Centre 1 Bancorp, Inc. Reports Earnings for 2020
Release date: 5/17/2021
Beloit, WI – On May 13, 2021, the Annual Meeting of shareholders of Centre 1 Bancorp, Inc., the holding company for First National Bank and Trust Company, was held in Beloit, Wisconsin. The meeting was the 39th for the holding company and the 139th for the family-focused bank, chartered in 1882.
Steven M. Eldred, Chief Executive Officer, and David N. McCoy, President, reported net income of $8.6 million and improved dividends per share to $2.50. The loan portfolio grew by $46 million and deposits increased by $240 million over 2019. Wealth management revenue grew nearly 3% over the previous year. The Tier 1 capital ratio is 8.09% and continues to exceed well-capitalized regulatory requirements. "Our loan growth was achieved with the same conservative credit standards that have served us well for more than a century," said Eldred. "The historic low interest rates drove the mortgage loan originations to a record breaking $244 million.”
“2020 was a challenging year due to the pandemic, but our employee family was there to help every step of the way,” said McCoy. “During the first round of the Paycheck Protection Program (PPP) in 2020, we helped 665 businesses secure nearly $78 million in funding which impacted more than 9,600 local jobs. We’re proud of our team’s work.”
The full 2020 annual report can be obtained at www.bankatfirstnational.com/about-us.
Centre 1 Bancorp, Inc. is the holding company of First National Bank and Trust Company. First National Bank and Trust Company is a family-focused, community bank headquartered in Beloit, Wisconsin. Chartered in 1882, First National Bank and Trust Company now serves more than 30,000 households in 13 communities and 16 locations in Southern Wisconsin and Northern Illinois with assets of approximately $1.4 billion. Commitment to full service banking, investments, wealth management, mortgage lending, exceptional service, and Sound Advice has positioned First National Bank and Trust Company as a Stateline leader in the industry. For additional information, visit www.bankatfirstnational.com.