Business & Finance
Business and Finance
Business and Finance
Fri, October 28, 2011
Thu, October 27, 2011 
NAPA, Calif.--([ BUSINESS WIRE ])--Bank of Napa, N.A. (OTCBB:BNNP) announced its third quarter 2011 financial results, which included net income of $249,000. The third quarter 2011 profit represents a $176,000 improvement over the same quarter of last year. Year to date, the bank has recorded net income of $641,000, a $605,000 improvement over 2010.
"Balance sheet growth, credit quality and liquidity remain strong, and we are pleased with our substantial improvement in profitability."
Bank of Napaas total deposits at September 30, 2011 were $113.2 million, an increase from the third quarter 2010 of $27.60 million. Loan totals at September 30, 2011 were $79.3 million, an increase of $8.3 million from the same quarter last year.
At September 30, 2011, Bank of Napaas total assets reached $131.4 million, a $28.7 million or 27.9% increase over the same period last year.
The FDIC Summary of Deposits as of June 30, 2011 indicates that Bank of Napa achieved the largest percentage increase in market share from June 30, 2010 when compared to the 16 banks doing business in Napa County. At June 30, 2011, Bank of Napaas deposit balances grew by $45.7 million from the prior year to achieve a 4.4% share of the Napa Valley marketplace.
President and Chief Executive Officer Tom LeMasters stated, aBalance sheet growth, credit quality and liquidity remain strong, and we are pleased with our substantial improvement in profitability.a
At September 30, 2011, the bank had equity capital of $17.5 million, and all capital ratios were in excess of the regulatory definition for awell capitalizeda distinction.
| (000 OMITTED) | Sept. 30, 2011 | Sept. 30, 2010 | $ Increase | |||||||||
| Total Assets | $131,388 | $102,704 | $28,684 | |||||||||
| Total Loans | $79,298 | $70,951 | $8,347 | |||||||||
| Total Deposits | $113,249 | $85,655 | $27,594 | |||||||||
| Net Income | $641 | $36 | $605 |
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 Vallergaas Market in Napa, CA.
Information contained herein may contain certain forward-looking statements that are based on managementas current expectations regarding economic, legislative, and regulatory issues that may impact the Bankas 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 Bankas 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.
