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North Bay Business Journal

Monday, August 16, 2010, 4:20 am

Banking & Finance: Bank of Napa sets milestone; Summit reports $506,000 profit

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    Bank of Napa reported its first profitable quarter in the bank’s history with a net income in the second quarter of $57,000 compared to the second quarter loss of $136,000 in 2009.

    The bank’s total deposits at June 30 were $72.8 million, an increase from the second quarter of 2009 of $17.8 million. Loan totals at June 30 were $67.2 million, an increase of $12.9 million from the same quarter last year.

    Tom LeMasters, the bank’s president and chief executive officer said, “We are pleased to attain profitability in these challenging economic times and will continue to focus on producing consistent and conservative balance sheet growth.”

    At June 30, Bank of Napa had total assets of $89.5 million, representing a $17.6 million or 24.5 percent increase over the same period last year.

    ***

    Luther Burbank Savings in Santa Rosa, Sonoma County’s largest financial institution, reported total assets of $3.47 billion as of June 30, essentially flat from the same time in 2009. Loans were $3.36 billion.

    Luther Burbank Savings recently announced plans to move to the old Traverso’s Gourmet Foods site in downtown Santa Rosa, doubling the size of its current headquarters branch to 6,000 square feet.

    The new redesigned location is expected to be open in 2011.

    ***

    Summit State Bank reported net income of $506,000 for the second quarter, down from $713,000 for the same period last year.

    The provisions for loan losses increased to $700,000 for the second quarter from $550,000 for the same quarter in 2009.

    Summit President and CEO Thomas Duryea noted the bank had “continuing strong operating results” despite the difficult economy.

    The bank’s total risk based capital ratio remains above the required 10 percent at 19.4 percent.

    Deposits were reported at $285 million, up from $256 million the year before. Loans were $285 million compared to $300 million last year at the same time.

    The board of directors declared a cash dividend of $0.09 per common share payable Aug. 23 to shareholders of record on Aug. 11.

    “Continued strong core operations and strong capital ratios have allowed continued dividends to our shareholders,” said Dennis Kelley, the bank’s chief financial officer.

    Total assets were reported at nearly $361 million, up slightly from $356 million reported at the same time last year.

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    Submit items for this column to Jenna V. Loceff at jloceff@busjrnl.com, 707-521-4259 or fax 707-521-5292.

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