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NBC Bancorp, Inc. Reports Results For Year End 2022
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Rhea-AI Summary
NBC Bancorp, Inc. (OTCPK:NCXS), the holding company for The National Bank of Coxsackie, reported its 2022 financial results. Net income for the year was $3.5 million ($7.44 per share), down from $4.1 million ($8.72 per share) in 2021. The decrease includes a notable drop in PPP fee income, which fell from $1.57 million in 2021 to $398,576 in 2022. However, total assets increased by $39.6 million, and net loans rose by $59.5 million, reflecting a growth of 21%. Asset quality remained solid with a noncurrent loans ratio of 0.08%.
Positive
Total consolidated assets increased by $39.6 million.
Net loans grew by $59.5 million, a 21% increase.
Noncurrent loans to total loans ratio improved to 0.08%.
Leverage ratio increased to 8.12%.
Negative
Net income decreased from $4.1 million ($8.72 per share) in 2021 to $3.5 million ($7.44 per share) in 2022.
PPP fee income dropped significantly from $1.57 million to $398,576.
COXSACKIE, N.Y.--(BUSINESS WIRE)--
NBC Bancorp, Inc. (“Bancorp”), (OTCPK:NCXS), the holding company for The National Bank of Coxsackie, announced consolidated financial results for its year ending December 31, 2022.
Net income was $3.5 million, or $7.44 per share, for the year ended December 31, 2022, compared with $4.1 million, or $8.72 per share, for the year ended December 31, 2021. These figures include PPP fee income, net of taxes, of $398,576, or $0.84 per share for the twelve months ended 2022, compared to $1,569,247, or $3.32 per share for the same period 2021.
Total consolidated assets increased year-over-year by $39.6 million. Net loans grew year-over-year by $59.5 million ($69.8 million excluding PPP balances for both periods), or 21% (26% excluding PPP balances for both years).
Asset quality at Bancorp subsidiary National Bank of Coxsackie remained solid as demonstrated by the noncurrent loans to total loans ratio of 0.08% at December 31, 2022, compared to 0.10% at December 31, 2021. The annualized return of average assets for the twelve-months ending December 31, 2022 and 2021 was 0.77% and 0.97%, respectively. The net interest margin for the twelve-month period ending December 31, 2022 and 2021 was 3.10% and 3.49%, respectively. The subsidiary bank’s leverage ratio increased to 8.12% at December 31, 2022 compared to 8.07% at December 31, 2021.
Bancorp President and Chief Executive Officer John A. Balli stated, “We are pleased to report continued strong results in 2022. Despite the expected significant reduction in PPP income, our core earnings remain solid as a result of our focus on profitable growth in earning assets and solid asset quality.”
NBC Bancorp, Inc. is the parent company of The National Bank of Coxsackie (“Bank”), which celebrated its 170th anniversary in 2022. The Bank operates eight branches in the New York State counties of Albany, Greene and Schoharie. For more information, please visit www.nbcoxsackie.com.
