CHICO, Calif.--(BUSINESS WIRE)--Northern California National Bank (OTCBB:NCNB), reported a profitable 1st quarter by earning $333,000 before taxes and $210,000 after taxes for the three months ended March 31, 2015. This represents a 2.4% increase in the 1st quarter after-tax net income compared to the 1st quarter of 2014.
As of March 31, 2015, the total assets, loans and deposits were at an all-time high for the Bank. The Bank’s total assets were $178.8 million at March 31, 2015 a 3.7% increase from the March 31, 2014 balance. Loans totaled $65.2 million, up 12.2% from a year ago and deposits increased 3.1% and ended the period at a balance of $161.9 million. The Bank continues to have excellent asset quality, is considered to be well capitalized and exceeds the minimum regulatory capital requirements.
The Board of Directors at Northern California National Bank is also pleased to announce the appointment of Executive Vice President/Chief Financial Officer Todd Lewis as the Interim Chief Executive Officer and President. John Lucchesi has temporarily stepped down for personal reasons. John remains dedicated to the Bank and will continue as a director and to assist the Bank as an adviser during this period.
The Board of Directors is confident that Mr. Lewis will excel in this capacity and that the Bank’s day-to-day operations will continue to perform at the highest level.