Bank of Napa reports growth in 2013

NAPA -- Bank of Napa, N.A. (OTCBB: BNNP) on Thursday reported a 6.7 percent increase in net income in 2013, 13.2 percent rise in loans and 11.1 percent boost to net assets.

The bank had net income of $1,926,000 as of Dec. 31. Loans totaled $99.2 million, and net assets were $166.5 million.

"Despite operating in an industry that experienced tepid loan demand and compressed margins, we are pleased to have substantially increased the size of our balance sheet with new customer relationships," Tom LeMasters, president and chief executive officer. "For the year, we produced strong earnings for our shareholders and our credit quality remains sound."

The bank earned 83 cents per share for both years. Its return on assets was 1.27 percent for 2013, compared with 1.39 percent for 2012. Return on equity for 2013 was 9.23 percent, compared to 9.92 percent in the prior year.

Bank of Napa reported equity capital of $21.4 million as of Dec. 31. The bank noted its five-star rating from Bauer Financial for financial strength.

The price of the bank's stock was unchanged Thursday at $8.52 a share.


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