Business & Finance
Business and Finance
Business and Finance
Fri, January 28, 2011
Thu, January 27, 2011 
NAPA, Calif.--([ BUSINESS WIRE ])--Bank of Napa, N.A. (OTCBB: BNNP) announced its financial results for the year 2010, which included $247,000 in net income, its first annual profit since its founding in August of 2006, and a substantial improvement over the $668,000 loss posted in 2009. Fourth quarter 2010 earnings were $210,000, which compares favorably to the $126,000 loss posted last year.
"While many banks are struggling, our focus on conservative banking practices and developing a rapport with customers has put us in a great position to serve our community."
aWe are pleased with our 2010 financial results,a said Tom LeMasters, President and Chief Executive Officer. "We have achieved significant growth, maintained the quality of our loan portfolio and produced a profit, all of which, in these challenging economic times, is noteworthy.a
Bank of Napaa™s total deposits at December 31, 2010 were $89.0 million, an increase from 2009 of $21.4 million. Loan totals at December 31, 2010 were $76.2 million, an increase of $12.8 million from last year. Bank of Napa had total assets of $106.0 million at December 31, 2010, representing a $21.7 million or 25.7% increase over the same period last year.
aWe continue to be excited about our future,a said LeMasters. aWhile many banks are struggling, our focus on conservative banking practices and developing a rapport with customers has put us in a great position to serve our community.a
At December 31, 2010, the bank had equity capital of $16.7 million, and all capital ratios were in excess of the regulatory definition for awell capitalizeda distinction.
| Dec. 31, 2010 | Dec. 31, 2009 | $ Increase | ||||
| Total Assets | $105,962,000 | $84,266,000 | $21,696,000 | |||
| Total Loans | $76,229,000 | $63,403,000 | $12,826,000 | |||
| Total Deposits | $88,953,000 | $67,516,000 | $21,437,000 | |||
| Net Income | $247,000 | ($668,000) | $915,000 | |||
Bank of Napa, N.A. is located at the corner of Redwood Road and Solano Avenue at 2007 Redwood Road, Suite 101 in the Redwood Plaza near Vallergaa™s Market in Napa, CA.
Information contained herein may contain certain forward-looking statements that are based on managementa™s current expectations regarding economic, legislative, and regulatory issues that may impact the Banka™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 abelieve,a aexpect,a aintend,a aestimatea or words of similar meaning, or future or conditional verbs such as awill,a awould,a ashould,a acoulda or amay.a 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 Banka™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.
