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North Bay Business Journal

Thursday, July 19, 2012, 6:22 pm

Bank of Napa reports ninth profitable quarter

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    NAPA — Bank of Napa, N.A. (OTCBB: BNNP) today reported second-quarter net income of $487,000 and income in the first half of the year improved more than 140 percent than during the same period in 2011.

    It was the ninth consecutive quarterly profit for the 6-year-old bank, which had $139.3 million in assets at the end of the second calendar quarter. 

    “We are pleased with the consistent profitability we generate and look forward to celebrating our bank’s sixth anniversary,” said Tom LeMasters, president and CEO.

    The bank reported $119.3 million in deposits and $79.7 million in loans.

    Balance sheet growth was tempered by the maturity of a $17 million short-term deposit and more than $7.9 million in loan payoffs during the last 12 months, according to the bank.

    First-half earnings per diluted share were 42 cents, up from 17 cents for the first six months of 2011. Return on average assets was 1.42 percent for the six-month period, compared with 0.71 percent in that timeframe in 2011. Return on average equity was 10.23 percent, up from 4.7 percent during the first six months of 2011.

    Bank of Napa will host its sixth anniversary celebration the afternoon of August 10, at 2007 Redwood Rd., Suite 101.

    The price of the bank’s stock slipped 42 cents per share Thursday, or nearly 6.5 percent, to $6.08.

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