NAPA, Calif.--(BUSINESS WIRE)--
Bank of Napa, N.A. (BNNP) announced its financial results for the period ending June 30, 2013. Year to date net income was $994,000, an improvement over the $954,000 in net income recorded in the first half of 2012. Through the first half of 2013, the Bank’s pretax net income was $914,000, reflecting a substantial $156,000, or 20.6% improvement from the same period in 2012. The Bank posted record quarterly earnings in achieving its thirteenth consecutive quarterly profit. Net income for the second quarter of 2013 was $570,000, representing an $84,000, or 17.3%, improvement over that which was earned in the same quarter of last year.
At June 30, 2013, Bank of Napa’s deposit and loan balances totaled $122.1 million and $93.5 million, respectively. Loan balances increased $13.8 million, or 17.3% at June 30, 2013, as compared to the same period last year. Year over year deposit growth was $2.7 million, or 2.3%.
President and Chief Executive Officer Tom LeMasters stated, “We are pleased with our financial results. Credit quality remains sound, our capital level remains high, and our earnings continue to grow. Additionally, our performance relative to similar community banks is outstanding.”
At June 30, 2013, Bank of Napa had total assets of $143.5 million, total equity capital of $20.8 million, and all capital ratios were in excess of the regulatory definition for “well capitalized” distinction. Shareholders, customers and friends are invited to drop by the Bank the afternoon of August 9, 2013 to help celebrate the Bank’s seventh anniversary. For more information, please call (707) 257-7777.
|(000 OMITTED)||June 30, 2013||June 30, 2012||Increase|
|Net Income (ytd)||$994||$954||$40|
|Return on Avg. Assets||1.37%||1.42%||(.05%)|
|Return on Avg. Equity||9.66%||10.23%||(.57%)|
Bank of Napa, Napa Valley’s Only Locally Owned Community Bank, is located at the corner of Redwood Road and Solano Avenue at 2007 Redwood Road, Suite 101 in the Redwood Plaza near Vallerga’s Market in Napa, CA.
Information contained herein may contain certain forward-looking statements that are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Bank’s earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Bank’s operations, pricing, products and services. The Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
- Investment & Company Information
M. T. LeMasters, President & CEO, 707-257-7777