First National Bank of Northern California Reports First Quarter 2016 Earnings of $0.55 per Diluted Share
(firmenpresse) - SOUTH SAN FRANCISCO, CA -- (Marketwired) -- 04/27/16 -- FNB Bancorp (OTCQB: FNBG), parent company of First National Bank of Northern California (the "Bank"), today announced net earnings available to common shareholders for the first quarter of 2016 of $2,567,000 or $0.55 per diluted share, compared to net earnings available to common shareholders of $1,799,000 or $0.39 per diluted share for the first quarter of 2015.
The first quarter of 2016 operating results, when compared to the same period a year ago, were positively affected by the completion of our America California Bank ("ACB") acquisition that occurred in September, 2015. The ACB acquisition provided an opportunity for the Company to leverage our balance sheet and increase our interest earning assets and interest bearing liabilities, without a significant increase in operating expense. During the first quarter of 2016, our net interest income was $10.7 million, an increase of $483,000 from the fourth quarter of 2015.
"During the first quarter of 2016, the Company was able to grow our loans, net of allowance, by $11.2 million. This growth was achieved through our internal loan origination efforts. Also during the first quarter of 2016 we were able to increase our combined DDA and NOW deposit accounts by $13.2 million. The combination of all these things are what helped us to increase our net interest income during the quarter. Comparing the first quarter of 2016 with the fourth quarter of 2015, we were able to increase noninterest income slightly above fourth quarter levels, but noninterest expenses were significantly reduced due to the payment of non-recurring post acquisition expenses during the fourth quarter of 2015," stated CEO Tom McGraw.
"During the first quarter of 2016, we were able to reduce our non-accrual loans from levels experienced at year-end. Nonperforming assets were also reduced from levels experienced at year-end. The Bank has worked hard to adhere to prudent underwriting standards as we continue to grow our loan portfolio. Our allowance for loan losses has remained relatively constant during the quarter. The first quarter provision for loan and lease losses was $75,000 and management believes the level of reserves are sufficient to meet expected losses inherent in our loan portfolio at March 31, 2016," continue Tom 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
Website:
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Datum: 27.04.2016 - 14:00 Uhr
Sprache: Deutsch
News-ID 1431008
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Commercial & Investment Banking
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