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Ballston Spa Bancorp, Inc. filings document material events, merger-related disclosures, capital structure, governance matters, shareholder voting topics, and operating and financial results. Its 8-K records include the completed combination with NBC Bancorp, Inc. and the related merger of The National Bank of Coxsackie into Ballston Spa National Bank, with the company continuing as the surviving corporate entity.
The filing record also identifies BSPA common stock on OTCQX and describes transaction consideration, registered security details, material agreements, and bank-subsidiary matters. These disclosures provide formal records of corporate actions, governance reporting, and changes affecting the company's banking organization.
Ballston Spa Bancorp, Inc. filed an amended Form 8‑K to add the required historical and pro forma financial information for its completed merger with NBC Bancorp, Inc. The amendment includes audited 2025 and 2024 NBC financial statements and unaudited pro forma combined results.
At December 31, 2025, NBC reported total assets of $511.55 million, loans of $366.36 million, deposits of $451.07 million and stockholders’ equity of $36.19 million. NBC generated 2025 net income of $1.08 million on net interest income of $12.75 million, with comprehensive income of $4.52 million helped by improved unrealized securities values.
NBC’s loan book is heavily real‑estate focused and supported by an allowance for credit losses of $3.68 million, while regulatory capital ratios are well above minimums, including a total risk‑based capital ratio of 18.4%. The unaudited pro forma schedules show how Ballston Spa and NBC would look on a combined basis but are labeled as informational only and not predictions of future results.
Ballston Spa Bancorp reported weaker Q1 2026 results as higher costs and merger spending weighed on earnings. Net income fell to $244,000, down from $1.3 million a year earlier, with basic EPS dropping to $0.33 from $1.75.
Net interest income improved to $6.8 million on loan growth and a higher net interest margin of 3.12%, but non-interest expenses rose to $7.1 million, including $749,000 of merger expenses. Credit quality remained solid with non-performing loans at $0.6 million and an allowance for credit losses of $8.9 million, or 1.11% of loans.
Total assets reached $941.6 million as of March 31, 2026. Deposits grew to $807.7 million, while Federal Home Loan Bank borrowings declined to $20.0 million. The company issued $26.0 million of subordinated notes at a fixed 7.375% rate to April 1, 2031, lifting junior subordinated debentures to $33.2 million and strengthening on-balance-sheet liquidity. A strategic merger of equals with NBC Bancorp closed on April 1, 2026, to be reflected in future periods.
Ballston Spa Bancorp, Inc. has completed its previously announced strategic merger with NBC Bancorp, Inc., with NBC merging into Ballston Spa Bancorp and The National Bank of Coxsackie merging into Ballston Spa National Bank.
Each share of NBC common stock was converted into the right to receive 0.8065 shares of Ballston Spa Bancorp common stock, with cash paid instead of fractional shares. Legacy Ballston Spa shareholders now own approximately 66% of the combined company, while former NBC shareholders own about 34%. The combined bank now operates 21 full-service branches across four New York counties with total assets of approximately $1.3 billion.
Ballston Spa Bancorp also assumed NBC’s subordinated debt, including $5.0 million of fixed-to-floating rate junior subordinated debt due June 30, 2030 and $4.55 million of floating rate junior subordinated debt due September 1, 2033. Leadership has been expanded, with former NBC CEO John A. Balli becoming President of the company and Senior Executive Leader of the bank, and NBC’s CFO Caitlin McCrea taking a senior finance role. Balli’s employment agreement includes an initial annual base salary of $350,000.
Ballston Spa Bancorp, Inc. completed a private placement of $26 million in subordinated notes to qualified institutional buyers and accredited investors. The notes mature on April 1, 2036, carry a fixed interest rate of 7.375% until April 1, 2031, then reset quarterly to three‑month SOFR plus 378 basis points.
The subordinated notes are unsecured, subordinated obligations intended to qualify as Tier 2 capital and may be redeemed, in whole or in part, on or after April 1, 2031, subject to regulatory approval. The company plans to use most of the net proceeds to support its proposed merger with NBC Bancorp, Inc. and to provide additional capital for general corporate purposes of the combined bank.
Ballston Spa Bancorp, Inc. reported that its shareholders approved the planned merger with NBC Bancorp, Inc. at a special meeting. Of 742,663 common shares entitled to vote, 599,126 were represented, and 593,057 voted in favor, meeting the required two-thirds threshold.
Each NBC share will convert into 0.8065 BSNB shares, leaving BSNB shareholders owning about 66% of the combined company and NBC shareholders about 34%. All required regulatory approvals have been received, and the companies currently anticipate closing the merger on April 1, 2026, subject to remaining customary conditions.
Ballston Spa Bancorp, Inc., holding company for Ballston Spa National Bank, and NBC Bancorp, Inc., holding company for The National Bank of Coxsackie, announced they have received all required regulatory approvals for their pending merger and the merger of their subsidiary banks.
The companies expect to complete the transaction in the second quarter of 2026, subject to customary closing conditions, including shareholder approvals. Special shareholder meetings for both BSNB and NBC are scheduled for March 23, 2026 to vote on the merger.
Ballston Spa Bancorp plans to acquire NBC Bancorp in an all‑stock merger, followed by a merger of their subsidiary banks. NBC shareholders will receive 0.8065 shares of Ballston Spa common stock for each NBC share, valuing the deal at about $26.1 million based on a recent Ballston Spa price.
Ballston Spa expects to issue roughly 381,667 new shares, after which former NBC holders will own about 34% of the combined company and existing Ballston Spa holders about 66%. Both boards unanimously support the transaction, and special virtual shareholder meetings are set for March 23, 2026 to vote on the merger and potential adjournments.
Ballston Spa Bancorp, Inc. plans an all‑stock merger with NBC Bancorp, Inc., issuing approximately 381,667 shares of Ballston Spa common stock to NBC shareholders. Each NBC share will convert into 0.8065 Ballston Spa shares, valuing the deal at about $26.1 million based on a Ballston Spa price of $68.35 on January 20, 2026. After closing, former NBC shareholders are expected to own roughly 34% of the combined company and current Ballston Spa shareholders about 66%. NBC Bancorp and its bank subsidiary will merge into Ballston Spa and Ballston Spa National Bank, respectively, creating a larger community bank footprint in upstate New York. Both boards unanimously support the transaction, and special virtual shareholder meetings for each company are scheduled for March 23, 2026 to vote on the merger and related adjournment proposals. The parties expect the merger to qualify as a tax‑free reorganization for U.S. federal income tax purposes, except for cash paid in lieu of fractional shares.