First National Bank of Northern California Reports Third Quarter 2016 Earnings of $0.52 Per Diluted Share
(firmenpresse) - SOUTH SAN FRANCISCO, CA -- (Marketwired) -- 10/24/16 -- FNB Bancorp (OTCQB: FNBG), parent company of First National Bank of Northern California (the "Bank"), today announced net earnings available to common stockholders for the third quarter of 2016 of $2,444,000 or $0.52 per diluted share, compared to net earnings available to common stockholders of $2,239,000 or $0.48 per diluted share for the third quarter of 2015.
The third quarter of 2016 operating results, when compared to the same period a year ago, were positively affected by the completion of the America California Bank ("ACB") acquisition that occurred in September, 2015. The ACB acquisition provided an opportunity for the Company to increase our interest earning assets and interest bearing liabilities in a cost effective manner. During the third quarter of 2016, our net interest income was $10.3 million, a decrease of $133,000 from the second quarter of 2016. This decrease was caused by a drop in yield that was partially offset by an increase in average interest earning assets.
"During the third quarter of 2016, the Company was able to grow our total assets by $29 million. This growth included an increase in gross loans of $16 million and an increase in available for sale investment securities of $16 million. The Company also experienced a $16 million increase in our demand deposit balances. Overall, the deposit portfolio declined by $4 million, due primarily to declines in interest rate sensitive money market balances. The bank was able to continue to grow our interest earning assets by obtaining $30 million in additional Federal Home Loan Bank advances from existing credit facilities during the quarter. The current low rate environment has put stress on our net interest margin, but we have found solid opportunities to expand our interest earning assets. Our net interest margin declined during the third quarter of 2016 by 10 basis points, due primarily to higher yielding loan payoffs that were partially reinvested into new loans at lower yields. We remain "well capitalized" by regulatory definition and our earnings are sufficient to support our growth and pay out quarterly cash dividends. We take pride in our accomplishments, and we make every effort possible to listen to our customers and provide them with the products they want delivered with customer service levels that exceed their expectations", stated CEO Tom McGraw.
"Our total non-accrual loan balances decreased by $1.3 million during the third quarter. The decrease in non-accrual loans was not related to any changes in systemic problems identified within any segments or loan types within our loan portfolio but was isolated to improved individual customer relationships that were adequately collateralized. We continue to utilize a conservative underwriting approach to loan origination and we endeavor to cultivate new and existing deposit and loan relationships. There was no third quarter provision for loan losses and our allowance for loan loss was considered sufficient to absorb potential losses within our loan portfolio as of September 30, 2016", continued 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.
Website:
Contacts:
Tom McGraw
Chief Executive Officer
(650) 875-4864
Dave Curtis
Chief Financial Officer
(650) 875-4862
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Datum: 24.10.2016 - 15:00 Uhr
Sprache: Deutsch
News-ID 1465569
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Commercial & Investment Banking
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