SOUTH SAN FRANCISCO, CA--(Marketwire - October 25, 2010) - FNB Bancorp (
During the third quarter of 2010, as part of our continuing efforts to provide our customers a quality banking experience while we improve our operational efficiencies, the decision was made to consolidate our Colma branch into our Daly City and South San Francisco branches. This consolidation is expected to provide the Bank operational efficiencies while still providing high quality service to our customers.
"The consolidation of the Colma branch into our Daly City and South San Francisco branches is scheduled to occur on December 1, 2010. We look forward to continuing to provide for the banking needs of the Colma community through our full service Daly City and South San Francisco locations. We hope to transition all displaced Colma employees to other branch offices of the Bank," stated Mr. McGraw.
"During the third quarter of 2010, the Bank enjoyed an increase in net interest margin and net interest income over 2009 levels. Credit resolution costs continued to move towards more normalized levels, which allowed us to lower our provision for loan losses during the third quarter of 2010 compared to the third quarter of 2009," continued Mr. McGraw.
Financial Highlights: Third Quarter, 2010 Consolidated Statements of Earnings (in '000s except earnings per share amounts) Three Three Nine Nine months months months months ended ended ended ended September September September September 30, 2010 30, 2009 30, 2010 30, 2009 --------- --------- --------- --------- Interest income $ 8,616 $ 9,283 $ 26,032 $ 26,837 Interest expense 1,338 2,293 4,368 6,974 --------- --------- --------- --------- Net interest income 7,278 6,990 21,664 19,863 Provision for loan losses (464) (796) (1,029) (3,696) Noninterest income 1,335 1,672 3,437 4,266 Noninterest expense 6,698 6,427 20,449 20,605 --------- --------- --------- --------- Income before income taxes 1,451 1,439 3,623 (172) Income tax expenses (benefit) 426 176 855 (250) --------- --------- --------- --------- Net earnings 1,025 1,263 2,768 78 Dividends and discount accretion on preferred stock 214 214 640 419 Net earnings (loss) available to --------- --------- --------- --------- common shareholders $ 811 $ 1,049 $ 2,128 $ (341) ========= ========= ========= ========= Basic earnings per share $ 0.25 $ 0.33 $ 0.67 ($ 0.11) Diluted earnings per share $ 0.25 $ 0.33 $ 0.67 ($ 0.11) Average assets $ 732,141 $ 694,806 $ 729,185 $ 675,487 Average equity $ 81,545 $ 78,525 $ 80,298 $ 76,834 Return on average assets (annualized) 0.44% 0.60% 0.39% -0.07% Return on average equity (annualized) 3.98% 5.34% 3.53% -0.59% Efficiency ratio 78% 74% 81% 85% Net interest margin (taxable equivalent) 4.77% 4.62% 4.78% 4.43% Average shares outstanding 3,182 3,182 3,191 3,182 Average diluted shares outstanding 3,192 3,182 3,200 3,182 Financial Highlights: Third Quarter, 2010 Consolidated Balance Sheets (in '000s) As of As of As of As of September December September December 30, 2010 31, 2009 30, 2009 31, 2008 --------- --------- --------- --------- Assets: Cash and cash equivalents $ 69,731 $ 62,853 $ 46,371 $ 14,865 Securities available for sale 131,123 97,188 94,264 99,221 Loans, net 475,464 494,349 506,537 497,984 Premises, equipment and leasehold improvements 11,801 11,784 12,040 13,030 Other real estate owned 6,608 7,320 9,425 3,557 Goodwill 1,841 1,841 1,841 1,841 Other assets 30,934 32,974 28,835 30,459 --------- --------- --------- --------- Total assets $ 727,502 $ 708,309 $ 699,313 $ 660,957 ========= ========= ========= ========= Liabilities and stockholders' equity: Deposits: Demand and NOW $ 197,924 $ 177,883 $ 174,826 $ 179,688 Savings and money market 314,864 293,758 279,696 179,382 Time 126,222 127,323 130,645 141,840 --------- --------- --------- --------- Total deposits 639,010 598,964 585,167 500,910 Federal Home Loan Bank advances - 25,000 30,000 86,100 Accrued expenses and other liabilities 6,405 5,480 5,218 5,798 --------- --------- --------- --------- Total liabilities 645,415 629,444 620,385 592,808 Stockholders' equity 82,087 78,865 78,928 68,149 --------- --------- --------- --------- Total liab. and stockholders' equity $ 727,502 $ 708,309 $ 699,313 $ 660,957 ========= ========= ========= ========= Other Financial Information Allowance for loan losses $ 9,250 $ 9,829 $ 9,424 $ 7,075 Nonperforming assets $ 23,906 $ 32,912 $ 32,164 $ 17,659 Total gross loans $ 484,714 $ 504,178 $ 515,961 $ 505,059
"Our local economy is slowly recovering from the deepest recession we have experienced in the last 50 years. Unemployment rates remain high, commercial real estate valuations continue to be depressed, foreclosures still make up a significant amount of existing home sales, and we are working through a generally tight credit environment. We continue to manage our credit risks in an appropriate manner, trying to find solutions that make sense for the Bank as well as our customers. Management attention has been focused on risk management of existing portfolios and asset quality improvement during the first three quarters of 2010, and that will continue to be a focus as we move into the fourth quarter of 2010. During the third quarter of 2010, profitability levels were still not at historical levels; however, the Bank has the capital and the liquidity to take advantage of any market opportunities that become available and to grow the Bank as the health of the economy improves. We want to lend and are actively seeking new loan and deposit customers who want a local community bank that knows and understands the local market and economy. We want our customers to know that we are committed to them and to the communities that we serve. We look forward to the opportunity to continue to provide for the banking needs of our customers, as we have done for the last 47 years," 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