COXSACKIE, NY–(BUSINESS WIRE)–The unaudited financial performance of NBC Bancorp, Inc. (“Bancorp”), (OTCPK: NCXS), for the first quarter of 2022 remained strong, even with the expected reduction in PPP fee revenue. For the first quarter of 2022, net income was $904,960, or $1.91 per share, compared to $949,596, or $2.01 per share, for the first quarter of 2021. The above income includes PPP fees, net of taxes, of $210,591, or $0.44. per share in the first quarter of 2022, compared to $427,503, or $0.90 per share in the first quarter of 2021.
Total consolidated assets increased year over year by $10.3 million. Net lending increased year over year by $21.6 million ($49.9 million excluding PPP balances for both periods), or 8% (21% excluding PPP balances for both years) . The asset quality of Bancorp’s subsidiary, National Bank of Coxsackie, remained strong, as evidenced by the ratio of non-current loans to total loans of 0.14% at March 31, 2022, compared to 0.20% at March 31, 2021.
Bancorp President and CEO John A. Balli said, “By meeting the financing needs of our communities, we continue to demonstrate our commitment to profitable growth while maintaining balance sheet efficiency. We also continue to prioritize frictionless banking, as evidenced by our new online NBC Express installment loan portal. Additionally, we launched our new Investor Relations website which provides valuable financial information, promotes transparency and will serve our shareholders well as we grow.
NBC Bancorp, Inc. is the parent company of the National Bank of Coxsackie (“Bank”), which celebrates its 170and anniversary in 2022. The Bank operates eight branches in Albany, Greene, and Schoharie counties in New York State. For more information, please visit www.nbcoxsackie.com.