SOURCE: Northern California National Bank

April 22, 2016 13:34 ET

Northern California National Bank Announces 2016 First Quarter Results

CHICO, CA--(Marketwired - April 22, 2016) - Northern California National Bank (OTC PINK: NCNB), reported pretax net income of $445,000 and after tax net income of $279,000 for the three months ending March 31, 2016. This is a 34% increase in pretax net income from the $333,000 earned in the first three months of 2015 and 33% increase in after tax net income which was $210,000 for the same period in 2015. The after tax net income available to common shareholders for the quarter ended March 31, 2016 was $0.20 per basic share compared to $0.15 per basic share for the quarter ended March 31, 2015.

Financial Highlights for the quarter ended March 31, 2016

  • Total assets were $201.3 million at March 31, 2016 a 13% increase from the March 31, 2015 balance of $178.8 million.
  • Loans totaled $72.3 million, up 11% from $65.2 million a year ago
  • Deposits increased 13% to a balance of $183.3 million at March 31, 2016 verses a balance of $161.9 million in 2015.
  • Total shareholder's equity increased from $16.5 million at March 31, 2015 to $17.5 million in 2016.
  • The book value per common share was $12.76 at March 31, 2016 compared to $12.05 at March 31, 2015.
  • The Allowance for Loan Losses was $1.072 million at the end of the first quarter in 2016 and $994 thousand at the end of the first quarter in 2015.
  • 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 with our operating results in the first quarter of 2016," said President/CEO Todd Lewis. "The Bank had significant increases in income, loans and deposits over the last year. We have focused on a community outreach and business development program and believe these efforts have been the driving force behind our positive results and will continue to improve our shareholder value into the future. All the employees of the Bank will continue to work with shareholders, customers, board members and people in our community to provide superior community banking services."

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