Business & Finance
Fri, April 20, 2012 
NAPA, Calif.--([ BUSINESS WIRE ])--Bank of Napa, N.A. (OTCBB: BNNP) announced its financial results for the period ending March 31, 2012, which included its eighth consecutive quarterly net profit since the Bankas founding on August 14, 2006. In the first quarter of 2012, the Bank produced net income of $468,000, an improvement of $295,000 over first quarter earnings in 2011. Diluted earnings per share were $0.20 for the quarter, up from $0.08 recorded for the same period last year.
The Bankas total deposits at March 31, 2012 were $117.7 million, an increase from 2011 of $26.2 million. Loan totals at March 31, 2012 were $80.5 million, an increase of $4.3 million from last year. Bank of Napa had total assets of $137.1 million at March 31, 2012, representing a $28.4 million or 26.1% increase over the same period last year.
On March 28, 2012, the Bank announced the appointment of Kathleen H. Lucier and Kelly E. Solomon as directors for the Bank. Ms. Lucier, a retired Wells Fargo Bank Executive, is the President of the Board of Directors of the Napa Valley College Foundation and a member of the adjunct faculty at Napa Valley College where she teaches Communication Studies. Ms. Solomon, a 19-year resident of the Napa Valley, is the Chief Executive Officer and partner in Coast Landscape Management Company, and is the mother of three children.
Chairman Malcolm Mackenzie stated, aThese are exciting times for Bank of Napa as we continue to grow and acquire customers in the Napa Valley marketplace. We are delighted that Kathleen and Kelly have joined us to support our efforts. We are grateful for the leadership and business acumen they bring to our board of directors.a
At March 31, 2012, the Bank had equity capital of $18.9 million, and all capital ratios were in excess of the regulatory definition for awell capitalizeda distinction.
| (000 OMITTED) | March 31, 2012 | March 31, 2011 | $ Increase | |||||||||
| Total Assets | $137,087 | $108,708 | $28,379 | |||||||||
| Total Loans | $80,512 | $76,224 | $4,288 | |||||||||
| Total Deposits | $117,671 | $91,437 | $26,234 | |||||||||
| Net Income | $468 | $173 | $295 | |||||||||
| Diluted EPS | $0.20 | $0.08 | $0.12 | |||||||||
| Return on Avg. Assets | 1.4% | .7% | - | |||||||||
| Return on Avg. Equity | 10.2% | 4.2% | - |
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.
Contact Information: M. T. LeMasters, President & CEO, 707-257-7777.
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.
