National Capital Bank of Washington Announces Stellar Semi Annual Earnings

The National Capital Bank of Washington (NCB) announced record profits for the second quarter as well as the six months ending June 30, 2011. These results enhanced the Bank’s position as the strongest financial institution in the Washington DC metropolitan area.

Net income increased by over 20% compared to the similar period of 2010. It is especially noteworthy that every major earnings category contributed substantially; loan income, investment income and non-interest income all set records. In fact, investment products income was up over 60%. Expenses increased by a modest 5%, largely the result of an additional $51,000 contribution to our Allowance for Loan Loss account and an increase in FDIC assessments of $46,000. Salaries and Benefits actually decreased by $108,000 (-4.48%).

Average Gross Loans grew $25 million (10.57%) and Average Deposits ballooned $42 million (16.98%). Average Total Assets stand at $348 million, up by 15.68%. National Capital Bank’s cost efficiency ratio of less than 50% is exemplary in the banking industry. NCB continues to report no delinquent loans of 90 days or more—making it a standout in the industry for safety and soundness.

“At the halfway point of 2011 we are substantially ahead of our budget forecasts and confidently look forward to another profitable year,” says Richard A. Didden, NCB Chairman and Chief Executive Officer.

The National Capital Bank, Washington’s Oldest Bank, was founded in 1889 and has been managed by the Didden family for 122 years. NCB 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 nationally as one of the most profitable banks and thrifts, Washington Area 100-year old Small Business of the Year, and a 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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