Northern California National Bank Announces 2020 Second Quarter Results

CHICO, Calif., July 24, 2020 (GLOBE NEWSWIRE) -- Northern California National Bank (OTC markets: NCNB) reported net income of $1,680,000 for the six months ending June 30, 2020. This is a 12% increase in net income from the $1,495,000 earned in the first six months of 2019.   

Financial Highlights for the quarter ended June 30, 2020

• Total assets were $304.0 million at June 30, 2020, an 18% increase from the June 30, 2019 balance of $258.0 million.
• Gross Loans totaled $139.0 million, up 36% from $102.5 million a year ago.
• Deposits increased 13% to a balance of $263.6 million at June 30, 2020 versus a balance of $233.2 million in 2019.
• Total shareholder’s equity increased from $24.4 million at June 30, 2019 to $28.3 million in 2020. 
• The book value per common share was $19.56 at June 30, 2020 compared to $17.03 at June 30, 2019.
• The Allowance for Loan Losses was $3.12 million at the end of the second quarter in 2020 and $1.67 million at the end of the second quarter in 2019.
• The Bank continues to have good asset quality, is considered to be well capitalized and exceeds the minimum regulatory capital requirements.

“We are very proud of the help and support we have provided to our customers during the first 6 months of 2020,” said President and CEO Todd Lewis. “With the COVID-19 Pandemic and all the related challenges, our Bank has stepped up and provided exceptional customer service in a very difficult environment. We worked day and night to provide PPP loans to customers as well as many other critical banking products.”

Todd Lewis also said, “Our positive financial results continue to be directly related to the great customers, shareholders, employees and Board Members of the Bank. With the uncertainty in the economy related to the Pandemic, the Bank decided to increase the Allowance for Loan Losses significantly in the second quarter. We felt it was prudent to add to our reserves and prepare for any challenges that lie 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.