Financial Performance - Net income less non-controlling interest for Q3 2025 was $9.5 million, or $0.77 per diluted share, compared to $9.2 million, or $0.74 per diluted share in Q3 2024, representing a 3.3% increase in net income[2][8] - Total operating revenue for Q3 2025 was $22.9 million, up from $21.9 million in Q3 2024, indicating a year-over-year growth of 4.6%[8] - Net income for the third quarter of 2025 was $9,465,149, compared to $9,207,213 in the same period of 2024, representing a growth of 2.8%[34] - Year-to-date net income for 2025 reached $27,056,347, an increase of 4.9% from $25,799,468 in 2024[34] - Other comprehensive income for the third quarter of 2025 was $419,455, down from $671,022 in the third quarter of 2024[34] - Total comprehensive income for the third quarter of 2025 was $9,884,604, slightly up from $9,878,235 in the same quarter of 2024[34] Assets and Liabilities - Total assets as of September 30, 2025, were $2.2 billion, a decrease of $86.8 million, or 3.8%, from December 31, 2024[10] - Total assets decreased from $2,301,211,138 as of December 31, 2024, to $2,214,408,255 as of September 30, 2025, representing a decline of approximately 3.8%[26] - Total net loans decreased to $1.7 billion, down $39.5 million, or 2.2%, from December 31, 2024[11] - Total deposits were $1.8 billion, a decrease of $158.0 million, or 8.1%, from December 31, 2024, primarily due to a reduction in time deposits[13] - Total deposits decreased from $1,938,596,955 as of December 31, 2024, to $1,780,633,582 as of September 30, 2025, a reduction of about 8.2%[26] Income and Expenses - Non-interest income for the nine months ended September 30, 2025, was $7.3 million, a decrease of $0.6 million, or 7.4%, from the same period in 2024[18] - Noninterest income for the nine months ended September 30, 2025, was $7,291,642, down from $7,878,052 in the same period of 2024, indicating a decline of approximately 7.4%[28] - Total noninterest expense for the nine months ended September 30, 2025, was $31,858,649, slightly down from $32,144,646 in the prior year, a decrease of about 0.9%[28] Capital and Ratios - The total risk-based capital ratio was 15.2% as of September 30, 2025, indicating the company exceeded the minimum requirements to be well-capitalized[12] - Return on average assets for Q3 2025 was 1.69%, slightly up from 1.65% in Q3 2024[8] - Core return on average assets was 1.61% for the nine months ended September 30, 2025, slightly up from 1.58% in 2024[35] - Return on average tangible equity was 16.37% for the nine months ended September 30, 2025, down from 18.20% in 2024[35] - The tangible equity to tangible assets ratio improved to 10.59% for the nine months ended September 30, 2025, compared to 9.04% in 2024[35] Shareholder Value - The company completed its IPO on October 3, 2025, raising approximately $30.6 million in net proceeds[4] - The company reported a tangible book value per common share, which is a key non-GAAP financial measure, indicating a focus on shareholder value[24] - The company continues to evaluate and manage its business using non-GAAP financial measures to provide a clearer understanding of ongoing operations[23] - Dividends paid to shareholders remained consistent at approximately $2,002,079 for both the third quarter of 2025 and 2024[34] - Stock repurchases included 185 Class B shares at a cost of $980,800 in the third quarter of 2025[32] Growth Metrics - Net interest income increased to $20,221,599 for the three months ended September 30, 2025, compared to $19,055,697 for the same period in 2024, reflecting a growth of about 6.1%[28] - Pre-tax pre-provision net income for the nine months ended September 30, 2025, was $35,053,000, compared to $33,550,000 for the same period in 2024, reflecting a growth of 4.5%[35] - Core earnings per share increased to $2.24 for the nine months ended September 30, 2025, compared to $2.14 in the same period of 2024, representing a growth of 4.67%[35] - The efficiency ratio improved to 46.2% for Q3 2025, compared to 48.1% in Q3 2024[8] - Core efficiency ratio was reported at 47.15% for the nine months ended September 30, 2025, compared to 47.87% in 2024, indicating improved operational efficiency[36] Retained Earnings - Retained earnings increased from $212,310,977 as of December 31, 2024, to $237,366,245 as of September 30, 2025, representing a growth of approximately 11.8%[26] - The retained earnings increased to $237,365,245 by September 30, 2025, up from $206,700,519 a year earlier[32]
Commercial Bancgroup(CBK) - 2025 Q3 - Quarterly Results