8-K
STEELE BANCORP INC (STLE)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
November 7, 2025
Date of Report (Date of earliest event reported)
Steele Bancorp, Inc.
(Exact name of registrant as specified in its charter)
| Pennsylvania | 333-284191 | 23-2362874 |
|---|---|---|
| (State or other jurisdiction of<br><br> <br>incorporation) | (Commission<br><br> <br>File Number) | (I.R.S. Employer<br><br> <br>Identification No.) |
250 East Chestnut Street
Mifflinburg, PA 17844
(Address of principal executive offices)
570-966-1041
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| None | None | None |
Indicated by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) ☐
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
Jeffrey J. Kapsar, President and Chief Executive Officer, announced unaudited consolidated financial results for Steele Bancorp, Inc. for the three and nine months ended September 30, 2025. On November 7, 2025, Steele Bancorp, Inc. issued a press release titled “Steele Bancorp, Inc., Reports Third Quarter 2025 Earnings” attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Not applicable
**(**d) Exhibits.
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release issued by Steele Bancorp, Inc. on November 7, 2025 titled “Steele Bancorp, Inc., Reports Third Quarter 2025 Earnings” |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Date: November 7, 2025 | Steele Bancorp, Inc. | |
|---|---|---|
| By: | /s/ Thomas C. Graver Jr. | |
| Name: | Thomas C. Graver Jr. | |
| Title: | Senior Executive Vice President & Chief Financial Officer |
ex_882783.htm
Exhibit 99.1
Press Release – For Immediate Release
Friday, November 7, 2025
Steele Bancorp, Inc., Reports Third Quarter 2025 Earnings
Mifflinburg, PA – Steele Bancorp, Inc. (“Company”) (OTCID Pink: “STLE”), parent company of Central Penn Bank & Trust (“Bank”), has released its unaudited consolidated financial statements for the third quarter of 2025.
Merger with Northumberland Bancorp
On August 1, 2025, Mifflinburg Bancorp, Inc. ("Mifflinburg") completed its previously announced merger with Northumberland Bancorp ("Northumberland") pursuant to an Agreement and Plan of Merger, dated as of September 24, 2024, as amended December 4, 2024 (the "Merger Agreement"), by and between Mifflinburg and Northumberland. Under the terms of the Merger Agreement, (i) Northumberland merged with and into Mifflinburg, with Mifflinburg being the surviving entity, and (ii) Northumberland's wholly-owned banking subsidiary, The Northumberland National Bank ("Norry Bank"), merged with and into Mifflinburg's wholly-owned banking subsidiary, Mifflinburg Bank and Trust Company ("Mifflinburg Bank"), with Mifflinburg Bank being the surviving bank (the "Mergers"). In connection with the Mergers, Mifflinburg changed its name to Steele Bancorp, Inc. (“Steele”) and Mifflinburg Bank changed its name to Central Penn Bank & Trust (“Central Penn”).
In connection with the completion of the merger, former Northumberland shareholders received 1.185 shares of the Company’s common stock. The value of the total transaction consideration was approximately $40.5 million. The consideration included the issuance of 1,546,725 shares of the Company’s common stock, which had a value of $26.00 per share, which was the closing price of the Company’s common stock on July 31, 2025, the last trading day prior to the consummation of the acquisition. Also included in the total consideration were cash in lieu of any fractional shares and the cash paid for dissenter's rights effectively settled upon closing.
In connection with the acquisition, effective August 1, 2025, Steele recorded a bargain purchase gain of $17.8 million and a core deposit intangible asset of $14.2 million. Assets acquired included gross loans valued at $427.1 million, available-for-sale debt securities valued at $165.7 million, bank-owned life insurance valued at $14.8 million and premises and equipment, net, valued at $9.7 million. Liabilities assumed included deposits valued at $597.1 million, borrowings valued at $20.1 million, and subordinated debt valued at $9.8 million. The fair value adjustments made to the acquired assets and liabilities of Northumberland are considered preliminary at this time and are subject to change as the Company finalizes its fair value determinations. The assets purchased and liabilities assumed in the acquisition were recorded at their preliminary estimated fair values at the time of closing and may be adjusted for up to one year subsequent to the acquisition.
For the nine-months ended September 30, 2025, the Company incurred pre-tax merger-related expenses related to the Northumberland transaction of $4.1 million, including expenses totaling $3.9 million in the third quarter 2025. Merger-related expenses include voluntary severance and similar expenses as well as expenses related to the termination of Northumberland’s core banking system contract and legal and other professional expenses. Also during the third quarter 2025, the Company recorded a one-time provision for credit losses of $4.0 million for acquired non-Purchase Credit Deteriorated (“PCD”) loans.
Unaudited Financial Information
Net income, as reported under U.S. Generally Accepted Accounting Principles (“GAAP”), for the quarter-ended September 30, 2025, was $13.7 million compared to $1.4 million for the same period in 2024, a 890.4% increase. Net income year-to-date for 2025 was $17.3 million compared to $4.1 million for the same period in 2024, a 326.2% increase. Net income for the quarter and nine-months ended September 30, 2025, was significantly impacted by bargain gain on purchase and merger related expenses, as described in further detail in the Merger with Northumberland Bancorp section above. Basic and diluted earnings per share for the quarters-ended September 30, 2025 and 2024 were $4.77 and $0.74, respectively. Return on average assets and return on average equity were 3.07% and 32.66% for the quarter ended September 30, 2025 compared to 0.96% and 9.77% for the same period of 2024.
Net interest income for the three months ended September 30, 2025 was $9.9 million compared to $4.3 million for the same period in 2024, a 129.3% increase. Net interest income for the nine months ended September 30, 2025 was $19.6 million compared to $12.2 million for the same period in 2024, a 61.2% increase. The significant increase in net interest income is primarily driven by the increase in loans and securities balances due to the merger with Northumberland and by market interest rates starting to decline thus slowing the increase in cost of funds. Yield on earning assets increased 80 basis points, to 5.78% for the quarter-ended September 30, 2025 compared to the quarter-ended September 30, 2024, while the cost of funds increased 4 basis points, to 2.36%, as compared to the same time period in 2024. The net interest margin increased from 3.10% for the quarter-ended September 30, 2024 to 3.97% for the quarter-ended September 30, 2025.
The Bank recorded a provision for credit losses of $4.2 million for the three months ended September 30, 2025, compared to a provision of $138,000 for the three months ended September 30, 2024. $4.0 million of the provision for credit losses recorded in the third quarter of 2025 was a one-time provision for credit losses for acquired non-PCD loans. The Bank recorded a provision for credit losses of $4.5 million for the nine months ended September 30, 2025, offset by a $100,000 reduction in the unfunded commitment reserve. The Bank recorded a provision for credit losses of $169,000 for the nine months ended September 30, 2024.
Non-interest income increased by $18.7 million, or 4,550.7%, to $19.1 million for the three months ended September 30, 2025, from the $410 thousand recognized during the same period of 2024. Non-interest income increased by $18.8 million, or 1,351.9%, to $20.2 million for the nine months ended September 30, 2025, from the $1.4 million recognized during the same period of 2024. The increase in non-interest income for the three and nine-months ended September 30, 2025 is primarily due to the bargain purchase gain of $17.8 million recognized in association with the merger with Northumberland in the third quarter of 2025.
Non-interest expenses increased $8.0 million or 275.3%, from $2.9 million for the three months ended September 30, 2024, to $10.9 million for the three months ended September 30, 2025. The increase in non-interest expense is primarily the result of an increase of $2.5 million in salaries and employee benefits and an increase of $3.8 million in merger expenses due to the merger with Northumberland. Non-interest expenses increased $8.6 million or 100.2%, from $8.5 million for the nine months ended September 30, 2024, to $17.1 million for the nine months ended September 30, 2025. The increase in non-interest expense year-to-date is primarily the result of an increase of $4.0 million in merger related expenses and an increase of $2.7 million in salaries and employee benefits due to the merger with Northumberland.
An income tax provision of $105,000 was recorded for the three months ended September 30, 2025, compared to an income tax provision of $282,000 for the three months ended September 30, 2024, a 62.8% decrease. An income tax provision of $932,000 was recorded for the nine months ended September 30, 2025, compared to an income tax provision of $750,000 for the same period in 2024, a 24.3% increase. The increase in income tax expense was due to higher taxable income in 2025 as compared to 2024. Steele’s effective tax rate decreased to 5.11% at September 30, 2025, compared to 15.59% at September 30, 2024, which resulted primarily from non-taxable income and nondeductible merger expenses in 2025 as compared to 2024. Included in non-interest income is the bargain purchase gain of $17.8 million, which is non-taxable as result of the tax-free exchange associated with the acquisition of Northumberland.
Financial Condition
Total assets increased to $1.3 billion as of September 30, 2025 from $596.7 million as of December 31, 2024, an increase of 110.1%. Cash and cash equivalents increased $44.8 million from December 31, 2024 to September 30, 2025. Net loans increased by $459.1 million, or 106.3%, securities available for sale increased $107.6 million and core deposit intangible increased $14.2 million from December 31, 2024 to September 30, 2025. Total deposits increased $616.4 million from December 31, 2024 to September 30, 2025, Federal Home Loan Bank advances decreased $35.1 million from December 31, 2024 to September 30, 2025, and subordinated debt increased $9.8 million from December 31, 2024 to September 30, 2025. All increases are primarily the result of the acquisition of Northumberland.
When compared to December 31, 2024, stockholders’ equity, excluding accumulated other comprehensive loss, increased $55.7 million to $116.1 million as of September 30, 2025. Steele Bancorp, Inc. remains well capitalized, with an equity-to-assets ratio of 9.2% and 9.4% as of September 30, 2025 and December 31, 2024, respectively.
The Bank maintained a strong liquidity position as of September 30, 2025, with additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $472.4 million and $4.8 million in additional borrowing capacity from the Federal Reserve’s Discount Window.
About Steele Bancorp, Inc.
Steele Bancorp, Inc. (“Steele”) is a bank holding company headquartered in Mifflinburg, Pennsylvania. Steele has one subsidiary bank, Central Penn Bank & Trust, serving individuals, families, nonprofits, and business clients through 13 banking offices located in Centre, Northumberland, Snyder, and Union counties. The Company has 176 employees as of September 30, 2025, and total assets of $1.3 billion.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties related to integration following the merger; the risk that the anticipated benefits, cost savings and other savings from the merger may not be fully realized or may take longer than expected to realize; potential impairment to the goodwill recorded in connection with the merger; changes in general economic trends, including inflation and changes in interest rates; our ability to manage credit risk; our ability to maintain an adequate level of allowance for credit loss on loans; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; fluctuations in the values of securities held in our securities portfolio, including as a result of changes in interest rates; our ability to successfully manage liquidity risk; adverse developments in borrower industries and, in particular, declines in real estate values; the concentration of large deposits from certain customers who have balances above current FDIC insurance limits; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; and any other risks described in the “Risk Factors” sections of reports filed by the Corporation with the Securities and Exchange Commission. We do not undertake, and specifically disclaim, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.
| Steele Bancorp, Inc. and Subsidiary<br><br> <br>Consolidated Balance Sheets<br><br> <br>(in thousands, except share and per share data) | |||||
|---|---|---|---|---|---|
| **** | **** | **** | |||
| --- | --- | --- | --- | --- | --- |
| December 31, | |||||
| 2024 * | |||||
| Assets | |||||
| Cash and due from banks | 7,215 | $ | 4,580 | ||
| Interest-bearing demand deposits | 41,776 | 3,213 | |||
| Federal funds sold | 5,027 | 1,386 | |||
| Total cash and cash equivalents | 54,018 | 9,179 | |||
| Interest-bearing time deposits | 7,654 | 10,369 | |||
| Debt securities available-for-sale, at fair value | 223,633 | 116,053 | |||
| Marketable equity securities, at fair value | 518 | 268 | |||
| Restricted investments in bank stock, at cost | 2,780 | 2,300 | |||
| Loans | 900,610 | 436,339 | |||
| Allowance for credit losses | (9,512 | ) | (4,379 | ) | |
| Loans, net | 891,098 | 431,960 | |||
| Premises and equipment, net | 18,110 | 8,251 | |||
| Accrued interest receivable | 3,984 | 1,804 | |||
| Core deposit intangible, net | 14,218 | - | |||
| Bank owned life insurance | 28,070 | 12,966 | |||
| Net deferred tax asset | 4,570 | 2,247 | |||
| Other assets | 4,923 | 1,305 | |||
| Total Assets | 1,253,576 | $ | 596,702 | ||
| Liabilities and Stockholders' Equity | **** | **** | **** | **** | **** |
| Liabilities | **** | **** | **** | **** | **** |
| Deposits: | |||||
| Noninterest-bearing deposits | 214,926 | $ | 69,746 | ||
| Interest-bearing deposits | 891,004 | 419,783 | |||
| Total deposits | 1,105,930 | 489,529 | |||
| Repurchase agreements | 1,414 | 1,143 | |||
| Federal Home Loan Bank advances | 8,000 | 43,050 | |||
| Subordinated debt, at fair value | 9,808 | - | |||
| Accrued interest payable | 2,051 | 1,736 | |||
| Other liabilities | 11,473 | 5,327 | |||
| Total Liabilities | 1,138,676 | 540,785 | |||
| Commitments and Contingencies | |||||
| Redeemable Common Stock Held By Employee Stock Ownership Plan | 4,162 | 1,877 | |||
| Stockholders' Equity | **** | **** | **** | **** | **** |
| Common stock, par value 1.00 per share; authorized 5,000,000 shares; issued 3,706,725 (2025) and 2,160,000 (2024) shares; outstanding 3,405,061 and 1,858,536 shares as of September 30, 2025 and December 31, 2024, respectively. | 3,707 | 2,160 | |||
| Capital surplus | 40,595 | 1,899 | |||
| Retained earnings | 79,941 | 64,013 | |||
| Accumulated other comprehensive loss | (1,187 | ) | (4,424 | ) | |
| Unearned ESOP shares | (425 | ) | - | ||
| Treasury stock, at cost: 2025: 301,664 shares; 2024: 301,464 shares | (7,731 | ) | (7,731 | ) | |
| Total Stockholders' Equity | 114,900 | 55,917 | |||
| Less maximum cash obligation to ESOP shares | 4,162 | 1,877 | |||
| Total Stockholders’ Equity Less Maximum Cash Obligations Related to ESOP Shares | 110,738 | 54,040 | |||
| Total Liabilities and Stockholders' Equity | 1,253,576 | $ | 596,702 |
All values are in US Dollars.
* Derived from consolidated audited financial statements
| Steele Bancorp, Inc. and Subsidiary<br><br> <br>Consolidated Statements of Income<br><br> <br>(Unaudited)<br><br> <br>(in thousands, except per share data) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended<br><br> <br>September 30, | Nine Months Ended<br><br> <br>September 30, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Interest and Dividend Income | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Interest and fees on loans | $ | 12,232 | $ | 5,732 | $ | 25,372 | $ | 16,315 | ||||
| Interest-bearing deposits in banks | **** | 316 | 133 | **** | 553 | 419 | ||||||
| Federal funds sold | **** | 45 | 123 | **** | 55 | 147 | ||||||
| Securities: | ||||||||||||
| Taxable | **** | 1,224 | 471 | **** | 2,244 | 1,413 | ||||||
| Tax-exempt | **** | 501 | 299 | **** | 1,089 | 915 | ||||||
| Dividends | **** | 101 | 51 | **** | 215 | 150 | ||||||
| Total Interest and Dividend Income | **** | 14,419 | 6,809 | **** | 29,528 | 19,359 | ||||||
| Interest Expense | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Deposits | **** | 4,222 | 2,236 | **** | 8,781 | 6,347 | ||||||
| Federal Home Loan Bank advances | **** | 258 | 155 | **** | 1,078 | 511 | ||||||
| Federal Discount Window borrowings | - | 117 | - | 348 | ||||||||
| Other borrowings | **** | 75 | - | **** | 76 | - | ||||||
| Total Interest Expense | **** | 4,555 | 2,508 | **** | 9,935 | 7,206 | ||||||
| Net Interest Income | **** | 9,864 | 4,301 | **** | 19,593 | 12,153 | ||||||
| Provision for credit losses | **** | 4,228 | 138 | **** | 4,390 | 169 | ||||||
| Net Interest Income after provision for credit losses | **** | 5,636 | 4,163 | **** | 15,203 | 11,984 | ||||||
| Noninterest Income | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Service charges on deposit accounts | **** | 225 | 113 | **** | 486 | 330 | ||||||
| ATM fees and debit card income | **** | 368 | 201 | **** | 738 | 579 | ||||||
| Mortgage banking revenue | **** | 134 | 52 | **** | 243 | 187 | ||||||
| Trust and investment fee income | **** | 129 | 19 | **** | 207 | 64 | ||||||
| Gain on sale of premises | **** | - | - | **** | 52 | - | ||||||
| Loss on sale of securities | **** | (8 | ) | - | **** | (8 | ) | - | ||||
| Gain on sale of other real estate owned | **** | 36 | - | **** | 36 | - | ||||||
| Net marketable equity security gains (losses) | **** | 60 | (80 | ) | **** | 57 | (112 | ) | ||||
| Earnings on bank owned life insurance | **** | 130 | 65 | **** | 256 | 192 | ||||||
| Bargain purchase gain | **** | 17,827 | - | **** | 17,827 | - | ||||||
| Other | **** | 167 | 40 | **** | 287 | 150 | ||||||
| Total Noninterest Income | **** | 19,068 | 410 | **** | 20,181 | 1,390 | ||||||
| Noninterest Expense | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Salaries and employee benefits | **** | 4,310 | 1,779 | **** | 7,997 | 5,303 | ||||||
| Net occupancy and equipment expense | **** | 442 | 270 | **** | 1,040 | 871 | ||||||
| Amortization of core deposit intangible | **** | 444 | - | **** | 444 | - | ||||||
| Data processing fees | **** | 252 | 171 | **** | 598 | 514 | ||||||
| Pennsylvania shares tax | **** | 108 | 114 | **** | 332 | 335 | ||||||
| Professional fees | **** | 112 | 30 | **** | 191 | 108 | ||||||
| Advertising expense | **** | 67 | 32 | **** | 141 | 97 | ||||||
| FDIC deposit insurance | **** | 127 | 64 | **** | 263 | 190 | ||||||
| Merger-related expenses | **** | 3,873 | 105 | **** | 4,120 | 105 | ||||||
| Other | **** | 1,187 | 345 | **** | 2,023 | 1,041 | ||||||
| Total Noninterest Expense | **** | 10,922 | 2,910 | **** | 17,149 | 8,564 | ||||||
| Income Before Income Taxes | **** | 13,782 | 1,663 | **** | 18,235 | 4,810 | ||||||
| Income Taxes | **** | 105 | 282 | **** | 932 | 750 | ||||||
| Net Income | $ | 13,677 | $ | 1,381 | $ | 17,303 | $ | 4,060 | ||||
| Earnings Per Share - Basic and Diluted | $ | 4.77 | $ | 0.74 | $ | 7.87 | $ | 2.18 |
| Steele Bancorp, Inc.<br><br> <br>Key Ratios and Other Data<br><br> <br>(Unaudited) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| For the periods ended: | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ($ in thousands) | September 30,<br><br> <br>2025 | December 31,<br><br> <br>2024 | September 30,<br><br> <br>2024 | ||||||
| Average Balances | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Cash and due from banks | $ | 6,506 | $ | 5,510 | $ | 5,618 | |||
| Interest-bearing deposits | **** | 19,846 | 15,540 | 16,417 | |||||
| Securities available for sale, at fair value | **** | 145,832 | 125,023 | 124,467 | |||||
| Mortgage loans held for sale | **** | 122 | 48 | 50 | |||||
| Loans, gross | **** | 556,485 | 405,159 | 399,296 | |||||
| Loans, net of allowance for credit losses | **** | 551,079 | 401,292 | 395,450 | |||||
| Total assets | **** | 753,186 | 573,353 | 566,683 | |||||
| Noninterest bearing deposits | **** | 113,548 | 81,328 | 80,439 | |||||
| Interest-bearing and savings deposits | **** | 343,705 | 282,389 | 278,989 | |||||
| Time deposits | **** | 182,327 | 117,729 | 116,321 | |||||
| Total deposits | **** | 639,580 | 481,446 | 475,749 | |||||
| Stockholders' equity | $ | 70,833 | $ | 56,129 | $ | 55,496 | |||
| Financial Ratios | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Return on average assets | **** | 3.07 | % | 0.78 | % | 0.96 | % | ||
| Return on average equity | **** | 32.66 | % | 7.98 | % | 9.77 | % | ||
| Efficiency ratio | **** | 48.47 | % | 70.08 | % | 64.03 | % | ||
| Allowance for Loan Credit Losses | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Beginning balance | $ | 4,379 | $ | 3,861 | $ | 3,861 | |||
| Merger adjustment | 725 | - | - | ||||||
| Provision for credit losses | **** | 4,490 | 569 | 117 | |||||
| Charge-Offs | **** | (97 | ) | (62 | ) | (37 | ) | ||
| Recoveries | **** | 15 | 11 | 10 | |||||
| Ending balance | $ | 9,512 | $ | 4,379 | $ | 3,951 | |||
| (1) | The efficiency ratio is calculated as noninterest expense divided by the sum of noninterest income and net interest income. | ||||||||
| --- | --- |
| Steele Bancorp, Inc.<br><br> <br>Asset Quality Data<br><br> <br>(Unaudited) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| At and for the Period Ended | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ($ in thousands) | September 30,<br><br> <br>2025 | December 31,<br><br> <br>2024 | September 30,<br><br> <br>2024 | ||||||
| Nonperforming Assets | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Nonaccrual loans | $ | 1,591 | $ | 438 | $ | 493 | |||
| Other real estate owned | **** | - | - | - | |||||
| Total nonperforming assets | $ | 1,591 | $ | 438 | $ | 493 | |||
| Loans 90 days or more past due and accruing | **** | - | - | - | |||||
| Asset Quality Ratios | **** | **** | **** | **** | **** | **** | **** | **** | **** |
| Nonperforming assets to loans plus other real estate | **** | 0.18 | % | 0.10 | % | 0.12 | % | ||
| Allowance for credit losses on loans to total loans | **** | 1.06 | % | 1.00 | % | 0.96 | % | ||
| Allowance for credit losses on loans to nonperforming loans | **** | 597.86 | % | 999.77 | % | 801.42 | % |