CHICO, Calif., July 19, 2017 (GLOBE NEWSWIRE) -- Northern California National Bank (OTC markets:NCNB) reported pretax net income of $1,260,000 and after tax net income of $805,000 for the six months ending June 30, 2017. This is a 39% increase in pretax net income from the $904,000 earned in the first six months of 2016 and 43% increase in after tax net income which was $564,000 for the same period in 2016. The after tax net income available to common shareholder for the quarter ended June 30, 2017 was $0.58 per basic share compared to $0.41 per basic share for the quarter ended June 30, 2016.
Financial Highlights for the quarter ended June 30, 2017
- Total assets were $213.7 million at June 30, 2017, an 8% increase from the June 30, 2016 balance of $197.7 million.
- Gross Loans totaled $84.6 million, up 15.5% from $73.2 million a year ago.
- Deposits increased 8.2% to a balance of $193.8 million at June 30, 2017 versus a balance of $179.1 million in 2016.
- Total shareholder’s equity increased from $17.9 million at June 30, 2016 to $19.1 million in 2017.
- The book value per common share was $13.74 at June 30, 2017 compared to $13.03 at June 30, 2016.
- The Allowance for Loan Losses was $1.26 million at the end of the second quarter in 2017 and $1.106 million at the end of the second 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.
President and CEO Todd Lewis said, “We are very pleased with the positive improvements in the operating results for the first six months of 2017. Our large growth in earnings, loans and deposits is a direct result of focusing on providing great service to our customers. We will continue to build our core banking business and reach out to businesses and individuals in the community that are looking for that personal touch from a local community bank.”
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