National Capital Bancorp, Inc. Reports Fourth Quarter Earnings
National Capital Bancorp, Inc. (OTC Pink: NACB) reported a net income of $1,355,000 ($4.71 per share) for Q4 2022, up from $1,323,000 ($4.62 per share) in Q4 2021. For the year, net income was $4,588,000 ($15.98 per share), compared to $4,646,000 ($16.23) in 2021. Total loans grew to $425,149,000, marking a $51 million organic growth in 2022. However, total assets dropped to $644,156,000 from $734,709,000 year-over-year. The company declared a dividend of $0.60 per share, payable February 28, 2023. The net interest margin improved to 3.51% in Q4 2022. Total deposits fell to $571,751,000, reflecting a decrease in client deposits.
- Net income increased in Q4 2022 to $1,355,000.
- Organic loan growth of $51 million in 2022.
- Net interest margin improved to 3.51% in Q4 2022.
- Dividend of $0.60 per share declared for shareholders.
- Total assets decreased from $734,709,000 to $644,156,000 year-over-year.
- Total deposits dropped to $571,751,000 from $657,116,000 a year ago.
Total assets decreased year-over-year to
Total shareholders’ equity decreased to
The Company also announced today that its Board of Directors has declared a dividend of
National Capital Bancorp, Inc. is the holding company for
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.
National Capital Bancorp, Inc. | ||||||||||||
Financial Highlights | ||||||||||||
(In thousands, except share data) | Three Months Ended | Twelve Months Ended | ||||||||||
(Unaudited) | ||||||||||||
Condensed Statement of Income: | 2022 |
2021 |
2022 |
2021 |
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Interest income |
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Interest expense | 844 |
|
290 |
|
2,026 |
|
1,031 |
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Net interest income | 5,638 |
|
5,069 |
|
20,421 |
|
20,233 |
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Provision for (recovery of) loan losses | (241 |
) |
(348 |
) |
(891 |
) |
(151 |
) |
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Net interest income after provision | 5,879 |
|
5,417 |
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21,312 |
|
20,384 |
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Non-interest income | 190 |
|
526 |
|
2,096 |
|
2,501 |
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Non-interest expense | 4,315 |
|
4,278 |
|
17,410 |
|
16,820 |
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Income before taxes | 1,754 |
|
1,665 |
|
5,998 |
|
6,065 |
|
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Income tax provision | 399 |
|
342 |
|
1,410 |
|
1,419 |
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Net income |
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Share Data: | ||||||||||||
Weighted avg no. of shares outstanding | 287,334 |
|
286,457 |
|
287,115 |
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286,328 |
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Period end shares outstanding | 287,300 |
|
286,457 |
|
287,300 |
|
286,457 |
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Per Common Share Data: | ||||||||||||
Net income |
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Closing Stock Price |
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Book Value |
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Profitability Ratios, Annualized: | ||||||||||||
Return on average stockholders' equity | 11.57 |
% |
9.69 |
% |
9.29 |
% |
8.57 |
% |
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Return on average total assets | 0.82 |
% |
0.79 |
% |
0.67 |
% |
0.71 |
% |
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Average equity to average total assets | 7.05 |
% |
8.13 |
% |
7.26 |
% |
8.34 |
% |
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Condensed Balance Sheets: | ||||||||||||
2022 |
2021 |
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Assets | ||||||||||||
Cash and equivalents |
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Securities, available for sale | 84,714 |
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179,066 |
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Securities, held to maturity | 72,344 |
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0 |
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Loans, held for sale | 0 |
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0 |
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Loans, held in portfolio | 425,149 |
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396,453 |
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Allowance for loan losses | (5,069 |
) |
(5,959 |
) |
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Premises and equipment, net | 7,547 |
|
8,198 |
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Bank owned life insurance | 12,610 |
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12,396 |
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Other assets | 9,907 |
|
5,948 |
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Total assets |
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Liabilities and stockholders' equity | ||||||||||||
Deposits |
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Securities sold under agreement to repurchase | 7,274 |
|
6,327 |
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FHLB advances | 0 |
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0 |
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Subordinated notes, net of issuance cost | 13,679 |
|
13,624 |
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Other liabilities | 3,124 |
|
2,788 |
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Stockholders' equity | 48,328 |
|
54,854 |
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Total liabilities and stockholders' equity |
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Other Data: | ||||||||||||
Non-performing loans to total loans (1) | 0.05 |
% |
0.07 |
% |
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Allowance to total loans | 1.19 |
% |
1.50 |
% |
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Net charge-offs (recoveries) to average loans | 0.00 |
% |
0.00 |
% |
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Loan-to-deposit ratio | 74.36 |
% |
60.33 |
% |
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Net interest margin for the quarter | 3.51 |
% |
3.10 |
% |
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Net interest margin for the year | 3.12 |
% |
3.22 |
% |
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(1) NPL's exclude accruing TDR's | ||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230125005703/en/
Phone: 202-546-8000
Email: rrabe@nationalcapitalbank.bank
Source:
FAQ
What is National Capital Bancorp's net income for Q4 2022?
How much did NACB's total loans increase in 2022?
What was the net interest margin for NACB in Q4 2022?
When is the NACB dividend payable?