First National Bank of Northern California Reports First Quarter 2017 Earnings of $0.62 Per Diluted Share
(firmenpresse) - SOUTH SAN FRANCISCO, CA -- (Marketwired) -- 04/26/17 -- FNB Bancorp (NASDAQ: FNBG), parent company of First National Bank of Northern California (the "Bank"), today announced net earnings available to common stockholders for the first quarter of 2017 of $3,089,000 or $0.62 per diluted share, compared to net earnings available to common shareholders of $2,567,000 or $0.52 per diluted share for the first quarter of 2016.
During the first quarter of 2017, our net interest income was $11.2 million, an increase of $475,000 from the first quarter of 2016. This increase was primarily the result of an increase in the average volume of our interest earning assets outstanding and the recognition of $307,000 of interest income related to accelerated accretion on the remaining discount associated with a loan acquired in our America California Bank acquisition that was paid in full.
"During the first quarter of 2017, the Company was able to grow our net loan portfolio by $25 million. This growth was funded with a combination of increased deposit balances of $5 million and an increase in short term FHLB borrowings of $15 million. Net interest income was also helped as the adjustable rate portion of our loan portfolio has begun to reset to higher yields. The current low rate environment has put pressure on our net interest margin, but we have added interest earning assets at spreads that have allowed us to expand our net interest income. Our net interest margin has continued to remain healthy at 3.98% and our increased earnings coupled with a flattening yield curve have allowed our capital base to increase by $4 million during the quarter. We are proud of our accomplishments, which are the result of our hard work and opportunities that allow us to meet our customers'' needs and provide them with the products they want at the time they want them", stated CEO Tom McGraw.
"Our total non-accrual loans balance increased by $1.8 million during the first quarter. This increase is believed to be isolated to specific borrowers and not indicative on any portfolio segment credit deterioration. Loan charge-offs, net of recoveries, for the first three months of 2017 totaled $23,000. We continue to utilize a conservative underwriting approach in our loan origination process which should serve us well in the future. There was no first quarter provision for loan losses and our allowance for loan losses was considered by management to be sufficient, as of March 31, 2017", 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
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Datum: 26.04.2017 - 15:05 Uhr
Sprache: Deutsch
News-ID 1500750
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