|By Marketwired .||
|February 1, 2013 04:00 PM EST||
SOUTH SAN FRANCISCO, CA -- (Marketwire) -- 02/01/13 -- 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 fourth quarter of 2012 of $1,189,000 or $0.33 per diluted share, compared to net earnings available to common shareholders of $1,085,000 or $0.31 per diluted share for the fourth quarter of 2011. Dividend payments on the preferred shares outstanding were made as required by the Treasury Department's Small Business Lending Program during the fourth quarter of 2012. Total assets as of December 31, 2012 were $875,340,000 compared to $715,641,000 as of December 31, 2011. Our net loan totals increased by $97,842,000 or 22% during the twelve months of this year, and our deposits increased $146,574,000 or 24% during the same time period. The Company's liquidity position remains strong with $234,945,000 in available for sale securities and $41,077,000 in cash and cash equivalents as of December 31, 2012.
On September 15, 2011, Preferred Stock was issued by FNB Bancorp to the U. S. Treasury as part of the U. S. Treasury's Small Business Lending Fund ("SBLF"). The initial dividend rate is 5%. Depending on the volume of our small business lending, it can decrease to as low as one percent. If our small business lending does not increase in the first two years, the rate will increase to seven percent. After 4.5 years, the dividend rate will increase to nine percent if the Company has not repaid the SBLF funding. The proceeds of this Preferred Stock investment were used to pay off the Preferred Stock Series A and B that were issued by the U. S. Treasury under the TARP program in 2009.
Financial Highlights: Fourth Quarter, 2012 Consolidated Statements of Earnings (in '000s except earnings per share amounts) Three months Three months Year Year ended ended ended ended December 31 December 31 December 31 December 31 2012 2011 2012 2011 ------------ ------------ ------------ ------------ Interest income $ 9,408 $ 8,167 $ 33,523 $ 32,897 Interest expense 727 744 2,727 3,327 ------------ ------------ ------------ ------------ Net interest income 8,681 7,423 30,796 29,570 Provision for loan losses (633) (450) (1,833) (1,750) Noninterest income 1,119 1,310 9,224 5,079 Noninterest expense 7,557 6,771 27,739 27,074 ------------ ------------ ------------ ------------ Income before income taxes 1,610 1,512 10,448 5,825 Income tax expense 264 427 1,645 1,568 ------------ ------------ ------------ ------------ Net earnings 1,346 1,085 8,803 4,257 Dividends and discount accretion on preferred stock 157 - 658 800 ------------ ------------ ------------ ------------ Net earnings available to common shareholders $ 1,189 $ 1,085 $ 8,145 $ 3,457 ============ ============ ============ ============ Basic earnings per share $ 0.34 $ 0.31 $ 2.32 $ 0.99 Diluted earnings per share $ 0.33 $ 0.31 $ 2.28 $ 0.98 Average assets $ 900,571 $ 729,771 $ 793,713 $ 719,521 Average equity $ 95,206 $ 85,682 $ 90,466 $ 83,579 Return on average assets (annualized) 0.53% 0.59% 1.03% 0.48% Return on average equity (annualized) 5.00% 5.07% 9.00% 4.14% Efficiency ratio 77% 78% 69% 78% Net interest margin (taxable equivalent) 4.55% 4.81% 4.54% 4.88% Average shares outstanding 3,517 3,509 3,514 3,509 Average diluted shares outstanding 3,598 3,532 3,577 3,529
"The fourth quarter of 2012 was our first full quarter of operations following the acquisition of Oceanic Holding, Inc. and Oceanic Bank. The integration of the two operations went smoothly, and thanks to the dedication and hard work of our employees, key customer relationships have been retained and new business relationships have been introduced into the Company. This acquisition was extremely profitable to the Company, not only due to the initial bargain purchase gain of $3.7 million dollars recorded at inception, but also for the future business opportunities it provides. As additional business acquisition opportunities become available, we welcome the opportunity to explore them. We are also looking to grow the Bank from within, and during 2012 we opened our first loan center in Sunnyvale, CA. This marks our first physical presence in the county of Santa Clara," stated Tom McGraw, Chief Executive Officer.
"Fourth quarter earnings were strong and full year earnings available to common shareholders were the highest in the history of the Company. Our net interest margin continues to be above peer average and asset quality is improving. Fourth quarter nonperforming assets were lower than third quarter levels. During the fourth quarter, we also continued to grow our allowance for loan and lease losses. Noninterest income in the fourth quarter declined from year ago levels primarily due to the fact that the Bank reduced the volume of investment portfolio security sales in the current quarter compared to prior periods. Sales that did occur during the fourth quarter were primarily related to repositioning the investment portfolio as a result of the Oceanic Bank acquisition and no gain or loss was recorded on the transaction," continued Tom McGraw.
"Looking forward to 2013, we hope that you will join us at our annual shareholders' meeting and help us celebrate our 50th anniversary. This milestone event has been accompanied by a rebranding effort and new logo that has been adopted by the Company. You may see the new signage on our buildings already. We want everyone to know that First National Bank of Northern California is looking forward to the future, as we continue our efforts to be the community bank of choice in San Francisco and San Mateo counties," stated Tom McGraw.
Financial Highlights: Fourth Quarter, 2012 Consolidated Balance Sheets (in '000s) As of As of December 31, December 31, 2012 2011 ------------- ------------- Assets: Cash and cash equivalents $ 41,077 $ 38,474 Securities available for sale 234,945 187,664 Loans, net 541,563 443,721 Premises, equipment and leasehold improvements, net 12,706 13,227 Bank owned life insurance 11,785 9,521 Other equity securities 5,464 4,608 Accrued interest receivable 3,760 3,614 Other real estate owned, net 6,650 2,747 Goodwill 1,841 1,841 Prepaid expenses 1,372 2,107 Other assets 14,177 8,117 ------------- ------------- Total assets $ 875,340 $ 715,641 ============= ============= Liabilities and stockholders' equity: Deposits: Demand and NOW $ 253,849 $ 202,690 Savings and money market 343,437 310,237 Time 171,066 108,851 ------------- ------------- Total deposits 768,352 621,778 Accrued expenses and other liabilities 11,630 6,667 ------------- ------------- Total liabilities 779,982 628,445 Stockholders' equity 95,358 87,196 ------------- ------------- Total liab. and stockholders' equity $ 875,340 $ 715,641 ============= ============= Other Financial Information Allowance for loan losses $ 9,124 $ 9,897 Nonperforming assets $ 20,046 $ 21,845 Total gross loans $ 550,687 $ 453,618
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.
Chief Executive Officer
Chief Financial Officer
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo – to be held June 9-11, 2015, at the Javits Center in New York City, NY – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of...
May. 25, 2015 03:00 AM EDT Reads: 3,475
Grow your business with enterprise wearable apps using SAP Platforms and Google Glass. SAP and Google just launched the SAP and Google Glass Challenge, an opportunity for you to innovate and develop the best Enterprise Wearable App using SAP Platforms and Google Glass and gain valuable market exposure. In his session at @ThingsExpo, Brian McPhail, Senior Director of Business Development, ISVs & Digital Commerce at SAP, outlined the timeline of the SAP Google Glass Challenge and the opportunity for developers, start-ups, and companies of all sizes to engage with SAP today.
May. 25, 2015 03:00 AM EDT Reads: 5,012
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
May. 25, 2015 02:45 AM EDT Reads: 6,779
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
May. 25, 2015 02:00 AM EDT Reads: 5,301
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
May. 25, 2015 01:30 AM EDT Reads: 5,406
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
May. 25, 2015 01:15 AM EDT Reads: 4,512
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
May. 25, 2015 12:30 AM EDT Reads: 3,972
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
May. 24, 2015 11:00 PM EDT Reads: 6,101
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
May. 24, 2015 10:00 PM EDT Reads: 5,471
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 24, 2015 09:00 PM EDT Reads: 1,915
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
May. 24, 2015 09:00 PM EDT Reads: 5,280
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
May. 24, 2015 09:00 PM EDT Reads: 4,928
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT.
May. 24, 2015 09:00 PM EDT Reads: 6,564
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
May. 24, 2015 09:00 PM EDT Reads: 6,131
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
May. 24, 2015 08:00 PM EDT Reads: 2,221
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
May. 24, 2015 07:00 PM EDT Reads: 6,036
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 24, 2015 05:30 PM EDT Reads: 1,694
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
May. 24, 2015 05:00 PM EDT Reads: 2,592
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
May. 24, 2015 04:00 PM EDT Reads: 6,632
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
May. 24, 2015 03:00 PM EDT Reads: 2,852