Press Release – For Immediate Release
Monday, April 20, 2026
Steele Bancorp, Inc., Reports First Quarter 2026 Earnings

Mifflinburg, PA – Steele Bancorp, Inc. (“Company”) (OTCID Pink: “STLE”), parent company of Central Penn Bank and Trust (“Bank”), has released its unaudited results of operations and financial condition for the first quarter of 2026.

Unaudited Financial Information
Net income, as reported under U.S. Generally Accepted Accounting Principles (“GAAP”), for the quarter ended March 31, 2026, was $4.88 million compared to $1.81 million for the same period in 2025, a 170.1% increase. Basic and diluted earnings per share for the quarters ended March 31, 2026 and 2025 were $1.43 and $0.97, respectively. Return on average assets and return on average equity were 1.56% and 16.31% for the period ended March 31, 2026 compared to 1.20% and 12.66% for the same period of
2025.

Net interest income for the three months ended March 31, 2026 was $12.21 million compared to $4.74 million for the same period in 2025, a 157.5% increase. The significant increase in net interest income was primarily driven by higher interest income resulting from growth in loan and securities balances, partially offset by increased interest expense due to an increase in deposits resulting from the merger with Northumberland Bancorp ("Northumberland"). Yield on earning assets increased 66 basis points, to 5.90% for the quarter ended March 31, 2026 compared to 5.24% for the quarter ended March 31, 2025, and the cost of funds decreased 14 basis points, to 2.21%, as compared to the same time period in 2025. The net interest margin increased from 3.38% for the quarter ended March 31, 2025 to 4.21% for the quarter ended March 31, 2026.

The Bank recorded a recovery of credit losses for loans of $134 thousand for the three months ended March 31, 2026, compared to a provision of $70 thousand for the three months ended March 31, 2025. The Bank did not record a recovery of or provision for credit losses for off balance sheet credit exposures for the quarter ended March 31, 2026. The Bank recorded a recovery of credit losses for off balance sheet credit exposures of $63 thousand for the quarter ended March 31, 2025.

Noninterest income increased by $982 thousand, or 167.9%, to $1.57 million for the three months ended March 31, 2026, from the $585 thousand recognized during the same period of 2025. The increase in noninterest income for the quarter ended March 31, 2026 is primarily due to the addition of trust fee income resulting from the merger with Northumberland and increases in ATM fees and debit card income due to increased utilization and volume.

Noninterest expenses increased $4.90 million or 158.2%, from $3.10 million for the three months ended March 31, 2025, to $7.99 million for the three months ended March 31, 2026. The increase in noninterest expense is primarily the result of an increase of $2.63 million in salaries and employee benefits and amortization of core deposit intangible of $666 thousand for which there was no comparable expense in 2025.

An income tax provision of $1.04 million was recorded for the three months ended March 31, 2026, compared to $419 thousand for the three months ended March 31, 2025, a 148.4% increase. The increase in the income tax provision is directly the result of an increase in income before income tax to $5.92 million as of March 31, 2026, compared to $2.23 million as of March 31, 2025, a 166.0% increase resulting from the merger with Northumberland. The effective tax rate was 17.6% as of March 31, 2026, compared to 18.8% as of March 31, 2025.

Financial Condition
Total assets increased to $1.27 billion as of March 31, 2026 from $1.26 billion as of December 31, 2025, an increase of $7.31 million, or 0.6%. Cash and cash equivalents increased $8.36 million from December 31, 2025 to March 31, 2026. Net loans decreased by $1.12 million, securities available for sale decreased $121 thousand and core deposit intangible decreased $666 thousand from December 31, 2025 to March 31, 2026. Total deposits increased $4.43 million from December 31, 2025 to March 31, 2026 and Federal Home Loan Bank advances decreased $1.00 million from December 31, 2025 to March 31, 2026.

When compared to December 31, 2025, stockholders’ equity, excluding accumulated other comprehensive loss, increased $4.88 million to $124.42 million as of March 31, 2026. Steele Bancorp, Inc. remains well capitalized, with a total equity-to-assets ratio of 9.63% and 9.39% as of March 31, 2026 and December 31, 2025, respectively.

The Bank maintained a strong liquidity position as of March 31, 2026, with additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $453.89 million and $4.60 million in additional borrowing capacity from the Federal Reserve’s Discount Window.

About Steele Bancorp, Inc.
Steele Bancorp, Inc. is a bank holding company headquartered in Mifflinburg, Pennsylvania. The Company has one subsidiary bank, Central Penn Bank & Trust, serving individuals, families, nonprofits, and business clients through 13 banking offices located in Centre, Northumberland, Snyder, and Union counties. The Bank has 173 employees as of March 31, 2026.

Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of current or historical fact and involve substantial risks and uncertainties. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," and other similar expressions can be used to identify forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: costs or difficulties related to integration following the merger with Northumberland; the risk that the anticipated benefits, cost savings and other savings from the merger may not be fully realized or may take longer than expected to realize; changes in general economic trends, including inflation and changes in interest rates; our ability to manage credit risk; our ability to maintain an adequate level of allowance for credit loss on loans; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; fluctuations in the values of securities held in our securities portfolio, including as a result of changes in interest rates; our ability to successfully manage liquidity risk; adverse developments in borrower industries and, in particular, declines in real estate values; the concentration of large deposits from certain customers who have balances above current FDIC insurance limits; changes in and compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed; the impact to the economy resulting from the conflict with Iran; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. We do not undertake, and specifically disclaim, any obligation to publicly revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law. Accordingly, you should not place undue reliance on forward-looking statements.