Q2 net income more than doubles on margin expansion, credit-loss release, and deposit growth

Filed July 31, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 1, 2025 · ~2 min read

Key Changes

• high

  Q2 2026 net income available to common shareholders reached $5.7 million, up 128% from $2.5 million in Q2 2025; year-to-date net income rose 78% to $11.9 million driven by margin expansion, a credit-loss release, and balance-sheet growth.

  MD&A: Net income and earnings growth verify on EDGAR →
• high

  Net interest margin expanded 23 basis points year-over-year to 2.90% as cost of deposits fell 25 bp to 2.79%, reflecting deposit repricing after 2025 rate cuts and runoff of higher-cost accounts; average interest-earning assets also grew.

  MD&A: Net interest margin expansion verify on EDGAR →
• high

  Q2 2026 recorded a $0.5 million release of provision for credit losses (versus a $1.8 million provision in Q2 2025) on pay-downs of individually analyzed loans and improved economic forecasts; year-to-date release was $1.2 million.

  MD&A: Provision for credit losses verify on EDGAR →