Benchmark Bankshares, Inc. (BMBN), the Kenbridge-based holding company for Benchmark Community Bank, announced unaudited results for the first quarter ended March 31, 2026. Net income for the first quarter of 2026 was $5.3 million, or $1.19 per share, compared to $4.6 million, or $1.03 per share, posted for the first quarter of 2025.
Highlights include:
- Total loans held for investment were $1.2 billion as of March 31, 2026, an increase of $20.0 million, or 1.8% from December 31, 2025.
- As of March 31, 2026, total deposits were $1.3 billion, increasing $38.6 million, or 3.2%, from December 31, 2025. Total deposits continue to provide a stable funding base for balance sheet growth.
- Net interest income increased $2.0 million or 15.1%, to $15.3 million for the first quarter of 2026 from $13.3 million for the comparable 2025 quarter. Total interest income increased $2.1 million and was partially offset by an increase in interest expense of $101 thousand when comparing the first quarters of 2026 to 2025.
- For the first quarter of 2026, the provision for credit losses was $157 thousand compared to $440 thousand for the first quarter of 2025. The provision for credit losses for 2026 consisted of a provision for loans of $197 thousand and a release of $40 thousand for unfunded commitments. The decrease in provision was due primarily to higher net charge-offs during the first quarter of 2025. The allowance for credit losses on loans as a percentage of loans was 0.77% as of March 31, 2026 and December 31, 2025, respectively
- Salaries and benefits expense increased $912 thousand, or 18.4%, to $5.9 million for the first three months of 2026 compared to $5.0 million for comparative 2025 period. The increase was primarily due to benefit costs, including health insurance premiums. A total of $75 thousand was expensed to the bank’s employee stock ownership plan in the first quarter of 2026 and 2025, respectively, to provide for plan liquidity needs and allow for future stock repurchases.
- Non-performing assets to total assets was 0.19% on March 31, 2026, compared to 0.16% on December 31, 2025.
As of March 31, 2026, total assets were $1.4 billion, an increase of $38.5 million, or 2.8%, over December 31, 2025.
Shareholders’ equity, net of unrealized gains and losses on investment securities, was $131.6 million as of March 31, 2026, an increase of $4.7 million, or 3.7%, over the December 31, 2025 balance of $126.9 million. All capital ratios exceeded regulatory guidelines for a well-capitalized financial institution under the Basel III regulatory requirements as of March 31, 2026.
Key Financial Ratios (comparing the three months ended March 31, 2026 to 2025):
- Earnings per common share increased 15.4%, from $1.03 to $1.19
- Return on average equity was 16.40% compared to 16.50%.
- Return on average assets was 1.56% compared to 1.50%.
- Net interest margin increased to 4.78% from 4.64%.
- Book value per share increased from $25.72 to $29.57 per share. The closing market price at March 31, 2026 was $36.50 per share, or 123.4% of book value.
The common stock of Benchmark Bankshares, Inc. trades on the OTC Pink marketplace under the symbol BMBN. Any stockbroker can assist with purchases of the Company's stock, as well as with sales of holdings.
Benchmark Community Bank, founded in 1971, is headquartered in Kenbridge, VA. It is the Company's sole subsidiary which operates eighteen banking offices throughout central Southside Virginia and northern North Carolina.
Consolidated Statements of Financial Condition & Consolidated Statement of Operations
Contact: Helen Person, VP/Director of Marketing & Public Relations
(434) 676-2666 ext. 1103
helen.person@bcbforlife.bank
