NAPA -- After a profitable third quarter including growth in its loan portfolio, Bank of Napa N.A. (OTCBB: BNNP) has exceeded $150 million in assets for the first time in its seven-year history.
Total assets were $157.8 million at the end of the three-month period ended Sept. 30, an increase of 17.4 percent from the same period last year, according to the bank's quarterly financial announcement.
"The financial performance of the bank has been very steady over the years," said Tom LeMasters, president and CEO. "With a young bank like ours, we expect to be breaking some sort of record every quarter."
The Napa-based bank saw net income rise 5 percent for the first nine months of the year compared to 2012, with $1.5 million in income for the period. The bank had $465,000 in net income for the three-month period ended Sept. 30, up $29,000 from the comparable quarter last year.
Deposits increased by $22 million between the two quarters, now at $135.9 million. The bank had $96.8 million in loans, up $8.4 million from last year.
Earnings per share of 63 cents represented a two cent increase from last year.