0001605301-26-000023
SEC filingNet income more than doubled to $3.9M, driven by higher net interest income and lower provision for credit losses.
Net income for the first quarter of 2026 was $3.9 million, compared to $1.9 million in the same period last year, an increase of 103%. Diluted earnings per share rose to $0.73 from $0.35. The improvement was driven by higher net interest income and a lower provision for credit losses, reflecting improved credit quality and disciplined expense management.
Net cash provided by operating activities was $3.0 million for the first quarter of 2026, compared to $4.0 million in the prior year. Capital expenditures were $0.2 million, up from $0.1 million, primarily for right-of-use assets of land and building for branch and loan production locations. Free cash flow, defined as operating cash flow minus capital expenditures, was $2.8 million. The marginal cost of new funding, whether from deposits or borrowings from the FHLB, will be carefully considered as we monitor our liquidity needs.
Management’s ability to predict results or the effect of future plans or strategies is inherently uncertain. The ability to pay future dividends or conduct stock repurchases may be limited under applicable banking regulations and regulatory policies due to expected losses for future periods and/or the inability to upstream funds from the Bank to the Company as a result of lower income or regulatory capital levels.