Vallant Financial, Inc. Reports Earnings for First Quarter 2026
Rhea-AI Summary
Vallant Financial (OTCQX: VLNT) reported first-quarter 2026 results and completed a merger with Morris effective April 1, 2026, creating a combined pro forma company with $3.98 billion in total assets as of March 31, 2026.
Vallant posted quarterly net income of $6.4 million ($4.63 diluted EPS); Morris reported a first-quarter loss of $6.75 million due to $14.5 million merger-related charges. Full consolidation and systems conversion are scheduled for Q2 2026.
AI-generated analysis. Not financial advice.
Positive
- Pro forma combined assets of $3.98 billion as of March 31, 2026
- Vallant first-quarter net income of $6.4 million and EPS of $4.63
- Pinnacle Bank (Vallant) quarterly loan growth of 3.34% from year-end 2025
- Total deposits at Vallant increased 3.80% quarter over quarter to $2.06 billion
Negative
- Morris reported a first-quarter loss of $6.75 million due to $14.5 million merger-related charges
- Morris net loans declined $23.8 million in Q1 2026 due to real estate project paydowns
- Total equity at Morris declined 6.5% (≈$13.8 million) in Q1 related to transaction expenses and dividends
- Consolidated financials not yet available; full consolidation deferred to Q2 2026
ELBERTON, Ga., April 24, 2026 (GLOBE NEWSWIRE) -- Vallant Financial, Inc. (OTCQX: VLNT) (“Vallant”), the holding company of Vallant Bank, today announced its results of operations for the quarter ended March 31, 2026. Vallant also announced the results of operations of Morris State Bancshares, Inc. (“Morris”), which merged into Vallant effective April 1, 2026.
“I am incredibly excited about the completion of the merger with Morris to position Vallant as a leading Georgia-based community bank holding company,” said L. Jackson McConnell, Jr., Chairman and CEO of Vallant. “Each company went into the merger with strong performance, and Vallant has strong prospects for the future.”
Vallant Financial, Inc. Quarterly Report: (Highlights)
- Vallant, formerly known as Pinnacle Financial Corporation, completed its merger with Morris effective April 1, 2026.
- Vallant and Morris operated as independent companies through March 31, 2026.
- Effective April 1, 2026, the combined company operates as Vallant Financial, Inc.
- Effective April 1, 2026, the name of Pinnacle Bank was changed to Vallant Bank. The trade names “Pinnacle Bank, a division of Vallant Bank” and “Morris Bank, a division of Vallant Bank” will be used pending information systems conversion, expected to occur during the second quarter.
- Consolidating financial statements showing both Vallant and Morris are not yet available.
- Total assets for the combined company on a pro forma basis as of March 31, 2026, were
$3.98 billion . - Pinnacle Bank experienced loan growth of
3.34% as compared to year end 2025. - Morris Bank experienced a decrease in total loans of
1.96% as compared to year end 2025. - Total deposits for both banks increased during the first quarter.
- Vallant posted quarterly net income of
$6.4 million , or$4.63 per diluted share, compared to$6.3 million , or$4.51 per diluted share, in the same quarter last year. - Due to merger-related charges of
$14.5 million , Morris posted a loss of$6.75 million in the first quarter compared to net income of$6.37 million or$0.60 per share in the prior quarter. - Full consolidation will occur in the second quarter and be reflected in the financial release for June 30, 2026.
First Quarter Results for Vallant and Pinnacle Bank (excluding Morris and Morris Bank)
Vallant grew total assets
Net income for the quarter ended March 31, 2026, was
Return on average assets (annualized), at the bank level, for the first quarter of 2026 was
The Bank’s asset quality remains solid, ending the quarter with total adversely classified assets to Tier 1 capital plus allowance of
First Quarter Results for Morris and Morris Bank (excluding Vallant and Pinnacle Bank)
Morris grew total assets in the first quarter to
Due to merger-related costs of
Return on average assets (annualized), at the bank level, for the first quarter of 2026 was (
Morris Bank’s asset quality remains solid, ending the quarter with total adversely classified assets to Tier 1 capital plus allowance of
Vallant Financial, Inc. will present consolidated financial statements for the combined company as of and for the quarter ended June 30, 2026. Integration and conversion into one platform, as well as a complete re-branding, is scheduled for the second quarter. After opening a new office in the Augusta area in April, the combined bank operates 36 branch locations in 22 counties in Northeast, Middle and Southeast Georgia.
Forward-looking Statements
Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with Vallant’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of Vallant makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; Vallant’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
CONTACT:
Vallant Financial, Inc.
Anna Grant Jones
706-213-3323
