NAPA, Calif.--(EON: Enhanced Online News)--Bank of Napa, N.A. (OTCBB:BNNP) announced its third quarter 2013 financial results, which included net income of $465,000. The third quarter 2013 profit represents a $29,000 improvement over earnings in the same quarter of last year. Year to date, the bank has recorded net income of $1.5 million, a $69,000 improvement over 2012.
“Our financial metrics are sound relative to peer banks and to our business plan. These results stem from the efforts of our employees who continuously prove themselves to be among the best bankers in the Napa Valley.”
Bank of Napa’s total deposits at September 30, 2013 were $135.9 million, an increase from the third quarter 2012 of $22.0 million. Loan totals at September 30, 2013 were $96.8 million, an increase of $8.4 million from the same quarter last year.
At September 30, 2013, Bank of Napa’s total assets reached $157.8 million, a $23.4 million or 17.4% increase over the same period last year.
President and Chief Executive Officer Tom LeMasters stated, “Our financial metrics are sound relative to peer banks and to our business plan. These results stem from the efforts of our employees who continuously prove themselves to be among the best bankers in the Napa Valley.” In August, the North Bay Business Journal once again designated Bank of Napa as one of the “Best Places to Work.”
At September 30, 2013, the bank had equity capital of $21.1 million, and all capital ratios were in excess of the regulatory definition for “well capitalized” distinction.
|(000 OMITTED)||Sept. 30, 2013||Sept. 30, 2012||$ Increase|
|Net Income (ytd)||$1,459||$1,390||$69|
|Diluted EPS (ytd)||$.63||$.61||$.02|
|Return on Avg. Assets||
|Return on Avg. Equity||
Bank of Napa, N.A. 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. Contact Information: M. T. 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.