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North Bay Business Journal

Monday, February 4, 2013, 6:45 am

Banking: Exchange Bank earnings up slightly; strengthens portfolio

Also: Bank of Marin, Summit State report strong quarters

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    Santa Rosa’s Exchange Bank announced that net income for all of 2012 had risen slightly versus income for 2011, meeting the bank’s projections despite a lukewarm demand for financing from both households and businesses.

    Net income of $12.26 million was a 0.68 percent increase from income in 2011, according to the bank. Net loans declined 1 percent for the year, to $1.01 billion. While loans declined slightly, increased cash and investments helped net assets rise by 5.8 percent for the year, to $1.7 billion.

    Non-performing loans in the bank’s portfolio fell by 31 percent by year-end, and non-performing assets as a whole fell by 18 percent. Deposits, now totaling $1.46 billion, grew by $107 million for the year, up 8.06 percent. A greater percentage of those deposits were non-interest bearing demand deposits in 2012 and represented 35.4 percent of total deposits versus 34.56 percent.

    ***

    Net income at Novato-based Bank of Marin was up 14.5 percent in 2012 compared to 2011, with $17.8 million representing $3.28 per share, according to an announcement by the bank.

    The bank’s loan portfolio grew 5.9 percent, driven by more than $70 million in new investor-owned commercial real estate loans. The bank’s gross loan portfolio is now $1.1 billion, and total assets are $1.4 billion.

    Bank of Marin saw a 1.24 percent return on assets for the year, up from 1.16 percent in 2011 amid improvements to portfolio quality. Deposits totaled $1.3 billion as of Dec. 31, with 31.1 percent being non-interest-bearing deposits.

    ***

    Year-over-year net income rose 55 percent for Santa Rosa’s Summit State Bank, a period that president and CEO Tom Duryea called “the best year yet in our 38-year history.”

    The bank earned $3.45 million during the year, or 62 cents per diluted share, including a boost from a one-time $1.5 million legal settlement. The bank saw a 0.84 percent return on average assets, up from 0.59 percent, and total interest revenue rose 3.2 percent.

    Nonperforming assets declined more than 25 percent in 2012. Total assets are now $444.9 million, including 275.9 million in loans. The bank also announced $341 million in total deposits as of Dec. 31, with non-interest-bearing deposits representing 17 percent.

    ***

    Citing challenges of a low-interest-rate environment, San Rafael-based Westamerica Bank announced that 2012 net income had slipped 7.7 percent from 2011. The bank earned $81.13 million in net income, or $2.93 per common share.

    Westamerica’s loan quality improved during the year. Average nonperforming assets totaled $21.5 million, a 33.7 percent decline from 2011. Problem loans and repossessed collateral declined $41.8 million for the year.

    The bank had a total of $2.3 billion in loans, and $4.95 billion in total assets. The bank’s loan-to-deposit ratio was 54.9 percent, compared with 65.6 percent in 2011.

    ***

    Bank of Napa, N.A. announced record profit in 2012, with net income up by more than two-thirds from the year before. Net income was $1.9 million last year, an increase of 67.8 percent.

    Those earnings represented 83 cents per share, with a 1.4 percent return on average assets and a 9.9 percent return on average shareholder equity. Total deposits as of Dec. 31 were $128.8 million, a $7.7 million increase versus the end of 2011. Loan totals were $87.6 million and $8 million increase. Total assets increased $9.9 million, reaching $149.9 million.

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    Dixon-based First Northern Bank announced that net income of $4.6 million for all of 2012 marked a 70.4 percent increase versus net income in 2011.

    That income was equivalent to 37 cents per diluted share, up from 14 cents per diluted share in 2011.

    Total assets as of Dec. 31 were $831.5 million, up $50.3 million — 6.4 percent — compared to one year prior. Total deposits were $730.8 million, up 7.6 percent from the same period in 2011. Net loans increased $9.4 million in 2012, or 2.2 percent, to $445 million.

    ***

    Annual net assets rose 15.82 percent for Santa Rosa’s Community First Credit Union comparing 2012 to 2011, reaching $150.63 million in a period of rapid growth for the lender, according to an announcement.

    Loan production increased 71.2 percent from the prior year, with more than $96.6 million in loans in Community First’s portfolio by year-end. Total deposits grew 15.97 percent, to $135.38 million.

    Annual revenue was the second-best in the 52-year-old institution’s history, at $1.3 million. Total membership rose 18.9 percent for the year, reaching 15,627 members, with 6,314 checking accounts representing an increase of 19.4 percent compared to 2011.

    Submit items for this column to eric.gneckow@busjrnl.com or call 707-521-4259.

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