Bank of Napa Reports First Ever Profitable
Quarter - Growth Trend Continues
July 29, 2010 05:03 PM Eastern Daylight Time
NAPA, Calif.--(EON: Enhanced Online News)--Bank of Napa, N.A. (OTCBB:BNNP) announced its second
quarter 2010 financial results, which included the first profitable quarter in the bank’s history. Net income in the
second quarter of 2010 was $57,000, a substantial improvement over second quarter 2009 loss of $136,000.
The bank’s total deposits at June 30, 2010 were $72.8 million, an increase from the second quarter of 2009 of
$17.8 million. Loan totals at June 30, 2010 were $67.2 million, an increase of $12.9 million from the same quarter
Through the first six months of 2010 Bank of Napa, which opened for business on August 14, 2006, posted a net
loss of $37,000, a $295,000 improvement over the first half of 2009.
At June 30, 2010, Bank of Napa had total assets of $89.5 million, representing a $17.6 million or 24.5% increase
over the same period last year.
President and Chief Executive Officer Tom LeMasters stated, “We are pleased to attain profitability in these
challenging economic times, and will continue to focus on producing consistent and conservative balance sheet
At June 30, 2010, the bank had equity capital of $16.5 million, and all capital ratios were in excess of the regulatory
definition for “well capitalized” distinction.
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.
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 simil