SOURCE: Northern California National Bank

January 18, 2017 16:23 ET

Northern California National Bank Announces 2016 Annual Results & Board Member Addition

CHICO, CA--(Marketwired - January 18, 2017) - Northern California National Bank (OTC PINK: NCNB) reported net income of $1,210,000 for the year ended December 31, 2016 compared to net income of $970,000 for the year ended December 31, 2015 which is an increase of 24.7%. Net Income before taxes was $1.912 million for the year ended December 31, 2016 which was an increase of 24.7% from the $1.533 million net income before taxes for the year ended December 31, 2015.

Financial Highlights for the year ended December 31, 2016

  • Total assets were $202.2 million at December 31, 2016, a 5.2% increase from the December 31, 2015 balance of $192.2 million.
  • Gross Loans totaled $83.1 million, up 13% from $73.5 million a year ago.
  • Deposits increased 11.4% to a balance of $179.3 million at December 31, 2016 versus a balance of $160.9 million in 2015.
  • Total shareholder's equity increased from $17.1 million at December 31, 2015 to $17.9 million in 2016.
  • The book value per common share was $12.97 at December 31, 2016 compared to $12.40 at December 31, 2015.
  • The Allowance for Loan Losses was $1.150 million at the end of the year in 2016 and $1.056 million at the end of the year in 2015.
  • The Bank increased the payment of a cash dividend from $0.15 per share in 2015 to $0.20 per share in 2016. Dividends have been paid for 5 consecutive years.
  • The Bank continues to have extremely good asset quality, is considered to be well capitalized and exceeds the minimum regulatory capital requirements.

"We are very pleased to report that Northern California National Bank continues to perform at a very high level. Our 2016 financial results reflect the continued great efforts of our Board members and employees of the Bank during the year," said President and CEO Todd Lewis. "We are also proud to report that the Bank increased the cash dividend paid to its shareholders. We welcome people from the community to come in to our Bank and experience our great service."

The Board of Directors is also very excited to announce that it has elected Jim Holt as an additional Board member. Jim Holt is a retired CPA and is the former CEO of Matson and Isom and former partner with K-COE ISOM.

Located at the corner of 7th Avenue and Mangrove, Northern California National Bank is a locally owned and operated bank servicing the needs of the businesses and individuals in Northern California since March 2006. The Bank has a full service branch in Chico, CA. For more information call (530) 879-5900 or visit the website at www.norcalbank.com.

Contact Information

  • Contact:
    Todd Lewis
    President/CEO
    Northern California National Bank
    (530) 899-4214