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The National Capital Bank of Washington Reports Third Quarter Earnings

National Capital Bank of Washington (PRNewsfoto/The National Capital Bank of Wa)

News provided by

The National Capital Bank of Washington

Oct 29, 2020, 14:07 ET

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WASHINGTON, Oct. 29, 2020 /PRNewswire/ -- The National Capital Bank of Washington (NCB) reported net income of $1,050,000, or $3.67 per common share, for the three months ended September 30, 2020, compared to net income of $735,000 or $2.57 per share for the quarter ended September 30, 2019.  For the nine months ended September 30, 2020, NCB reported net income of $1,645,000, or $5.75 per share, compared to $2,057,000, or $7.21 for the nine months ended September 30, 2019. The current quarter results include the favorable after-tax impact of $327,000 for two related transactions. The Bank recognized a $619,000 gain on the sale of securities which is included in non-interest income, and partially offset by a loss of $168,000 on the termination of a swap used as an interest rate hedge and which is reported in non-interest expense. The third quarter results also reflect the Bank's continued aggressive response to the COVID-19 pandemic which included a significant increase in the Bank's allowance for loan loss.  While non-performing loans to total loans remains very low at 0.03% and the annual charge-off rate for loans during the first nine months of 2020 was also low at 0.02% of average loans, the Bank has prudently built up its allowance for loan losses by $452,000 during the third quarter and by $1,694,000 during the first nine months of 2020. The adjustments were determined by performing an industry-sector analysis of the Bank's loan portfolio and providing additional reserve on those sectors most at risk. This sector analysis was further informed by an analysis of the loan modifications made by the Bank since the beginning of the pandemic, as allowed for under the CARES Act. Loans with payment deferments granted during the pandemic represented 13% of total loans while loans in current deferments at quarter-end represented 6% of total loans.

Total assets increased year-over-year to $592,501,000 at September 30, 2020 compared to $514,286,000 at September 30, 2019.  Total loans of $439,852,000 at September 30, 2020 decreased during the quarter by $5.2 million but have increased from $357,869,000 the year before.  Total deposits decreased during the quarter by $4.0 million to $508,309,000 at September 30, 2020 but have increased from $436,834,000 the year before.  The year-over-year increase in loans was primarily a result of the Bank's active participation in the SBA-guaranteed Paycheck Protection Program (PPP) which resulted in new loans exceeding $63 million. The Bank collected $2.1 million of processing fees on these loans, which were deferred and are being recognized in income over the life of the loans; the Bank recognized $279,000 in interest income during the third quarter of 2020 and $531,000 for the nine months ending September 30, 2020. The Bank's net interest margin stabilized during the quarter after the negative impact of steadily declining interest rates in the last half of 2019 along with the dramatic decreases in interest rates during March of 2020. Net interest margin increased to 3.35% during the third quarter of 2020 compared to 3.19% in the second quarter of 2020 but remained somewhat below the net interest margin of 3.42% in the third quarter of 2019. 

Total shareholders' equity increased to $52,398,000 at September 30, 2020 from $48,794,000 a year ago.  The increase resulted from retained earnings for the past twelve months along with an increase in the market value of the Bank's investment portfolio due to declines in longer-term interest rates.  For the nine-month period ended September 30, 2020 the return on average assets and return on average equity was 0.38% and 4.27%, respectively. 

Richard B. (Randy) Anderson, Jr. President and Chief Executive Officer said, "Highlights during the third quarter included a more than 50% decrease in loans granted deferrals earlier in the pandemic, the meaningful gain on sale of securities facilitated by a well-timed purchase of municipal bonds early in the second quarter to take advantage of a spike in yields, and improvement in the net interest margin over the preceding quarter."  Anderson continued, "Looking forward into the remainder of 2020 and early 2021 signals remain mixed regarding the pandemic's duration and impact on the economy.  Accordingly, we will continue to hedge our activities with an eye towards monitoring asset quality and serving the needs of our communities through greater digital access and product offerings."   

NCB also announced today that its Board of Directors has declared a dividend of $0.55 per share for shareholders of record as of November 16, 2020. The dividend payout of $157,331.35 on 286,057 shares is payable November 30, 2020.

The National Capital Bank of Washington 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 Bank'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 Bank'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 Bank to effectively manage its growth and results of regulatory examinations, among other factors.  The foregoing list of important factors is not exclusive.






















The National Capital Bank of Washington


Financial Highlights












(In thousands, except share data)


Three Months Ended


Nine Months Ended


(Unaudited)


September 30


September 30












Condensed Statement of Income:


2020


2019


2020


2019


Interest income


$5,071


$4,850


$14,989


$14,309


Interest expense


305


757


1,384


1,978


Net interest income


4,765


4,093


13,605


12,331


Provision for loan losses


452


0


1,764


91


Net interest income after provision


4,313


4,093


11,841


12,240


Non-interest income


1,110


498


2,095


1,378


Non-interest expense


4,013


3,604


11,772


10,855


Income before taxes


1,410


987


2,163


2,763


Income tax provision


359


252


519


706


Net income


$1,050


$735


$1,645


$2,057












Share Data:










Weighted avg no. of shares outstanding


286,057


285,682


285,979


285,332


Period end shares outstanding


286,057


285,682


286,057


285,682












Per Common Share Data:










Net income


$3.67


$2.57


$5.75


$7.21


Closing Stock Price






$182.45


$226.00


Book Value






$183.17


$171.07












Profitability Ratios, Annualized:










Return on average stockholders' equity


7.99%


6.12%


4.27%


5.94%


Return on average total assets


0.72%


0.59%


0.38%


0.56%


Average equity to average total assets


8.98%


9.65%


9.01%


9.49%






















Condensed Balance Sheets:


September 30


December 31


September 30






2020


2019


2019




Assets










     Cash and equivalents


$24,956


$20,439


$38,440




     Securities, available for sale


106,670


100,578


99,912




     Loans, held for sale


3,366


338


0




     Loans, held in portfolio


439,852


383,508


357,869




     Allowance for loan losses


-5,792


-4,098


-3,917




     Premises and equipment, net


5,964


6,161


5,420




     Bank owned life insurance


12,113


11,928


11,863




     Other assets


5,372


4,459


4,699




Total assets


$592,501


$523,312


$514,286














Liabilities and stockholders' equity










     Deposits


$508,309


$447,470


$436,834




     Securities sold under agreement to repurchase


5,367


4,111


5,591




     FHLB advances


0


20,000


20,000




     Paycheck Protection Program Liquidity Facility


23,972


0


0




     Other liabilities


2,455


2,858


3,067




     Stockholders' equity


52,398


48,873


48,794




Total liabilities and stockholders' equity


$592,501


$523,312


$514,286














Other Data:










Non-performing loans to total loans (1)


0.03%


0.06%


0.07%




Allowance to total loans


1.32%


1.07%


1.09%




Net charge-offs (recoveries) to average loans


0.02%


0.00%


0.00%




Net interest margin for the quarter


3.35%


3.40%


3.42%




Net interest margin for the year


3.30%


3.50%


3.56%














(1) NPL's exclude accruing TDR's



















SOURCE The National Capital Bank of Washington

Related Links

http://www.nationalcapitalbank.com

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