Northern California National Bank Announces 2017 Fiscal Year End Results

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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.

“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 .

Contact:           Todd LewisPresident/CEO Northern California National Bank(530) 899-4214

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Globe Newswire: 18:43 GMT Monday 16th April 2018

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