CHICO, Calif., April 16, 2018 (GLOBE NEWSWIRE) -- Northern California National Bank (OTC markets:NCNB) reported pretax net income of $2,742,000 and after tax net income of $1,615,000 for the fiscal year ending December 31, 2017. This is a 44% increase in pretax net income from the $1,912,000 earned in the fiscal year 2016 and a 33% increase in after tax net income which was $1,210,000 for the fiscal year end 2016.
The fiscal year 2017 after tax net income includes a one-time tax expense of approximately $137,000 that related to the new tax law passed in December of 2017. Without this tax adjustment the after tax net income would have been $1,752,000 or a 46% increase from the fiscal year 2016.
Financial Highlights for the fiscal year ended December 31, 2017
- Total assets were $222 million at December 31, 2017, a 10% increase from the December 31, 2016 balance of $202 million.
- Loans totaled $97.3 million, up 17% from $82.9 million a year ago.
- Deposits increased 13% with a balance of $201.8 million at December 31, 2017 versus a balance of $179.3 million in 2016.
- Total shareholder’s equity increased from $17.9 million at December 31, 2016 to $19.7 million in 2017.
- The book value per common share was $13.89 at December 31, 2017 compared to $12.94 at December 31, 2016.
- The Allowance for Loan Losses was $1.251 million at the end of the fiscal year 2017 and $1.150 million at the end of the fiscal year 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 financial performance in 2017,” said President and CEO Todd Lewis. “The Bank continues to have excellent growth in income, loans and deposits over last year. Our cost control has remained the core tenet of our operations and allowed us to show a large percentage increase in income this year. We are committed to providing exceptional service to customers, while providing a good return for our shareholders on their investment in the Bank. The Bank paid a $0.20 per share dividend, marking the sixth consecutive year the Bank has paid a dividend. We are very proud of the work we do for our customers, shareholders and the people in the community.”
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.