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, 2026. Net income for the second quarter of 2026 was $6.3 million, or $1.42 per share, compared to $4.7 million, or $1.07 per share, posted for the second quarter of 2025. Net income for the first six months of the year was $11.6 million, or $2.61 per share, compared to $9.3 million, or $2.10 per share, for the first six months of 2025.
Highlights include:
- Total loans held for investment were $1.1 billion as of June 30, 2026, an increase of $11.0 million, or 1.0% from December 31, 2025.
- As of June 30, 2026, total deposits were $1.3 billion, increasing $49.2 million, or 4.0%, 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 second quarter of 2026, up 9.8% or $117.7 million from $1.2 billion for the second quarter of 2025.
- Net interest income increased $3.9 million, or 14.2%, to $31.1 million for the first six months of 2026 from $27.3 million for the first six months of 2025. Total interest income increased $3.9 million while interest expense remained flat when comparing 2026 to 2025.
- For the first six months of 2026, the provision for credit losses was $208 thousand compared to $902 thousand for the same period of 2025. The provision for credit losses for 2026 consisted of a provision for loans of $217 thousand and a release of $9 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 0.77% as of June 30, 2026 and March 31, 2026, respectively.
- Salaries and benefits expense increased $1.4 million, or 13.5%, to $11.8 million for the first six months of 2026 compared to $10.4 million for the comparative 2025 period. The increase was primarily due to benefit costs, including health insurance premiums, lower position vacancy rates, and increased staffing related to planned branch expansion. A total of $150 thousand was expensed to the bank’s employee stock ownership plan in the first six 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 0.16% on June 30, 2026, compared to 0.19% on March 31, 2026
As of June 30, 2026, total assets were $1.4 billion, an increase of $50.0 million, or 3.7%, over December 31, 2025.
Shareholders’ equity, net of unrealized gains and losses on investment securities, was $136.0 million as of June 30, 2026, an increase of $9.1 million, or 7.2%, 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 June 30, 2026.
Key Financial Ratios (comparing the six months ended June 30, 2026 to 2025):
- Earnings per common share increased 24.3%, from $2.10 to $2.61.
- Return on average equity was 17.58% compared to 16.38%.
- Return on average assets was 1.69% compared to 1.50%.
- Net interest margin increased to 4.80% from 4.66%.
- Book value per share increased from $26.20 to $30.53 per share. The closing market price at quarter-end was $41.49 per share, or 135.9% 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 & Condensed Consolidated Statement of Operations
Contact: Helen Person, VP/Director of Marketing & Public Relations
(434) 676-2666 ext. 1103
helen.person@bcbforlife.bank
