SOUTH SAN FRANCISCO, CA--(Marketwire - Jul 28, 2011) - FNB Bancorp (
"As mentioned in our first quarter earnings release, the Bank has opened our newest branch, located in the Marina District of San Francisco, California. As of June 30, 2011, this branch already had a funded loan portfolio of $1.9 million and a deposit base of $3.7 million. This type of branch expansion into neighborhoods where our Bank can make a positive difference is one way we can profitably grow the Bank," stated Tom McGraw, Chief Executive Officer.
"The marketplace currently has an abundance of cash and liquid assets, which helped the Bank increase our deposit base by approximately $68 thousand during the first six months of 2011. Loan demand has remained weak, with many of our customers reducing their outstanding balances on their lines of credit and generally deleveraging their balance sheets. As a result, our loan portfolio has decreased $15.1 million during this same time period," continued Tom McGraw.
"During the second quarter of 2011, we reduced the number of DDA accounts that are not charged a monthly service charge and increased our NSF charges. These changes were necessary in order to keep our Bank financially strong while we continue to offer our customers a quality banking experience. We offer a high touch banking relationship where we actively get to know our customers and consult with them regarding their banking needs. We strive to bring them credit when they need it, deposit products that are appropriate, and assist them in understanding how their bank can help them manage their balance sheet positions and their cash flows," continued CEO McGraw.
| Financial Highlights: Second Quarter, 2011 | |||||||||||||||||
| Consolidated Statements of Earnings | |||||||||||||||||
| (in '000s except earnings per share amounts) | |||||||||||||||||
| Three months | Three months | Six months | Six months | ||||||||||||||
| ended | ended | ended | ended | ||||||||||||||
| June 30, | June 30, | June 30, | June 30, | ||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||
| Interest income | $ | 8,270 | $ | 8,756 | $ | 16,489 | $ | 17,416 | |||||||||
| Interest expense | 857 | 1,330 | 1,741 | 3,030 | |||||||||||||
| Net interest income | 7,413 | 7,426 | 14,748 | 14,386 | |||||||||||||
| Provision for loan losses | (400 | ) | (315 | ) | (850 | ) | (565 | ) | |||||||||
| Noninterest income | 1,389 | 1,025 | 2,402 | 2,126 | |||||||||||||
| Noninterest expense | 6,772 | 7,236 | 13,520 | 13,775 | |||||||||||||
| Income before income taxes | 1,630 | 900 | 2,780 | 2,172 | |||||||||||||
| Provision for income taxes | (450 | ) | (161 | ) | (797 | ) | (429 | ) | |||||||||
| Net earnings | 1,180 | 739 | 1,983 | 1,743 | |||||||||||||
| Dividends and discount accretion on preferred stock |
214 |
214 |
428 |
426 |
|||||||||||||
| Net earnings available to common shareholders | $ | 966 |
$ | 525 |
$ | 1,555 |
$ | 1,317 |
|||||||||
| Basic earnings per share | $ | 0.29 | $ | 0.16 | $ | 0.47 | $ | 0.39 | |||||||||
| Diluted earnings per share | $ | 0.29 | $ | 0.16 | $ | 0.46 | $ | 0.39 | |||||||||
| Average assets | $ | 713,116 | $ | 693,481 | $ | 711,994 | $ | 727,682 | |||||||||
| Average equity | $ | 82,638 | $ | 79,903 | $ | 82,007 | $ | 79,663 | |||||||||
| Return on average assets | 0.54 | % | 0.30 | % | 0.44 | % | 0.36 | % | |||||||||
| Return on average equity | 4.68 | % | 2.63 | % | 3.79 | % | 3.31 | % | |||||||||
| Efficiency ratio | 77 | % | 86 | % | 79 | % | 83 | % | |||||||||
| Net interest margin (taxable equivalent) | 4.98 | % | 4.89 | % | 4.97 | % | 4.79 | % | |||||||||
| Average shares outstanding | 3,342 | 3,341 | 3,342 | 3,341 | |||||||||||||
| Average diluted shares outstanding | 3,368 | 3,341 | 3,363 | 3,350 | |||||||||||||
| Financial Highlights: Second Quarter, 2010 | |||||||||||||
| Consolidated Balance Sheets | |||||||||||||
| (in '000s) | |||||||||||||
| As of | As of | As of | As of | ||||||||||
| June 30, | December 31, | June 30, | December 31, | ||||||||||
| 2011 | 2010 | 2010 | 2009 | ||||||||||
| Assets: | |||||||||||||
| Cash and cash equivalents | $ | 68,654 | $ | 60,874 | $ | 60,876 | $ | 62,853 | |||||
| Securities available for sale | 143,164 | 126,189 | 125,976 | 97,188 | |||||||||
| Loans, net | 459,756 | 474,828 | 480,652 | 494,349 | |||||||||
| Premises, equipment and leasehold improvements, net | 13,647 |
13,535 |
11,762 |
11,784 |
|||||||||
| Other real estate owned | 2,438 | 6,680 | 8,677 | 7,320 | |||||||||
| Goodwill | 1,841 | 1,841 | 1,841 | 1,841 | |||||||||
| Other assets | 28,948 | 30,692 | 32,027 | 32,974 | |||||||||
| Total assets | $ | 718,448 | $ | 714,639 | $ | 721,811 | $ | 708,309 | |||||
| Liabilities and stockholders' equity: | |||||||||||||
| Deposits: | |||||||||||||
| Demand and NOW | $ | 201,150 | $ | 197,650 | $ | 186,384 | $ | 177,883 | |||||
| Savings and money market | 313,744 | 305,390 | 313,613 | 293,758 | |||||||||
| Time | 113,614 | 125,400 | 120,169 | 127,323 | |||||||||
| Total deposits | 628,508 | 628,440 | 620,166 | 598,964 | |||||||||
| Federal Home Loan Bank advances | - | - | 15,000 | 25,000 | |||||||||
| Accrued expenses and other liabilities | 6,010 | 5,275 | 5,977 | 5,480 | |||||||||
| Total liabilities | 634,518 | 633,715 | 641,143 | 629,444 | |||||||||
| Stockholders' equity | 83,930 | 80,924 | 80,668 | 78,865 | |||||||||
| Total liab. and stockholders' equity | $ | 718,448 | $ | 714,639 | $ | 721,811 | $ | 708,309 | |||||
| Other Financial Information | |||||||||||||
| Allowance for loan losses | $ | 9,719 | $ | 9,524 | $ | 9,076 | $ | 9,829 | |||||
| Nonperforming assets | $ | 18,282 | $ | 23,392 | $ | 22,775 | $ | 32,912 | |||||
| Total gross loans | $ | 469,475 | $ | 484,352 | $ | 489,728 | $ | 504,178 | |||||
Cautionary Statement: This release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those stated herein. Management's assumptions and projections are based on their anticipation of future events and actual performance may differ materially from those projected. Risks and uncertainties which could impact future financial performance include, among others, (a) competitive pressures in the banking industry; (b) changes in the interest rate environment; (c) general economic conditions, either nationally or regionally or locally, including fluctuations in real estate values; (d) changes in the regulatory environment; (e) changes in business conditions or the securities markets and inflation; (f) possible shortages of gas and electricity at utility companies operating in the State of California, and (g) the effects of terrorism, including the events of September 11, 2001, and thereafter, and the conduct of war on terrorism by the United States and its allies. Therefore, the information set forth herein, together with other information contained in the periodic reports filed by FNB Bancorp with the Securities and Exchange Commission, should be carefully considered when evaluating its business prospects. FNB Bancorp undertakes no obligation to update any forward-looking statements contained in this release.
Contact Information:
Contacts:
Tom McGraw
Chief Executive Officer
(650) 875-4864
Dave Curtis
Chief Financial Officer
(650) 875-4862