NAPA – Bank of Napa, N.A. (OTCBB: BNNP) announced Thursday that its net income for 2011 was $1.14 million, an increase from $247,000 in the previous year and one the bank attributed to "strong core deposit growth."
The bank’s total assets grew by 32.1 percent over the course of 2011, bringing that total to $140 million at the end of the year.
The total value of loans as of Dec. 31 was $79.6 million, $3.4 million higher than at the same time in 2010. The bank reported having $18.2 million in equity capital at the end of last year, and “all capital ratios were in excess of the regulatory definition for ‘well capitalized’ distinction.”
“We take a measure of pride in producing record earnings and maintaining credit quality, while achieving substantial growth, all of which was accomplished in a challenging economy,” said President and CEO Tom LeMasters, in a statement. “As Napa Valley’s only locally owned community bank, and a bank that was awarded the Bauer Financial Five Star Rating for financial strength, we look forward to a bright future.”