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, 2026. Net income for the third quarter of 2026 was $5.7 million, or $1.29 per share, compared to $5.3 million, or $1.19 per share, posted for the third quarter of 2025. Net income for the first nine months of the year was $17.4 million, or $3.90 per share, compared to $14.6 million, or $3.28 per share, for the first nine months of 2025.
Highlights include:
- Total loans held for investment were $1.2 billion as of September 30, 2026, an increase of $37.8 million, or 3.4% from December 31, 2025.
- As of September 30, 2026, total deposits were $1.2 billion, increasing $1.3 million, or 0.1%, from December 31, 2025. Total deposits continue to provide a stable funding base for balance sheet growth.
- Quarterly average earning assets were $1.3 billion for the third quarter of 2026, up 8.3% or $101.5 million from $1.2 billion for the third quarter of 2025.
- Net interest income increased $5.6 million, or 13.5%, to $47.2 million for the first nine months of 2026 from $41.6 million for the first nine months of 2025. Total interest income increased $5.3 million while interest expense decreased $270 thousand when comparing 2026 to 2025.
- For the first nine months of 2026, the provision for credit losses was $185 thousand compared to $991 thousand for the same period of 2025. The provision for credit losses for 2026 consisted of a provision for loans of $223 thousand and a release of $38 thousand for unfunded commitments. The decrease in provision was due primarily to moderated loan growth during 2026 and higher net charge-offs during the first quarter of 2025. The allowance for credit losses on loans as a percentage of loans was 0.75% as of September 30, 2026 and 0.77% as of June 30, 2026, respectively.
- Salaries and benefits expense increased $1.9 million, or 11.7%, to $17.9 million for the first nine months of 2026 compared to $16.0 million for the comparative 2025 period. The increase was primarily due to benefit costs, including health insurance premiums, additional staffing related to branch expansion, and lower position vacancy rates. A total of $225 thousand and $333 thousand was expensed to the bank’s employee stock ownership plan in the first nine months of 2026 and 2025, respectively, to provide for plan liquidity needs and allow for future stock repurchases.
- Non-performing assets to total assets was 0.36% as of September 30, 2026, compared to 0.16% as of June 30, 2026. The increase is primarily driven by one large commercial relationship, which is well secured and in the process of collection.
As of September 30, 2026, total assets were $1.4 billion, an increase of $11.4 million, or 0.8%, over December 31, 2025.
Shareholders’ equity, net of unrealized gains and losses on investment securities, was $139.1 million as of September 30, 2026, an increase of $12.2 million, or 9.6%, 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 September 30, 2026.
Key Financial Ratios (comparing the nine months ended September 30, 2026 to 2025):
- Earnings per common share increased 18.8%, from $3.28 to $3.90.
- Return on average equity was 17.16% compared to 16.76%.
- Return on average assets was 1.66% compared to 1.54%.
- Net interest margin increased to 4.81% from 4.66%.
- Book value per share increased from $27.70 to $31.25 per share. The closing market price at quarter-end was $43.50 per share, or 139.2% 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 nineteen 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
