National Capital Bancorp, Inc. Reports Second Quarter Earnings
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
Total assets increased year-over-year to
Total shareholders’ equity increased to
Richard B. (Randy) Anderson, Jr. President and Chief Executive Officer said, “The most noteworthy activity in the second quarter was the Company’s successful May issuance of
The Company also announced today that its Board of Directors has declared a dividend of
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.com. The Bank trades under the symbol NACB.
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 |
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Six Months Ended |
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(Unaudited) | June 30 |
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June 30 |
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Condensed Statement of Income: | 2021 |
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2020 |
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2021 |
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2020 |
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Interest income |
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Interest expense | 249 |
427 |
450 |
1,078 |
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Net interest income | 5,172 |
4,561 |
10,108 |
8,840 |
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Provision for loan losses | 52 |
658 |
197 |
1,312 |
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Net interest income after provision | 5,120 |
3,903 |
9,911 |
7,528 |
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Non-interest income | 626 |
483 |
1,324 |
985 |
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Non-interest expense | 4,203 |
3,933 |
8,433 |
7,759 |
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Income before taxes | 1,544 |
453 |
2,802 |
754 |
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Income tax provision | 380 |
96 |
683 |
159 |
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Net income |
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Share Data: | ||||||||
Weighted avg no. of shares outstanding | 286,334 |
286,057 |
286,196 |
285,940 |
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Period end shares outstanding | 286,457 |
286,057 |
286,457 |
286,057 |
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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 |
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Return on average total assets |
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Average equity to average total assets |
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Condensed Balance Sheets: | June 30 |
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December 31 |
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June 30 |
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2021 |
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2020 |
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2020 |
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Assets | ||||||
Cash and equivalents |
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Securities, available for sale | 123,389 |
122,130 |
104,333 |
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Loans, held for sale | 2,067 |
1,444 |
0 |
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Loans, held in portfolio | 465,630 |
440,819 |
445,090 |
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Allowance for loan losses | (6,251) |
(6,111) |
(5,340) |
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Premises and equipment, net | 8,375 |
8,558 |
6,125 |
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Bank owned life insurance | 12,286 |
12,174 |
12,051 |
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Other assets | 5,410 |
5,271 |
4,226 |
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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 | 10,423 |
4,782 |
13,302 |
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FHLB advances | 0 |
0 |
10,000 |
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Paycheck Protection Program Liquidity Facility | 0 |
20,795 |
0 |
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Subordinated notes, net of issuance cost | 13,597 |
0 |
0 |
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Other liabilities | 2,698 |
3,825 |
2,637 |
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Stockholders' equity | 54,256 |
53,449 |
51,844 |
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Total liabilities and stockholders' equity |
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Other Data: | ||||||
Non-performing loans to total loans (1) |
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Allowance to total loans |
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Net charge-offs (recoveries) to average loans |
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Net interest margin for the quarter |
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Net interest margin for the year |
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(1) NPL's exclude accruing TDR's |
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