North Bay Bancorp's Third Quarter Profits Increase 45%, Loan Portfolio Grows 11% and Core Deposits Increase 16%.
Business Wire › October 26, 2005
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North Bay Bancorp's Third Quarter Profits Increase 45%, Loan Portfolio Grows 11% and Core Deposits Increase 16%.
NAPA, Calif. -- North Bay Bancorp (Nasdaq:NBAN), holding company for The Vintage Bank and its Solano Bank division, today announced profits grew 45% in the third quarter of 2005. Total assets grew 14% compared with the third quarter of 2004, with 11% growth in the loan portfolio and a 16% increase in core deposits from previous year levels. Net income totaled $1.8 million, or $0.45 per diluted share in the third quarter, compared to $1.3 million, or $0.32 per diluted share in the third quarter of 2004. For the first nine months of 2005, net income grew 39% to $4.9 million, or $1.23 per diluted share, compared to $3.5 million, or $0.89 per diluted share in the first nine months of 2004.
"Our third quarter results evidence the success of our plan to improve efficiency and profitability. We are exceeding our goal for profit growth despite significant costs being incurred in association with SOX Section 404 compliance. Our strong net in...See the full content of this document
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