S&P Global Market Intelligence recently released their list of Top 50 Midwest Community Banks and Citizens National Bank ranked 50th overall and 2nd for the State of Ohio! Scores were based on seven metrics: pretax return on tangible common equity, efficiency ratio, cost of funds, five-year average operating revenue growth, five-year average net charge-offs to average loans and leases ratio, nonperforming assets and loans 90 days or more past due as a percentage of total assets, and leverage ratio. Overall, 1,848 banks and thrifts were eligible for ranking in the Midwest under $10B in assets category.
This ranking points to our strong financial performance in 2022 and solidifies the faith our customers place in us every day. According to the report, CNB ended 2022 with $969.4 million in assets with an efficiency ratio of 48.88. Cost of funds for the bank averaged .40 and the 5-year average operating revenue growth was 5.8%. We're proud to be part of this elite group of community banks that strive every day to provide the financial services our communities need.