Centre 1 Bancorp, Inc. Reports Earnings for 2021
Release date: 5/12/2022
Beloit, WI – On May 12, 2022, 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 40th for the holding company and the 140th for the family-focused bank, chartered in 1882.
Steven M. Eldred, Chairman & Chief Executive Officer of Centre 1 Bancorp, Inc., and David N. McCoy, President & CEO of First National Bank and Trust, reported net income of $9.2 million, an increase of 6.7% from 2020. The bank’s Tier 1 capital ratio is 7.93% and continues to exceed well-capitalized regulatory requirements. Mortgage lending, wealth management, debit card income, fee income from the forgiveness of the Paycheck Protection Program (PPP) loans, and overall technology related expenses, contributed to the increase in net income.
“We have performed well through the pandemic and prolonged low interest rate cycle, and we are well positioned to handle the post-pandemic era and a more stabilized interest rate environment,” said McCoy. “Without the dedication and effort of every single employee, we could not have successfully achieved our 2021 results.”
The full 2021 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 $1.5 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.
First National Bank and Trust Company is a family-owned, community bank headquartered in Beloit, Wisconsin. Chartered in 1882, First National Bank and Trust Company now serves more than 27,000 households in 9 communities and 12 locations in Southern Wisconsin and Northern Illinois with assets of approximately $820 million. Commitment to full service banking, investments, asset management, 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.