North Bay Business Journal

VACAVILLE — After aggressively seeking resolution for borrowers whose loans became distressed during the economic downturn, Travis Credit Union reported to regulators that the value of its delinquent loans fell 62.3 percent to $9.3 million in 2012.

SANTA ROSA — In a year that included a significant acquisition and expansion of services, AltaPacific Bancorp (OTCBB: ABNK), parent company of AltaPacific Bank, today reported net income of $1.83 million for all of 2012.

SANTA ROSA — Exchange Bank today announced that net income for all of 2012 had risen slightly versus income for 2011, meeting the bank’s projections despite a lukewarm demand for financing from both households and businesses.

DIXON — First Northern Community Bancorp (OTCQB: FNRN), holding company for First Northern Bank, reported net income of $4.6 million for all of 2012, a 70.4 percent increase from 2011.

SANTA ROSA — Summit State Bank (NASDAQ: SSBI) today announced that net income for 2012 rose 55 percent versus 2011, with $3.45 million in earnings representing 62 cents per diluted share. The bank also announced that it would pay a quarterly shareholder dividend of 9 cents per share on Feb. 23 to shareholders of record as of Feb. 15.

NOVATO — On the eve of celebrating its 23rd anniversary, Bank of Marin Bancorp (NASDAQ: BMRQ), parent company of Bank of Marin, announced record annual earnings for 2012, up 14.5 percent from the prior year.

NOVATO — In its first earnings announcement since the acquisition of assets from Arlington-based FBR Funds, Hennessy Advisors (OTCBB: HNNA) today reported net income for the three months ended Dec. 31 was 404 percent higher than a year before.

SAN RAFAEL — Citing challenges of a low-interest-rate environment, Westamerica Bancorporation (NASDAQ: WABC) announced today that net income for all of 2012 fell 7.7 percent versus 2011.

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

NOVATO — Assets under management at Hennessy Advisors, Inc. (OTCBB: HNNA) increased 22.7 percent for the fiscal year ended Sept. 30, to $919 million, according to an announcement today.

The period does not include impact from the firm’s acquisition of ten investment funds under management of Arlington Va.-based FBR Funds, a major move orchestrated throughout that fiscal year that ultimately increased Hennessy’s total assets under management to more than $3 billion.

SANTA ROSA — Second-quarter sales for Medtronic’s Cardiac and Vascular Group, which includes operations in Santa Rosa, increased 2 percent from a year before, while most other measures remained the same, according to financial results reported today.

SANTA ROSA — Agilent Technologies (NYSE: A) fourth-quarter revenues edged up 2 percent over the same period last year while the level of orders remained unchanged, but for the Santa Rosa-based Electronic Measurement Group at fiscal year-end sales declined by nearly 5 percent and orders by just more than 8 percent.

NOVATO — Raptor Pharmaceutical (Nasdaq: RPTP) reported a net fourth quarter loss, ended August 31, of approximately $10.2 million, or 20 cents per share, compared to a $3.8 million, or ll cents per share, loss for the same period last year.

Raptor’s net loss for fiscal year 2012 was approximately $38.6 million or 80 cents per share, compared to $37.2 million or $1.15 per share for the prior fiscal year.

PETALUMA — Five weeks after announcing the shipping of its solar panel microinverter technology to customers in the United Kingdom, Petaluma-based Enphase Energy (NASDAQ: ENPH) announced today that its third quarter revenue rose to an all-time high of $60.8 million. It was a 36 percent increase over revenue during the same period last year, with a 26.8 percent profit margin up 7.7 percent.

Banks across the North Bay are reporting earnings, including:

SANTA ROSA — Revenue from a one-time legal settlement helped boost net income for Summit State Bank (NASDAQ: SSBI) for the quarter ended Sept. 30, with smaller gains seen in new loans and deposits.

SANTA ROSA — Sterling Financial Corporation (NASDAQ: STSA), parent company of Sonoma Bank, today reported net income of $30.6 million for the third quarter of 2012. Those earnings represented a 170.9 percent increase versus the same quarter in 2011, driven by asset growth, increased profits from mortgage services and the sale of certain investment securities.

SAN RAFAEL — Westamerica Bancorporation (Nasdaq: WABC), the parent of Westamerica Bank, reported third-quarter net income decreased 10.7 percent from a year before, a decline attributed to a low interest-rate environment.

SANTA ROSA — AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income increased 36 percent in the third quarter and nearly tripled in the first nine months after a merger with a Southern California bank.

NOVATO — Bank of Marin Bancorp (Nasdaq: BMRC), the parent company of Bank of Marin, today reported net income rose nearly 24 percent in the third quarter and nearly 8 percent in the first nine months of this year, compared with a year before.