Bank of Napa reported its first profitable quarter in the bank’s history with a net income in the second quarter of $57,000 compared to the second quarter loss of $136,000 in 2009.
The bank’s total deposits at June 30 were $72.8 million, an increase from the second quarter of 2009 of $17.8 million. Loan totals at June 30 were $67.2 million, an increase of $12.9 million from the same quarter last year.
Tom LeMasters, the bank’s president and chief executive officer said, “We are pleased to attain profitability in these challenging economic times and will continue to focus on producing consistent and conservative balance sheet growth.”
At June 30, Bank of Napa had total assets of $89.5 million, representing a $17.6 million or 24.5 percent increase over the same period last year.
Luther Burbank Savings in Santa Rosa, Sonoma County’s largest financial institution, reported total assets of $3.47 billion as of June 30, essentially flat from the same time in 2009. Loans were $3.36 billion.