NAPA -- While assets and pre-tax income have grown at Bank of Napa, N.A. (OTCBB: BNNP), the bank announced today that net income was 9.4 percent lower comparing the first three months of 2013 to the same period in 2012. The change was largely attributable to a reduction in the bank's income tax benefit from the prior year, according to the announcement.
The bank had $424,000 in net income for the first quarter, equivalent to 18 cents per diluted share. Pre-tax income was up 17 percent.
Total loans at the bank increased by $13.5 million compared to the same period in 2012, to nearly $94 million. Deposits were $126.9 million as of March 31, up $9.2 million. Total assets were up 8.2 percent, now at $148.3 million.
Bank of Napa's return on average assets was 1.17 percent, down 0.23 percent, and its return on average equity was 8.38 percent, down 1.85 percent.
"We are pleased with our first quarter results. Despite a tepid, though improving economy, our bank was able to profitably grow both its loan and deposit portfolios," said Tom LeMasters, president and chief executive.