Business & Finance
Business and Finance
Business and Finance
Thu, July 21, 2011
Wed, July 20, 2011 
NAPA, Calif.--([ BUSINESS WIRE ])--Bank of Napa, N.A. (OTCBB: BNNP) announced its 2011 financial results for the period ending June 30, 2011. Year to date net income was $392,000, a substantial improvement over the $37,000 loss incurred in the first half of 2010.
"We continue to be pleased with the consistent growth and profitability we produce, and look forward to celebrating our Banka™s fifth anniversary."
The Bank posted its fifth consecutive quarterly profit, as net income in the second quarter of 2011 was $219,000; a $162,000 improvement over that which was posted in the same quarter of last year.
At June 30, 2011, Bank of Napaa™s deposits totaled $118.5 million, an increase from the second quarter of 2010 of $45.7 million. Second quarter 2011 deposit growth included a short term non-interest bearing deposit of approximately $17 million, received on the last day of the quarter that bolstered the banka™s deposit totals. June 2011 average balance deposits were $102.4 million, a $27.8 million or 37.3% increase over the same period last year.
Loan totals at June 30, 2011 were $79.7 million, an increase of $12.6 million from June 30, 2010.
At June 30, 2011, Bank of Napa had total assets of $136.2 million, representing a $46.7 million year over year increase.
President and Chief Executive Officer Tom LeMasters stated, aWe continue to be pleased with the consistent growth and profitability we produce, and look forward to celebrating our Banka™s fifth anniversary.a Shareholders, customers and friends are invited to drop by the Bank the afternoon of August 12, 2011 to help celebrate the anniversary. For more information, please call (707) 257-7777.
At June 30, 2011, the Bank had total equity capital of $17.2 million, and all capital ratios were in excess of the regulatory definition for awell capitalizeda distinction.
| (000 OMITTED) | June 30, 2011 | June 30, 2010 | $ Increase | ||||||||||||||||||
| Total Assets | $ | 136,214 | $ | 89,539 | $ | 46,675 | |||||||||||||||
| Total Loans | $ | 79,723 | $ | 67,170 | $ | 12,553 | |||||||||||||||
| Total Deposits | $ | 118,481 | $ | 72,775 | $ | 45,706 | |||||||||||||||
Bank of Napa, Napa Valleya™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 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.
