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Cincinnati Bancorp, Inc. (Nasdaq: CNNB) has announced its voluntary decision to deregister its common stock with the SEC and delist from Nasdaq. The company plans to file Form 25 on or about February 6, 2023, with its last trading day on Nasdaq anticipated on the same date. Following this, the stock will be quoted on the OTCQX Market. Cincinnati Bancorp cited the significant costs and regulatory burdens associated with SEC reporting and Nasdaq listing as reasons for this decision. Despite these changes, the company will still provide annual reports with audited financial statements and make quarterly updates available on its website.
Cincinnati Bancorp, Inc. (NASDAQ: CNNB) corrected its financial results for 2020, reporting a net income of $3.16 million, a 295.2% increase from 2019. Earnings per share (EPS) were corrected to $1.14 (basic) and $1.12 (diluted), up from $0.28 and $0.27, respectively. The correction was due to revisions in average shares outstanding following a conversion offering. Total non-interest income surged 261.4% to $10.7 million, while non-interest expenses increased by 54.5% to $11.8 million, mainly from higher salaries and benefits. The allowance for loan losses rose to $1.7 million, with a provision of $265,000 attributed to COVID-19 uncertainties.
Cincinnati Bancorp reported a net income of $3,155,700 for the year ended December 31, 2020, a remarkable increase of 295.2% from $798,500 in 2019. Earnings per share rose to $1.09 (basic) and $1.07 (diluted), compared to $0.28 and $0.27, respectively, in the previous year. Despite a 3.5% decline in net interest income to $5.4 million, non-interest income surged 261.4% to $10.7 million, driven mainly by a $7.4 million gain on loan sales. However, non-interest expense also increased 54.5% to $11.8 million, primarily due to rising compensation costs.
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