The Bound Brook-based lender saw its total assets climb to $1.19 billion, a 9.7% increase from the prior year, fueled largely by a $104 million rise in net loans. While the bank successfully grew its loan portfolio to $901.2 million, it faced higher interest expenses as it raised rates on deposit products to maintain market competitiveness. The net interest margin improved slightly to 3.04% for the year, as yields on assets outpaced the rising cost of liabilities.

Profitability was impacted by the absence of significant non-recurring gains that bolstered the 2025 fiscal year, specifically a $1.5 million life insurance payout. Additionally, noninterest expenses rose to $28.5 million, driven by a $1.8 million increase in salaries and employee benefits tied to full-year stock-based compensation. To manage liquidity, the company increased its borrowings from the Federal Home Loan Bank of New York to $65 million, while simultaneously repurchasing nearly one million shares of common stock.