First National Bank of Northern California Reports First Quarter 2015 Earnings of $0.41 per Diluted Share
(firmenpresse) - SOUTH SAN FRANCISCO, CA -- (Marketwired) -- 04/23/15 -- FNB Bancorp (OTCQB: FNBG), parent company of First National Bank of Northern California (the "Bank"), today announced net earnings available to common shareholders for the first quarter of 2015 of $1,799,000 or $0.41 per diluted share, compared to net earnings available to common shareholders of $1,664,000 or $0.38 per diluted share for the first quarter of 2014. During the first quarter of 2015, FNB Bancorp was able to grow its deposit base by 1.6%, primarily with increased NOW and Demand Deposit Account balances. Our total assets grew by 0.6% during the first quarter.
"The first quarter of 2015 provided the Bank with deposit gathering opportunities. Some of the deposit growth was related to depositors adding to their NOW and DDA account balances as they prepare to make income and property tax payments that are due in April. However, some of our deposit growth is related to a recovering economy that is bringing additional liquid assets to the San Francisco peninsula. The size of our gross loan portfolio decreased during the first quarter as loan payoffs accelerated, somewhat offset by successful new loan production efforts. During the first quarter of 2015, the gross loan portfolio declined by a total of approximately $8 million dollars. New loan applications are up, and our ability to grow the loan portfolio in the near term will depend on the level of loan payoffs, line usage, and the level of disbursement activity related to new construction loans. Our net interest income for the first quarter of 2015 was up over the prior year by forty thousand dollars. First quarter decreases from the net interest income levels achieved during the fourth quarter of 2014 were driven primarily by two fewer days in the current quarterly period. Federal Home Loan Bank Advances were decreased by nine million dollars," stated Tom McGraw, CEO.
"During the first quarter of 2015, the nonperforming assets increased by 4.4%. Credit quality still remains strong as nonperforming loans at March 31, 2015 were 29% lower than the same date one year ago. Maintaining a high underwriting standard is a priority, with all new loan production thoroughly analyzed using conservative underwriting standards. Noninterest income levels normalized during the first quarter of 2015 from the elevated levels experienced during the fourth quarter of 2014. Year over year, noninterest expense increased by approximately 1.5%. Management has made concerted efforts to keep the growth in noninterest expenses low as we strive to grow our balance sheet. At our March 2015 Board of Directors meeting a quarterly cash dividend to $0.13 per share was declared, an increase of $0.01 per share over our prior dividend. Management continues to work to add value to our shareholders and to grow our balance sheet with high quality assets," 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: 23.04.2015 - 20:00 Uhr
Sprache: Deutsch
News-ID 388204
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Commercial & Investment Banking
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