Bank of Napa announces record profit in 2012

NAPA -- Bank of Napa, N.A. (OTCBB: BNNP) today announced record profit in 2012, with net income up by more than two-thirds from the year before.

Net income was $1.9 million last year, an increase of 67.8 percent.

Those earnings represented 83 cents per share, with a 1.4 percent return on average assets and a 9.9 percent return on average shareholder equity.

"We are proud to have achieved measured balance sheet growth, continued credit quality and substantially improved profitability for our shareholders," said Tom LeMasters, president and chief executive officer.

Total deposits as of Dec. 31 were $128.8 million, a $7.7 million increase versus the end of 2011. Loan totals were $87.6 million and $8 million increase. Total assets increased $9.9 million, reaching $149.9 million.

"We're in the enviable position of being Napa County's only locally based bank," a position Mr. LeMasters said has helped drive growth in new client relationships.

Bank of Napa announced that it had equity capital of $20.4 million as of Dec. 31, and noted that it was been awarded the Bauer Financial Five-Star Rating for financial strength.

 The price of the bank's stock was $7.60 a share Thursday, unchanged from Wednesday.

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