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COXSACKIE, N.Y.--(BUSINESS WIRE)--NBC Bancorp, Inc. ("Bancorp"), (OTCPK:NCXS), the holding company for The National Bank of Coxsackie, announced results for its second quarter ending June 30, 2022.
Net income for the first six months of 2022 was $1,946,594, or $4.11 per share, compared to $2,161,448, or $4.57 per share, for the first six months of 2021. These figures include PPP fee income, net of taxes, of $363,169, or $0.77 per share for the first six months of 2022, compared to $307,036, or $0.65 per share for the same period 2021.
Total consolidated assets rose year-over-year by $10.7 million. Net loans grew year-over-year by $30.5 million ($57.9 million excluding PPP balances for both periods), or 11% (23% 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 0.11% at June 30, 2022, compared to 0.19% at June 30, 2021. The annualized return of average assets for the six-month periods ending June 30, 2022 and 2021 was 0.87% and 1.03%, respectively. The net interest margins for the six-month periods ending June 30, 2022 and 2021 was 3.26% and 3.44%, respectively. The subsidiary bank's leverage ratio increased to 8.60% at June 30, 2022 compared to 8.26% at June 30, 2021.
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Bancorp President and Chief Executive Officer, John A. Balli stated, "We are pleased to report continued strong results in 2022. Our loan growth remains solid and asset quality metrics are excellent. Our team is engaged and working hard to achieve these results."
NBC Bancorp, Inc. is the parent company of The National Bank of Coxsackie ("Bank"), which is celebrating 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.
Contacts
Investor relations:
Caitlin McCrea, SVP & Chief Financial Officer
(518) 731-6161
cmccrea@nbcoxsackie.com
Net income for the first six months of 2022 was $1,946,594, or $4.11 per share, compared to $2,161,448, or $4.57 per share, for the first six months of 2021. These figures include PPP fee income, net of taxes, of $363,169, or $0.77 per share for the first six months of 2022, compared to $307,036, or $0.65 per share for the same period 2021.
Total consolidated assets rose year-over-year by $10.7 million. Net loans grew year-over-year by $30.5 million ($57.9 million excluding PPP balances for both periods), or 11% (23% 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 0.11% at June 30, 2022, compared to 0.19% at June 30, 2021. The annualized return of average assets for the six-month periods ending June 30, 2022 and 2021 was 0.87% and 1.03%, respectively. The net interest margins for the six-month periods ending June 30, 2022 and 2021 was 3.26% and 3.44%, respectively. The subsidiary bank's leverage ratio increased to 8.60% at June 30, 2022 compared to 8.26% at June 30, 2021.
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Bancorp President and Chief Executive Officer, John A. Balli stated, "We are pleased to report continued strong results in 2022. Our loan growth remains solid and asset quality metrics are excellent. Our team is engaged and working hard to achieve these results."
NBC Bancorp, Inc. is the parent company of The National Bank of Coxsackie ("Bank"), which is celebrating 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.
Contacts
Investor relations:
Caitlin McCrea, SVP & Chief Financial Officer
(518) 731-6161
cmccrea@nbcoxsackie.com
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