Narragansett Bancorp, Inc 8-K, filed Oct 27, 2026

Narragansett Bancorp, Inc. (NARA)

8-K 2026-10-27 For: 2026-10-27

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Added on November 04, 2026

About this 8-K

Narragansett Bancorp, Inc filed this 8-K on October 27, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Maryland	333-296731	42-3540071
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

330 Swansea Mall Drive
Swansea, Massachusetts		02777
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A


Exhibit Number		Description
99.1		Press Release
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


			Narragansett Bancorp, Inc.

Date:	October 27, 2026	By:	/s/ Diana Taxiera
			Diana Taxiera Senior Vice President, Chief Financial Officer & Treasurer


	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:
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	%

Narragansett Bancorp, Inc 8-K, filed Oct 27, 2026

About this 8-K

Items reported

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.


	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


	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						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	%


	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	%