Northern California National Bank Announces 2016 Second Quarter Results

CHICO, CA--(Marketwired - July 21, 2016) - Northern California National Bank (OTC PINK: NCNB) reported pretax net income of $904,000 and after tax net income of $564,000 for the six months ending June 30, 2016. This is a 22% increase in pretax net income from the $741,000 earned in the first six months of 2015 and a 20% increase in after tax net income which was $469,000 for the same period in 2015. The after tax net income available to common shareholders for the quarter ended June 30, 2016 was $0.41 per basic share compared to $0.34 per basic share for the quarter ended June 30, 2015.

Financial Highlights for the quarter ended June 30, 2016

• Total assets were $197.7 million at June 30, 2016, a 9% increase from the June 30, 2015 balance of $180.9 million.
• Loans totaled $73.2 million, up 8% from $67.5 million a year ago.
• Deposits increased 9% to a balance of $179.1 million at June 30, 2016 versus a balance of $163.9 million in 2015.
• Total shareholder's equity increased from $16.5 million at June 30, 2015 to $17.9 million in 2016.
• The book value per common share was $13.03 at June 30, 2016 compared to $12.38 at June 30, 2015.
• The Allowance for Loan Losses was $1.106 million at the end of the second quarter in 2016 and $949 thousand at the end of the second 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 pleased with our operating results in the first half of 2016," said President/CEO Todd Lewis. "The Bank continues to have good growth in income, loans and deposits over last year. We are focused in reaching out to the community and providing great banking services to the people and the businesses in our area. All the employees of the Bank will continue to work hard to continue to improve our financial results and increase our shareholder value."

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.

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