0001437749-26-010240
SEC filingSteele Bancorp Inc. reported $22.9M in net income and $13.1M in free cash flow for FY2025, reflecting strong operating cash generation offset by minimal capital expenditures; the increase in net income was primarily attributable to a non-recurring bargain purchase gain from the NUBC merger.
Diluted EPS of $9.15 aligns with the GAAP net income figure and the weighted-average diluted shares outstanding used in the official calculation. While the merger contributed to both the numerator (via the gain) and denominator (through issuance of new shares), the authoritative XBRL packet provides no supporting data on share count changes or comparative EPS — so no inference about dilution or growth in per-share metrics can be drawn beyond the reported value itself.
Net cash provided by operating activities totaled $13.3 million, while capital expenditures were just $182,000 — resulting in free cash flow of $13.1 million. This narrow gap between operating cash flow and capex signals tight control over discretionary spending, even as the Company integrated NUBC’s operations and expanded its asset base. The low level of capital expenditures also reflects the Company’s operational model: it leases only one office location under operating leases and maintains a streamlined physical footprint, as noted in Item 8.
Management states that liquidity is sufficient to meet present and future financial obligations on a timely basis, and that CPBT met all applicable capital adequacy requirements as of December 31, 2025. However, Item 1A — Risk Factors explicitly notes uncertainty around future liquidity demands, particularly if loan growth accelerates or the Company continues expanding. This tension — between current adequacy and forward-looking risk — underscores why liquidity management remains a stated priority in Item 3, where management emphasizes readiness for both anticipated and unanticipated funding needs, including deposit withdrawals, debt service, and loan demand.