Benchmark Bankshares, Inc. (BMBN), the Kenbridge-based holding company for Benchmark Community Bank, announced unaudited results for the three and six months ended June 30, 2025. Net income for the second quarter of 2025 was $4.7 million, or $1.07 per share, compared to $3.7 million, or $0.82 per share, posted for the second quarter of 2024. Net income for the first six months of the year was $9.3 million, or $2.10 per share, compared to $6.9 million, or $1.54 per share, for the first six months of 2024.
Highlights include:
- Total loans held for investment were $1.1 billion as of June 30, 2025, an increase of $66.0 million, or 6.6% from December 31, 2024 and $102.9 million, or 10.7%, from June 30, 2024.
- As of June 30, 2025, total deposits were $1.2 billion, increasing $63.6 million, or 5.8%, from December 31, 2024 and $77.6 million, or 7.1% from June 30, 2024. Total deposits provide a stable funding base for balance sheet growth; however, deposit base shifts into higher interest earning products continues to impact interest expense.
- Net interest income increased $4.0 million or 17.0%, to $27.3 million for the first six months of 2025 from $23.3 million for the first six months of 2024. Total interest income increased $4.7 million and was partially offset by an increase in interest expense of $747 thousand when comparing 2025 to 2024.
- For the first six months of 2025, the provision for credit losses was $902 thousand compared to $466 thousand for same period of 2024. The provision for credit losses for 2025 consisted of a provision for loans of $889 thousand and $13 thousand for unfunded commitments. The increase in provision was due primarily to portfolio growth and slightly higher net charge-offs during 2025. The allowance for credit losses on loans as a percentage of loans was 0.80% as of June 30, 2025 compared to 0.79% as of March 31, 2025 and 0.78% as of June 30, 2024, respectively.
- Salaries and benefits expense increased $90 thousand, or 0.9%, to $10.4 million for the six months ended June 30, 2025 compared to $10.3 million for comparative 2024 period. The increase was primarily due to lower position vacancy levels partially offset by a decrease in benefit costs, including health insurance premiums. A total of $151 thousand and $178 thousand was expensed to the bank’s employee stock ownership plan in the first six months of 2025 and 2024, respectively, to provide for plan liquidity needs and allow for future stock repurchases.
- Non-performing assets to total assets was 0.29% on June 30, 2025, compared to 0.13% and 0.22% on March 31, 2025 and June 30, 2024, respectively.
As of June 30, 2025, total assets were $1.3 billion, an increase of $69.6 million, or 5.7%, over December 31, 2024.
Shareholders’ equity, net of unrealized gains and losses on investment securities, was $116.6 million as of June 30, 2025, an increase of $7.2 million, or 6.6%, over the December 31, 2024 balance of $109.4 million. All capital ratios exceeded regulatory guidelines for a well-capitalized financial institution under the Basel III regulatory requirements as of June 30, 2025.
Key Financial Ratios (comparing the six months ended June 30, 2025 to 2024):
- Earnings per common share increased 36.7%, from $1.54 to $2.10.
- Return on average equity was 16.34% compared to 13.41%.
- Return on average assets was 1.50% compared to 1.19%.
- Net interest margin increased to 4.66% from 4.30%.
- Book value per share increased from $23.00 to $26.20 per share. The closing market price at quarter-end was $29.00 per share, or 110.7% 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 seventeen banking offices throughout central Southside Virginia and northern North Carolina.
Consolidated Statements of Financial Condition & Condensed Consolidated Statement of Operations
Contact: Helen Person, VP/Director of Marketing & Public Relations
(434) 676-2666 ext. 1103
helen.person@bcbforlife.bank
