NAPA -- Two Napa banks recently reported financial results.

Charter Oak Bank (OTCBB:CHOB.OB) showed a net loss before-tax of $3.6 million for 2009.

“The loss, compared to the bank's net income before tax of $87,000 in 2008, reflected the ongoing adverse effects of the economy on the bank’s borrowers, primarily those with real estate holdings,” said Brian Kelly, president and chief executive officer.

Net operating income, before taxes and loans losses, showed growth during 2009, increasing to $1.7 million, compared with $1.2 million in 2008.

Allowance for loan losses at year end was reported at 2.41 percent, compared with 1.49 percent in 2008.

Deposits totaled $128 million at year end, an increase of 20 percent for the year.

Loans were reported at $130 million, an increase of $6 million from the year before.

Total assets were $153 million as of Dec. 31, 2009, an increase of $16 million over the past twelve months.

***

-- Bank of Napa [OTCBB: BNNP] showed a net loss for the year of $668,000, a 53 percent improvement from 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.

“We are all pretty excited around here,” said Tom LeMasters, president and chief executive officer of the bank.

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.”