Arlington, VA (June 15, 2011) —NCB, FSB, a federally chartered savings bank committed to serving cooperatives nationwide, reported a net income of $945 thousand dollars for the first quarter 2011. NCB, FSB also reported total assets of $1.375 billion and total deposits of $1.0 billion as of March 31, 2011.
As a result of the strong quarter, the Bank’s total risk based capital increased to 15.47% in the first quarter of 2011 -- a ratio over the 10.0% requirement for financial institutions to be considered well capitalized.
“NCB, FSB had positive financial results in the first quarter and is on track to continue this performance during the second quarter,” said Steven Brookner, President and CEO of NCB, FSB. “The results speak to the Bank’s continued focus on its core customers—housing communities, business cooperatives and socially-responsible organizations nationwide offering competitive banking products and services to meet their needs.
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.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations. The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.
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.