NAPA, Calif.--(BUSINESS WIRE)--Bank of Napa, N.A. (OTCBB: BNNP) announced its financial results for the period ending March 31, 2014, where the Bank earned $456,000 on a pre-tax basis versus $384,000 in the same period last year, an increase of $72,000 or 18.8%. Net income after taxes was $275,000, a decline from that which was earned in the first quarter of 2013. The decline in quarter over quarter net income was due almost exclusively to the utilization of the Bank’s deferred asset income tax benefit mentioned in previous communications to shareholders.
Total deposits at March 31, 2014 were $143.4 million, an increase from 2013 of $16.5 million. Loan totals at March 31, 2014 increased to $99.2 million, up by $5.2 million from last year. Bank of Napa’s total assets reached $166.0 million at March 31, 2014, representing a $17.7 million or 11.9% increase over the same period last year.
President and Chief Executive Officer Tom LeMasters stated, “The expiration of the DTA was anticipated and we have begun to accrue for future tax payments. We continue to be pleased with our financial metrics indicating that we are performing similarly to peer banks, and are able to profitably grow both our loan and deposit portfolios.”
During the first quarter the Office of the Comptroller of the Currency, the Banks primary regulator, concluded is regularly scheduled safety and soundness examination of the Bank and found all metrics to be in good order. At March 31, 2014, the Bank had equity capital of $21.9 million, and all capital ratios were in excess of the regulatory definition for “well capitalized” distinction.
March 31, 2014
March 31, 2013
|Return on Avg. Assets||.67%||1.17%||-%.50|
|Return on Avg. Equity||5.13%||8.38%||-%3.25|
Bank of Napa, N.A. offers a complete range of loan and deposit products and services to businesses and consumers in the Napa Valley. Its full service office is located at the corner of Redwood Road and Solano Avenue at 2007 Redwood Road, Suite 101 in the Redwood Plaza near Vallerga’s Market in Napa, CA. Bank of Napa is a member of the FDIC. Its common stock is traded on the Over the Counter Bulletin Board under the symbol BNNP and the Bank can be found on the web at www.thebankofnapa.com. Contact Information: Tom LeMasters, President & CEO, 707-257-7777.
Information contained herein may contain certain forward-looking statements that are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Bank’s earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Bank’s operations, pricing, products and services. The Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.