First National Bank of Northern California Reports Third Quarter 2015 Earnings of $0.51 per Diluted Share
(firmenpresse) - SOUTH SAN FRANCISCO, CA -- (Marketwired) -- 10/20/15 -- 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 third quarter of 2015 of $2,239,000 or $0.51 per diluted share, compared to net earnings available to common shareholders of $1,823,000 or $0.42 per diluted share for the third quarter of 2014.
"The third quarter of 2015 was a quarter of solid earnings for the Company, accentuated by a favorable income tax settlement that is underway with the Franchise Tax Board of California related to the Company's enterprise zone net interest deduction claimed on state income returns for the years 2005 through 2013. As a result, the Company was able to record a $535,416 tax benefit during the quarter related to this settlement. The acquisition of America California Bank allowed the Company to record net interest income during the third quarter that was higher than above levels recorded for the second quarter of 2015. Acquisition expenses of America California Bank, net of related tax benefits, were $527,000 during the third quarter. Total assets have increased $194 million since the beginning of the year, primarily related to the America California Bank acquisition," stated Tom McGraw, CEO.
"Our net interest margin continued to move lower during the third quarter of 2015, due primarily to the low interest rate environment created by the current policy position of the Federal Open Market Committee (the 'Committee') of the Federal Reserve Bank. To date, there has been no set date established by the Committee as to when they intend to begin raising short term interest rate targets. Until they do, our net interest margin will continue to experience downward pressure in the near term. Noninterest expenses during the third quarter were negatively affected by acquisition costs. Management is committed to keep ongoing operating costs related to the America California Bank acquisition at a minimum. The recorded goodwill related to the America California Bank acquisition was $2,739,000. Management believes the payback period related to the recorded goodwill should be approximately 1.5 years," 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: 20.10.2015 - 20:00 Uhr
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News-ID 428278
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