Charter Oak Bank Continues to Be Safe and Sound
Charter Oak Bank [[CHOB.OB]], headquartered in Napa, California, reported net income before tax of $200,000 during the first quarter of 2009. This represents a profit increase of $39,000 from the prior year first quarter net income before tax of $161,000. The notable improvement in income was supported by loan growth of $30.8 million from the prior year. Total loans ended the first quarter of 2009 at $129.5 million as compared to $98.7 million in 2008 — a reflection of Charter Oak Bank’s continued dedication to serving the financing needs of its community.
Deposit growth remained consistent and strong. At March 31, 2009, total deposits were $114.6 million, representing a 26.6% increase or $24.1 million from the same period last year total of $90.5 million. Total assets were $147 million as of March 31, 2009, an increase of $32 million in the past twelve months. Charter Oak Bank remains “well-capitalized” by regulatory definition with good asset quality.
“I am delighted to report that Charter Oak Bank is a safe and sound community bank with steady and solid financial performance,” stated Brian Kelly, President and CEO. “We are fortunate to be located in the Napa Valley, which exhibits a more robust economy than most.”
With no construction or sub-prime loans, Charter Oak Bank enjoys tremendous stability. In addition, the bank has only one client past due, and that loan, in dollars, equates to less than half a percent of the bank’s total portfolio. Charter Oak Bank did not need, nor participate in, the Federal government’s TARP program.
Kelly continued, “We continue to work with our customers in this challenging economy, offering, for example, a well-received Skip-A-Payment program in December. I greatly appreciate the attention, time and effort of our board and employees to keep our bank a safe and sound institution. Charter Oak Bank is a financial institution that people can trust during these tenuous economic times.”
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