WASHINGTON, May 12, 2015 (GLOBE NEWSWIRE) -- Bank of Georgetown today announced record net income of $2.3 million for the three months ended March 31, 2015, a 52% increase over the income for the three months ended March 31, 2014. This marks the third consecutive quarter that the Bank’s earnings have exceeded $2 million.
From the first quarter of 2014 to the first quarter of 2015, assets grew 16% to $1.136 billion and loans were up 22% to $820 million. For the first quarter of 2015, Bank of Georgetown’s return on assets increased to 0.85% and return on equity grew to 7.91%, compared to 0.64% and 5.63%, respectively for the first quarter of 2014. Furthermore, the Bank’s non-performing assets amounted to only 0.03% of assets with no net charge offs in the first quarter of 2015.
“We are very pleased to report our strongest quarter yet, one that is supported by a healthy balance sheet focused on credit quality; capital; and liquidity; especially core deposits,” said Chairman, President and CEO Mike Fitzgerald. “Our asset quality remains superb, and we have built a strong foundation that positions us for additional growth.”
For the first quarter of 2015, efficiency (overhead to revenues) improved to 58% from 66% in the first quarter of 2014. For the first quarter of 2015, the average assets per employee was $11 million.
Over the past five years, the Bank’s compound annual asset growth was 23%, complemented by loan growth of 27% and fundings growth of 22%.
Since 2005, Bank of Georgetown’s financial growth has been matched by its increasing investment in the neighborhoods it serves. In 2014, the Bank supported over one hundred organizations and its 110 employees dedicated more than 4,000 volunteer hours to a variety of causes. In celebration of its tenth anniversary on May 13, 2015, Bank of Georgetown is launching ‘Give Back: Tenfold,’ an employee-led, company-wide service initiative. The program aims to support the causes Bank of Georgetown employees are passionate about, while giving back to the community.
“This year, as Bank of Georgetown celebrates 10 years of community, we are inspired to do and give back even more to those we care about—the people of Greater Washington as well as our colleagues,” said Fitzgerald. “Bank of Georgetown’s culture is one that values service, and we respect the immense amount of time and energy our team dedicates to giving back. That makes this the perfect environment to leverage that spirit of generosity and camaraderie and rally around the causes that our employees support.”
To do so, Bank of Georgetown compiled a list of organizations with which employees volunteer and selected 10 charities that represent the Bank’s geographic and philanthropic focus areas. Employees across 13 offices throughout Maryland, Virginia and Washington, D.C. then organized into 10 teams, each paired with one of the nonprofits. The ‘Give Back: Tenfold’ program challenges each team to design and implement a project that impacts its designated charity and reflects Bank of Georgetown’s commitment to the community.
“The community is a significant part of Bank of Georgetown’s identity, and this initiative combines the Bank’s philanthropy with our employees’ passion,” Fitzgerald added. “We are excited to follow our employees’ lead as they collaborate across departments and branches to leave a tangible mark on our community. We cannot wait to see the amazing projects they generate.”
‘Give Back: Tenfold’ will support the following organizations: Alternative House; Community Residences; Cornerstone Montgomery; DC Public Schools; First Book; Fisher House; Georgetown Ministry Center; Kids in Need Distributors (KIND); Martha’s Table; and New York Avenue Men’s Emergency Shelter.
This initiative is part of ‘Bank of Georgetown Gives Back,’ a newly established corporate social responsibility program that will formalize, support and expand upon the Bank’s existing philanthropic focus. It consists of corporate philanthropy, employee volunteer efforts and Bank-sponsored volunteer opportunities.
About Bank of Georgetown Bank of Georgetown is a community bank that 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. To learn more about ‘Give Back: Tenfold,’ visit https://bankofgeorgetown.com/givebacktenfold