NAPA - Bank of Napa announced its fourth consecutive quarterly net profit since its founding. The bank recorded net income of $173,000 in the first quarter of 2011, an improvement of over $267,000 from the same quarter last year.
“While the economic climate has shown only moderate improvement, we are pleased with our results,” said Tom LeMasters, president and chief executive officer of the five-year-old bank. “Our focus remains on attracting local business relationships while applying conservative loan underwriting principles. Considering the unprecedented changes to the local community bank market, we remain optimistic about our prospects for continued growth.”
Total deposits were $91.4 million, an increase of $17.2 million in the same quarter the previous year.
Total loans were $76.2 million, an increase of $12.1 million from last year.
Bank of Napa had total assets of $108.7 million at March 31, 2011, representing a $17.9 million or 19.7 percent increase over the same period last year.
Bank of Napa has earned a “Five Star ‘Superior’ Rating”, from Bauer Financial Inc. The rating from Bauer, the leading independent bank rating firm, is based upon Bank of Napa’s financial strength and credit quality.