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Bank of Napa Reports Fourth Consecutive Quarterly Profit

^{Published on 2011-04-28 13:41:31 - Market Wire}
 

NAPA, Calif.--([ BUSINESS WIRE ])--Bank of Napa, N.A. (OTCBB: BNNP) announced its financial results for the period ending March 31, 2011, which included the fourth consecutive quarterly net profit since its founding.

"While the economic climate has shown only moderate improvement, we are pleased with our results"

Bank of Napa, which opened for business on August 14, 2006, recorded net income of $173,000 in the first quarter of 2011, an improvement of over $267,000 from the same quarter last year.

aWhile the economic climate has shown only moderate improvement, we are pleased with our results,a said Tom LeMasters, President and Chief Executive Officer. aOur focus remains on attracting local business relationships while applying conservative loan underwriting principles. Considering the unprecedented changes to the local community bank market, we remain optimistic about our prospects for continued growth.a

The banka™s total deposits at March 31, 2011 were $91.4 million, an increase from 2010 of $17.2 million. Loan totals at March 31, 2011 were $76.2 million, an increase of $12.1 million from last year. Bank of Napa had total assets of $108.7 million at March 31, 2011, representing a $17.9 million or 19.7% increase over the same period last year.

At March 31, 2011, the bank had equity capital of $16.8 million, and all capital ratios were in excess of the regulatory definition for awell capitalizeda distinction. Bank of Napa has earned a aFive Star aSuperiora™ Ratinga, from Bauer Financial Inc. The rating from Bauer, the leading independent bank rating firm, is based upon Bank of Napaa™s financial strength and credit quality.

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.