Valley-based banks roll up income in first quarter

Published: Saturday, May. 4, 2013 - 12:00 am | Page 6B
Last Modified: Sunday, May. 5, 2013 - 2:09 pm

Despite concerns over bottom-line-sapping low interest rates and a super-competitive environment for making loans, banks serving the Sacramento region continued to roll up profits in this year's first quarter.

The latest round of earnings reports for the three months ending March 31 found banks' net income running ahead of year-ago totals.

Dixon-based First Northern Community Bancorp, parent of First Northern Bank, was among those seeing gains.

First Northern – which oversees 10 branches in the region, including Sacramento and West Sacramento – reported first-quarter net income of $1.4 million, up from $1.1 million in last year's first quarter.

Total assets as of March were $852.6 million, an increase of $59.1 million over 2012.

Louise Walker, president and CEO, said, "We have excess liquidity, and our capital base is among the strongest in the industry."

The 103-year-old firm recently opened a new Walnut Creek commercial loan office.

Other bank results for the most recent quarter include:

• Redding-based North Valley Bancorp, parent company of North Valley Bank, reported net income of $1.26 million, 18 cents a share.

That was up from a profit of $480,000, 7 cents a share, in last year's first quarter.

The banking company did not record a provision for loan losses in this year's opening quarter, compared with a provision of $400,000 a year ago.

The company has 22 Northern California commercial bank offices, including offices in Placer and Yolo counties.

• Yuba City-based Bank of Feather River had net income of $140,000 in the first quarter. That was more than double the net income of $61,261 reported in the first three months of 2012.

As of March 31, the bank had total assets of $58.3 million, up from $52.2 million in the year-ago period.

• Auburn-based Community 1st Bank, which also has a Roseville branch, had a quarterly profit of $414,000, up substantially from net income of $108,000 in 2012.

"We are pleased to announce a strong start to 2013 with over 20 percent growth in loans and close to 35 percent growth in non-interest-bearing deposits compared to a year ago," said Robert Haydon, president and CEO.

• Redding-based Bank of Commerce Holdings, parent of Roseville Bank of Commerce, had first-quarter net income available to common shareholders of $2 million, 13 cents a share, compared with $1.9 million, 10 cents a share, in 2012.

"Over the past 12 months, we have experienced substantial growth in our core deposits and commercial loans. In addition, there are indications that certain sectors of the economy are finally starting to see some improvement," said Patrick Moty, president and CEO.

Call The Bee's Mark Glover, (916) 321-1184.

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