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Ballston Spa Bancorp, Inc. (BSPA) reported the results of its August 27, 2026 annual shareholders meeting. Shareholders elected directors to one-, two-, and three-year terms, with each nominee receiving substantially more votes "For" than "Withhold."
Paul N. DiCaprio received 699,213 For vs 37,162 Withhold; Michael S. Dunn 700,657 For vs 35,718 Withhold; Beth A. Grasso 698,930 For vs 37,445 Withhold; and Aaron P. Flach 693,791 For vs 42,584 Withhold for three-year terms. For two-year terms, Joseph H. Warren received 687,371 For vs 49,004 Withhold and Carl A. Florio 675,563 For vs 60,812 Withhold. For a one-year term, Donald G. Persico received 700,428 For vs 35,947 Withhold. Ratification of Crowe LLP as independent registered public accounting firm for the year ending December 31, 2026 passed with 892,051 For, 4,648 Against, and 1,457 Abstain.
The company notes it has no class of securities registered under Section 12 of the Exchange Act and is instead reporting these results pursuant to Section 15(d) and Rule 15d-11.
Ballston Spa Bancorp, Inc. reported sharply larger scale but a small loss following its merger with NBC Bancorp, Inc. completed on April 1, 2026. Total assets rose to $1.36 billion at June 30, 2026 from $928.5 million, driven by $508.1 million of assets acquired, including $340.6 million of loans and $456.9 million of deposits.
Net (loss) income was $(711) thousand for the quarter versus income of $1.24 million a year earlier, and $(467) thousand for the first half versus $2.54 million, largely reflecting $3.9 million in merger expenses and higher interest expense. Net interest income still increased to $10.7 million for the quarter from $6.3 million, while loans grew to $1.11 billion and deposits to $1.20 billion. Credit quality metrics remained manageable with nonaccrual loans of $2.1 million and an allowance for credit losses of $13.1 million.
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.