Our August 3 piece derived Q2 2026 bank-subsidiary numbers by subtracting the reported Q1 statement of financial condition from the year-to-date Q2 call report. That derivation produced a specific set of predictions: net income around $7.86 million at the bank subsidiary, NIM at 3.35 percent, deposits growing to $2.76 billion, loans essentially flat at $2.42 billion, provision expense at roughly $873 thousand, and a Q2 tangible book value per share estimate of $133 to $135 with a central figure of $134.
The consolidated holding company release from Lake Ridge Bancorp has now landed. Here is how the actuals stack up:
Q2 net income at the holding company: $8.587 million. The call-report derivation of $7.86 million was for the bank subsidiary only. Adding in parent-level tax normalization and modest non-bank contribution, the holdco figure came in $727 thousand higher. Full first-half 2026 net income of $16.413 million against $12.116 million in the prior-year comparable — a 35.5 percent year-over-year increase.
Q2 EPS of $4.36, versus our approximate $4.00 estimate. H1 EPS of $8.34 against $6.16 in the prior year, up 35.4 percent year over year.
Net interest income of $26.336 million in Q2, versus our $25.53 million estimate. NIM held at the 3.35 percent level we called out.
Provision for credit losses of $618 thousand, actually below our $873 thousand estimate. Credit remains pristine and the reserve build is minimal.
Noninterest income of $5.321 million and noninterest expense of $20.145 million, both slightly better than our estimates.
Total assets of $3.355 billion, total deposits of $2.779 billion, net loans of $2.425 billion. All modestly ahead of the call-report snapshot.
Q2 consolidated tangible book value per share of $135.42, calculated as $311.42 million of total stockholders’ equity less $28.5 million of goodwill and $16.3 million of intangibles, divided by 1,968,322 shares outstanding. That is right at the top of our $133-$135 estimate range.
The single meaningful variance from the preview was the effective tax rate. The bank subsidiary call report showed a 12 percent effective rate driven by heavy tax-exempt municipal bond holdings, but the consolidated holding company rate normalized to 21.2 percent. When we run this workflow on other names in the future, we should adjust up the bank-subsidiary tax rate to a consolidated equivalent when the bank has a large muni portfolio. Note taken.
The point of the workflow is not that our numbers were perfect. They were not. The point is that reading the call report gave us enough to call the direction of the print two weeks before the shareholder release landed, and the actuals came in on the friendly side of our read across essentially every line. When it works, it works well.
The other thing the August 3 preview could not tell us was what the board did with the dividend. The FFIEC call report shows dividends already paid; it does not tell us what the parent-level board will declare next.
Lake Ridge announced in the Q2 shareholder release that the board raised the quarterly cash dividend to $0.59 per share, up from $0.56. Record date June 24, payment date July 8. Annualized rate now $2.36 per share, up from the prior $2.24 run rate. That is the fifth consecutive year of dividend growth and a 5.4 percent bump. Progression: $1.80 in 2023, $1.80 in 2024, $2.08 in 2025, $2.36 run rate in 2026. Roughly 31 percent cumulative dividend growth over three years, which is above what almost any Midwest community bank of this size has delivered in the same window.
Here is the part of the shareholder release worth paying attention to, and the reason for the second half of the piece title.
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