Steele Bancorp (OTCPK:STLE) has just posted Q1 2026 results with Q4 2025 numbers showing total revenue of US$13.5 million and basic EPS of US$1.64, capping off a trailing twelve month period where reported earnings grew 410.8%. Over the last year, total revenue has moved from US$4.59 million in Q4 2024 to US$13.5 million in Q4 2025, while trailing EPS climbed from US$2.41 to US$9.15, with much of that uplift tied to a one off US$12.8 million gain and a net profit margin that now sits at 73.8%.

See our full analysis for Steele Bancorp.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the key narratives investors follow around Steele Bancorp’s growth potential, profitability quality, and risk profile.

Loan Book Nearly Doubles to US$919.2 million

• Total loans in Q4 2025 were US$919.2 million, compared with US$468.5 million in Q2 2025 and US$437.2 million in Q4 2024.
• For a more constructive view, one focus point is how this larger loan book sits alongside a trailing net profit margin of 73.8%, which
  • is well ahead of the prior year margin of 24.9%, with basic EPS over the last year reported at US$9.15, and
  • fits with the idea of a community bank leaning on relationship lending, as total loans have moved from the low US$400 million range in late 2024 to just over US$900 million by Q4 2025.

Asset Quality: Non Performing Loans at US$6.3 million

• Non performing loans rose from US$0.4 million in Q4 2024 to US$6.3 million in Q4 2025, alongside a loan book that expanded from US$437.2 million to US$919.2 million over the same quarters.
• More cautious investors often focus on concentration and scale risks, and the move in non performing loans may support that view because
  • the absolute non performing balance is higher than the sub US$0.5 million levels seen through 2024 and early 2025, and
  • this shift appears alongside very strong reported EPS growth over the last year, which some may view as less resilient if asset quality weakens from here.

Low P/E of 5.7x Versus Higher Industry

• The shares trade on a P/E of 5.7x compared with a peer average of 8.8x and a US banks industry average of 11.9x, while a DCF fair value of US$45.79 sits above the current share price of US$38.
• This lower multiple also sits alongside two notable risk factors, because
  • reported earnings are heavily influenced by a one off US$12.8 million gain, raising questions about how representative the trailing P/E really is, and
  • shareholders have experienced substantial dilution over the past year, which can limit how much value investors place on the current earnings per share figure at a 5.7x multiple.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Steele Bancorp's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Curious whether the mix of rapid earnings, a bigger loan book and shifting asset quality adds up to an attractive balance of risk and reward? Take a moment to review the numbers for yourself, then weigh the 2 key rewards and 2 important warning signs

See What Else Is Out There

Steele Bancorp’s heavy reliance on a one off US$12.8 million gain, rising non performing loans and shareholder dilution raises questions about earnings quality and risk.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.