First National Bank of Northern California Reports Second Quarter 2011 Earnings of $0.29 per Diluted Share
(firmenpresse) - SOUTH SAN FRANCISCO, CA -- (Marketwire) -- 07/28/11 -- FNB Bancorp (OTCBB: FNBG), parent company of First National Bank of Northern California (the "Bank"), today announced net earnings available to common shareholders for the second quarter of 2011 of $966,000 or $0.29 per diluted share, compared to net earnings available to common shareholders of $525,000 or $0.16 per diluted share for the second quarter of 2010. Dividend payments on the preferred shares outstanding were made as required by the Treasury Department's Capital Purchase Program during the first and second quarters of 2011 and 2010. Our balance sheet is strong and we continue to be "well capitalized" as defined by bank regulations. Total assets as of June 30, 2011 were $718,448,000 compared to $721,811,000 as of June 30, 2010. Our net loan totals declined by $20,896,000 or 4.3% during the second quarter of 2011 when compared to the second quarter of 2010, and our deposits increased $8,342,000 or 1.3% during the same time period. The Company's liquidity position remains strong with $143,164,000 in available for sale securities and $68,654,000 in cash and cash equivalents as of June 30, 2011.
"As mentioned in our first quarter earnings release, the Bank has opened our newest branch, located in the Marina District of San Francisco, California. As of June 30, 2011, this branch already had a funded loan portfolio of $1.9 million and a deposit base of $3.7 million. This type of branch expansion into neighborhoods where our Bank can make a positive difference is one way we can profitably grow the Bank," stated Tom McGraw, Chief Executive Officer.
"The marketplace currently has an abundance of cash and liquid assets, which helped the Bank increase our deposit base by approximately $68 thousand during the first six months of 2011. Loan demand has remained weak, with many of our customers reducing their outstanding balances on their lines of credit and generally deleveraging their balance sheets. As a result, our loan portfolio has decreased $15.1 million during this same time period," continued Tom McGraw.
"During the second quarter of 2011, we reduced the number of DDA accounts that are not charged a monthly service charge and increased our NSF charges. These changes were necessary in order to keep our Bank financially strong while we continue to offer our customers a quality banking experience. We offer a high touch banking relationship where we actively get to know our customers and consult with them regarding their banking needs. We strive to bring them credit when they need it, deposit products that are appropriate, and assist them in understanding how their bank can help them manage their balance sheet positions and their cash flows," continued CEO McGraw.
: 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
(650) 875-4864
Dave Curtis
Chief Financial Officer
(650) 875-4862
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Datum: 28.07.2011 - 14:00 Uhr
Sprache: Deutsch
News-ID 1025629
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