NAPA -- Bank of Napa [OTCBB: BNNP] showed a net loss for the year of $668,000, a 53 percent improvement for the year before.
The bank showed its first quarterly net operating profit since its founding in 2006.
Total assets at the end of the fourth quarter of 2009 were reported to be $84.3 million, up $23.3 million from the year before. The provision expense for the quarter was $159,000, said Tom LeMasters, president and chief executive officer of the bank.
“We are all pretty excited around here,” he said.
Loans were $63.4 million, up $16.7 million from the year before.
Deposits were reported to be $67.5 million, an increase of $23.795 over the previous year.
“I am pleased with our performance,” Mr. LeMasters said. “To reach this milestone in such a difficult economy is a strong statement about the great team of employees we have assembled and our bank's capabilities. We have achieved significant growth and maintained the quality of our loan portfolio and our capital position."
Much of the credit is due to our board of directors and employees who responded to the challenges presented by the economy and remained focused on making good loans and gathering local deposits. Because of their hard work, we are well-positioned for future growth.”
The bank showed its first profitable month in December 2009, earning a net income of $16,000.