Bank of Napa today 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. The company was founded in 2006 and is based in Napa, Calif.
For more information visit www.thebankofnapa.com