PARKE BANCORP, INC.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
PKBK$32.62+0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001437749-26-015152
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001437749-26-025857
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 67 previous paragraphs and 74 current paragraphs.
43 unchanged; 23 reworded; 4 added; 1 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 7 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Provision for credit losses: For the three months ended June 30, 2026, the provision for credit losses was $0.7 million, compared to a provision for credit losses of $1.0 million for the three months ended June 30, 2025, a decrease of $0.3 million. The decrease in the provision for credit losses for the three months ended June 30, 2026, was due to a decrease in loan balance during the three months ended June 30, 2026, as compared to an increase in loan balances during the same period in 2025, partially offset by an increase in charge-offs during the three months ended June 30, 2026. The increase in charge-offs was primarily due to one Commercial Non-owner Occupied, distressed office building, which was repossessed and transferred to Other Real Estate Owned.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Non-interest Expense: Our non-interest expense increased $0.9 million, or 6.9%, for the six months ended June 30, 2026, from the six months ended June 30, 2025, to $14.1 million. The increase was primarily driven by an increase in compensation and benefits of $0.7 million, and an increase in other operating expense of $0.5 million, partially offset by a decrease in data processing expense of $0.3 million, for the six months ended June 30, 2026, compared to the same period in 2025.
Current report
Total liabilities were $1.96 billion at June 30, 2026. This represented a $32.1 million, or 1.7%, increase, from $1.92 billion at December 31, 2025. The increase in total liabilities was primarily due to an increase in FHLBNY borrowings of $34.0 million, or 26.2%, to $164.0 million at June 30, 2026.
Removed paragraphs (1)
Previous report
Total liabilities were $1.88 billion at March 31, 2026. This represented a $47.5 million, or 2.5%, decrease, from $1.92 billion at December 31, 2025. The decrease in total liabilities was primarily due to a decrease in total deposits of $59.9 million, or 3.4%, to $1.70 billion at March 31, 2026, partially offset by an increase in FHLBNY borrowings of $10.0 million, or 7.7%, to $140.0 million. The decrease in deposits was primarily driven by a decrease in non-interestbearing deposits of $32.4 million, time deposits of $24.0 million, brokered time deposits of $14.0 million, and interest-bearing demand deposits of $12.6 million, partially offset by an increase in money market deposits of $22.6 million.
Reworded paragraphs (23)
Previous wording
At March 31, 2026, we had total assets of $2.21 billion, and total equity of $335.6 million. Net income available to common shareholders for the three months ended March 31, 2026 was $11.8 million.
Current wording
At June 30, 2026, we had total assets of $2.30 billion, and total equity of $346.1 million. Net income available to common shareholders for the three and six months ended June 30, 2026 was $12.2 million, and $24.1 million, respectively.
Previous wording
Net Income: Our net income available to common shareholders for the three months ended March 31, 2026 increased $4.1 million, or 52.3%, to $11.8 million, compared to $7.8 million for the three months ended March 31, 2025. Earnings per share were $1.01 per basic common share and $0.99 per diluted common share for the three months ended March 31, 2026, compared to $0.66 per basic common share and $0.65 per diluted common share for the same period last year. The increase was primarily due to an increase in net interest income and a decrease in provision for credit losses, partially offset by an increase in non-interest expense.
Current wording
Net Income: Our net income available to common shareholders for the three months ended June 30, 2026 increased $4.0 million, or 47.8%, to $12.2 million, compared to $8.3 million for the three months ended June 30, 2025. Earnings per share were $1.04 per basic common share and $1.03 per diluted common share for the three months ended June 30, 2026, compared to $0.70 per basic common share and $0.69 per diluted common share for the same period last year. The increase was primarily due to an increase in net interest income and a decrease in the provision for credit losses, partially offset by an increase in non-interest expense.
Previous wording
Net Interest Income: Our net interest income was $22.1 million for the first quarter of 2026 compared to $16.6 million for the first quarter of 2025, an increase of $5.5 million, or 33.3%. Net interest income increased during the three months ended March 31, 2026, primarily due to an increase in interest and fees on loans, and a decrease in interest expense on deposits and borrowings, partially offset by a decrease in interest on deposits with banks. Interest income increased $3.1 million, or 9.1%, during the three months ended March 31, 2026 as compared to the same period in the prior year. The increase in interest income was primarily due to an increase of $4.4 million in interest and fees on loans, due to higher loan balances and market interest rates. Interest from deposits with banks decreased $1.3 million during the three months ended March 31, 2026 as compared to the same period in the prior year, primarily due to lower average cash balances held at the Federal Reserve Bank ("FRB") and lower interest earning rates. The increase in net interest income was also due to a decrease in interest expense on deposits during the three months ended March 31, 2026 of $1.7 million, or 11.5%, primarily due to a decrease in interest rates. Interest expense on borrowings decreased during the three months ended March 31, 2026, by $0.7 million, or 33.3%, as compared to the same period in the prior year, due to a decrease in average balances outstanding and a decrease in interest rates paid on borrowings.
Current wording
Net Interest Income: Our net interest income was $23.0 million for the second quarter of 2026 compared to $17.9 million for the second quarter of 2025, an increase of $5.1 million, or 28.8%. Net interest income increased during the three months ended June 30, 2026, primarily due to an increase in interest and fees on loans, and a decrease in interest expense on deposits and borrowings, partially offset by a decrease in interest on deposits with banks. Interest income increased $3.4 million, or 9.8%, during the three months ended June 30, 2026 as compared to the same period in the prior year. The increase in interest income was primarily due to an increase of $4.2 million in interest and fees on loans, due to higher loan balances and market interest rates. Interest from deposits with banks decreased $0.8 million during the three months ended June 30, 2026 as compared to the same period in the prior year, primarily due to lower average cash balances held at the Federal Reserve Bank ("FRB") and lower interest earning rates. The increase in net interest income was also due to a decrease in interest expense on deposits during the three months ended June 30, 2026 of $1.4 million, or 9.3%, primarily due to a decrease in interest rates, partially offset by an increase in balances outstanding. Interest expense on borrowings decreased during the three months ended June 30, 2026, by $0.3 million, or 31.3%, as compared to the same period in the prior year, due to a decrease in interest rates paid on borrowings, partially offset by an increase in balances outstanding.
Previous wording
Non-interest Income: Our non-interest income was $0.9 million for the three months ended March 31, 2026, an increase of $32.0 thousand, compared to $0.8 million for the three months ended March 31, 2025. The increase is primarily attributable to an increase in bank owned life insurance ("BOLI") income, compared to the same period in 2025.
Current wording
Non-interest Income: Our non-interest income was $0.9 million for the three months ended June 30, 2026, an increase of $61.0 thousand, compared to $0.8 million for the three months ended June 30, 2025. The increase is primarily attributable to an increase in bank owned life insurance ("BOLI") income, compared to the same period in 2025.
Previous wording
Non-interest Expense: Our non-interest expense increased $0.7 million, or 10.4%, for the three months ended March 31, 2026, from the three months ended March 31, 2025, to $7.2 million. The increase was primarily driven by an increase in compensation and benefits of $0.4 million, and an increase in other operating expense of $0.4 million, partially offset by a decrease in professional services of $0.1 million, for the three months ended March 31, 2026, compared to the same period in 2025.
Current wording
Non-interest Expense: Our non-interest expense increased $0.2 million, or 3.6%, for the three months ended June 30, 2026, from the three months ended June 30, 2025, to $6.9 million. The increase was primarily driven by an increase in compensation and benefits of $0.3 million, and an increase in other operating expense of $0.1 million, partially offset by a decrease in data processing expense of $0.2 million, for the three months ended June 30, 2026, compared to the same period in 2025.
Previous wording
Income Tax: Income tax expense was $3.7 million on income before taxes of $15.6 million for the three months ended March 31, 2026, resulting in an effective tax rate of 23.9%, compared to income tax expense of $2.5 million on income before taxes of $10.3 million for the same period of 2025, resulting in an effective tax rate of 24.5%.
Current wording
Income Tax: Income tax expense was $4.0 million on income before taxes of $16.3 million for the three months ended June 30, 2026, resulting in an effective tax rate of 24.9%, compared to income tax expense of $2.7 million on income before taxes of $11.0 million for the same period of 2025, resulting in an effective tax rate of 24.9%.
Previous wording
Provision for credit losses: For the three months ended March 31, 2026, the provision for credit losses was $0.2 million, compared to a provision for credit losses of $0.6 million for the three months ended March 31, 2025, a decrease of $0.4 million. The decrease in the provision for credit losses for the three months ended March 31, 2026, was primarily due to lower growth in loans during the three months ended March 31, 2026, compared to the same period in 2025.
Current wording
Provision for credit losses: For the six months ended June 30, 2026, the provision for credit losses was $0.9 million, compared to a provision for credit losses of $1.6 million for the six months ended June 30, 2025, a decrease of $0.7 million. The decrease in the provision for credit losses for the six months ended June 30, 2026, was primarily due to a decrease in loan balances from December 31, 2025, partially offset by an increase in charge-offs during the six months ended June 30, 2026.
Previous wording
At March 31, 2026, the Company’s total assets were $2.21 billion, a decrease of $36.5 million, or 1.60%, from December 31, 2025. The decrease in total assets was primarily attributable to a decrease in cash and cash equivalents of $46.0 million, partially offset by an increase in net loans of $7.8 million. Cash and cash equivalents decreased $46.0 million, or 29.3%, primarily due to a decrease in deposits of $59.9 million, and the increase in loans of $7.8 million, partially offset by an increase in FHLBNY borrowings of $10.0 million.
Current wording
At June 30, 2026, the Company’s total assets were $2.30 billion, an increase of $53.6 million, or 2.40%, from December 31, 2025. The increase in total assets was primarily attributable to an increase in cash and cash equivalents of $47.9 million, and an increase in other real estate owned of $3.9 million, partially offset by a decrease in net loans of $3.8 million. Cash and cash equivalents increased $47.9 million, or 30.5%, primarily due to an increase in FHLBNY borrowings of $34.0 million, and the decrease in gross loans of $3.9 million.
Previous wording
Total equity was $335.6 million and $324.5 million at March 31, 2026 and December 31, 2025, respectively, an increase of $11.1 million from December 31, 2025. The increase was primarily due to the retention of earnings, partially offset by the payment of $2.1 million of cash dividends.
Current wording
Total equity was $346.1 million and $324.5 million at June 30, 2026 and December 31, 2025, respectively, an increase of $21.6 million from December 31, 2025. The increase was primarily due to the retention of earnings, partially offset by the payment of $4.5 million of cash dividends.
Previous wording
Cash and cash equivalents decreased $46.0 million to $110.9 million at March 31, 2026 from $156.9 million at December 31, 2025, a decrease of 29.3%. The decrease was primarily due to an increase in loans, and a decrease in primarily non-interest bearing and brokered deposit balances, partially offset by an increase in FHLBNY borrowings.
Current wording
Cash and cash equivalents increased $47.9 million to $204.7 million at June 30, 2026 from $156.9 million at December 31, 2025, an increase of 30.5%. The increase was primarily due to an increase in FHLBNY borrowings, and a decrease in gross loan balance.
Previous wording
Total investment securities decreased to $13.1 million at March 31, 2026, from $13.5 million at December 31, 2025, a decrease of $0.4 million or 2.9%. The decrease was attributed to normal pay downs of securities. For detailed information on the composition and maturity distribution of our investment portfolio, see NOTE 3 - Investment Securities in the notes to the unaudited consolidated financial statements.
Current wording
Total investment securities increased to $14.3 million at June 30, 2026, from $13.5 million at December 31, 2025, an increase of $0.8 million or 5.7%. The increase was attributed to the purchase of a $1.5 million security for CRA purposes, partially offset by normal pay downs of securities. For detailed information on the composition and maturity distribution of our investment portfolio, see NOTE 3 - Investment Securities in the notes to the unaudited consolidated financial statements.
Previous wording
Loans receivable: Loans receivable increased to $2.04 billion at March 31, 2026, from $2.04 billion at December 31, 2025, an increase of $8.1 million, or 0.4%. The increase was primarily due to increases in the residential - multifamily and construction loan portfolios, partially offset by a decrease in the residential - 1 to 4 family and residential - 1 to 4 family investment loan portfolios. Loans receivable as of March 31, 2026 and December 31, 2025, consisted of the following:
Current wording
Loans receivable: Loans receivable decreased to $2.03 billion at June 30, 2026, from $2.04 billion at December 31, 2025, a decrease of $3.9 million, or 0.2%. The decrease was primarily due to decreases in the residential - 1 to 4 family, and residential 1 to 4 family investment loan portfolios, partially offset by an increase in the residential - multifamily loan portfolio. Loans receivable as of June 30, 2026 and December 31, 2025, consisted of the following:
Previous wording
At March 31, 2026, total deposits decreased to $1.70 billion from $1.76 billion at December 31, 2025, a decrease of $59.9 million, or 3.4%. The decrease in deposits was primarily due to a decrease in time deposits of $38.0 million, of which $14.0 million were brokered deposits, $32.4 million of noninterest-bearing deposits, and $12.6 million in checking deposits, of which $12.5 million were brokered deposits. The decrease was partially offset by a $22.6 million increase in money market deposits, resulting from an increase of $21.7 million in municipal deposits.
Current wording
At June 30, 2026, total deposits increased to $1.76 billion from $1.76 billion at December 31, 2025, an increase of $0.9 million, or 0.1%. The increase in deposits was primarily due to an increase in money market deposits of $49.3 million, of which $13.1 million were brokered deposits, partially offset by decrease in time deposits of $34.5 million, $9.4 million in checking deposits, and $3.3 million in noninterest-bearing deposits.
Previous wording
Total borrowings were $153.4 million at March 31, 2026 and $143.4 million at December 31, 2025. The increase in borrowings during the first quarter of 2026 is due to an increase of $10.0 million in FHLBNY advances. At March 31, 2026, all of the outstanding FHLBNY advances had short-term maturities.
Current wording
Total borrowings were $177.4 million at June 30, 2026 and $143.4 million at December 31, 2025. The increase in borrowings during 2026 is due to an increase of $34.0 million in FHLBNY advances. At June 30, 2026, all of the outstanding FHLBNY advances had short-term maturities.
Previous wording
Total equity increased to $335.6 million at March 31, 2026 from $324.5 million at December 31, 2025, an increase of $11.0 million, or 3.4%, primarily due to the retention of earnings from the period, partially offset by the payment of $2.1 million of cash dividends.
Current wording
Total equity increased to $346.1 million at June 30, 2026 from $324.5 million at December 31, 2025, an increase of $21.6 million, or 6.6%, primarily due to the retention of earnings from the period, partially offset by the payment of $4.5 million of cash dividends.
Previous wording
Liquidity is a measure of our ability to generate cash to support asset growth, meet deposit withdrawals, satisfy other contractual obligations, and otherwise operate on an ongoing basis. At March 31, 2026, our cash position was $110.9 million. We invest cash that is in excess of our immediate operating needs primarily in our interest-bearing account at the Federal Reserve.
Current wording
Liquidity is a measure of our ability to generate cash to support asset growth, meet deposit withdrawals, satisfy other contractual obligations, and otherwise operate on an ongoing basis. At June 30, 2026, our cash position was $204.7 million. We invest cash that is in excess of our immediate operating needs primarily in our interest-bearing account at the Federal Reserve.
Previous wording
We also use brokered deposits as a funding source. The Bank primarily utilizes brokered relationships with Wells Fargo, Piper Sandler, and Stonecastle. As of March 31, 2026, the Company had $156.6 million of brokered deposits resulting from these relationships. For an additional source of brokered liquidity, the Bank joined the IntraFi Financial Network. IntraFi provides the Bank an additional source of external funds through their weekly CDARS® settlement process, as well as their ICS® money market product. As of March 31, 2026, the Company had $35.0 million sourced from IntraFi. While deposit accounts comprise the vast majority of our funding needs, we maintain secured borrowing lines with the FHLBNY and the Federal Reserve Bank ("FRB"). As of March 31, 2026, the Company had lines of credit with the FHLBNY of $651.6 million, of which $140.0 million was outstanding, and an additional $100.0 million from a letter of credit for securing public funds, of which zero was outstanding as of March 31, 2026. The remaining borrowing capacity was $411.6 million at March 31, 2026. As of March 31, 2026, the Company had a borrowing capacity through the FRB discount window of $400.0 million. There were no borrowings outstanding from the FRB as of March 31, 2026. Our diversity of funding capacity results in the Bank's ability to cover 138.7% of estimated uninsured deposits at March 31, 2026.
Current wording
We also use brokered deposits as a funding source. The Bank primarily utilizes brokered relationships with Wells Fargo, Piper Sandler, and Stonecastle. As of June 30, 2026, the Company had $194.5 million of brokered deposits resulting from these relationships. For an additional source of brokered liquidity, the Bank joined the IntraFi Financial Network. IntraFi provides the Bank an additional source of external funds through their weekly CDARS® settlement process, as well as their ICS® money market product. As of June 30, 2026, the Company had $50.1 million sourced from IntraFi. While deposit accounts comprise the vast majority of our funding needs, we maintain secured borrowing lines with the FHLBNY and the Federal Reserve Bank ("FRB"). As of June 30, 2026, the Company had lines of credit with the FHLBNY of $659.2 million, of which $164.0 million was outstanding, and an additional $110.0 million from a letter of credit for securing public funds, of which zero was outstanding as of June 30, 2026. The remaining borrowing capacity was $385.2 million at June 30, 2026. As of June 30, 2026, the Company had a borrowing capacity through the FRB discount window of $390.6 million. There were no borrowings outstanding from the FRB as of June 30, 2026. Our diversity of funding capacity results in the Bank's ability to cover 132.8% of estimated uninsured deposits at June 30, 2026.
Previous wording
We had outstanding loan commitments of $143.2 million at March 31, 2026. Our loan commitments are normally originated with the full amount of collateral. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The funding requirements for such commitments occur on a measured basis over time and would be funded by normal deposit growth.
Current wording
We had outstanding loan commitments of $184.3 million at June 30, 2026. Our loan commitments are normally originated with the full amount of collateral. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The funding requirements for such commitments occur on a measured basis over time and would be funded by normal deposit growth.
Previous wording
The following is a discussion of our cash flows for the three months ended March 31, 2026 and 2025.
Current wording
The following is a discussion of our cash flows for the six months ended June 30, 2026 and 2025.
Previous wording
Cash provided by operating activities was $13.0 million during the three months ended March 31, 2026, compared to $7.0 million for the same period in the prior year. The increase in operating cash flow was primarily due to the increase in net income, and the increase in accrued interest payable and other accrued liabilities, partially offset by the increase in accrued interest receivable and other assets.
Current wording
Cash provided by operating activities was $19.3 million during the six months ended June 30, 2026, compared to $13.8 million for the same period in the prior year. The increase in operating cash flow was primarily due to the increase in net income, partially offset by the increase in accrued interest receivable and other assets and the decrease in accrued interest payable and other accrued liabilities.
Previous wording
Cash used in investing activities was $8.2 million during the three months ended March 31, 2026, compared to cash used in investing activities of $13.1 million in the same period last year. The decrease in cash used in the investing activities during the three months ended March 31, 2026, was primarily due to the decrease in cash outflow from the origination of loans, and the decrease in the net purchase of FHLBNY restricted stock.
Current wording
Cash used in investing activities was $3.7 million during the six months ended June 30, 2026, compared to cash used in investing activities of $64.2 million in the same period last year. The decrease in cash used in the investing activities during the six months ended June 30, 2026, was primarily due to the decrease in cash outflow from the origination of loans, and the decrease in the net purchase of FHLBNY restricted stock.
Previous wording
Cash used in financing activities was $50.8 million during the three months ended March 31, 2026, compared to cash used in financing activities of $6.4 million in the same period last year. The increase in cash used in financing activities during the three months ended March 31, 2026, was primarily due to a decrease in noninterest-bearing deposits, and a decrease in interest-bearing deposits, partially offset by an increase in FHLBNY borrowings.
Current wording
Cash provided by financing activities was $32.2 million during the six months ended June 30, 2026, compared to $13.2 million in the same period last year. The increase in cash provided by financing activities during the six months ended June 30, 2026, was primarily due to an increase in FHLBNY borrowings, partially offset by a decrease in noninterest-bearing deposits, and a decrease in the growth of interest-bearing deposits.
Previous wording
We utilize a comprehensive process for assessing the Company’s overall capital adequacy. We actively review our capital strategies in light of current and anticipated business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, earnings stability, competitive forces, economic conditions, and strength of management. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations. We primarily manage our capital through the retention of earnings. We also use other means to manage our capital. Total equity increased $11.0 million at March 31, 2026, from December 31, 2025, primarily from the Company’s net income of $11.8 million for the period, net of common and preferred stock dividends of $2.1 million.
Current wording
We utilize a comprehensive process for assessing the Company’s overall capital adequacy. We actively review our capital strategies in light of current and anticipated business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, earnings stability, competitive forces, economic conditions, and strength of management. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations. We primarily manage our capital through the retention of earnings. We also use other means to manage our capital. Total equity increased $21.6 million at June 30, 2026, from December 31, 2025, primarily from the Company’s net income of $24.1 million for the period, net of common and preferred stock dividends of $4.5 million.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Net Income: Our net income available to common shareholders for the six months ended June 30, 2026 increased $8.0 million, or 50.0%, to $24.1 million, compared to $16.1 million for the six months ended June 30, 2025. Earnings per share were $2.05 per basic common share and $2.02 per diluted common share for the six months ended June 30, 2026, compared to $1.36 per basic common share and $1.34 per diluted common share for the same period last year. The increase was primarily due to an increase in net interest income and a decrease in provision for credit losses, partially offset by an increase in non-interest expense.
Current report — wording carried from elsewhere
Net Interest Income: Our net interest income was $45.1 million for the six months ended June 30, 2026 compared to $34.5 million for the six months ended June 30, 2025, an increase of $10.7 million, or 30.9%. Net interest income increased during the six months ended June 30, 2026, primarily due to an increase in interest and fees on loans, and a decrease in interest expense on deposits and borrowings, partially offset by a decrease in interest on deposits with banks. Interest income increased $6.5 million, or 9.5%, during the six months ended June 30, 2026 as compared to the same period in the prior year. The increase in interest income was primarily due to an increase of $8.6 million in interest and fees on loans, due to higher loan balances and market interest rates. Interest from deposits with banks decreased $2.0 million during the six months ended June 30, 2026 as compared to the same period in the prior year, primarily due to lower average cash balances held at the Federal Reserve Bank ("FRB") and lower interest earning rates. The increase in net interest income was also due to a decrease in interest expense on deposits during the six months ended June 30, 2026 of $3.1 million, or 10.4%, primarily due to a decrease in interest rates, partially offset by an increase in balances outstanding. Interest expense on borrowings decreased during the six months ended June 30, 2026, by $1.0 million, or 24.4%, as compared to the same period in the prior year, due to a decrease in interest rates paid on borrowings and, to a lesser extent, a decrease in the average borrowings during the period.
Current report — wording carried from elsewhere
Non-interest Income: Our non-interest income was $1.7 million for the six months ended June 30, 2026, an increase of $0.1 million, compared to $1.6 million for the six months ended June 30, 2025. The increase is primarily attributable to an increase in bank owned life insurance ("BOLI") income, compared to the same period in 2025.
Current report — wording carried from elsewhere
Income Tax: Income tax expense was $7.8 million on income before taxes of $31.9 million for the six months ended June 30, 2026, resulting in an effective tax rate of 24.4%, compared to income tax expense of $5.3 million on income before taxes of $21.3 million for the same period of 2025, resulting in an effective tax rate of 24.7%.