National Capital Bank of Washington Announces Stellar Q1 2011 Earnings

The National Capital Bank of Washington (NCB) reported exceptionally strong earnings for 1Q 2011, driven by robust growth across the balance sheet, despite weak economic recovery.

Net income for the period was $994,373, eclipsing Q1 2010 by $101,142, or 11.32%. The earnings gain is attributable to the 7.6% increase in net interest income, a 9.6 % decrease in interest expense, and growth in various non-interest income items, including a 24.7% lift in investment product income.

The Bank achieved significant deposit growth as total deposits were up an impressive $55 million, or 22.63%, with gains in all major deposit categories. At the end of Q1, total assets reached $354 million, up $62.3 million, or 21.38 percent, as compared to $291.6 million at the end of Q1 2010. The Bank’s loan portfolio grew 10.88%, or approximately $26 million, with the loan quality remaining at the industry’s highest levels.

NCB reported no delinquent loans of 90 days or more, making it a true standout in the industry for safety and soundness. In 2010, they were the only Washington, D.C.-based bank to merit the coveted A rating for exceptional safety from Weiss Ratings, the nation’s only independent provider of ratings and analyses covering the financial services industry. They were also the only one to be named among the “Top 200 Community Banks” by U.S. Banker magazine.

“In turbulent economic times like these, banks with the lowest risk profile are rewarded with the confidence of those seeking safety and value; we provide the best of both,” says James M. Didden, President of The National Capital Bank. The Bank has paid continuous dividends to its shareholders for more than 121 years.

The National Capital Bank, Washington’s Oldest Bank, was founded in 1889 and has been managed by the Didden family for 122 years. NCB has assets of $354 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, and for being named the best bank in DC for small business loans. In addition, the Bank is also recognized as 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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