NAPA, CA / ACCESSWIRE / October 16, 2014 / Bank of Napa, N.A. (OTCBB: BNNP) announced its third quarter 2014 financial results, which included net income before taxes of $581,000. Year to date, the bank earned net income before taxes of $1.5 million, representing an increase of $209,000 over 2013.
Net income after taxes was $347,000 in the third quarter of 2014, as compared to $465,000 in the third quarter of 2013. For the nine months ended September 30, 2014 net income after taxes equaled $922,000, as compared to $1,459,000 generated for the nine months ended September 30, 2013. The year to date decline of $537,000 from that which was earned in 2013 was due to the Bank's required accrual for income taxes mentioned in previous communications to shareholders.
Bank of Napa's total deposits at September 30, 2014 were $148.5 million, an increase from the third quarter 2013 of $12.6 million. Loan totals at September 30, 2014 were $104.4 million, an increase of $7.6 million from the same quarter last year.
At September 30, 2014, Bank of Napa's total assets reached $172.3 million, a $14.5 million or 9.2% increase over the same period last year.
President and Chief Executive Officer Tom LeMasters noted that the third quarter proved to be quite an active one for Bank of Napa. "In addition to producing sound financial results, our employees responded selflessly in response to the recent earthquake. Despite suffering personal loss, a team of employees came to the Bank on the Sunday afternoon of the quake to assure that we would be ready to serve our customers. Fortunately, our Bank suffered only mild damage, all of which has since been repaired, and it was 'business as usual' on Monday."
At September 30, 2014, the bank had equity capital of $22.8 million, and all capital ratios were in excess of the regulatory definition for "well capitalized" distinction.
--------------------------------------------------------------------- |(000 OMITTED) |Sept. 30, 2014|Sept. 30, 2013|Change | --------------------------------------------------------------------- |Total Assets |$172,292 |$157,760 |$14,532| --------------------------------------------------------------------- |Total Loans |$104,420 |$96,837 |$7,583 | --------------------------------------------------------------------- |Total Deposits |$148,514 |$135,877 |$12,637| --------------------------------------------------------------------- |Net Income (ytd before taxes)|$1,536 |$1,327 |$209 | --------------------------------------------------------------------- |Net Income (ytd) |$922 |$1,459 |($537) | --------------------------------------------------------------------- |Diluted EPS (ytd) |$.40 |$.63 |($.23) | --------------------------------------------------------------------- |Return on Avg. Assets |.74% |1.32% |(.58)% | --------------------------------------------------------------------- |Return on Avg. Equity |5.55% |9.44% |(3.89)%| ---------------------------------------------------------------------
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.
SOURCE: Bank of Napa, N.A.