
|
|
20,574 |
|
|
|
17,655 |
|
|
|
62,086 |
|
|
|
49,983 |
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
2,790 |
|
|
|
2,781 |
|
|
|
2,736 |
|
|
|
8,309 |
|
|
|
7,850 |
|
Net loan servicing (expense) fee income |
|
|
101 |
|
|
|
(148 |
) |
|
|
(419 |
) |
|
|
(999 |
) |
|
|
(262 |
) |
Trust department fees |
|
|
1,693 |
|
|
|
1,620 |
|
|
|
1,550 |
|
|
|
4,948 |
|
|
|
4,512 |
|
Insurance and brokerage commissions |
|
|
3,617 |
|
|
|
3,703 |
|
|
|
3,205 |
|
|
|
11,390 |
|
|
|
11,079 |
|
Gain (loss) on securities available for sale, net |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
206 |
|
|
|
(20 |
) |
Gain on marketable equity securities |
|
|
49 |
|
|
|
130 |
|
|
|
118 |
|
|
|
238 |
|
|
|
68 |
|
Gain (loss) on sales of portfolio loans |
|
|
113 |
|
|
|
(323 |
) |
|
|
(1,038 |
) |
|
|
(663 |
) |
|
|
(1,865 |
) |
Mortgage banking income |
|
|
4,128 |
|
|
|
4,456 |
|
|
|
5,741 |
|
|
|
13,302 |
|
|
|
13,868 |
|
Bank-owned life insurance income |
|
|
55 |
|
|
|
1,440 |
|
|
|
737 |
|
|
|
1,375 |
|
|
|
1,743 |
|
Miscellaneous |
|
|
238 |
|
|
|
280 |
|
|
|
499 |
|
|
|
924 |
|
|
|
2,088 |
|
Total other income |
|
|
12,787 |
|
|
|
13,939 |
|
|
|
13,129 |
|
|
|
39,030 |
|
|
|
39,061 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
19,604 |
|
|
|
20,797 |
|
|
|
18,830 |
|
|
|
59,465 |
|
|
|
54,930 |
|
Occupancy and equipment |
|
|
3,659 |
|
|
|
3,562 |
|
|
|
3,504 |
|
|
|
11,338 |
|
|
|
10,616 |
|
Professional fees |
|
|
810 |
|
|
|
839 |
|
|
|
814 |
|
|
|
2,478 |
|
|
|
2,365 |
|
Data processing |
|
|
1,243 |
|
|
|
1,270 |
|
|
|
1,148 |
|
|
|
3,701 |
|
|
|
3,436 |
|
Advertising costs |
|
|
560 |
|
|
|
609 |
|
|
|
532 |
|
|
|
1,777 |
|
|
|
1,711 |
|
Deposit insurance |
|
|
677 |
|
|
|
703 |
|
|
|
671 |
|
|
|
2,077 |
|
|
|
2,056 |
|
Amortization of intangible assets |
|
|
162 |
|
|
|
162 |
|
|
|
258 |
|
|
|
487 |
|
|
|
763 |
|
Other general and administrative |
|
|
3,266 |
|
|
|
2,601 |
|
|
|
3,852 |
|
|
|
8,456 |
|
|
|
9,442 |
|
Total operating expenses |
|
|
29,981 |
|
|
|
30,543 |
|
|
|
29,609 |
|
|
|
89,779 |
|
|
|
85,319 |
|
Income before income taxes |
|
|
5,853 |
|
|
|
3,970 |
|
|
|
1,175 |
|
|
|
11,337 |
|
|
|
3,725 |
|
Provision for income taxes |
|
|
1,429 |
|
|
|
500 |
|
|
|
112 |
|
|
|
2,195 |
|
|
|
539 |
|
Net income |
|
$ |
4,424 |
|
|
$ |
3,470 |
|
|
$ |
1,063 |
|
|
$ |
9,142 |
|
|
$ |
3,186 |
|
Average Balances and Yields (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
Average
Yield/Rate(1) |
|
|
|
For the Three Months Ended |
|
|
For the Three Months Ended |
|
|
|
September 30,
2026 |
|
|
June 30,
2026 |
|
|
September 30,
2025 |
|
|
September 30,
2026 |
|
|
June 30,
2026 |
|
|
September 30,
2025 |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,266,552 |
|
|
$ |
2,278,673 |
|
|
$ |
2,316,795 |
|
|
|
5.83 |
% |
|
|
5.60 |
% |
|
|
5.71 |
% |
Debt securities |
|
|
351,187 |
|
|
|
354,823 |
|
|
|
328,664 |
|
|
|
3.90 |
% |
|
|
3.39 |
% |
|
|
3.02 |
% |
Equity securities and mutual funds |
|
|
5,488 |
|
|
|
6,669 |
|
|
|
10,564 |
|
|
|
7.21 |
% |
|
|
7.09 |
% |
|
|
7.99 |
% |
Cash equivalents |
|
|
40,823 |
|
|
|
26,880 |
|
|
|
64,543 |
|
|
|
1.76 |
% |
|
|
2.08 |
% |
|
|
3.55 |
% |
Total interest-earning assets |
|
|
2,664,050 |
|
|
|
2,667,045 |
|
|
|
2,720,566 |
|
|
|
5.52 |
% |
|
|
5.27 |
% |
|
|
5.34 |
% |
Noninterest-earning assets |
|
|
236,643 |
|
|
|
201,110 |
|
|
|
198,982 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,900,693 |
|
|
$ |
2,868,155 |
|
|
$ |
2,919,548 |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
378,600 |
|
|
$ |
389,967 |
|
|
$ |
369,531 |
|
|
|
1.16 |
% |
|
|
1.22 |
% |
|
|
1.33 |
% |
Savings accounts |
|
|
286,841 |
|
|
|
290,338 |
|
|
|
291,606 |
|
|
|
0.19 |
% |
|
|
0.20 |
% |
|
|
0.22 |
% |
Money market accounts |
|
|
900,355 |
|
|
|
853,484 |
|
|
|
781,411 |
|
|
|
2.93 |
% |
|
|
2.91 |
% |
|
|
3.36 |
% |
Certificates of deposit |
|
|
470,449 |
|
|
|
485,383 |
|
|
|
532,464 |
|
|
|
3.02 |
% |
|
|
3.03 |
% |
|
|
3.61 |
% |
Total interest-bearing deposits |
|
|
2,036,245 |
|
|
|
2,019,172 |
|
|
|
1,975,012 |
|
|
|
2.24 |
% |
|
|
2.22 |
% |
|
|
2.58 |
% |
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Borrowings |
|
|
60,423 |
|
|
|
89,024 |
|
|
|
182,368 |
|
|
|
3.89 |
% |
|
|
3.88 |
% |
|
|
4.41 |
% |
Subordinated debt |
|
|
94,753 |
|
|
|
94,701 |
|
|
|
109,418 |
|
|
|
7.79 |
% |
|
|
7.19 |
% |
|
|
6.85 |
% |
Total interest-bearing liabilities |
|
|
2,191,421 |
|
|
|
2,202,897 |
|
|
|
2,266,798 |
|
|
|
2.49 |
% |
|
|
2.47 |
% |
|
|
2.90 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
468,751 |
|
|
|
430,745 |
|
|
|
427,145 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
49,675 |
|
|
|
46,336 |
|
|
|
47,437 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
2,709,847 |
|
|
|
2,679,978 |
|
|
|
2,741,380 |
|
|
|
|
|
|
|
|
|
|
Retained earnings |
|
|
190,846 |
|
|
|
188,177 |
|
|
|
178,168 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and retained earnings |
|
$ |
2,900,693 |
|
|
$ |
2,868,155 |
|
|
$ |
2,919,548 |
|
|
|
|
|
|
|
|
|
|
Net interest rate spread (2) |
|
|
|
|
|
|
|
|
|
|
|
3.03 |
% |
|
|
2.80 |
% |
|
|
2.44 |
% |
Net interest-earning assets (3) |
|
$ |
472,629 |
|
|
$ |
464,148 |
|
|
$ |
453,768 |
|
|
|
|
|
|
|
|
|
|
Net interest margin (4) |
|
|
|
|
|
|
|
|
|
|
|
3.42 |
% |
|
|
3.21 |
% |
|
|
2.87 |
% |
(2)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)Net interest margin represents net interest income divided by average total interest-earning assets.
Average Balances and Yields (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
Average Yield/Rate(1) |
|
|
|
For the Nine Months Ended |
|
|
For the Nine Months Ended |
|
|
|
September 30,
2026 |
|
|
September 30,
2025 |
|
|
September 30,
2026 |
|
|
September 30,
2025 |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,284,919 |
|
|
$ |
2,349,954 |
|
|
|
5.63 |
% |
|
|
5.60 |
% |
Debt securities |
|
|
360,481 |
|
|
|
316,518 |
|
|
|
3.41 |
% |
|
|
2.86 |
% |
Equity securities and mutual funds |
|
|
6,677 |
|
|
|
12,104 |
|
|
|
6.61 |
% |
|
|
7.75 |
% |
Cash equivalents |
|
|
28,934 |
|
|
|
54,347 |
|
|
|
1.67 |
% |
|
|
3.39 |
% |
Total interest-earning assets |
|
|
2,681,011 |
|
|
|
2,732,923 |
|
|
|
5.29 |
% |
|
|
5.25 |
% |
Noninterest-earning assets |
|
|
204,028 |
|
|
|
201,378 |
|
|
|
|
|
|
|
Total assets |
|
$ |
2,885,039 |
|
|
$ |
2,934,301 |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
$ |
387,548 |
|
|
$ |
381,692 |
|
|
|
1.20 |
% |
|
|
1.36 |
% |
Savings accounts |
|
|
288,539 |
|
|
|
293,051 |
|
|
|
0.20 |
% |
|
|
0.22 |
% |
Money market accounts |
|
|
863,962 |
|
|
|
757,147 |
|
|
|
2.91 |
% |
|
|
3.40 |
% |
Certificates of deposit |
|
|
488,426 |
|
|
|
542,397 |
|
|
|
3.10 |
% |
|
|
3.74 |
% |
Total interest-bearing deposits |
|
|
2,028,475 |
|
|
|
1,974,287 |
|
|
|
2.24 |
% |
|
|
2.63 |
% |
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
Other Borrowings |
|
|
90,190 |
|
|
|
223,249 |
|
|
|
4.02 |
% |
|
|
4.32 |
% |
Subordinated debt |
|
|
94,689 |
|
|
|
109,323 |
|
|
|
7.22 |
% |
|
|
6.92 |
% |
Total interest-bearing liabilities |
|
|
2,213,354 |
|
|
|
2,306,859 |
|
|
|
2.50 |
% |
|
|
2.96 |
% |
Noninterest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
435,310 |
|
|
|
406,664 |
|
|
|
|
|
|
|
Other |
|
|
47,407 |
|
|
|
45,963 |
|
|
|
|
|
|
|
Total liabilities |
|
|
2,696,071 |
|
|
|
2,759,486 |
|
|
|
|
|
|
|
Retained earnings |
|
|
188,968 |
|
|
|
174,815 |
|
|
|
|
|
|
|
Total liabilities and retained earnings |
|
$ |
2,885,039 |
|
|
$ |
2,934,301 |
|
|
|
|
|
|
|
Net interest rate spread (2) |
|
|
|
|
|
|
|
|
2.79 |
% |
|
|
2.29 |
% |
Net interest-earning assets (3) |
|
$ |
467,657 |
|
|
$ |
426,064 |
|
|
|
|
|
|
|
Net interest margin (4) |
|
|
|
|
|
|
|
|
3.20 |
% |
|
|
2.72 |
% |
(2)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)Net interest margin represents net interest income divided by average total interest-earning assets.
