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First National Bank of Northern California Reports Fourth Quarter 2012 Earnings of $0.33 per Diluted Share

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.

Contacts:
Tom McGraw
Chief Executive Officer
(650) 875-4864

Dave Curtis
Chief Financial Officer
(650) 875-4862

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