National Capital Bank of Washington Announces Strong Year-End Earnings
January 20 2010 - 7:00AM
Business Wire
The National Capital Bank of Washington (NCB) reported solid
earnings for year-end 2009, with strong growth in loans and
deposits.
Net income for the year was $3.2 million—down from last year by
$175,000 or -5.15 percent. This drop was due to an increase of
$277,000 in Federal Deposit Insurance Corporation fees, which
hindered earnings. Despite the unusual assessments and the turmoil
in the industry, 2009 was one of NCB’s top performing years. Net
interest income was up $151,000, or 1.42 percent, and other income
was up $135,000, or 11.12 percent.
Strong balance sheet growth continued as net loans were up $35.6
million, or 18.59 percent. Total deposits were also up, $38.6
million, or 18.18 percent. Total assets were $298.5 million, up
$38.9 million, or 15.01 percent, as compared to last year’s $259.6
million.
NCB reports no delinquent loans of 90 days or more—making them a
standout in the industry for their safety and soundness. Weiss
Ratings, the nation’s only independent provider of ratings and
analyses covering the financial services industry, awarded them an
A+ rating for safety in 2009. They stand alone as the only bank in
Washington, D.C. to receive this rating. In addition, the Bank’s
securities portfolio is of the highest quality and shows an
unrealized gain of $140,000.
“I am very proud of our results considering the sour economy and
the prevailing, artificially low interest rates,” says Richard A.
Didden, NCB chairman and chief executive officer. “Without further
federal government interference, 2010 should be a stronger
year.”
The National Capital Bank of Washington was founded in 1889 and
has been managed by the Didden family for 120 years. NCB has assets
of $298.5 million and is headquartered on Capitol Hill with a
second branch located in Friendship Heights. The bank has been
recognized over the last decade with numerous accolades for its
safety and soundness, exceptional performance, small business
loans, and for being named one of the top banks and thrifts, a
100-year old small business of the year, and top commercial lender.
NCB trades under the symbol NACB. For more information about NCB,
go to www.nationalcapitalbank.com.
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