NBC Bancorp, Inc. Reports Results For First Quarter 2022

COXSACKIE, N.Y.--(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 of PPP fee income. For the first quarter 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. Included in the above is PPP fee income, 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 rose year-over-year by $10.3 million. Net loans grew 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). Asset quality at Bancorp subsidiary National Bank of Coxsackie remained solid as demonstrated by the noncurrent loans to total loans ratio of 0.14% at March 31, 2022, compared to 0.20% at March 31, 2021.

Bancorp President and Chief Executive Officer, John A. Balli stated, “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 demonstrated by our new NBC Express business installment loan online portal. In addition, we have introduced our new investor relations website that 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 is celebrating its 170^th 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.