Montgomery, Frederick banks post profitable year -- Gazette.Net


Most banks based in Montgomery and Frederick counties had profitable years in 2013 and have stepped up their lending, with assets increasing in the past year, according to newly released federal data.

Bethesda-based Congressional Bank and Damascus-based Damascus Community Bank both saw net income more than double in 2013 from 2012, according to the Federal Deposit Insurance Corp., which released data for the last quarter of 2013 on Wednesday.

Congressional had assets increase by 12 percent last year to $452.7 million, while income rose from $1.3 million to $3.3 million. Damascus saw income jump to $1.6 million from $745,000, while assets rose 5 percent to $273.4 million.

Loans at Congressional were up 14 percent as of Dec. 31, while they increased 5 percent at Damascus.

Rockville-based Capital Bank saw assets rise 11 percent in the past year to $485.8 million after acquiring most assets of the failed Pisgah Community Bank in North Carolina last year. Net income increased 3.5 percent to $7.0 million.

Assets at Bethesda-based Monument Bank rose 7 percent to $429.6 million in 2013, while net income was up 7.2 percent to $3.7 million. Frederick County Bank saw net income rise by 19 percent to $1.9 million and assets increase 2 percent to $316.8 million.

Bethesda-based American Bank was among the few to see assets decline last year, by 4 percent to $410.8 million. Net income also dropped to $732,000 from $3.6 million.

Most area banks were closed on Monday because of the snow.

Most publicly traded banks report on 2013 in January

Most banks that are publicly traded released their 2013 financial reports in January. Sandy Spring Bancorp, the Olney parent company of Sandy Spring Bank, saw net income for 2013 jump 21 percent from 2012 to $44.4 million. Total assets increased 4 percent to $4.1 billion, as of Dec. 31.

Eagle Bancorp, the Bethesda parent company of EagleBank that also trades on the Nasdaq market, reported that net income for 2013 increased 33 percent from 2012 to $47 million. Assets rose 11 percent to $3.8 billion, as of Dec. 31.

McLean, Va.-based Capital One Financial Corp., which is among the largest banks in deposits in Montgomery-Frederick after buying the former Chevy Chase Bank, reported that 2013 net income rose 20 percent to $4.2 billion. Total assets increased 2 percent to $297.0 billion.