WASHINGTON, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Bank of Georgetown (the “Bank”) today announced its sixth consecutive quarter of record earnings, reporting unaudited net income of $2.741 million for the three months ended September 30, 2015, a 35% year-over-year increase. For the first nine months, the Bank reported unaudited net income of $7.493 million, a 42% increase over the same period in 2014 and only a few thousand dollars less than the Bank earned in all of 2014.
From the third quarter of 2014 to the third quarter of 2015, assets grew 16% to $1.217 billion and total gross loans increased 22% to $875 million. Quarter-end core fundings, comprised of deposits and sweep accounts, exceeded $1 billion for the first time, totaling $1.015 billion. This is a year-over-year increase of 16%.
For the third quarter of 2015, Bank of Georgetown’s return on assets (ROA) increased to 0.92% and return on equity (ROE) grew to 8.92%, the highest operating returns in the Bank’s history. On a year-to-date basis ROA and ROE measured 0.88% and 8.37%, respectively. Furthermore, the Bank’s non-performing assets amounted to only 0.08% of total assets with no net charge offs in the first three quarters of 2015.
“We are very pleased to report our strongest quarter yet, one that is marked by record core fundings and our highest return on assets and equity,” said Chairman, President and CEO Mike Fitzgerald. “Our focus on providing exceptional client service coupled with our strong asset quality, capital and liquidity positions us for additional growth in 2015.”
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.