Most Popular White Papers
Content provided in partnership with
First National Bank of Northern California Reports Second Quarter 2007 Earnings of $0.60 per Diluted Share
Market Wire, July, 2007
FNB Bancorp (OTCBB: FNBG), parent company of First National Bank of Northern California, today announced operating earnings for the second quarter of 2007 of $1,727,000 or $0.60 per diluted share, compared to $2,109,000 or $0.73 per diluted share for the second quarter of 2006. Results for the second quarter of 2006 included a non-recurring pretax gain on sale of Other Real Estate Owned of $756,000. Total consolidated assets as of June 30, 2007 were $619,439,000 compared to $581,354,000 as of June 30, 2006. Certain amounts reported for 2006 have been reclassified to conform to the June 30, 2007 presentation. The reclassifications had no effect on Net earnings or Stockholders' equity.
Financial Highlights: Second quarter, 2007
Consolidated Statement of Earnings
(in '000s except earnings per share amounts)
Three months Six months
ended June 30, ended June 30,
2007 2006 2007 2006
Interest income $ 10,654 $ 8,928 $ 20,558 $ 17,765
Interest expense 3,429 2,168 6,515 4,119
--------- --------- --------- ---------
Net interest income 7,225 6,760 14,043 13,646
Provision for loan losses (180) (163) (330) (356)
Non-interest income 1,142 1,827 2,146 4,143
Non-interest expense 5,808 5,303 11,566 10,789
--------- --------- --------- ---------
Income before income taxes 2,379 3,121 4,293 6,644
Provision for income taxes (652) (1,012) (1,107) (2,087)
--------- --------- --------- ---------
Net earnings $ 1,727 $ 2,109 $ 3,186 $ 4,557
========= ========= ========= =========
Basic earnings per share $ 0.60 $ 0.74 $ 1.12 $ 1.60
Diluted earnings per share $ 0.60 $ 0.73 $ 1.10 $ 1.57
Average assets $ 621,665 $ 562,035 $ 608,917 $ 561,796
Average equity $ 63,685 $ 57,885 $ 63,141 $ 57,238
Return on average assets 1.11% 1.50% 1.05% 1.62%
Return on average equity 10.85% 14.57% 10.09% 15.92%
Efficiency ratio 69% 62% 71% 61%
Net interest margin 5.13% 5.35% 5.12% 5.43%
Weighted average shares
outstanding:
Basic 2,862 2,840 2,857 2,840
Diluted 2,892 2,904 2,891 2,907
Consolidated Balance Sheets
(In '000s)
As of As of
June 30, 2007 June 30, 2006
-------------- --------------
Assets
Cash and cash equivalents $ 24,317 $ 32,478
Securities available for sale 87,371 126,154
Loans, net 463,523 383,816
Premises, equipment and leasehold
improvements 13,763 12,979
Goodwill 1,841 1,841
Other assets 28,624 24,086
-------------- --------------
Total assets $ 619,439 $ 581,354
============== ==============
Liabilities and stockholders' equity:
Deposits:
Demand and NOW $ 185,031 $ 187,971
Savings and money market 189,700 168,521
Time 142,765 129,069
-------------- --------------
Total deposits 517,496 485,561
Federal Home Loan Bank advances 30,000 30,000
Accrued expenses and other liabilities 8,334 7,407
-------------- --------------
Total liabilities 555,830 522,968
Stockholders' equity 63,609 58,386
-------------- --------------
Total liabilities and stockholders'
equity $ 619,439 $ 581,354
============== ==============
"Our operating results during the second quarter of 2007 reflect the highly competitive environment in which we currently operate. We have been able to grow our total deposits by 7% year over year, but our demand and NOW deposit balances slightly declined. Net quarterly loans increased $79,707,000 year over year. The growth in loans occurred primarily within the commercial real estate segment of the portfolio. Our quarterly net interest income increased by $465,000 year over year, resulting in a net interest margin of 5.13% during the second quarter of 2007, compared to 5.12% during the first quarter of this year. Improvement in the net interest margin was attributable to higher loan volumes and an increase in yield obtained within the investment portfolio. Our increased non-interest expenses year over year were primarily the result of increased marketing and new product expenses designed to provide our customers with the latest deposit products, including remote capture capabilities," stated Tom McGraw, Chief Executive Officer.
Find Research Guides for:
Find Featured Titles for: Arts
Most Popular Articles in Business
- Research and Markets : Tesco Plc - SWOT Framework Analysis
- Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors
- eBay made easy: ready to start an eBay business? These 5 simple steps will ...
- Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...
- Wal-Mart's newest distribution center opened last month near the southwest ...
- More »