Financial Highlights: 2006
For the three For the twelve
Months ended Months ended
December 31, December 31,
2006 2006
Interest income $ 9,929,000 $ 37,196,000
Interest expense 2,916,000 9,821,000
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Net Interest Income 7,013,000 27,375,000
Provision for loan losses (164,000) (683,000)
Non-interest income 1,070,000 6,259,000
Non-interest expense 5,625,000 21,760,000
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Income before income taxes 2,294,000 11,191,000
Provision for income taxes (735,000) ( 3,609,000)
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Net Earnings $ 1,559,000 $ 7,582,000
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Basic earnings per share $ 0.55 $ 2.67
Diluted earnings per share $ 0.54 $ 2.60
Average assets $ 590,182,000 $ 575,116,000
Average equity $ 61,762,000 $ 58,961,000
Return on average assets 1.06% 1.32%
Return on average equity 10.10% 12.86%
"Our solid financial performance during 2006 was indicative of the
commitment by our bank to provide our customers the products they want and
the superior customer service they deserve. Commitment to our customers
and the communities we serve is what differentiates us as a community
bank," stated Tom McGraw, Chief Executive Officer.
"During 2006, we were able to maintain our net interest margin at 5.26%.
Our stable deposit base and growing loan portfolio provide a solid
financial start as we prepare for the opportunities of the coming year,"
noted Mr. McGraw.
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 Website: www.fnbnorcal.com