NAPA -- Bank of Napa today announced its first annual profit since its founding in August 2006.
For 2010, the bank had $247,000 in net income, a substantial improvement from a $668,000 loss in 2009.
Quarterly earnings last year were $210,000, up from a $126,000 loss a year before.
"We are pleased with our 2010 financial results," said Tom LeMasters, president and chief executive officer. "We have achieved significant growth, maintained the quality of our loan portfolio and produced a profit, all of which in these challenging economic times, is noteworthy."
Deposits totaled $89 million for 2010, an increase of $21.4 million from 2009.
Loans in 2010 totaled $76.2 million, up $12.8 million from the previous year.
Total assets were $106 million, representing a $21.7 million, or 25.7 percent, increase over the same period last year.
"While many banks are struggling, our focus on conservative banking practices and developing a rapport with customers has put us in a great position to serve our community," Mr. LeMasters said.
