Financial Highlights: Fourth Quarter, 2010
Consolidated Statements of Earnings
(in '000s except earnings per share amounts)
Three Three
months months Year Year
ended ended ended ended
December December December December
31 2010 31 2009 31 2010 31 2009
--------- --------- --------- ---------
Interest income $ 8,396 $ 8,980 $ 34,428 $ 35,817
Interest expense 1,015 2,037 5,383 9,011
--------- --------- --------- ---------
Net interest income 7,381 6,943 29,045 26,806
Provision for loan losses (825) (900) (1,854) (4,596)
Noninterest income 1,269 1,111 4,706 5,377
Noninterest expense 6,556 6,970 27,005 27,575
--------- --------- --------- ---------
Income before income taxes 1,269 184 4,892 12
Income tax expense (benefit) 372 (331) 1,227 (581)
--------- --------- --------- ---------
Net earnings 897 515 3,665 593
Dividends and discount
accretion on preferred stock 213 213 853 632
--------- --------- --------- ---------
Net earnings (loss)
available to
common shareholders $ 684 $ 302 $ 2,812 $ (39)
========= ========= ========= =========
Basic earnings per share $ 0.20 $ 0.09 $ 0.84 ($ 0.01)
Diluted earnings per share $ 0.20 $ 0.09 $ 0.84 ($ 0.01)
Average assets $ 729,677 $ 708,546 $ 729,309 $ 683,829
Average equity $ 81,929 $ 78,946 $ 80,709 $ 77,367
Return on average assets
(annualized) 0.37% 0.17% 0.39% -0.01%
Return on average equity
(annualized) 3.34% 1.53% 3.48% -0.05%
Efficiency ratio 76% 87% 80% 86%
Net interest margin (taxable
equivalent) 4.88% 4.61% 4.80% 4.47%
Average shares outstanding 3,341 3,341 3,341 3,341
Average diluted shares
outstanding 3,341 3,350 3,341 3,362
Financial Highlights: Fourth Quarter, 2010
Consolidated Balance Sheets
(in '000s) As of As of
December December
31, 2010 31, 2009
---------- ----------
Assets:
Cash and cash equivalents $ 60,874 $ 62,853
Securities available for sale 126,189 97,188
Loans, net 474,828 494,349
Premises, equipment and
leasehold improvements, net 13,535 11,784
Other real estate owned 6,680 7,320
Goodwill 1,841 1,841
Other assets 30,692 32,974
---------- ----------
Total assets $ 714,639 $ 708,309
========== ==========
Liabilities and
stockholders' equity:
Deposits:
Demand and NOW $ 197,650 $ 177,883
Savings and money market 305,390 293,758
Time 125,400 127,323
---------- ----------
Total deposits 628,440 598,964
Federal Home Loan Bank advances -- 25,000
Accrued expenses and other
liabilities 5,275 5,480
---------- ----------
Total liabilities 633,715 629,444
Stockholders' equity 80,924 78,865
---------- ----------
Total liab. and
stockholders' equity $ 714,639 $ 708,309
========== ==========
Other Financial Information
Allowance for loan losses $ 9,524 $ 9,829
Nonperforming assets $ 23,392 $ 32,912
Total gross loans $ 484,352 $ 504,178
"The credit outlook for our local economy is slowly improving. However,
unemployment rates remain stubbornly high, commercial real estate
valuations have yet to completely stabilize, foreclosure levels and
residential mortgage defaults continue to make headline news, federal,
state and local budgets are under significant strains, and we continue to
work through the deleveraging process that naturally occurs during a
significant recession. Our Bank continues to manage our credit risks in a
prudent 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 our existing loan portfolio and in improving asset quality
during all of 2010. During the fourth quarter of 2010, profitability
levels were still not at historical levels; however, the Bank has the
capital, liquidity, and management capability to take advantage of market
opportunities that become available and to grow the Bank during the coming
year. During 2011, we are committed to growing our loan portfolio and are
actively seeking new loan and deposit customers who want a local community
bank that knows and understands their financial needs. 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 Website: www.fnbnorcal.com