[ACCESSWIRE]
NAPA, CA / ACCESSWIRE / October 19, 2017 / Bank of Napa, N.A. (OTCQB: BNNP) announced its financial results for the nine-month period ending September 30, 2017, where the Bank earned $1,351,000, versus $1,258,000 in the same period last year, an increase of $93,000, or 7.4%. Net income in the third quarter of 2017 was $359,000, a decrease of $89,000 from that which was earned in the same period last year. The decrease in quarterly net income was attributable to merger-related expenses. On July 31, 2017, the Bank entered into a definitive agreement with Bank of Marin (NASDAQ: BMRC) whereby Bank of Marin will acquire all of the Bank's stock and assets. Transaction-related expenses totaled $279,000 for the quarter.
Total deposits at September 30, 2017 were $226.1 million, representing an increase from the balance outstanding at September 30, 2016 of $12.0 million. Gross loan totals at September 30, 2017 increased to $140.5 million, up by $12.8 million from last year. Bank of Napa's total assets reached $255.3 million at September 30, 2017, representing a $13.0 million or 5.4% increase over the same period last year.
At September 30, 2017, the Bank had equity capital of $27.8 million, and all capital ratios were in excess of the regulatory definition for "well capitalized" distinction.
(000 OMITTED) | | September 30, 2017 | | | September 30, 2016 | | | Change | |
Total Assets | | $ | 255,282 | | | $ | 242,336 | | | $ | 12,946 | |
Total Gross Loans | | $ | 140,459 | | | $ | 127,742 | | | $ | 12,717 | |
Total Deposits | | $ | 226,133 | | | $ | 214,129 | | | $ | 12,004 | |
Net Income (YTD) | | $ | 1,351 | | | $ | 1,258 | | | $ | 93 | |
Diluted EPS (YTD) | | $ | 0.55 | | | $ | 0.53 | | | $ | 0.02 | |
Return on Avg. Assets | | | 0.73 | % | | | 0.74 | % | | | (0.01 | )% |
Return on Avg. Equity | | | 6.75 | % | | | 6.61 | % | | | .14 | % |
Bank of Napa, N.A. offers a complete range of loan and deposit products, and services to businesses and consumers in the Napa Valley. It operates two full service offices: at the corner of Redwood Road and Solano Avenue at 2007 Redwood Road, Suite 101; and at Second and Seminary Streets at 1715 Second Street, in Napa CA. Bank of Napa is a member of the FDIC. Its common stock is traded on the OTCQB under the symbol BNNP and the Bank can be found on the web at www.thebankofnapa.com. Contact Information: Tom LeMasters, President & CEO, 707-257-7777.
Contact Information:
Tom LeMasters
President & CEO
707-257-7777
The 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.
