FNB Bancorp Reports Third Quarter 2017 Earnings of $0.43 Per Diluted Share
(firmenpresse) - SOUTH SAN FRANCISCO, CA -- (Marketwired) -- 10/26/17 -- 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 third quarter of 2017 of $3,311,000 or $0.43 per diluted share, compared to net earnings available to common shareholders of $2,444,000 or $0.33 per diluted share for the third quarter of 2016.
During the third quarter of 2017, our net interest income was $11.8 million, an increase of $1.4 million from the third quarter of 2016. This increase was primarily the result of an increase in the average volume of our interest earning assets outstanding coupled with an increase in our earning rate when compared to the same period in 2016.
"During the third quarter of 2017, the Company was able to grow our net loan portfolio by $20.6 million. Loan production was strong during the quarter, and the Bank had the opportunity to purchase some very seasoned, high quality, single family residential mortgage loans during the quarter. Also during the quarter, our deposit balances increased by $22.7 million, which included a $13.5 million increase in our non-interest bearing DDA accounts. The growth in both the loan and deposit portfolios was complemented with a decrease in short term FHLB borrowings of $6 million. Net interest income was helped by the fact that the adjustable rate portion of our loan portfolio has begun to reset to higher yields, in response to increases to short term rates by the Federal Open Market Committee and increases in the short term LIBOR rates. The current low rate environment has put pressure on our net interest margin, but we have added enough interest earning assets at favorable spreads that we were able to expand our net interest margin by 4 basis points during the quarter. Our net interest margin was 3.97% for the third quarter and our increased earnings coupled with a flattening yield curve have allowed our capital base to increase by $2.5 million during the quarter and increase our cash dividend payout to $0.13 per quarter. We worked hard during the third quarter to maintain our profitability while continuing to provide for our customers'' needs, providing them with the products they want delivered in an efficient and effective manner," stated CEO Tom McGraw.
"Our total non-accrual loans balance decreased by $0.4 million during the third quarter of 2017. This decrease was the result of management efforts to reduce the levels of our non-accrual loans. We utilize a conservative underwriting approach in our loan origination process which should serve to keep problem loans at acceptable levels as we work to prudently increase the size of our loan portfolio. There was no loan provision for or recovery of loan losses during the third quarter. We continue to see strong credit characteristics within our interest earning assets and our allowance for loan losses continues to be adequate for the level of risk that management has identified in our loan portfolio," 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: 26.10.2017 - 06:00 Uhr
Sprache: Deutsch
News-ID 1526051
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