North Bay Business Journal

Strong 2011 puts Exchange Bank closer to ‘primary objective’ of dividend

Santa Rosa-based Exchange Bank earned $12.2 million in net income over the course of 2011, a 19 percent increase from the prior year that the bank attributed to developments such as strong core earnings and a reduction in problem assets.

Assets reach all-time high at Community First

Community First Credit Union’s net assets reached $130 million at the end of 2011, the highest-ever value for the 51-year-old institution.

Summit State Bank earnings rise 23 percent in 2011

SANTA ROSA – Summit State Bank (NASDAQ: SSBI) today reported net income increased 23 percent in 2011 from 2010.

Bank of Marin reports profit in 2011

NOVATO — Bank of Marin Bancorp (NASDAQ: BMRC), the parent company of Bank of Marin, announced today that the bank’s annual net income increased by 14.8 percent in 2011.

Westamerica cites rate pressure in 2011 earnings decrease

SAN RAFAEL – Westamerica Bancorporation (NASDAQ: WABC), the parent company of Westamerica Bank, said in a report today that a low interest rate environment pressuring the banking industry led to a decrease in income in 2011.

Hennessy Advisors increases dividend

NOVATO – The board of directors for Hennessy Advisors (OTCBB: HNNA), the Novato-based investment management firm, announced a 25 percent increase in its annual cash dividend today; from 10 cents to 12.5 cents per share for calendar year 2012.

Net income jumps at Bank of Napa for 2011

NAPA – Bank of Napa, N.A. (OTCBB: BNNP) announced today 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.”

Autodesk third-quarter earnings increase 22 percent

SAN RAFAEL — Design software maker Autodesk Inc. (Nasdaq: ADSK) today reported its third-quarter net income increased 22.9 percent in the previous 12 months, and net revenues rose 15.1 percent in that timeframe.

Summit State Bank, AltaPacific, Bank of Napa report improved earnings

The most recent round of third quarter earnings reports from around the region.

Summit State Bank reports 26% increase in income

Summit State Bank reported $409,000 in net income for the third quarter of 2011, a 26 percent increase over the same quarter last year.

Banking: BofA hires wealth advisers; Circle, Bank of Marin earnings rise

Bank of America has hired 10 advisers across Sonoma and Marin counties for its Merrill Edge Financial Solutions Advisers division.

Bank of Napa third-quarter earnings more than double

Bank of Napa, N.A., reported a net income of $249,000 in the third quarter of 2011, a $176,000 increase over the same quarter last year.

Westamerica increases dividend; earnings $22.4 million

Westamerica Bancorporation’s board of directors declared a quarterly cash dividend of $0.37 per common stock share on Thursday, a one-cent increase per share from the previous quarter.

Bank of Marin reports 26 percent increase in earnings

NOVATO – Shareholders of the Novato-based Bank of Marin will see a 1-cent increase in their quarterly cash dividend after the bank’s board of directors voted to increase the payment to 17 cents per share on Friday. The vote came after the bank’s $4.2 million in reported earnings for the third quarter of 2011, up 26 percent from the same quarter last year, according to a release from the bank today.

Circle Bank posts 49th consecutive profitable quarter

NOVATO — Novato-based Circle Bank posted its 49th-consecutive profitable quarter this week, surpassing its net income in the second quarter by 51.8 percent.

Medtronic CardioVascular first-quarter revenue grows 17 percent

SANTA ROSA –Medtronic’s Cardiac and Vascular Group, which includes the Santa Rosa-based CardioVascular division, today reported sales in the first quarter of fiscal 2012 of $2.21 billion, an increase of 3 percent.

Group revenues were $850 million, an increase of 11 percent when adjusted for foreign currency, according to the company. The CardioVascular division had $575 million in sales for the first quarter ended July 29, an increase of nearly 17 percent from $493 million for the same timeframe last year.

Autodesk second-quarter revenue rises 16 percent

SAN RAFAEL — Sales of design software in east Asia, for manufacturing and related to building information modeling of construction projects led second-quarter revenue growth for Autodesk Inc. (Nasdaq: ADSK), which today reported a 16 percent gain from a year ago.

Agilent division has ‘historic’ third quarter

Agilent Technologies Inc. (NYSE: A) reported strong growth for the third quarter of 2011, with its Santa Rosa-headquartered Electronic Measurement Group revenues up 24 percent over a year ago. Orders for the division increased 12 percent in that timeframe. The group is adding staff to its tech center and changing internal layouts to increase manufacturing capacity.

River Rock Casino revenues $31.2 million for quarter

GEYSERVILLE — The River Rock Authority, operator of the River Rock Casino, said net revenues for the second quarter ended June 30 this year were $31.2 million, compared to $32.4 million during the same period last year.

First Northern Community Bancorp reports improving results

DIXON – First Northern Community Bancorp (OTCBB: FNRN), the holding company for First Northern Bank, reported its sixth consecutive positive earnings quarter July 28, 2011, and the strongest six-month start since the beginning of the financial crisis.