Steele Bancorp, Inc. reported significant financial growth in its latest quarterly filing, with total assets reaching $1.25 billion as of September 30, 2025, a substantial increase of 110.1% from $596.7 million at the end of 2024. This growth was primarily driven by the acquisition of Northumberland Bancorp (NUBC), which contributed approximately $688.2 million in assets. The company’s net income for the third quarter surged to $13.7 million, or $4.77 per share, compared to $1.4 million, or $0.74 per share, in the same period last year, marking an increase of 890.4%.
The merger with NUBC, completed on August 1, 2025, was a pivotal event for Steele Bancorp, resulting in a bargain purchase gain of $17.8 million. The acquisition also led to a significant rise in loans, which increased by 106.4% to $900.6 million, driven by strong new loan origination and the integration of NUBC's loan portfolio. Interest income for the third quarter rose to $14.4 million, up 111.8% from the previous year, reflecting higher average balances and interest rates on loans and investment securities.
In terms of operational metrics, total deposits increased by 126.5% to $1.1 billion, with noninterest-bearing deposits rising by 208.2% to $214.9 million. The company’s loan-to-deposit ratio stood at 81.4% as of September 30, 2025, down from 89.1% at the end of 2024, indicating a more balanced approach to funding. The allowance for credit losses also saw a significant increase, rising to $9.5 million from $4.4 million, reflecting the company’s proactive stance in managing credit risk post-acquisition.
Looking ahead, Steele Bancorp aims to leverage its expanded asset base and market presence to enhance profitability and shareholder value. The company is focused on integrating NUBC's operations and optimizing its loan portfolio while maintaining a strong capital position. Management believes that the current economic conditions and the strategic decisions made will support continued growth and stability in the coming quarters.
About STEELE BANCORP INC
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