WASHINGTON, July 21, 2015 (GLOBE NEWSWIRE) -- Bank of Georgetown today announced its fifth consecutive quarter of record earnings, reporting net income of $2.47 million for the three months ended June 30, 2015, a 42% year-over-year increase. This marks the fourth consecutive quarter that the Bank’s earnings have exceeded $2 million. Year-to-date net income through June 30, 2015 increased 46% over the same period in 2014.
From the second quarter of 2014 to the second quarter of 2015, assets grew 11% to $1.192 billion and total gross loans increased 26% to $854 million. Core fundings, comprised of deposits and sweep accounts, totaled $995 million, a year-over-year increase of 11%. For the second quarter of 2015, Bank of Georgetown’s return on assets increased to 0.87% and return on equity grew to 8.26%. Furthermore, the Bank’s non-performing assets amounted to only 0.09% of total assets with no net charge offs in the first and second quarters of 2015.
“We continued to produce positive trends and strong results while delivering another quarter of record earnings,” said Bank of Georgetown Chairman, President and CEO Mike Fitzgerald. “I am pleased to report that our capital and liquidity continue to be strong and asset quality, the foundation of our Bank, remains superb.”
Net interest income for the second quarter of 2015 was favorably impacted by growth in average assets, an increase in loans as a percentage of earning assets and the Bank’s ability to improve the cost of funds. The overall net interest margin increased from 3.49% to 3.52%. The Bank’s year-to-date efficiency ratio (overhead to revenues) improved from 66% in 2014 to 58% in 2015.
Revenues (net interest income + non-interest income) for the first six months of 2015 were $2.823 million or 16.7% greater than revenues for the first six months of 2014, while overhead only increased $250 thousand or 2.2%. At June 30, 2015, all capital ratios of the Bank exceeded the thresholds established for a “well-capitalized” banking institution.
About Bank of Georgetown Bank of Georgetown, a privately-owned community bank, specializes in helping businesses and individuals achieve long-term success. It combines personalized loan, deposit and cash management solutions with a commitment to accessibility, flexibility and superior service, resulting in an unmatched banking experience for its clients. Founded in 2005 by Chairman, President and CEO Mike Fitzgerald and the late Curtin Winsor III, the Bank has over $1 billion in assets and 11 branches throughout the Washington metro area. Visit www.bankofgeorgetown.com for more information.