North Bay Bancorp profits climb 16%

By Reporter Staff

North Bay Bancorp, parent of The Vintage Bank in Napa County and Solano Bank in Solano County, reported Monday that profits grew by 16 percent in 2004.

Strong loan demand, excellent deposit growth and a stable interest margin were among the reasons for the higher profitability, according to a press release.

In 2004, loans grew 23 percent to $374 million, deposits grew 19 percent to $484 million, the net interest margin was virtually unchanged, return on equity increased 64 basis points, and the efficiency ratio improved by 217 points from a year ago.

Net income increased to $5.1 million in 2004 compared to $4.4 million in 2003. Fourth-quarter profits increased 21 percent to $1.6 million, compared to $1.3 million in the fourth quarter 2003.
Other highlights include earnings per diluted share increased 13 percent to $1.29 million, and revenues increased 20 percent to $27 million.

Solano Bank, now a division of The Vintage Bank, has offices in Vacaville, Fairfield, Vallejo and Benicia.