Business
National Capital Bancorp, Inc. Reports Third Quarter Earnings, Quarterly Cash Dividend and Four-For-One Stock Split
National Capital Bancorp, Inc. Reports Third Quarter Earnings, Quarterly Cash Dividend and Four-For-One Stock Split.
About this update from National Cap Bancorp Inc.
[{"type":"text","content":"\nNational 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 $1,726,000, or $6.00 per common share, for the three months ended September 30, 2024, compared to net income of $1,136,000, or $3.95 per common share, for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, the Company reported net income of $4,416,000, or $15.35 per common share, compared to $3,275,000, or $11.39 per common share, for the nine months ended September 30, 2023. The earnings improvement was primarily attributable to the results of productivity improvement and cost-reduction initiatives that have taken place since early 2023 along with higher net interest income driven by continued growth in average earning assets.\n\nTotal assets ended the quarter at $718,249,000 on September 30, 2024. Total loans of $519,315,000 on September 30, 2024 reflected an increase of $14.9 million during the quarter and an increase of $42.2 million (8.8%) over the past twelve months. Total deposits decreased $2.3 million during the quarter to $605,345,000 on September 30, 2024 but have increased $44.4 million (7.9%) over the past twelve months. The Company has focused on balanced growth over the past year with deposit growth providing the funding for new loan opportunities. As a result, the Company continues to experience 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.\n\nThe Company’s net interest margin of 3.27% during the third quarter of 2024 was stable compared with 3.27% in the second quarter of 2024 and was up slightly compared with 3.23% in the third quarter of 2023. Our strong mix of core deposits has allowed the Company to maintain a more stable net interest margin during the significant rate increase cycle experienced since early 2022.\n\nTotal shareholders’ equity increased to $58,606,000 on September 30, 2024 from $49,542,000 a year ago due primarily to the retained earnings for the past twelve months along with the change in market valuation of the investment portfolio...