Scottsdale 7/31/2010 1:24:14 AM
Bank of Napa (BNNP.OB) Reports Solid Q2 Results; Achieves First Profitable Quarter
QualityStocks would like to highlight Bank of Napa (OTCBB: BNNP). The Bank of Napa (Napa, California) was opened on August 14, 2006, by local business leaders with long term ties to the Napa Valley. Their desire was to create a bank that was built "for and by" the people of Napa, with a goal of providing a level of service that is superior to that found at other financial institutions.
In the company’s news today,
Bank of Napa posted its first profitable quarter in its operating history, reporting net income for the second quarter of 2010 at $57,000, up from a net loss of $136,000 for the second quarter of 2009.
Total deposits were $72.8 million, up from $17.8 million reported for the second quarter of 2009. Loan totals for the second quarter were $67.2 million, up from $12.98 million for the comparable quarter of 2009.
“We are pleased to attain profitability in these challenging economic times, and will continue to focus on producing consistent and conservative balance sheet growth,” Bank of Napa president and CEO Tom LeMasters stated in the press release.
For the first six months of 2010, Bank of Napa posted a net loss of $37,000, a $295,000 improvement over the first half of 2009.
The bank had total assets of $89.5 million, up 24.5 percent from $17.6 million reported for the same period of last year. Equity capital was reported at $16.5 million at June 30, 2010; equity capital ratios were “well capitalized” within regulatory definition.
Bank of Napa offers commercial banking products and services to individuals as well as business entities and non-profit organizations.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
