First National Bank of Northern California Reports Fourth Quarter 2016 Earnings of $0.61 Per Diluted Share
(firmenpresse) - SOUTH SAN FRANCISCO, CA -- (Marketwired) -- 01/30/17 -- 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 fourth quarter of 2016 of $3,042,000 or $0.61 per diluted share, compared to net earnings available to common shareholders of $2,444,000 or $0.49 per diluted share for the third quarter of 2016, adjusted for 5% stock dividend paid in December, 2016.
The fourth quarter of 2016 operating results, when compared to the same period a year ago, provide the first year over year comparison where the earnings subsequent to the America California Bank ("ACB") acquisition are fully reflected. During the fourth quarter of 2016, our net interest income was $10.8 million, an increase of $375,000 from the third quarter of 2016. This increase was primarily the result of an increase in the average volume of our interest earning assets.
"During the fourth quarter of 2016, the Company was able to grow our total assets by $42 million. This growth included an increase in gross loans of $41 million. The Company also experienced an $11 million increase in our demand deposit balances. Overall, the deposit portfolio increased by $16 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 $34 million in additional Federal Home Loan Bank advances from existing credit facilities during the quarter. The current low rate environment has put pressure on our net interest margin, but we have added loans and investments in order to expand our interest earning assets. Our net interest margin improved during the fourth quarter of 2016 by 1 basis point, due primarily to higher loan levels within our interest earning assets. We remain "well capitalized" by regulatory standards and our earnings are growing. We are proud of our accomplishments, which are the result of our emphasis on meeting our customers'' needs and providing them with products delivered with a high level of customer service", stated CEO Tom McGraw.
"Our total non-accrual loans balance decreased by $0.3 million during the fourth quarter. We continue to utilize a conservative underwriting approach in our loan origination process which should serve us well in the future. There was no fourth quarter provision for loan losses and our allowance for loan loss was considered by management to be sufficient, as of December 31, 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.
Contacts:
Tom McGraw
Chief Executive Officer
(650) 875-4864
Dave Curtis
Chief Financial Officer
(650) 875-4862
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 30.01.2017 - 19:35 Uhr
Sprache: Deutsch
News-ID 1483459
Anzahl Zeichen: 3110
contact information:
Contact person:
Town:
SOUTH SAN FRANCISCO, CA
Phone:
Kategorie:
Commercial & Investment Banking
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 422 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"First National Bank of Northern California Reports Fourth Quarter 2016 Earnings of $0.61 Per Diluted Share
"
steht unter der journalistisch-redaktionellen Verantwortung von
FNB Bancorp (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
