Financial Performance & Growth
For the fiscal year ending March 31, 2026, the Company earned net income of $30.2 million, more than double prior year results. Net interest income improved significantly as our assets continued to reprice at today’s higher yields while funding costs eased during the year.
The Company’s assets grew modestly to $7.4 billion, as we focused on reinvesting investment and consumer loan cash flows into the commercial loan portfolio again this year.
Extraordinary Items
After incurring an unexpected substantial commercial loan loss and evaluating several options to sustain earnings and capital growth, the Company executed a sale leaseback transaction on 31 branches. This strategy generated $70 million of gross proceeds and $51 million in gain on sale, covering the commercial loan loss as well as additional credit loss provisioning, and allowing us to reposition over $400 million of investments at much higher yields.
With sound balance sheet management, thoughtful loan production, and healthy core business operations, the Company remains well positioned for continued investments in customer experience that will drive sustained profitability and growth.
View Our Consolidated Financial Statements