Steele Bancorp, Inc. Posts 60% Drop in Third-Quarter Profit

Steele Bancorp, Inc. posted $5.462 million in third-quarter net income, down 60.1% year over year, while its $1.60 per-share earnings reflected a post-merger comparison.

Basic and diluted earnings per share were both $1.60 for the quarter ended Sept. 30, 2026, compared with $4.77 a year earlier. Net interest income increased 38.1% to $13.626 million from $9.864 million. Noninterest income declined 91% to $1.719 million from $19.032 million.

Those two income lines added up to $15.345 million. Steele Bancorp reports them separately; the combined figure is not a separately reported revenue measure.

The 2025 quarter included a $17.827 million bargain purchase gain, which accounted for most of the noninterest income decline. That period also had $3.873 million in merger-related expenses. Steele Bancorp completed its merger with Northumberland Bancorp on Aug. 1, 2025.

Steele Bancorp said its 2026 results reflect the post-merger business and that the periods are “not directly comparable.” The bank holding company, parent of Central Penn Bank & Trust, had $1.275 billion in assets and $1.123 billion in deposits at Sept. 30.