CHICO, Calif., April 14, 2017 (GLOBE NEWSWIRE) -- Northern California National Bank (OTC markets:NCNB) reported pretax net income of $609,000 and after tax net income of $387,000 for the three months ending March 31, 2017. This is a 37% increase in pretax net income from the $445,000 earned in the first three months of 2016 and 39% increase in after tax net income which was $279,000 for the same period in 2016. The after tax net income available to common shareholder for the quarter ended March 31, 2017 was $0.28 per basic share compared to $0.20 per basic share for the quarter ended March 31, 2016.
Financial Highlights for the quarter ended March 31, 2017
- Total assets were $216.3 million at March 31, 2017, a 7.5% increase from the March 31, 2016 balance of $201.3 million.
- Gross Loans totaled $85.0 million, up 18% from $72.3 million a year ago.
- Deposits increased 8% to a balance of $197.3 million at March 31, 2017 versus a balance of $183.3 million in 2016.
- Total shareholder’s equity increased from $17.5 million at March 31, 2016 to $18.5 million in 2017.
- The book value per common share was $13.30 at March 31, 2017 compared to $12.76 at March 31, 2016.
- The Allowance for Loan Losses was $1.205 million at the end of the first quarter in 2017 and $1.072 million at the end of the first quarter in 2016.
- 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 2017. Our large increase in earnings, deposits and loans is a direct result of the hard work of our employees and members of the Board of Directors. We continue to focus on controlling our costs while building our core banking business to reach its potential. Our customers remain our top priority and during the past year we have also focused on reaching out to businesses and individuals in the community. The positive financial results reflect these customer service and business development efforts. We welcome people from the community to come in to our Bank and experience this great customer service.”
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: Todd Lewis President/CEO Northern California National Bank (530) 899-4214
Source:Northern California National Bank