CHICO, Calif., Oct. 16, 2020 (GLOBE NEWSWIRE) -- Northern California National Bank (OTC markets: NCNB) reported net income of $2,671,000 for the nine months ending September 30, 2020. This is an 18% increase in net income from the $2,262,000 earned in the first nine months of 2019.
Financial Highlights for the quarter ended September 30 , 20 20
- Total assets were $312.0 million at September 30, 2020, an 18% increase from the September 30, 2019 balance of $265.0 million.
- Gross Loans totaled $143.0 million, up 38% from $104.0 million a year ago.
- Deposits increased 16% to a balance of $275.9 million at September 30, 2020 versus a balance of $238.2 million in 2019.
- Total shareholder’s equity increased from $25.5 million at September 30, 2019 to $29.4 million in 2020.
- The book value per common share was $20.39 at September 30, 2020 compared to $17.81 at September 30, 2019.
- The Allowance for Loan Losses was $3.12 million at the end of the third quarter in 2020 and $1.70 million at the end of the third quarter in 2019.
The Bank continues to have good asset quality, is considered to be well capitalized and exceeds the minimum regulatory capital requirements.
“This year has been very challenging for the families and businesses of our communities. Northern California National Bank has been focused on providing exceptional customer service to our customers, shareholders and the communities where we do business,” said President and CEO Todd Lewis. “With the COVID-19 Pandemic, the wildfires and all the related challenges, our Bank has worked very hard to be a positive, reliable financial resource to all the stakeholders of the Bank.”
Todd Lewis also said, “Our financial results continue to be directly related to the amazing customers, shareholders, employees and Board Members of the Bank. With the uncertainty in the economy related to the Pandemic, the Bank decided to use the gains on the sale of bonds and the fees earned on the processing of loans to add to the Allowance for Loan Losses and build up our capital at the Bank. We continue to feel it is prudent to reserve for the unknown challenges that may be ahead.”
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 and a Loan Production Office in Sacramento, CA. For more information call (530) 879-5900 or visit the website at www.norcalbank.com .
|Northern California National Bank|