First National Bank of Northern California Reports First

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News Desk 2018
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First National Bank of Northern California Reports First Quarter 2017 Earnings of $0.62 Per Diluted Share

SOUTH SAN FRANCISCO, CA--(Marketwired - Apr 26, 2017) - 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.

     
CONSOLIDATED BALANCE SHEETS   (Unaudited)
(Dollars in thousands)   As of
    March 31,
    2017     2016
ASSETS              
  Cash and due from banks   $ 25,337     $ 37,737
  Interest-bearing time deposits with financial institutions     205       205
  Securities available for sale, at fair value     353,364       329,396
  Other equity securities     7,211       6,756
  Loans, net of deferred loan fees and allowance for loan losses     807,191       733,991
  Bank premises, equipment and leasehold improvements, net     9,571       10,320
  Bank owned life insurance     16,349       15,946
  Accrued interest receivable     4,785       4,603
  Other real estate owned     1,443       1,055
  Goodwill     4,580       4,580
  Prepaid expenses     768       945
  Other assets     15,917       15,444
    TOTAL ASSETS   $ 1,246,721     $ 1,160,978
                 
LIABILITIES              
  Deposits:              
    Demand, noninterest bearing   $ 287,029     $ 265,947
    Demand, interest bearing     125,643       113,337
    Savings and money market     496,697       526,557
    Time     115,622       124,410
      Total Deposits     1,024,991       1,030,251
  Federal Home Loan Bank advances     86,000       -
  Note payable     4,200       4,800
  Accrued expenses and other liabilities     17,198       17,230
      Total Liabilities     1,132,389       1,052,281
STOCKHOLDERS' EQUITY              
  Common stock, no par value:     84,603       75,240
  Retained earnings     29,842       29,666
  Accumulated other comprehensive (loss) earnings, net of tax     (113 )     3,791
    Total Stockholders' Equity     114,332       108,697
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 1,246,721     $ 1,160,978
                   
             
             
CONSOLIDATED STATEMENTS OF EARNINGS            
(Amounts in thousands, except per share amounts)         (Extracted from audited annual  
    (Unaudited)     financial statements)  
    Three Months Ended     Twelve Months Ended  
    March 31,     December 31,  
    2017     2016     2016     2015  
INTEREST INCOME                                
  Interest and fees on loans   $ 10,073     $ 9,871     $ 38,313     $ 33,235  
  Interest on dividends and securities     1,943       1,685       7,156       6,008  
  Interest on deposits with other financial institutions     11       9       44       39  
    Total interest income     12,027       11,565       45,513       39,282  
                                 
INTEREST EXPENSE                                
  Deposits     637       783       2,780       2,359  
  Federal Home Loan Bank advances     145       8       67       9  
  Interest on note payable     53       57       222       229  
    Total interest expense     835       848       3,069       2,597  
NET INTEREST INCOME     11,192       10,717       42,444       36,685  
  Provision for (recovery of) loan losses     -       75       150       (305 )
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) LOAN LOSSES     11,192       10,642       42,294       36,990  
NONINTEREST INCOME                                
  Service charges     597       621       2,461       2,501  
  Net gain on sale of available-for-sale securities     28       184       438       339  
  Earnings on bank owned life insurance     102       100       402       364  
  Other income     283       229       1,294       1,292  
    Total Noninterest Income     1,010       1,134       4,595       4,496  
NONINTEREST EXPENSES                                
  Salaries and employee benefits     4,774       4,938       19,474       18,523  
  Occupancy expense     651       631       2,528       2,517  
  Equipment expense     402       434       1,765       1,926  
  Professional fees     473       387       1,363       1,471  
  FDIC assessment     130       150       600       600  
  Telephone, postage, supplies     297       295       1,199       1,074  
  Advertising expense     108       117       524       500  
  Data processing expense     139       192       657       1,076  
  Low income housing expense     105       71       284       283  
  Surety insurance     84       87       347       381  
  Director fees     72       72       288       288  
  Other real estate owned expense (recovery), net     10       (10 )     (5 )     4  
  Other expenses     360       423       1,668       1,282  
    Total Noninterest Expense     7,605       7,787       30,692       29,925  
EARNINGS BEFORE PROVISION FOR INCOME TAXES     4,597       3,989       16,197       11,561  
  Provision for income taxes     1,508       1,422       5,696       3,364  
NET EARNINGS AVAILABLE TO COMMON STOCKHOLDERS   $ 3,089     $ 2,567     $ 10,501     $ 8,197  
                                 
                                 
Per Share Data:                                
  Basic earnings per share available to common stockholders   $ 0.63     $ 0.54     $ 2.18     $ 1.73  
  Diluted earnings per share available to common stockholders   $ 0.62     $ 0.52     $ 2.12     $ 1.68  
  Cash dividends declared   $ 780     $ 683     $ 2,847     $ 2,409  
  Average shares outstanding     4,867       4,777       4,822       4,742  
  Average diluted shares outstanding     5,012       4,921       4,945       4,876  
  Shares outstanding as of the end of period     4,874       4,794       4,853       4,769  
                                 
                                 
                                 
FINANCIAL HIGHLIGHTS         (Extracted from  
(Dollars in thousands)         audited annual  
    (Unaudited)     financial statements)  
    Three Months Ended     Twelve Months Ended  
    March 31,     December 31,  
    2017     2016     2016     2015  
                                 
AVERAGE BALANCES:                                
  Total Assets   $ 1,233,278     $ 1,146,493     $ 1,163,454     $ 1,010,435  
  Total Loans     807,741       743,282       746,829       629,814  
  Total Earning Assets     1,163,509       1,072,790       1,091,703       923,700  
  Total Deposits     1,013,065       1,012,268       1,017,398       890,369  
  Total Stockholder's Equity     109,926       106,219       109,854       100,621  
                                 
SELECTED PERFORMANCE DATA                                
  Annualized return on average assets     1.00 %     0.90 %     0.90 %     0.81 %
  Annualized return on average equity     11.24 %     9.67 %     9.56 %     8.15 %
  Net interest margin (taxable equivalent)     3.98 %     4.10 %     3.97 %     4.06 %
  Average loans as a percent of average deposits     79.73 %     73.43 %     73.41 %     70.74 %
  Average total stockholders' equity as a % of average total assets     8.91 %     9.26 %     9.44 %     9.96 %
  Annualized common dividend payout ratio     25.25 %     26.61 %     27.11 %     29.39 %
                                   
                                   
                     
NON-PERFORMING ASSETS       (Extracted from            
(Dollars In Thousands)       audited annual            
    (Unaudited)   financial statements)   (Unaudited)   (Unaudited)   (Unaudited)
                     
    March 31,   December   September   June 30,   March 31,
    2017   31, 2016   30, 2016   2016   2016
Non-accrual loans   $ 8,444     $ 6,647     $ 6,903     $ 8,182     $ 6,882  
Other real estate owned     1,443       1,427       1,346       1,247       1,055  
  Total non-performing assets   $ 9,887     $ 8,074     $ 8,249     $ 9,429     $ 7,937  
                                         
                                         
Loan loss reserve   $ 10,144     $ 10,167     $ 10,092     $ 10,038     $ 9,943  
Non-accrual loans/Gross loans     1.03 %     0.84 %     0.92 %     1.11 %     0.93 %
Loan loss reserves/Gross loans     1.24 %     1.28 %     1.34 %     1.36 %     1.34 %
                                         
                                         
                     
CONSOLIDATED BALANCE SHEETS       (Extracted from            
(Dollars in thousands)       audited annual            
    (Unaudited)   financial statements)   (Unaudited)   (Unaudited)   (Unaudited)
                     
    March 31,   December   September   June 30,   March 31,
    2017   31, 2016   30, 2016   2016   2016
ASSETS                                        
  Cash and due from banks   $ 25,337     $ 15,758     $ 17,342     $ 20,564     $ 37,737  
  Interest-bearing time deposits with financial institutions     205       205       204       205       205  
  Securities available for sale, at fair value     353,364       360,105       358,877       342,420       329,396  
  Other equity securities     7,211       7,206       7,206       7,206       6,756  
  Loans, net of deferred loan fees and allowance for loan losses     807,191       782,485       741,407       725,471       733,991  
  Bank premises, equipment and leasehold improvements, net     9,571       9,837       9,918       10,114       10,320  
  Bank owned life insurance     16,349       17,247       16,145       16,050       15,946  
  Accrued interest receivable     4,785       4,942       4,544       4,547       4,603  
  Other real estate owned     1,443       1,427       1,346       1,247       1,055  
  Goodwill     4,580       4,580       4,580       4,580       4,580  
  Prepaid expenses     768       856       670       783       945  
  Other assets     15,917       14,746       15,309       15,393       15,444  
    TOTAL ASSETS   $ 1,246,721     $ 1,219,394     $ 1,177,548     $ 1,148,580     $ 1,160,978  
                                         
LIABILITIES                                        
  Deposits:                                        
    Demand, noninterest bearing   $ 287,029     $ 296,273     $ 285,767     $ 267,593     $ 265,947  
    Demand, interest bearing     125,643       121,086       110,147       112,591       113,337  
    Savings and money market     496,697       487,763       491,047       508,605       526,557  
    Time     115,622       114,384       116,496       118,700       124,410  
      Total Deposits     1,024,991       1,019,506       1,003,457       1,007,489       1,030,251  
  Federal Home Loan Bank advances     86,000       71,000       37,000       7,000       -  
  Note payable     4,200       4,350       4,500       4,650       4,800  
  Accrued expenses and other liabilities     17,198       14,224       18,847       17,026       17,230  
      Total Liabilities     1,132,389       1,109,080       1,063,804       1,036,165       1,052,281  
STOCKHOLDERS' EQUITY                                        
  Common stock, no par value:     84,603       76,433       76,065       75,944       75,240  
  Retained Earnings     29,842       35,427       33,123       31,424       29,666  
  Accumulated other comprehensive (losses) earnings, net of tax     (113 )     (1,546 )     4,556       5,047       3,791  
      Total Stockholders' Equity     114,332       110,314       113,744       112,415       108,697  
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 1,246,721     $ 1,219,394     $ 1,177,548     $ 1,148,580     $ 1,160,978  
                                         
                                         
                     
CONSOLIDATED STATEMENTS OF INCOME   (Unaudited)
(Amounts in thousands, except per share amounts)   Three Months Ended
    March 31,   December   September   June 30,   March 31,
    2017   31, 2016   30, 2016   2016   2016
INTEREST INCOME                                        
  Interest and fees on loans   $ 10,073     $ 9,578     $ 9,301     $ 9,563     $ 9,871  
  Interest on dividends and securities     1,943       1,925       1,815       1,731       1,685  
  Interest on deposits with other financial institutions     11       7       6       22       9  
    Total interest income     12,027       11,510       11,122       11,316       11,565  
                                         
INTEREST EXPENSE                                        
  Deposits     637       631       657       709       783  
  Federal Home Loan Bank advances     145       48       10       1       8  
  Interest on note payable     53       55       54       56       57  
    Total interest expense     835       734       721       766       848  
NET INTEREST INCOME     11,192       10,776       10,401       10,550       10,717  
  Provision for loan losses     -       -       -       75       75  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES     11,192       10,776       10,401       10,475       10,642  
NONINTEREST INCOME                                        
  Service charges     597       599       623       618       621  
  Net gain on sale of available-for-sale securities     28       57       140       57       184  
  Earnings on bank owned life insurance     102       102       94       105       100  
  Other income     283       565       245       256       229  
    Total Noninterest Income     1,010       1,323       1,102       1,036       1,134  
NONINTEREST EXPENSES                                        
  Salaries and employee benefits     4,774       4,839       4,821       4,876       4,938  
  Occupancy expense     651       635       645       617       631  
  Equipment expense     402       448       445       438       434  
  Professional fees     473       384       298       294       387  
  FDIC assessment     130       150       150       150       150  
  Telephone, postage, supplies     297       298       300       306       295  
  Advertising expense     108       120       104       183       117  
  Data processing expense     139       178       147       140       192  
  Low income housing expense     105       71       71       71       71  
  Surety insurance     84       85       88       87       87  
  Director fees     72       72       72       72       72  
  Other real estate owned expense (recovery), net     10       5       -       -       (10 )
  Other expenses     360       458       372       415       423  
    Total Noninterest Expense     7,605       7,743       7,513       7,649       7,787  
EARNINGS BEFORE PROVISION FOR INCOME TAXES     4,597       4,356       3,990       3,862       3,989  
  Provision for income taxes     1,508       1,314       1,546       1,414       1,422  
NET EARNINGS AVAILABLE TO COMMON STOCKHOLDERS   $ 3,089     $ 3,042     $ 2,444     $ 2,448     $ 2,567  
                                         
                                         
                                         
    (Unaudited)
    Three Months Ended
(Amounts in thousands, except per share   March 31,   December   September   June 30,   March 31,
amounts and percentages)   2017   31, 2016   30, 2016   2016   2016
                     
Per Share Data:                                        
  Basic earnings per share available to common stockholders   $ 0.63     $ 0.63     $ 0.50     $ 0.51     $ 0.54  
  Diluted earnings per share available to common stockholders   $ 0.62     $ 0.61     $ 0.49     $ 0.50     $ 0.52  
  Cash dividends declared   $ 780     $ 739     $ 738     $ 686     $ 683  
  Average shares outstanding     4,867       4,850       4,843       4,811       4,777  
  Average diluted shares outstanding     5,012       4,974       4,953       4,930       4,921  
  Shares outstanding as of end of period     4,874       4,853       4,847       4,837       4,794  
                                         
SELECTED PERFORMANCE DATA                                        
  Annualized return on average assets     1.00 %     1.02 %     0.84 %     0.85 %     0.90 %
  Annualized return on average equity     11.24 %     10.88 %     8.69 %     8.98 %     9.67 %
  Net interest margin (taxable equivalent)     3.98 %     3.89 %     3.88 %     3.96 %     4.10 %
  Average loans as a percent of average deposits     79.73 %     75.01 %     72.96 %     72.22 %     73.43 %
  Average total stockholders' equity as a % of average total assets     8.91 %     9.38 %     9.70 %     9.43 %     9.26 %
  Annualized common dividend payout ratio     25.25 %     24.29 %     30.20 %     28.02 %     26.61 %
                                         
                                         
                     
        (Extracted from            
LOANS       audited annual            
(Dollars in thousands)   (Unaudited)   financial statements)   (Unaudited)   (Unaudited)   (Unaudited)
                     
    March 31,   December   September   June 30,   March 31,
    2017   31, 2016   30, 2016   2016   2016
Real estate loans:                                        
  Construction   $ 49,490     $ 43,683     $ 38,162     $ 29,251     $ 42,465  
  Commercial     432,301       421,222       404,841       398,290       411,999  
  Multi family     112,911       105,963       83,946       82,637       59,993  
  Residential     169,373       170,523       173,476       174,084       173,437  
Commercial & industrial loans     49,277       48,874       50,967       51,366       55,694  
Consumer loans     6,065       3,533       1,630       1,311       1,675  
  Gross loans     819,417       793,798       753,022       736,939       745,263  
Net deferred loan fees     (1,076 )     (1,146 )     (1,523 )     (1,430 )     (1,329 )
Allowance for loan losses     (10,144 )     (10,167 )     (10,092 )     (10,038 )     (9,943 )
  NET LOANS   $ 808,197     $ 782,485     $ 741,407     $ 725,471     $ 733,991  
                                           

Cautionary Statement: 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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PANDAG G1 Debuts: Revolutionizing Lawn Care Efficiency

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The Future of Landscaping Unveiled Get this—PANDAG is set to shake things up at GaLaBau 2026 with their futuristic G1 autonomous mower. This isn't just another piece of lawn equipment; it's practically a tech marvel on wheels, weaving together LiDAR, AI Vision, RTK, and 4G tech to make it the ultimate multitasker for the landscaping industry. We're talking obstacle...

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PwC US and India Unite for Global Consultancy Powerhouse

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Rearranging the Consultancy Chessboard Piling onto the game of consultancy realignments, PwC just made a move reminiscent of playing strategy poker. They're tossing together PwC US and PwC India's advisory capabilities for a new joint venture. It’s like pushing two puzzle pieces to make a single colorful picture that stretches from the U.S. all the way to the...

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First-Time Homeowners: Unseen Pitfalls of Insurance

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Understanding Homeowners Insurance: Beyond the Basics Most folks diving into homeownership for the first time get caught up in the whirlwind of price tags, loans, and knick-knacks for their new place. Meanwhile, the nitty-gritty of homeowners insurance often gets tossed to the side. But take it from a weary watchdog of financial storms—it’s those details in the policy...

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MRI Surveillance Gains Ground in Lung Cancer Care

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Shifting the Standard: MRI's Rise in SCLC Treatment Here's a twist that baffles the traditionalists—ditch the prophylactic cranial irradiation (PCI) and catch clearer days with MRI surveillance for small-cell lung cancer (SCLC). The latest international phase III MAVERICK trial might just redraw the lines on what's considered standard care in this relentless disease....

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UWM Faces Class Action Deadline: Key Insights for Investors

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The High Stakes Reality for UWM Investors If there's one thing that's certain in this jittery world of investing, it's that losses have a way of waking you up. Right now, anyone tied up with UWM Holdings Corporation (NYSE: UWMC) shares needs to keep their wits about them; we're barreling toward an October 13, 2026 deadline for a class action lawsuit. The clock's ticking...

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Ris-Rez May Set New Standard in Relapsed SCLC

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The Game-Changing Results Innovation in pharmaceuticals sometimes feels like a waiting game, but when a fresh breakthrough like this rolls in, it lights up the whole landscape. Risvutatug rezetecan, or Ris-Rez for short, has shown promising potential in the fight against relapsed small-cell lung cancer (SCLC) that has progressed after platinum-based therapy. Survival...

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Surfing Dogs Ride Waves, Support Orphan Pets

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Waves, Paws, and Passion Who would've thought that dogs catching waves could also catch hearts and wallets? Well, that's exactly what's happening today at Del Mar Dog Beach with the 21st Annual Surf Dog Surf-A-Thon revving up the excitement. It's a sun-soaked day in Rancho Santa Fe, California, right in the thick of things at the longest-running dog surf competition. For...

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GORGIE Unleashes Berry Burst: Target's New Drink Star

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GORGIE Targets Taste Buds with Berry Burst Ever feel like you're missing out on that energy drink everyone seems to be raving about? Well, GORGIE's out there making some noise again, and this time it's got a new punchy player in the game: Berry Burst. It's not just another drink; it's shaking things up in the energy aisle with its exclusive launch at Target. Modern style...

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Regeneron Faces Legal Heat: Lead Plaintiff Deadline Looms

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Regeneron’s Tight Spot: Legal Showdown Well, here we go again—Regeneron Pharmaceuticals (NASDAQ:REGN) is under some serious heat. If you're an investor who faced significant losses with this biotech juggernaut, remember that the clock’s ticking down to the wire. By tomorrow, September 14, 2026, you need to decide if you're going to throw your hat in the ring for...

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Trial Disappointment: No Significant Gains in NSCLC

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Dissecting the Nuances of the EVOKE-03/KEYNOTE-D46 Trial Every once in a while, we come across a trial that rattles cages in the research community. Today, it's the EVOKE-03/KEYNOTE-D46 trial, a collision of hope and hard-knock reality. This Phase 3 trial, which sought to explore the potential combo of sacituzumab govitecan (SG) and pembrolizumab on metastatic non-small...

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ANI Pharmaceuticals Plans to Shine at Biotech Conference

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ANI Pharmaceuticals Set for Key Presentation at Biotech Conference ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) is gearing up to showcase its advancements at the Guggenheim Biotech Conference. On an exciting date, Nikhil Lalwani, the Company’s President and CEO, along with Stephen Carey, the CFO, will host a fireside chat to discuss the latest developments and future plans...

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New Shuttle Drives Economic Recovery on O'ahu

Updated Category News Views 26

Reviving the North Shore Economy, One Shuttle Ride at a Time Not every day do you see a $5 investment with such community punch. On June 29, a new bus service launches, whisking folks from Waik?k? and Ko Olina to O?ahu’s North Shore. But this ain't just another tourist bus ride—it's a lifeline for local businesses hit hard by March's kona low storms. Connecting...

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Virginia Cancer Specialists Expands Services with New Center

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Virginia Cancer Specialists Expands its Reach with a New Center Virginia Cancer Specialists, a leading private cancer practice in the region, has announced the opening of their newly expanded cancer center. This important development aims to enhance patient care and provide access to the latest cancer treatments. The expansion not only signifies growth but also a...

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Key Financial Dates for TCM Group A/S's Upcoming Year

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Important Financial Calendar for TCM Group A/S TCM Group A/S is a significant player in the kitchen and furniture manufacturing industry. As the year approaches its end, the company has established key dates for reporting and annual meetings, signaling to shareholders and stakeholders the importance of staying informed. Scheduled Report Releases and Meetings The Board of...

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Unexpected Chicago PMI Falls Raises Concerns for Manufacturing

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Understanding the Recent Chicago PMI Decline Recently, the Chicago Purchasing Managers' Index (PMI) reported a surprising score of 36.9, highlighting ongoing challenges in the manufacturing sector within the region. This score is a clear indication that the manufacturing landscape in Chicago is experiencing significant contraction, a worrisome sign for the local and...

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