Arlington, VA (May 17 , 2010) —Today, NCB, FSB, a federally chartered savings bank dedicated to cooperatives, reported a net income of $651,000 for the first quarter of 2010. NCB, FSB also reported total assets of $1.5 billion and total deposits of $1.2 billion as of March 31, 2010.
As a result of the strong quarter, the Bank’s total risk based capital increased .68% from the fourth quarter of 2009 to 13.30% for the first quarter of 2010 -- a ratio over the 10.0% requirement for financial institutions to be considered well capitalized.
“NCB, FSB is on course for continued, positive financial performance in the coming quarters,” said Steven Brookner, President and CEO of NCB, FSB. “We will remain on this path by managing our balance sheet and through our ongoing efforts to serve our primary customer segments; housing communities, business cooperatives and socially responsible organizations.”
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.
This news release contains certain “forward-looking statements”. Examples of forward-looking statements include, but are not limited to, estimates with respect to NCB’s financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates and most other statements that are not historical in nature. These factors include, but are not limited to, general and local economic conditions, changes in interest rates, debt covenants and compliance projections, other-than-temporary impairment evaluations, deposit flows, demand for mortgage, commercial and other loans, real estate values, performance of collateral underlying certain securities, competition, changes in accounting principles, policies, or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory, and technological factors affecting NCB’s operations, pricing products and services.