Financial Highlights: Fourth Quarter, 2009
Consolidated Statements of Earnings
(in '000s except earnings per share amounts)
Three months Three months Year Year
ended ended ended ended
December 31 December 31 December 31 December 31
2009 2008 2009 2008
------------ ------------ ------------ ------------
Interest income $ 8,980 $ 9,612 $ 35,817 $ 39,427
Interest expense 2,037 2,619 9,011 11,507
------------ ------------ ------------ ------------
Net interest
income 6,943 6,993 26,806 27,920
Provision for loan
losses (900) (1,455) (4,596) (3,045)
Noninterest income 1,111 1,876 5,377 5,043
Noninterest expense 6,970 6,400 27,575 25,344
------------ ------------ ------------ ------------
Interest before
income taxes 184 1,014 12 4,574
Provision for
income taxes 331 (75) 581 (611)
------------ ------------ ------------ ------------
Net earnings
(loss) 515 939 593 3,963
Dividends and
discount
accretion on
preferred stock 213 -- 632 --
Net earnings (loss)
available to
common ------------ ------------ ------------ ------------
shareholders $ 302 $ 939 $ (39) $ 3,963
============ ============ ============ ============
Basic earnings per
share $ 0.09 $ 0.29 $ (0.01) $ 1.23
Diluted earnings
per share $ 0.09 $ 0.29 $ (0.01) $ 1.22
Average assets $ 708,546 $ 666,835 $ 683,829 $ 658,108
Average equity $ 78,946 $ 67,270 $ 77,367 $ 67,488
Return on average
assets 0.17% 0.56% -0.02% 0.60%
Return on average
equity 1.53% 5.58% -0.20% 5.87%
Efficiency ratio 87% 72% 86% 77%
Net interest margin
(taxable
equivalent) 4.61% 4.69% 4.47% 4.75%
Average shares
outstanding 3,182 3,184 3,182 3,232
Average diluted
shares outstanding 3,191 3,192 3,203 3,242
Financial Highlights: Fourth Quarter, 2009
Consolidated Balance Sheets
(in '000s) As of As of
December 31, December 31,
2009 2008
------------ ------------
Assets:
Cash and cash
equivalents $ 62,853 $ 14,865
Securities
available for sale 97,188 99,221
Loans, net 494,349 497,984
Premises, equipment
and leasehold
improvements 11,784 13,030
Other real estate
owned 7,320 3,557
Goodwill 1,841 1,841
Other assets 32,974 30,459
------------ ------------
Total assets $ 708,309 $ 660,957
============ ============
Liabilities and stockholders' equity:
Deposits:
Demand and NOW $ 177,883 $ 179,688
Savings and money
market 293,758 179,382
Time 127,323 141,840
------------ ------------
Total deposits 598,964 500,910
Federal Home Loan
Bank advances 25,000 86,100
Federal funds
purchased -- --
Accrued expenses
and other
liabilities 5,480 5,798
------------ ------------
Total liabilities 629,444 592,808
Stockholders'
equity 78,865 68,149
------------ ------------
Total liab. and
stockholders'
equity $ 708,309 $ 660,957
============ ============
Other Financial
Information
Allowance for loan
losses $ 9,829 $ 7,075
Nonperforming
assets $ 32,912 $ 17,659
Total gross loans $ 504,178 $ 505,059
"Management worked hard during 2009 to keep losses at the bank to a
minimum. We continue to work with borrowers that may be having financial
difficulties in order to attempt to find workable solutions to any problems
that may exist. Management has instituted plans that we believe will reduce
the OREO and nonperforming levels during 2010. Management is committed to
reducing nonperforming assets as soon as possible without incurring
unnecessary losses. We believe our decisions and proactive approach in
dealing with troubled credits will add value to our shares as we attract
new customers, grow our franchise, and hold operating costs to a minimum in
2010," stated 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