000-49693
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91-2115369
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(Commission File Number)
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(IRS Employer Identification No.)
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975 El Camino Real, South San Francisco,
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California 94080
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
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(650) 588-6800 |
o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits.
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(c)
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Exhibits
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99.01
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News Release dated October 26, 2011, announcing financial highlights of operating results for the quarter ended September 30, 2011.
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FNB BANCORP (Registrant) | |||
Dated: October 26, 2011.
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By:
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/s/ Dave A. Curtis
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Dave A. Curtis
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Senior Vice President and
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Chief Financial Officer
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Three months
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Three months
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Nine months
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Nine months
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|||||||||||||
ended
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ended
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ended
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ended
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|||||||||||||
September 30,
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September 30,
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September 30,
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September 30,
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|||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
Interest income
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$ | 8,241 | $ | 8,616 | $ | 24,730 | $ | 26,032 | ||||||||
Interest expense
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842 | 1,338 | 2,583 | 4,368 | ||||||||||||
Net interest income
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7,399 | 7,278 | 22,147 | 21,664 | ||||||||||||
Provision for loan losses
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(450 | ) | (464 | ) | (1,300 | ) | (1,029 | ) | ||||||||
Noninterest income
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1,367 | 1,335 | 3,769 | 3,437 | ||||||||||||
Noninterest expense
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6,783 | 6,698 | 20,303 | 20,449 | ||||||||||||
Income before income taxes
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1,533 | 1,451 | 4,313 | 3,623 | ||||||||||||
Income tax expense
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344 | 426 | 1,141 | 855 | ||||||||||||
Net earnings
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1,189 | 1,025 | 3,172 | 2,768 | ||||||||||||
Dividends and discount accretion on preferred stock
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372 | 214 | 800 | 640 | ||||||||||||
Net earnings available to common shareholders
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$ | 817 | $ | 811 | $ | 2,372 | $ | 2,128 | ||||||||
Basic earnings per share
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$ | 0.24 | $ | 0.24 | $ | 0.71 | $ | 0.64 | ||||||||
Diluted earnings per share
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$ | 0.24 | $ | 0.24 | $ | 0.71 | $ | 0.64 | ||||||||
Average assets
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$ | 724,083 | $ | 732,141 | $ | 716,068 | $ | 729,185 | ||||||||
Average equity
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$ | 84,574 | $ | 81,545 | $ | 82,872 | $ | 80,298 | ||||||||
Return on average assets (annualized)
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0.45 | % | 0.44 | % | 0.44 | % | 0.39 | % | ||||||||
Return on average equity (annualized)
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3.86 | % | 3.98 | % | 3.82 | % | 3.53 | % | ||||||||
Efficiency ratio
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77 | % | 78 | % | 78 | % | 81 | % | ||||||||
Net interest margin (taxable equivalent)
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4.83 | % | 4.77 | % | 4.92 | % | 4.78 | % | ||||||||
Average shares outstanding
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3,342 | 3,341 | 3,342 | 3,341 | ||||||||||||
Average diluted shares outstanding
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3,361 | 3,341 | 3,361 | 3,351 |
Financial Highlights: Third Quarter, 2011
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||||||||||||||||
Consolidated Balance Sheets
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||||||||||||||||
(in ’000s)
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As of
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As of
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As of
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As of
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||||||||||||
September 30,
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December 31,
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September 30,
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December 31,
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|||||||||||||
2011
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2010
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2010
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2009
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|||||||||||||
Assets:
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||||||||||||||||
Cash and cash equivalents
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$ | 69,273 | $ | 60,874 | $ | 69,731 | $ | 62,853 | ||||||||
Securities available for sale
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152,376 | 126,189 | 131,123 | 97,188 | ||||||||||||
Loans, net
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456,106 | 474,828 | 475,464 | 494,349 | ||||||||||||
Premises, equipment and leasehold improvements
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13,399 | 13,535 | 11,801 | 11,784 | ||||||||||||
Other real estate owned, net
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2,988 | 6,680 | 6,608 | 7,320 | ||||||||||||
Goodwill
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1,841 | 1,841 | 1,841 | 1,841 | ||||||||||||
Other assets
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27,037 | 30,692 | 30,934 | 32,974 | ||||||||||||
Total assets
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$ | 723,020 | $ | 714,639 | $ | 727,502 | $ | 708,309 | ||||||||
Liabilities and stockholders’ equity:
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Deposits:
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Demand and NOW
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$ | 201,823 | $ | 197,650 | $ | 197,924 | $ | 177,883 | ||||||||
Savings and money market
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324,321 | 305,390 | 314,864 | 293,758 | ||||||||||||
Time
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105,510 | 125,400 | 126,222 | 127,323 | ||||||||||||
Total deposits
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631,654 | 628,440 | 639,010 | 598,964 | ||||||||||||
Federal Home Loan Bank advances
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─
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─
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─
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25,000 | ||||||||||||
Accrued expenses and other liabilities
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5,672 | 5,275 | 6,405 | 5,480 | ||||||||||||
Total liabilities
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637,326 | 633,715 | 645,415 | 629,444 | ||||||||||||
Stockholders’ equity
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85,694 | 80,924 | 82,087 | 78,865 | ||||||||||||
Total liab. and stockholders’ equity
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$ | 723,020 | $ | 714,639 | $ | 727,502 | $ | 708,309 | ||||||||
Other Financial Information
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||||||||||||||||
Allowance for loan losses
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$ | 9,646 | $ | 9,524 | $ | 9,250 | $ | 9,829 | ||||||||
Nonperforming assets
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$ | 19,168 | $ | 23,392 | $ | 23,906 | $ | 32,912 | ||||||||
Total gross loans
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$ | 465,752 | $ | 484,352 | $ | 484,714 | $ | 504,178 |