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Red Flags Detected

  • Non-accrual Loans Increased From $6.6m to $42.7m Year-over-year (worsened) — Five commercial loans totaling $35.8M were placed on non-accrual status, indicating significant credit deterioration in the commercial loan portfolio.
  • Offering Completion Contingent On Nasdaq Approval (new) — The offering may not close if final Nasdaq Capital Market approval is not obtained, introducing a new closing risk.
  • Controlled-company Status (new) — Prospectus discloses controlled-company status under exchange rules, which permits exemptions from certain independent-director and committee requirements.
NARA NARA S-1/A

Narragansett Bancorp S-1/A details $79.1M net proceeds offering, adds Q2 2026 results and credit deterioration

Filed July 23, 2026 · Compared to S-1 Jun 12, 2026 · ~1 min read

Key Changes

  • high

    Offering terms finalized: 5.85M–7.91M shares at $10.00, with net proceeds of $79.1M, $55.5M, $43.8M, or $37.9M depending on scenario. Proceeds to fund BayCoast Bank, ESOP loan, and $600K charitable contribution.

    Offering Terms verify on EDGAR →
  • high

    Q2 2026 net income rose to $3.5M from $2.3M a year ago; six-month net income more than doubled to $4.7M from $2.1M.

    Recent Developments verify on EDGAR →
  • high

    Non-accrual loans surged to $42.7M at June 30, 2026 from $6.6M a year earlier, driven by five commercial loans totaling $35.8M placed on non-accrual.

    Asset Quality verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 30, 2026 · How we verify