Benchmark Bankshares, Inc. (BMBN), the Kenbridge-based holding company for Benchmark Community Bank, announced unaudited results for the three and nine months ended September 30, 2025. Net income for the third quarter of 2025 was $5.3 million, or $1.19 per share, compared to $4.5 million, or $1.01 per share, posted for the third quarter of 2024. Net income for the first nine months of the year was $14.6 million, or $3.28 per share, compared to $11.4 million, or $2.55 per share, for the first nine months of 2024
Highlights include:
- Total loans held for investment were $1.1 billion as of September 30, 2025, an increase of $93.7 million, or 9.40% from December 31, 2024 and $111.0 million, or 11.3%, from September 30, 2024.
- As of September 30, 2025, total deposits were $1.2 billion, increasing $88.4 million, or 8.0%, from December 31, 2024 and $104.4 million, or 9.6%, from September 30, 2024. Total deposits provide a stable funding base for balance sheet growth; however, deposit base growth combined with shifts into higher interest earning products continues to impact interest expense.
- Net interest income increased $6.0 million, or 16.9%, to $41.6 million for the first nine months of 2025 from $35.6 million for the first nine months of 2024. Total interest income increased $7.0 million and was partially offset by an increase in interest expense of $934 thousand when comparing 2025 to 2024.
- For the first nine months of 2025, the provision for credit losses was $991 thousand compared to $746 thousand for same period of 2024. The provision for credit losses for 2025 consisted of a provision for loans of $990 thousand and $1 thousand for unfunded commitments. The increase in provision was due primarily to portfolio growth and higher net charge-offs during 2025. The allowance for credit losses on loans as a percentage of loans was 0.78% as of September 30, 2025 compared to 0.80% as of June 30, 2025 and 0.79% as of September 30, 2024, respectively.
- Salaries and benefits expense increased $500 thousand, or 3.2%, to $16.0 million for the nine months ended September 30, 2025 compared to $15.5 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 $333 thousand and $253 thousand was expensed to the bank’s employee stock ownership plan in the first nine 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 0.16% on September 30, 2025, compared to 0.29% and 0.32% on June 30, 2025 and September 30, 2024, respectively
As of September 30, 2025, total assets were $1.3 billion, an increase of $95.4 million, or 7.8%, over December 31, 2024.
Shareholders’ equity, net of unrealized gains and losses on investment securities, was $123.2 million as of September 30, 2025, an increase of $13.8 million, or 12.6%, 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 September 30, 2025.
Key Financial Ratios (comparing the three months ended September 30, 2025 to 2024):
- Earnings per common share increased 28.8%, from $2.55 to $3.28.
- Return on average equity was 16.74% compared to 14.73%.
- Return on average assets was 1.54% compared to 1.29%.
- Net interest margin increased to 4.66% from 4.32%.
- Book value per share increased from $24.40 to $27.70 per share. The closing market price at quarter-end was $32.50 per share, or 117.3% 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
