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CHICO, CA --(Marketwired - February 05, 2016) - Northern California National Bank (OTC PINK: NCNB) reported net income of $970,000 for the year ended December 31, 2015 compared to net income of $827,000 for the year ended December 31, 2014 which is an increase of 17.3%. Net Income before taxes was $1.533 million for the year ended December 31, 2015 which was an increase of 16.9% from the $1.311 million net income before taxes for the year ended December 31, 2014.
As of December 31, 2015 the total assets of the Bank were $192.2 million. This is a $30.3 million or 18.7% increase from the December 31, 2014 balance of $161.9 million. Gross loans were $73.5 million at December 31, 2015 which is a $9.1 million or 14.0% increase from the December 31, 2014 balance of $64.4 million. Deposits increased $23.8 million or 17.3% from $137.1 million at December 31, 2014 to $160.9 million at December 31, 2015.
"We are very pleased to report that Northern California National Bank continues to grow and operate in a safe and sound manner. Our 2015 financial results reflect the great efforts of our Board members and employees of the Bank during the year," said President and CEO Todd Lewis. "We are also proud to report that the Bank continued to pay a cash dividend to its shareholders for the fourth consecutive year. We encourage people from the community to come in to our Bank and experience our great service."
The Board of Directors is also very excited to announce that it has added an additional Board member. John Dahlmeier has been elected to the Board of Directors and will begin his directorship at the February 2016 Board Meeting.
John Dahlmeier is the owner of Dahlmeier Insurance Agency and is one of the Bank's original shareholders and customers.
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.
President/CEO and CFO
Northern California National Bank