FNB Bancorp (FNBG)

[Enterprising Investor]

First National Bank of Northern California Reports Third Quarter 2014 Earnings of $0.44 Per Diluted Share (10/29/14)

FNB Bancorp (QTCQB: FNBG), parent company of First National Bank of Northern California (the “Bank”), today announced net earnings available to common shareholders for the third quarter of 2014 of $1,823,000 or $0.44 per diluted share, compared to net earnings available to common shareholders of $2,880,000 or $0.71 per diluted share for the third quarter of 2013. During the second quarter of 2014, FNB Bancorp signed a definitive agreement and submitted an application to the Office of the Comptroller of the Currency to purchase Valley Community Bank in an all stock transaction.

“During the third quarter of 2014, we were able to grow our loan portfolio, our securities portfolio and our total assets. Our borrowers began to utilize their lines of credit more than they have during the second quarter and real estate prices in the San Francisco Bay Area continued to rise. According to the Zillow Home Value Index, San Francisco home values are up 12.4% for the twelve months ended September 30, 2014. We are carefully watching the valuations currently being provided on our residential and commercial real estate appraisals as valuations surpass the highs before the last recession. Deposit trends during the third quarter were not as favorable. Overall, our deposits were down approximately $8 million or 1% from June 30, 2014 levels. The largest percentage declines were in the certificate of deposit segment of our deposit portfolio as brokered CDs obtained in our Oceanic Bank acquisition continue to mature and not be renewed. Declines were also noted in our savings and money market depository accounts, although at a lower decline rate. Total FHLB advances outstanding at the end of the third quarter were $16 million. Management has and will continue to utilize this low cost funding source when it is prudent to do so,” stated Tom McGraw, CEO.

[tables removed]

“During the third quarter, our net interest income and net interest margins increased when compared to the second quarter. The loan to deposit ratio increased to 74% at September 30, 2014 compared to 73% at year end. We are lending when it is prudent to do so, staying true to our conservative underwriting standards rather the increasing lending volume by accepting unwarranted risk into our loan pipeline. We continue to be “well capitalized” by regulatory capital standards. The Bank’s Tier 1 leverage capital ratio was 10.16% at September 30, 2014. The Bank’s Tier 1 risk-based capital ratio was 13.05% and our total risk-based capital was 14.30%. We also continue to look for bank acquisitions. A Form 8-K was filed with the SEC on October 23, 2014 which provided additional information concerning our pending acquisition of Valley Community Bank,” continued CEO Tom McGraw.

http://www.sec.gov/Archives/edgar/data/1163199/000101905614001335/ex99_01.htm

[mlkrborn]

Dividend on common
FNB Bancorp Declares Fourth Quarter Dividend 2010
Date : 09/24/2010 @ 4:00PM
Source : MarketWire
Stock : FNB Bancorp (FNBG)
Quote : 8.11 0.0 (0.00%) @ 7:56AM


FNB Bancorp Declares Fourth Quarter Dividend 2010
Fnb Bancorp (BB) (OTCBB:FNBG)
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1 Month : August 2010 to September 2010
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FNB Bancorp (OTCBB: FNBG), the holding company for First National Bank of Northern California, announced that its Board of Directors has declared a quarterly cash dividend of five cents per share on the Company's Common Stock totaling approximately $159,085.70. The dividend is payable on November 15, 2010 to shareholders of record as of October 29, 2010.

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.

[di4]

FNB Bancorp Declares Preferred Stock Dividend Payable on May 15, 2009
May 8, 2009 4:30:00 PM


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View Additional ProfilesSOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- 05/08/09 -- FNB Bancorp (OTCBB: FNBG), the holding company for First National Bank of Northern California, announced that its Board of Directors has declared a cash dividend of $130,000 on 12,000 shares of Preferred Stock, Series A, and $11,700 on 600 shares of Preferred Stock, Series B, to the U.S. Department of the Treasury payable on May 15, 2009, under its Capital Purchase Program.

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.

For further information contact:
Tom McGraw
CEO
650-875-4865

Dave A. Curtis
SVP/CFO
Tel: [phone]
Fax: [phone]

[di4]

First National Bank of Northern California Reports a First Quarter 2009 Loss of $0.40 per Diluted Share
May 4, 2009 4:30:00 PM


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View Additional ProfilesSOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- 05/04/09 -- FNB Bancorp (OTCBB: FNBG), parent company of First National Bank of Northern California, today announced a loss for the first quarter of 2009 of $1,189,000 or $0.40 per diluted share, compared to operating earnings of $887,000 or $0.28 per diluted share for the first quarter of 2008. Total consolidated assets as of March 31, 2009 were $661,191,000 compared to $649,544,000 as of March 31, 2008.


Financial Highlights: First quarter, 2009
Consolidated Statement of Earnings
(in '000s except earnings per share amounts)

Three Three
months ended months ended
March 31, 2009 March 31, 2008

Interest income $ 8,911 $ 10,371
Interest expense 2,319 3,322
-------------- --------------
Net Interest Income 6,592 7,049
Provision for loan losses (2,140) (990)
Non-interest income 149 1,261
Non-interest expense 6,220 6,177
-------------- --------------
Income before income taxes (1,619) 1,143
Tax benefit (provision) for income taxes 430 (256)
-------------- --------------
Net Earnings $ (1,189) $ 887
============== ==============

Basis earnings per share $ (0.40) $ 0.29
Diluted earnings per share $ (0.40) $ 0.28


Average assets $ 658,199 $ 652,476
Average equity $ 73,098 $ 67,747
Return on average assets (0.72%) 0.54%
Return on average equity (6.51%) 5.24%
Efficiency ratio 92% 74%
Net interest margin (taxable equivalent) 4.52% 4.86%
Average number of shares outstanding 3,030 3,111
Average diluted shares outstanding 3,030 3,120




Consolidated Balance Sheets
(In '000s)

As of As of
March 31, 2009 March 31, 2008
--------------- ---------------
Assets
Cash and cash equivalents $ 29,471 $ 22,099
Securities available for sale 91,711 87,107
Loans, net 490,910 491,400
Premises, equipment and leasehold
improvements 12,737 13,880
Other real estate owned 5,655 3,955
Goodwill 1,841 1,841
Other assets 28,866 29,262
--------------- ---------------
Total assets $ 661,191 $ 649,544
=============== ===============

Liabilities and stockholders' equity:
Deposits:
Demand and NOW $ 171,697 $ 183,157
Savings and money market 206,390 183,460
Time 137,983 133,062
--------------- ---------------
Total deposits 516,070 499,679
Federal Home Loan Bank advances 60,000 75,000
Accrued expenses and other liabilities 6,680 7,794
--------------- ---------------
Total liabilities 582,750 582,473
Stockholders' equity 78,441 67,071
--------------- ---------------
Total liabilities and stockholders'
equity $ 661,191 $ 649,544
=============== ===============

"Our first quarter 2009 earnings were negatively affected by a $1,200,000 valuation impairment charge on one land development foreclosure property and an additional provision for loan losses of $2,140,000 made during the quarter that management felt was necessary due to the level of nonperforming loans within the Bank's loan portfolio and the continued problems in the national and local economy. Net charge-offs for the quarter were $489,000, down significantly from the same period during 2008, but still representing charge-off levels that were significantly higher than our historical experience. Throughout the first quarter of 2009, management met with customers that were having problems making their loan payments. These meetings were conducted in order to identify financial solutions and alternatives that would help our customers while still allowing the Bank to maintain prudent lending standards. In February 2009, the Bank received a $12,000,000 investment in preferred stock from the U.S. Treasury's Capital Purchase Program. The Board of Directors approved this investment in order to help facilitate our ability to lend to those creditworthy borrowers that need funds," stated Tom McGraw, Chief Executive Officer.

During the first quarter of 2009, assets grew by $11,647,000 or less than 2% above March 31, 2008 levels. Total deposits increased by $16,391,000 or approximately 3% year over year. Over the last twelve months we have decreased our use of FHLB borrowings by $15,000,000 in an effort to place increased emphasis on developing long-term deposit relationships. The Federal Open Market Committee of the Federal Reserve Bank has continued to aggressively hold down short-term interest rates. This low rate environment has negatively affected our taxable equivalent net interest margin, which has decreased to 4.52% during the first quarter of 2009, compared with 4.86% for the same period in 2008. Our quarterly net interest income decreased by $457,000 year over year.

"We believe that many of the factors that contributed to the increase in the level of bank owned foreclosed property and an increase in the reserve attributable to the loan portfolio during the first quarter continue to persist. These factors include a national recession, budgetary problems and expenditure reductions within state and local government, continued job losses, and weak consumer spending. Until these factors improve, we will most likely continue to experience a relatively high provision for loan loss and loan charge-off rates. We are doing everything possible to continue to lend to credit worthy borrowers and control the expense side of our operations during these financially difficult times," continued Tom McGraw.

"Our deposit activity during the first quarter of 2009 picked up, despite the low level of market interest rates. We are committed to pursuing long-term depository relationships and providing our customers a safe and convenient place to borrow prudently and make investment in depository products. The Company and the Bank are well capitalized and positioned to navigate these difficult economic times and perform well when the economy begins to improve again. For over forty-five years we have faithfully served our customers, our communities, and our shareholders. We continue to demonstrate, on a daily basis, our ability to deliver products and services that provide the financial solutions our customers seek as well as explore new products and services designed to increase our customers' satisfaction in their banking relationship with us. While our short-term results are disappointing, our responsibility as management is to protect the long-term safety and soundness of our bank and our strategies reflect that objective," 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.

Contacts:
Tom McGraw
Chief Executive Officer
[phone]

Dave Curtis
Chief Financial Officer
[phone]

Website: www.fnbnorcal.com