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, 2012. These results enhanced the Bank’s position as the strongest financial institution in the Washington D.C. metropolitan area as well as one of the best performing banks in the nation.

Net income increased by 3.69% compared to the similar period of 2011. It is especially noteworthy that almost every major earnings category contributed substantially; investment income and non-interest income both set records. Total net income after taxes amounted to $2,226,990 – an increase of $79,167. The Bank realized investment gains totaling $419,033 which more than offset the industry-wide precipitous decline in net interest margin (NIM). Expenses for the six months decreased modestly, in part because FDIC assessments were down $107,000. Salaries and Benefits increased by $117,684 (+5.10%) as we added experienced staff to sort through the increasingly burdensome complexities imposed by the Dodd-Frank regulations.

Gross Loans decreased by almost $12.4 million (-4.67%) and Deposits rose by $60.3 million (20.98%). Total Assets stand at $400.8 million, up by 17.98%. National Capital Bank’s cost efficiency ratio of less than 50% is considered 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 2012 we remain ahead of our budget forecasts and confidently look forward to another profitable year,” says Richard A. Didden, NCB chairman and chief executive officer. The Bank’s thinly traded common stock (NACB) opened the year at $208.00 and was most recently quoted at $275.00 – an increase of $67.00 (+32%).

The National Capital Bank, Washington’s Oldest Bank, was founded in 1889 and has been managed by the Didden family for 123 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 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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