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National Capital Bancorp, Inc., the holding company for The National Capital Bank of Washington, reported a net income of $1,170,000 for the first quarter of 2024, showing an improvement over the previous year. Total assets, loans, and deposits increased year-over-year. The Company's net interest margin remained stable, but lower compared to the first quarter of 2023. Total shareholders' equity also increased. The Board declared a dividend of $0.66 per share and approved a share repurchase program of up to $300,000.
La National Capital Bancorp, Inc., società di controllo per The National Capital Bank of Washington, ha riportato un reddito netto di $1.170.000 per il primo trimestre del 2024, mostrando un miglioramento rispetto all'anno precedente. Gli attivi totali, i prestiti e i depositi hanno registrato un incremento su base annua. Il margine di interesse netto della società è rimasto stabile, sebbene più basso rispetto al primo trimestre del 2023. Anche il patrimonio netto degli azionisti è aumentato. Il Consiglio ha dichiarato un dividendo di $0,66 per azione e ha approvato un programma di riacquisto di azioni fino a $300.000.
National Capital Bancorp, Inc., la compañía matriz de The National Capital Bank of Washington, reportó un ingreso neto de $1,170,000 para el primer trimestre del 2024, mostrando una mejora con respecto al año anterior. Los activos totales, los préstamos y los depósitos aumentaron año tras año. El margen de interés neto de la compañía se mantuvo estable, aunque inferior en comparación con el primer trimestre de 2023. El patrimonio total de los accionistas también aumentó. La Junta declaró un dividendo de $0.66 por acción y aprobó un programa de recompra de acciones de hasta $300,000.
내셔널 캐피털 밴코프, 인크, 워싱턴 내셔널 캐피털 은행의 모기업은 2024년 첫 번째 분기에 $1,170,000의 순수익을 보고하여 전년 대비 향상되었다고 보고했습니다. 총자산, 대출 및 예금이 연간 비교해서 증가했습니다. 회사의 순이자 마진은 안정적이었지만 2023년 첫 분기에 비해 낮았습니다. 주주들의 총 자본도 증가했습니다. 이사회는 주당 $0.66의 배당을 선언하고 최대 $300,000까지 주식 매입 프로그램을 승인했습니다.
National Capital Bancorp, Inc., la société mère de The National Capital Bank of Washington, a rapporté un bénéfice net de 1 170 000 $ pour le premier trimestre de 2024, marquant une amélioration par rapport à l'année précédente. L'ensemble des actifs, des prêts et des dépôts a augmenté d'une année sur l'autre. La marge nette d'intérêt de la société est restée stable, bien qu'inférieure à celle du premier trimestre de 2023. Les fonds propres des actionnaires ont également augmenté. Le conseil d'administration a déclaré un dividende de 0,66 $ par action et a approuvé un programme de rachat d'actions jusqu'à 300 000 $.
Die National Capital Bancorp, Inc., die Muttergesellschaft der The National Capital Bank of Washington, berichtete ein Nettoeinkommen von 1.170.000 Dollar für das erste Quartal 2024, eine Verbesserung gegenüber dem Vorjahr. Die Gesamtaktiva sowie die Kredite und Einlagen wuchsen im Jahresvergleich. Die Nettozinsmarge des Unternehmens blieb stabil, lag jedoch unter dem Wert des ersten Quartals 2023. Das Eigenkapital der Aktionäre ist ebenfalls gestiegen. Der Vorstand beschloss eine Dividende von 0,66 Dollar pro Aktie und genehmigte ein Aktienrückkaufprogramm von bis zu 300.000 Dollar.
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WASHINGTON--(BUSINESS WIRE)--
National Capital Bancorp, Inc. (the “Company”) (OTC Pink: NACB), the holding company for The National Capital Bank of Washington (“NCB” or the “Bank") reported net income of $1,170,000, or $4.07 per common share, for the three months ended March 31, 2024, compared to net income of $949,000 or $3.30 per common share, for the quarter ended March 31, 2023. The earnings improvement was primarily attributable to the results of productivity improvement and cost-reduction initiatives that took place throughout 2023.
Total assets increased year-over-year to $708,183,000 on March 31, 2024 compared to $661,365,000 on March 31, 2023. Total loans of $509,187,000 on March 31, 2024 increased by $12.2 million during the quarter and have increased by $70.8 million, or 16.1%, from the year before. Total deposits of $581,762,000 on March 31, 2024, increased $1.1 million during the quarter and have increased $17.2 million, or 3.0%, from the year before. While the Company has increased its utilization of borrowings from the FHLB and the Federal Reserve over the past year to help in meeting loan growth opportunities, it has a relatively low reliance on wholesale funding sources and maintains strong levels of available secured borrowing capacity to meet the financing and cash flow needs of our client base as well as continue to pursue desirable new relationship opportunities.
The Company’s net interest margin of 3.20% during the first quarter of 2024 was stable compared with 3.21% in the fourth quarter of 2023 but was down compared with 3.45% in the first quarter of 2023. We are encouraged by the stabilization of our net interest margin in the most recent quarter. While the past several quarters had benefited from the favorable impact of interest rate increases on variable-rate loans, interest-bearing cash balances and on newly originated loans, we had experienced compression of our net interest margin over the past several quarters due to increased competition for deposits along with some utilization of wholesale funding sources to enhance our liquidity position and satisfy client borrowing needs and new loan opportunities.
Total shareholders’ equity increased to $54,053,000 on March 31, 2024 from $49,725,000 a year ago due primarily to the retained earnings for the past twelve months. For the quarter ended March 31, 2024 the return on average assets and return on average equity was 0.68% and 8.69%, respectively.
“We are encouraged by our continually improving efficiency ratio. These results are a direct effort by the entire team to fully utilize the technology we have and embrace change,” said Jimmy Olevson, President and Chief Executive Officer of the Bank. Olevson continued, “We are focused on being the best community bank in the DC metropolitan area for our clients and employees while providing increased shareholder return each year.”
The Company also announced today that its Board of Directors has declared a dividend of $0.66 per share for shareholders of record as of May 16, 2024. The dividend payout of $190,180.32 on 288,152 shares is payable May 30, 2024. The Board of Directors also approved a share repurchase program of up to $300,000, allowing for purchases from time to time, in open market or private transactions with an expiration date of February 28, 2025.
National Capital Bancorp, Inc. is the holding company for The National Capital Bank of Washington which was founded in 1889 and is Washington’s Oldest Bank. NCB is headquartered on Capitol Hill with offices in the Friendship Heights community in Northwest D.C., the Courthouse/Clarendon community in Arlington, Virginia and the Fox Hill senior living community of Bethesda, Maryland. NCB also operates residential mortgage and commercial lending offices and a wealth management services division. NCB product and service offerings include personal and business deposit accounts, robust eBanking, sophisticated treasury management solutions, remote deposit capture and merchant processing – all delivered with top-rated personal service. NCB is well-positioned to serve all the banking needs of those in our communities. For more information about NCB, visit www.nationalcapitalbank.bank.
Forward Looking Statements
This news release may contain certain forward-looking statements, such as statements of the Company’s plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified using words such as “expects,” “subject,” “will,” “intends,” “will be” or “would,” These statements are subject to change based on various important factors (some of which are beyond the Company’s control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management’s analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of the Company to effectively manage its growth and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive.
What was National Capital Bancorp, Inc.'s net income for the first quarter of 2024?
National Capital Bancorp, Inc. reported a net income of $1,170,000 for the first quarter of 2024.
How did National Capital Bancorp, Inc.'s total assets change year-over-year?
Total assets increased to $708,183,000 on March 31, 2024, compared to $661,365,000 on March 31, 2023.
What dividend was declared by National Capital Bancorp, Inc.'s Board of Directors?
The Board of Directors declared a dividend of $0.66 per share for shareholders of record as of May 16, 2024.
What share repurchase program was approved by National Capital Bancorp, Inc.'s Board of Directors?
The Board approved a share repurchase program of up to $300,000, allowing for purchases from time to time, in open market or private transactions, with an expiration date of February 28, 2025.
