$BSPA

Ballston Spa Bancorp, Inc.

CIK:0002094107|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST AND FEE INCOME
Loans, including fees	$ 15,371	$ 9,410	$ 25,355	$ 18,672
Taxable investment securities	1,210	852	1,913	1,740
Tax exempt investment securities	200	22	222	44
FHLB and FRB stock	198	176	387	352
Short-term investments	328	33	372	63
Total interest and fee income	17,307	10,493	28,249	20,871
INTEREST EXPENSE
Deposits	5,611	3,265	9,259	6,419
FHLB borrowings, short-term		572	157	949
FHLB borrowings, long-term	262	247	463	558
Junior subordinated debentures	718	112	866	223
Total interest expense	6,591	4,196	10,745	8,149
NET INTEREST INCOME	10,716	6,297	17,504	12,722
Provision for credit losses		150	180	300
NET INTEREST INCOME AFTER PROVISION	10,716	6,147	17,324	12,422
NON-INTEREST INCOME
Gain on sale/servicing of loans	111	54	266	54
Earnings on bank-owned life insurance	43	39	85	77
Total non-interest income	1,700	971	2,689	1,821
NON-INTEREST EXPENSE
Compensation and benefits	5,650	3,511	9,582	6,947
Occupancy and equipment	1,124	595	1,967	1,184
FDIC and OCC assessment	299	216	548	432
Advertising and public relations	163	114	313	228
Legal and professional fees	303	167	560	423
Merger expenses	3,864		4,613
Data processing	488	272	717	550
Debit card processing	319	128	456	252
Other	1,322	590	1,896	1,096
Total non-interest expense	13,532	5,593	20,652	11,112
INCOME BEFORE INCOME TAX EXPENSE	(1,116)	1,525	(639)	3,131
Income tax expense	(405)	290	(172)	595
NET (LOSS) INCOME	$ (711)	$ 1,235	$ (467)	$ 2,536
Basic (loss) earnings per share (in dollars per share)	$ (0.65)	$ 1.66	$ (0.51)	$ 3.41
Weighted average number of common shares outstanding (in shares)	1,100,071	742,663	921,367	742,663
Service charges on deposit accounts
NON-INTEREST INCOME
Non-interest income (In scope of Topic 606)	$ 235	$ 159	$ 384	$ 321
Trust and investment services income
NON-INTEREST INCOME
Non-interest income (In scope of Topic 606)	403	365	786	703
Debit card interchange income
NON-INTEREST INCOME
Non-interest income (In scope of Topic 606)	445	199	625	383
Other
NON-INTEREST INCOME
Non-interest income (In scope of Topic 606)	$ 463	$ 155	$ 543	$ 283

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss) Income			$ (467)	$ 2,536
Adjustment to reconcile net (loss) income to net cash provided by operating activities:
Depreciation			404	323
Amortization of other intangibles	$ 323	$ 0	323	0
Provision for credit losses		150	180	300
Net premium accretion on securities			(218)	(292)
Deferred tax expense			83	110
Net gain on sale of loans			(266)	(54)
Proceeds from sale of loans held for sale			15,160	2,081
Loans originated for sale			(14,894)	(2,027)
Earnings on bank owned life insurance	(43)	(39)	(85)	(77)
Net decrease (increase) in accrued interest receivable			120	(277)
Net decrease in other assets			648	1,090
Net decrease in other liabilities			(428)	(2,609)
Net cash provided by operating activities			560	1,104
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities, calls and pay downs of securities available for sale			38,218	9,402
Proceeds from sales of securities available for sale	50,200		50,221		$ 0
Purchases of securities available for sale			(39,368)	(7,845)
Net redemption of FHLB stock			2,791	30
Proceeds from loans held for sale previously classified as portfolio loans			49,536
Loan originations and payments, net			(15,461)	(17,587)
Purchase of premises and equipment			(1,486)	(862)
Cash acquired, net of consideration paid			49,579
Net cash provided by (used in) investing activities			134,030	(16,862)
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) increase in deposits			(22,181)	16,343
Net decrease in short-term FHLB borrowings			(54,000)	7,800
Repayment of long-term FHLB borrowings			(15,000)	(10,000)
Issuance of junior subordinated note, net			24,458
Repurchase of treasury stock			(2,255)
Dividends paid			(617)	(490)
Net cashed (used in) provided by financing activities			(69,595)	13,653
NET CHANGE IN CASH AND CASH EQUIVALENTS			64,995	(2,105)
Cash and cash equivalents at beginning of year			28,146	25,743	25,743
CASH AND CASH EQUIVALENTS AT END OF YEAR	$ 93,141	$ 23,638	93,141	23,638	$ 28,146
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid			10,744	8,149
Income taxes paid, net			233	$ 594
Assets acquired in acquisition of NBC Bancorp, Inc., excluding cash			458,464
Liabilities assumed in acquisition of NBC Bancorp, Inc.			480,863
Common stock issued for acquisition of NBC Bancorp, Inc.			27,631
Loans transferred to held for sale			$ 49,536

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 16,193,000	$ 7,385,000
Short-term investments	76,948,000	20,761,000
Cash and cash equivalents	93,141,000	28,146,000
Securities available for sale, at fair value (amortized cost $116,022 and $66,461)	115,033,000	66,562,000
Federal Home Loan Bank of New York ("FHLB") and Federal Reserve Bank ("FRB") stock, at cost	7,047,000	7,908,000
Loans	1,110,107,000	803,219,000
Allowance for credit losses	(13,138,000)	(8,749,000)
Net loans	1,096,969,000	794,470,000
Premises and equipment, net	18,815,000	12,047,000
Accrued interest receivable	4,528,000	3,143,000
Goodwill	2,046,000	1,595,000
Core deposit intangible	6,775,000	0
Bank-owned life insurance	5,722,000	5,637,000
Other assets	14,523,000	8,993,000
Total assets	1,364,599,000	928,501,000
Liabilities
Demand deposits	259,116,000	148,536,000
Savings accounts	179,290,000	87,243,000
NOW and money market	491,253,000	382,252,000
Time deposits	270,282,000	147,202,000
Total deposits	1,199,941,000	765,233,000
FHLB borrowings, short-term		54,000,000
FHLB borrowings, long-term	17,298,000	20,000,000
Junior subordinated debentures	39,936,000	7,750,000
Other liabilities	12,531,000	10,379,000
Total liabilities	1,269,706,000	857,362,000
Commitments and contingent liabilities (Note 9)
Shareholders' equity
Common stock, $12.50 par value. Authorized 10,000,000 shares;issued 1,149,544 as of June 30, 2026 and issued 768,000 shares as of December 31, 2025	14,369,000	9,600,000
Preferred stock, $12.50 par value. Authorized 2,000,000 shares; none issued at June 30, 2026 and December 31, 2025
Additional paid in capital	22,904,000	42,000
Treasury stock, at cost; 49,473 shares as of June 30, 2026 and 25,337 shares as of December 31, 2025	(3,246,000)	(991,000)
Retained earnings	60,790,000	61,874,000
Accumulated other comprehensive income/(loss)	76,000	614,000
Total shareholders' equity	94,893,000	71,139,000
Total liabilities and shareholders' equity	$ 1,364,599,000	$ 928,501,000