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NBC Bancorp, Inc. Reports Results For First Quarter 2023
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COXSACKIE, N.Y.--(BUSINESS WIRE)--
The unaudited financial performance of NBC Bancorp, Inc. (“Bancorp”), (OTCPK:NCXS), for the first quarter of 2023 showed solid deposit and loan growth, despite turmoil in the banking industry. Earnings were lower than the same quarter last year, primarily due to significant increases in cost of funding as a result of Federal Reserve Bank increases in the Federal Funds rate and significant bank and non-bank competition for deposits and funding. For the first quarter 2023, net income was $326,175, or $0.69 per share, compared to $904,960, or $1.91 per share, for the first quarter of 2022. PPP fee income ended in 2022 and therefore, there was no amount of PPP fee income included in first quarter 2023 earnings, compared to $183,804, or $0.39 per share, net of taxes, in the first quarter of 2022.
Total consolidated assets rose year-over-year by $58.6 million. Net loans grew year-over-year by $63.6 million, or 22%. Total deposits increased year-over-year by $9.1 million, or 2%, while non-municipal deposits increased year-over-year by $31.6 million, or 11%. Asset quality at Bancorp subsidiary National Bank of Coxsackie remained a strength as demonstrated by the noncurrent loans to total loans ratio of 0.08% at March 31, 2023, compared to 0.14% at March 31, 2022.
Bancorp President and Chief Executive Officer, John A. Balli stated, “While cost of funding increases have had a significant impact on our earnings this year, the strong loan and deposit growth during a period of industry turmoil speaks volumes to the confidence customers have in the bank. We will continue to build for the future regardless of rate cycles by deploying steady and sound bank management practices.”
NBC Bancorp, Inc. is the parent company of The National Bank of Coxsackie (“Bank”). The Bank operates eight branches in the New York State counties of Albany, Greene and Schoharie and a commercial loan administration office in Latham, NY. For more information, please visit www.nbcoxsackie.com.
