0001193125-26-221566
SEC filingNet income surged to $1.1M from $305K, driven by higher interest income and lower funding costs, with operating cash flow improving to $4.3M.
Net income for the three months ended March 31, 2026 was $1.1 million, compared to $305,000 for the same period in 2025. The increase was primarily due to higher interest and dividend income and a decrease in the cost of funds, partially offset by an increase in operating expenses. Diluted earnings per share were $0.13.
Net cash provided by operating activities was $4.3 million for the quarter, up from $571,000 in the prior year period, reflecting higher net income and favorable changes in working capital.
The increase in data processing costs is due to investments in new technologies that will improve customer experience and efficiencies. Other expenses increased primarily due to higher costs for professional services related to the company's operation as a public reporting entity.
Management anticipates sufficient funds to meet current funding commitments based on the strategy to increase loans with core deposit growth and the continued use of Federal Home Loan Bank of Boston advances, as needed. The allowance for credit losses is established based on the company's current estimate of expected lifetime credit losses on loans measured at amortized cost.