EX-99.57 2 ex99_57.htm EXHIBIT 99.57

Exhibit 99.57

Press Release
Available for Immediate Publication: February 6, 2008

First National Bank of Northern California Reports Fourth Quarter 2007 Earnings of $0.56 Per Diluted Share

Source: FNB Bancorp (CA) (Bulletin Board: FNBG)
South San Francisco, California
Website: www.fnbnorcal.com

Contacts:
Tom McGraw, Chief Executive Officer (650) 875-4864
Dave Curtis, Chief Financial Officer (650) 875-4862

          FNB Bancorp (Bulletin Board: FNBG), parent company of First National Bank of Northern California, today announced net earnings for the fourth quarter of 2007 of $1,698,000 or $0.56 per diluted share, compared to $1,559,000 or $0.51 per diluted share for the fourth quarter of 2006. Total consolidated assets as of December 31, 2007 were $644,465,000 compared to $581,270,000 as of December 31, 2006. Certain amounts reported for 2006 have been reclassified to conform to the December 31, 2007 presentation. The reclassifications had no effect on Net earnings or Stockholders’ equity.

 

 

 

Financial Highlights: Fourth quarter, 2007

 

Consolidated Statement of Earnings

 

(in ‘000s except earnings per share amounts)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended
December 31,

 

Year ended
December 31,

 

 

 

2007

 

2006

 

2007

 

2006

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

10,851

 

 

9,929

 

 

42,290

 

 

37,196

 

Interest expense

 

 

3,611

 

 

2,916

 

 

13,657

 

 

9,821

 

 

 



 



 



 



 

Net interest income

 

 

7,240

 

 

7,013

 

 

28,633

 

 

27,375

 

Provision for loan losses

 

 

(180

)

 

(164

)

 

(690

)

 

(683

)

Non-interest income

 

 

1,061

 

 

1,070

 

 

4,300

 

 

6,259

 

Non-interest expense

 

 

5,855

 

 

5,625

 

 

23,182

 

 

21,760

 

 

 



 



 



 



 

Income before income taxes

 

 

2,266

 

 

2,294

 

 

9,061

 

 

11,191

 

Provision for income taxes

 

 

(568

)

 

(735

)

 

(2,382

)

 

(3,609

)

 

 



 



 



 



 

Net earnings

 

$

1,698

 

 

1,559

 

 

6,679

 

 

7,582

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.57

 

$

0.52

 

$

2.23

 

$

2.54

 

Diluted earnings per share

 

$

0.56

 

$

0.51

 

$

2.21

 

$

2.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assets

 

$

647,740

 

 

590,182

 

 

623,391

 

 

575,116

 

Average equity

 

$

66,178

 

 

61,762

 

 

64,294

 

 

58,961

 

Return on average assets

 

 

1.05

%

 

1.06

%

 

1.07

%

 

1.32

%

Return on average equity

 

 

10.26

%

 

10.10

%

 

10.39

%

 

12.86

%

Efficiency ratio

 

 

70.53

%

 

69.59

%

 

64.70

%

 

64.70

%

Net interest margin

 

 

4.86

%

 

5.20

%

 

5.05

%

 

5.26

%

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

2,991,000

 

 

2,986,000

 

 

2,993,000

 

 

2,986,000

 

Diluted

 

 

3,000,000

 

 

3,048,000

 

 

3,027,000

 

 

3,056,000

 



 

 

 

 

 

 

 

 

Consolidated Balance Sheets
(In 000’s)

 

As of
December 31,
2007

 

As of
December 31,
2006

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

15,750

 

$

27,022

 

Securities available for sale

 

 

94,432

 

 

94,945

 

Loans, net

 

 

489,574

 

 

419,437

 

Premises, equipment and leasehold improvements

 

 

13,686

 

 

13,476

 

Other real estate owned

 

 

440

 

 

 

Goodwill

 

 

1,841

 

 

1,841

 

Other assets

 

 

28,742

 

 

24,549

 

 

 



 



 

Total assets

 

$

644,465

 

$

581,270

 

 

 



 



 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity:

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Demand and NOW

 

$

181,638

 

$

184,262

 

Savings and money market

 

 

181,276

 

 

162,915

 

Time

 

 

136,341

 

 

134,390

 

 

 



 



 

Total deposits

 

 

499,255

 

 

481,567

 

Federal funds purchased

 

 

5,595

 

 

 

Federal Home Loan Bank advances

 

 

66,000

 

 

30,000

 

Accrued expenses and other liabilities

 

 

7,070

 

 

7,640

 

 

 



 



 

Total liabilities

 

 

577,920

 

 

519,207

 

Stockholders’ equity

 

 

66,545

 

 

62,063

 

 

 



 



 

Total liabilities and stockholders’ equity

 

$

644,465

 

$

581,270

 

 

 



 



 

 

 

 

 

 

 

 

 

Selected ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs as a percent of total (gross) loans

 

 

0.01

%

 

0.01

%

Allowance for loan losses as a percent of non-performing loans

 

 

49.18

%

 

190.33

%

“We are proud to be able to report a strong end-of-year balance sheet and solid earnings for 2007. Our 2007 return on average assets and return on average equity were 1.07% and 10.39% for 2007 compared with 1.32% and 12.86% during 2006. We were able to add quality loans to our loan portfolio, which experienced a growth rate of approximately 17% during 2007, while we also added to our allowance for loan losses, which totaled $5,638,000 at December 31, 2007 compared to $5,002,000 at December 31, 2006. Our net charged-off loans totaled $54,000 in 2007 compared to $55,000 in 2006. Nonaccrual loans increased in 2007 to $11,465,000 at December 31, 2007 compared to $2,628,000 at December 31, 2006, but the increase in nonaccrual loans was related to a small number of loans to specific borrowers on properties that management believes to be adequately secured. Our net interest margin declined to 5.05% in 2007 compared to 5.26% in 2006, primarily due to market interest rate declines experienced during 2007. Our increased non-interest expenses year over year were primarily the result of increased personnel and occupancy expenses,” stated Tom McGraw, Chief Executive Officer.

“Management is committed to maintaining the quality of our loan portfolio and deposit base at a time when current financial markets have experienced liquidity and credit difficulties. Our stock price has not performed well over the last year, despite our solid financial performance, due in no small part to the negative financial disclosures that have been reported recently by institutions involved in sub-prime mortgage lending. First National Bank of Northern California does not offer sub-prime mortgage loans. We are a community bank, serving our local marketplace for over 44 years. Moving forward into 2008, we are committed to maintaining our quality customer service, delivering products that provide meaningful financial solutions for our customers, and to controlling non-interest expenses,” noted Mr. McGraw.


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.