North Dallas Bank & Trust Co. Announces First Quarter Earnings

Rhea-AI Summary

NDBT (North Dallas Bank & Trust Co.) reported a net income of $1,393,780 or $0.54 per share for the three months ending March 31, 2023. This marks a decrease from $2,134,090 or $0.83 per share in the same quarter of 2022, primarily due to increased interest expenses on deposits.

The financial results indicate challenges faced by the bank, including a significant drop in earnings year-over-year. Despite the reported earnings, it is crucial to note that results were prepared internally without independent review, emphasizing that future results may vary.

Positive

• None.

Negative

• Net income decreased from $2,134,090 in 2022 to $1,393,780 in 2023, reflecting a decline of 34.7%.
• Earnings per share dropped from $0.83 to $0.54.
• Increased interest expenses on deposits are impacting profitability.

DALLAS, April 07, 2023 (GLOBE NEWSWIRE) -- NDBT (North Dallas Bank & Trust Co.), an independent community bank established in 1961, today announced net earnings of $1,393,780 or $0.54 per share for the three months ending March 31, 2023, compared to $2,134,090 or $0.83 per share for the same period in 2022. The decrease in earnings is primarily due to increasing interest paid on deposits.

Earnings were prepared internally without review by the company’s independent accountants. Financial results are the results of past performance, events and market conditions, and are not a guarantee for future results. Any forward-looking implications derived from this information may differ materially from actual results.

Further information about the dividend declaration is available from Glenn Henry, Chief Financial Officer, by contacting NDBT.

ABOUT NDBT
Founded in 1961, NDBT (North Dallas Bank & Trust Co.) is an independent community bank with five banking centers located in Dallas, Addison, Frisco, Las Colinas, and Plano. Headquartered on the corner of Preston Road and LBJ at 12900 Preston Road in Dallas, NDBT is dedicated to helping people make smarter choices in business and life by offering authentic banking solutions, wealth management, and innovative online banking tools. NDBT is Member FDIC and an Equal Housing Lender. For more information, call 972.716.7100, or visit online at www.ndbt.com.

NORTH DALLAS BANK & TRUST CO.
12900 PRESTON ROAD
DALLAS, TEXAS
FINANCIAL HIGHLIGHTS
					Three Months Ended
Income Statement					March 31
					2023			2022
Net Interest Income					9,183,394			10,003,740
Provision for Credit Losses					(300,000	)		(750,000	)
Noninterest Income					1,378,092			1,522,047
Noninterest Expenses					(8,572,086	)		(8,103,819	)
Income Before Taxes & Extraordinary					1,689,400			2,671,968
Income Tax					(295,620	)		(537,878	)
Income Before Extraordinary					1,393,780			2,134,090
Extraordinary					0			0
Net Income					1,393,780			2,134,090
Earnings per share					0.54			0.83
								Three Month Average
Balance Sheet			As of March 31					Ended March 31
			2023		2022			2023			2022
Total Assets			1,734,530,899		1,721,552,043			1,680,067,275			1,694,253,652
Total Loans			1,038,329,832		897,738,044			1,032,637,321			879,536,104
Deposits			1,512,380,442		1,548,932,318			1,505,226,698			1,519,559,087
Stockholders' Equity			160,345,483		163,872,540			158,788,784			167,674,318
(Prepared internally without review by
our independent accountants)

Media Contact:
Brian C. Jensen
972-716-7124
brian.jensen@ndbt.com

FAQ

What were the earnings results for NODB in Q1 2023?

NDBT reported net earnings of $1,393,780, or $0.54 per share for the first quarter of 2023.

How did NODB's earnings compare to Q1 2022?

In Q1 2022, NDBT had net earnings of $2,134,090, resulting in a 34.7% decrease in earnings in Q1 2023.

What factors contributed to NODB's decline in earnings?

The decrease in earnings was primarily due to increased interest expenses on deposits.

Is NODB's financial report independently verified?

No, the financial results were prepared internally without a review by independent accountants.