National Capital Bank of Washington Announces Record Year-End Earnings

The National Capital Bank of Washington (NCB) reported record earnings for year-end 2010, with robust growth in loans and deposits.

Net income for the year was $3.79 million—up from last year by $584,000, an increase of 18 percent — making 2010 NCB’s top performing year in its long history. Net interest income was up $1.46 million, or 13.65 percent, and other income was up $107,000, or almost 4 percent.

Strong balance sheet growth continued as net loans were up $29.1 million, or 12.77 percent. Total deposits were also up, $31.4 million, or 12.50 percent. Assets totaled $334.4 million, up $35.9 million, or 12 percent, as compared to last year’s $298.5 million.

NCB reported no delinquent loans of 90 days or more—making it a standout in the industry for 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 2010. They stand alone as the only bank in the metropolitan area to receive this honor.

“National Capital’s dedication to sound financial fundamentals together with confidence in our professional staff allowed us to achieve the highest net income in our 121 year history,” says Richard A. Didden, NCB chairman and chief executive officer. “When we consider the technological enhancements implemented in 2010 that significantly reduce the impediments to expansion, the foreseeable future looks very promising for National Capital Bank.”

The National Capital Bank of Washington was founded in 1889 and has been managed by the Didden family for 121 years. NCB has assets of $334.4 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.

National Capital Bancorp (PK) (USOTC:NACB)
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