Exhibit 99.01
Press Release
Available for Immediate Publication: January 31, 2018
FNB Bancorp Reports Fourth Quarter 2017 Earnings of $0.13 Per Diluted Share
Source: FNB Bancorp (CA) (NASDAQ:FNBG)
South San Francisco, California
Website:www.fnbnorcal.com
Contacts:
Tom McGraw, Chief Executive Officer (650) 875-4864
Dave Curtis, Chief Financial Officer (650) 875-4862
FNB Bancorp (NASDAQ: FNBG), parent company of First National Bank of Northern California (the “Bank”), today announced net earnings available to common stockholders for the fourth quarter of 2017 of $960,000 or $0.13 per diluted share, compared to net earnings available to common shareholders of $3,042,000 or $0.41 per diluted share for the fourth quarter of 2016. Fourth quarter results include adjustments to asset values that were recorded following the enactment of the Tax Cuts and Jobs Act of 2017 (“H.R.1”), which reduced the federal income tax rate from 35% to 21% beginning in 2018. The fourth quarter adjustments related to H.R.1 included a reduction in our net deferred tax assets of $(3.0) million or $(0.39) per diluted share.
During the fourth quarter of 2017, the Company’s Board of Directors signed a definitive agreement whereby FNB Bancorp, the sole shareholder of First National Bank of Northern California, would be sold to TriCo Bancshares. The merger agreement is expected to be presented to and voted on by the shareholders of both companies sometime in late first quarter or early second quarter, 2018.
“During the fourth quarter of 2017, the Company was able to grow our net loan portfolio by $0.6 million. Growth in our deposit liabilities total $5.2 million, which included growth in our non-interest bearing DDA of $3.7 million. Cash generated from our growth in deposits and reductions in our cash and investment portfolio was used to reduce our FHLB borrowings outstanding by $10 million. Net interest income was $12.0 million during the fourth quarter of 2017, an increase of $0.2 million during the quarter. Net interest income was helped by the fact that the adjustable rate portion of our loan portfolio continued to reset to higher yields, in response to increases to short term rates by the Federal Open Market Committee and increases in short term LIBOR rates. The reduction in our Stockholder’s Equity during the quarter was related to the additional income tax expense recorded because of H.R.1. Our personnel worked diligently during the fourth quarter to maintain our profitability while continuing to provide for our customers’ financial needs, providing them with what they need when they need it”, stated CEO Tom McGraw.
“Our credit quality continued to improve during the fourth quarter of 2017. Total non-performing assets decreased by $3.1 million. This decrease was the result of successful efforts to reduce the level of our non-accrual loans. We did foreclose on one commercial property located in Lafayette, CA, bringing our total number of foreclosure properties to two, with a carrying value of $3.3 million as of December 31, 2017. We utilize a conservative underwriting approach in our loan origination process which, historically, has served to keep problem loans at reasonable levels. During the quarter we recorded a $0.2 million loan loan recovery. This recovery was possible due to the strong credit quality inherent in our loan portfolio coupled with the fact we experienced loan recoveries, net of loan charge offs, totaling $0.1 million during the quarter. Management believes our allowance for loan losses are adequate given the level of risk that has been identified in our loan portfolio”, continued Tom McGraw.
| FNB Bancorp and Subsidiary | ||||||||
| CONSOLIDATED BALANCE SHEETS | (Unaudited) | |||||||
| (Dollar and share amounts in thousands, except earnings per share) | As of | |||||||
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 18,353 | $ | 15,758 | ||||
| Interest-bearing time deposits with financial institutions | 130 | 205 | ||||||
| Securities available for sale, at fair value | 355,857 | 360,105 | ||||||
| Other equity securities | 7,567 | 7,206 | ||||||
| Loans, net of deferred loan fees and allowance for loan losses | 829,766 | 782,485 | ||||||
| Bank premises, equipment and leasehold improvements, net | 9,322 | 9,837 | ||||||
| Bank owned life insurance | 16,637 | 16,247 | ||||||
| Accrued interest receivable | 5,317 | 4,942 | ||||||
| Other real estate owned | 3,300 | 1,427 | ||||||
| Goodwill | 4,580 | 4,580 | ||||||
| Prepaid expenses | 825 | 856 | ||||||
| Other assets | 13,584 | 15,746 | ||||||
| TOTAL ASSETS | $ | 1,265,238 | $ | 1,219,394 | ||||
| LIABILITIES | ||||||||
| Deposits: | ||||||||
| Demand, noninterest bearing | $ | 313,435 | $ | 296,273 | ||||
| Demand, interest bearing | 130,988 | 121,086 | ||||||
| Savings and money market | 467,788 | 487,763 | ||||||
| Time | 138,084 | 114,384 | ||||||
| Total Deposits | 1,050,295 | 1,019,506 | ||||||
| Federal Home Loan Bank advances | 75,000 | 71,000 | ||||||
| Note payable | 3,750 | 4,350 | ||||||
| Accrued expenses and other liabilities | 16,913 | 14,224 | ||||||
| Total Liabilities | 1,145,958 | 1,109,080 | ||||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Common stock, no par value | 85,565 | 84,283 | ||||||
| Retained earnings | 34,654 | 27,577 | ||||||
| Accumulated other comprehensive (losses), net of tax | (939 | ) | (1,546 | ) | ||||
| Total Stockholders’ Equity | 119,280 | 110,314 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,265,238 | $ | 1,219,394 | ||||
| FNB Bancorp and Subsidiary | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
| (Dollar and share amounts in thousands, except earnings per share) | ||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| INTEREST INCOME | ||||||||||||||||
| Interest and fees on loans | $ | 10,867 | $ | 9,578 | $ | 41,956 | $ | 38,313 | ||||||||
| Interest on dividends and securities | 2,119 | 1,925 | 8,136 | 7,156 | ||||||||||||
| Interest on deposits with other financial institutions | 42 | 7 | 126 | 44 | ||||||||||||
| Total interest income | 13,028 | 11,510 | 50,218 | 45,513 | ||||||||||||
| INTEREST EXPENSE | ||||||||||||||||
| Deposits | 757 | 631 | 2,807 | 2,780 | ||||||||||||
| Federal Home Loan Bank advances | 249 | 48 | 850 | 67 | ||||||||||||
| Interest on note payable | 52 | 55 | 214 | 222 | ||||||||||||
| Total interest expense | 1,058 | 734 | 3,871 | 3,069 | ||||||||||||
| NET INTEREST INCOME | 11,970 | 10,776 | 46,347 | 42,444 | ||||||||||||
| (Recovery of) provision for loan losses | (220 | ) | — | (360 | ) | 150 | ||||||||||
| NET INTEREST INCOME AFTER (RECOVERY OF) PROVISION FOR LOAN LOSSES | 12,190 | 10,776 | 46,707 | 42,294 | ||||||||||||
| NONINTEREST INCOME | ||||||||||||||||
| Service charges | 532 | 599 | 2,264 | 2,461 | ||||||||||||
| Net gain on sale of available-for-sale securities | — | 57 | 210 | 438 | ||||||||||||
| Earnings on bank owned life insurance | 97 | 102 | 390 | 402 | ||||||||||||
| Other income | 237 | 565 | 996 | 1,294 | ||||||||||||
| Total noninterest income | 866 | 1,323 | 3,860 | 4,595 | ||||||||||||
| NONINTEREST EXPENSES | ||||||||||||||||
| Salaries and employee benefits | 4,906 | 4,839 | 19,366 | 19,474 | ||||||||||||
| Occupancy expense | 685 | 635 | 2,747 | 2,528 | ||||||||||||
| Equipment expense | 402 | 448 | 1,646 | 1,765 | ||||||||||||
| Professional fees | 261 | 384 | 1,482 | 1,363 | ||||||||||||
| FDIC assessment | 90 | 150 | 400 | 600 | ||||||||||||
| Telephone, postage, supplies | 324 | 298 | 1,267 | 1,199 | ||||||||||||
| Advertising expense | 109 | 120 | 451 | 524 | ||||||||||||
| Data processing expense | 143 | 178 | 571 | 657 | ||||||||||||
| Low income housing expense | 122 | 71 | 472 | 284 | ||||||||||||
| Surety insurance | 87 | 85 | 349 | 347 | ||||||||||||
| Director fees | 72 | 72 | 288 | 288 | ||||||||||||
| Other real estate owned expense (recovery), net | 63 | 5 | 80 | (5 | ) | |||||||||||
| Other expenses | 354 | 458 | 1,430 | 1,668 | ||||||||||||
| Total noninterest expense | 7,618 | 7,743 | 30,549 | 30,692 | ||||||||||||
| EARNINGS BEFORE PROVISION FOR INCOME TAXES | 5,438 | 4,356 | 20,018 | 16,197 | ||||||||||||
| Provision for income taxes | 4,478 | 1,314 | 9,307 | 5,696 | ||||||||||||
| NET EARNINGS AVAILABLE TO COMMON STOCKHOLDERS | $ | 960 | $ | 3,042 | $ | 10,711 | $ | 10,501 | ||||||||
| Per Share and Shareholder Information | ||||||||||||||||
| Basic earnings per share available to common stockholders | $ | 0.13 | $ | 0.42 | $ | 1.46 | $ | 1.45 | ||||||||
| Diluted earnings per share available to common stockholders | $ | 0.13 | $ | 0.41 | $ | 1.41 | $ | 1.42 | ||||||||
| Cash dividends declared | $ | 964 | $ | 739 | $ | 3,584 | $ | 2,847 | ||||||||
| Average shares outstanding | 7,412 | 7,275 | 7,361 | 7,233 | ||||||||||||
| Average diluted shares outstanding | 7,669 | 7,461 | 7,607 | 7,417 | ||||||||||||
| Shares outstanding as of the end of period | 7,442 | 7,279 | 7,442 | 7,279 | ||||||||||||
| FNB Bancorp and Subsidiary | ||||||||||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||||||
| (Dollar and share amounts in thousands, except earnings per share) | ||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| AVERAGE BALANCES | ||||||||||||||||
| Total Assets | $ | 1,276,437 | $ | 1,191,942 | $ | 1,257,848 | $ | 1,163,454 | ||||||||
| Total Loans | 834,653 | 763,654 | 823,333 | 746,829 | ||||||||||||
| Total Earning Assets | 1,209,339 | 1,127,339 | 1,192,083 | 1,099,192 | ||||||||||||
| Total Deposits | 1,054,239 | 1,018,071 | 1,033,117 | 1,017,398 | ||||||||||||
| Total Stockholder’s Equity | 120,858 | 111,807 | 116,902 | 109,854 | ||||||||||||
| SELECTED PERFORMANCE DATA | ||||||||||||||||
| Annualized return on average assets | 0.30 | % | 1.02 | % | 0.85 | % | 0.90 | % | ||||||||
| Annualized return on average equity | 3.18 | % | 10.88 | % | 9.16 | % | 9.56 | % | ||||||||
| Net interest margin (taxable equivalent) | 4.01 | % | 3.89 | % | 3.97 | % | 3.97 | % | ||||||||
| Average loans as a percent of average deposits | 79.17 | % | 75.01 | % | 79.69 | % | 73.41 | % | ||||||||
| Average total stockholders’ equity as a % of average total assets | 9.47 | % | 9.38 | % | 9.29 | % | 9.44 | % | ||||||||
| Annualized common dividend payout ratio | 100.42 | % | 24.29 | % | 33.46 | % | 27.11 | % | ||||||||
| NON-PERFORMING ASSETS | (Extracted from | |||||||||||||||||||
| (Dollars in thousands) | audited annual | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | financial statements) | ||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2017 | 2017 | 2017 | 2017 | 2016 | ||||||||||||||||
| Non-accrual loans | $ | 1,940 | $ | 6,933 | $ | 7,363 | $ | 8,444 | $ | 6,647 | ||||||||||
| Other real estate owned | 3,300 | 1,471 | 1,459 | 1,443 | 1,427 | |||||||||||||||
| Total non-performing assets | $ | 5,240 | $ | 8,404 | $ | 8,822 | $ | 9,887 | $ | 8,074 | ||||||||||
| Loan loss reserve | $ | 10,171 | $ | 10,250 | $ | 10,177 | $ | 10,144 | $ | 10,167 | ||||||||||
| Non-accrual loans/Gross loans | 0.23 | % | 0.83 | % | 0.90 | % | 1.03 | % | 0.84 | % | ||||||||||
| Loan loss reserves/Gross loans | 1.21 | % | 1.22 | % | 1.24 | % | 1.24 | % | 1.28 | % | ||||||||||
| FNB Bancorp and Subsidiary | ||||||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
| (Dollar and share amounts in thousands, except earnings per share) | (Extracted from | |||||||||||||||||||
| audited annual | ||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | financial statements) | ||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2017 | 2017 | 2017 | 2017 | 2016 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 18,353 | $ | 23,714 | $ | 21,859 | $ | 25,337 | $ | 15,758 | ||||||||||
| Interest-bearing time deposits with financial institutions | 130 | 230 | 230 | 205 | 205 | |||||||||||||||
| Securities available for sale, at fair value | 355,857 | 360,301 | 362,006 | 353,364 | 360,105 | |||||||||||||||
| Other equity securities | 7,567 | 7,567 | 7,567 | 7,211 | 7,206 | |||||||||||||||
| Loans, net of deferred loan fees and allowance for loan losses | 829,766 | 829,100 | 808,508 | 807,191 | 782,485 | |||||||||||||||
| Bank premises, equipment and leasehold improvements, net | 9,322 | 9,417 | 9,416 | 9,571 | 9,837 | |||||||||||||||
| Bank owned life insurance | 16,637 | 16,540 | 16,438 | 16,349 | 16,247 | |||||||||||||||
| Accrued interest receivable | 5,317 | 4,804 | 4,945 | 4,785 | 4,942 | |||||||||||||||
| Other real estate owned | 3,300 | 1,471 | 1,459 | 1,443 | 1,427 | |||||||||||||||
| Goodwill | 4,580 | 4,580 | 4,580 | 4,580 | 4,580 | |||||||||||||||
| Prepaid expenses | 825 | 469 | 621 | 768 | 856 | |||||||||||||||
| Other assets | 13,584 | 16,421 | 16,032 | 15,917 | 15,746 | |||||||||||||||
| TOTAL ASSETS | $ | 1,265,238 | $ | 1,274,614 | $ | 1,253,661 | $ | 1,246,721 | $ | 1,219,394 | ||||||||||
| LIABILITIES | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand, noninterest bearing | $ | 313,435 | $ | 309,753 | $ | 296,249 | $ | 287,029 | $ | 296,273 | ||||||||||
| Demand, interest bearing | 130,988 | 122,353 | 129,435 | 125,643 | 121,086 | |||||||||||||||
| Savings and money market | 467,788 | 482,335 | 472,050 | 496,697 | 487,763 | |||||||||||||||
| Time | 138,084 | 130,630 | 124,604 | 115,622 | 114,384 | |||||||||||||||
| Total Deposits | 1,050,295 | 1,045,071 | 1,022,338 | 1,024,991 | 1,019,506 | |||||||||||||||
| Federal Home Loan Bank advances | 75,000 | 85,000 | 91,000 | 86,000 | 71,000 | |||||||||||||||
| Note payable | 3,750 | 3,900 | 4,050 | 4,200 | 4,350 | |||||||||||||||
| Accrued expenses and other liabilities | 16,913 | 19,447 | 17,546 | 17,198 | 14,224 | |||||||||||||||
| Total Liabilities | 1,145,958 | 1,153,418 | 1,134,934 | 1,132,389 | 1,109,080 | |||||||||||||||
| STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
| Common stock, no par value | 85,565 | 85,309 | 85,159 | 84,603 | 84,283 | |||||||||||||||
| Retained Earnings | 34,654 | 34,655 | 32,306 | 29,842 | 27,577 | |||||||||||||||
| Accumulated other comprehensive (losses) earnings, net of tax | (939 | ) | 1,232 | 1,262 | (113 | ) | (1,546 | ) | ||||||||||||
| Total Stockholders’ Equity | 119,280 | 121,196 | 118,727 | 114,332 | 110,314 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,265,238 | $ | 1,274,614 | $ | 1,253,661 | $ | 1,246,721 | $ | 1,219,394 | ||||||||||
| FNB Bancorp and Subsidiary | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
| (Dollar and share amounts in thousands, except earnings per share) | (Unaudited) | |||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2017 | 2017 | 2017 | 2017 | 2016 | ||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||
| Interest and fees on loans | $ | 10,867 | $ | 10,646 | $ | 10,370 | $ | 10,073 | $ | 9,578 | ||||||||||
| Interest on dividends and securities | 2,119 | 2,085 | 1,989 | 1,943 | 1,925 | |||||||||||||||
| Interest on deposits with other financial institutions | 42 | 54 | 19 | 11 | 7 | |||||||||||||||
| Total interest income | 13,028 | 12,785 | 12,378 | 12,027 | 11,510 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 757 | 737 | 677 | 636 | 631 | |||||||||||||||
| Federal Home Loan Bank advances | 249 | 241 | 214 | 146 | 48 | |||||||||||||||
| Interest on note payable | 52 | 54 | 55 | 53 | 55 | |||||||||||||||
| Total interest expense | 1,058 | 1,032 | 946 | 835 | 734 | |||||||||||||||
| NET INTEREST INCOME | 11,970 | 11,753 | 11,432 | 11,192 | 10,776 | |||||||||||||||
| Recovery of loan losses | (220 | ) | — | (140 | ) | — | — | |||||||||||||
| NET INTEREST INCOME AFTER RECOVERY OF LOAN LOSSES | 12,190 | 11,753 | 11,572 | 11,192 | 10,776 | |||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Service charges | 532 | 571 | 564 | 597 | 599 | |||||||||||||||
| Net gain on sale of available-for-sale securities | — | 59 | 123 | 28 | 57 | |||||||||||||||
| Earnings on bank owned life insurance | 97 | 102 | 89 | 102 | 102 | |||||||||||||||
| Other income | 237 | 240 | 236 | 283 | 565 | |||||||||||||||
| Total noninterest income | 866 | 972 | 1,012 | 1,010 | 1,323 | |||||||||||||||
| NONINTEREST EXPENSES | ||||||||||||||||||||
| Salaries and employee benefits | 4,906 | 4,824 | 4,862 | 4,774 | 4,839 | |||||||||||||||
| Occupancy expense | 685 | 704 | 707 | 651 | 635 | |||||||||||||||
| Equipment expense | 402 | 436 | 406 | 402 | 448 | |||||||||||||||
| Professional fees | 261 | 340 | 408 | 473 | 384 | |||||||||||||||
| FDIC assessment | 90 | 90 | 90 | 130 | 150 | |||||||||||||||
| Telephone, postage, supplies | 324 | 321 | 325 | 297 | 298 | |||||||||||||||
| Advertising expense | 109 | 127 | 107 | 108 | 120 | |||||||||||||||
| Data processing expense | 143 | 145 | 144 | 139 | 178 | |||||||||||||||
| Low income housing expense | 122 | 122 | 123 | 105 | 71 | |||||||||||||||
| Surety insurance | 87 | 89 | 89 | 84 | 85 | |||||||||||||||
| Director fees | 72 | 72 | 72 | 72 | 72 | |||||||||||||||
| Other real estate owned expense, net | 63 | — | 7 | 10 | 5 | |||||||||||||||
| Other expenses | 354 | 378 | 338 | 360 | 458 | |||||||||||||||
| Total noninterest expense | 7,618 | 7,648 | 7,678 | 7,605 | 7,743 | |||||||||||||||
| EARNINGS BEFORE PROVISION FOR INCOME TAXES | 5,438 | 5,077 | 4,906 | 4,597 | 4,356 | |||||||||||||||
| Provision for income taxes | 4,478 | 1,766 | 1,555 | 1,508 | 1,314 | |||||||||||||||
| NET EARNINGS AVAILABLE TO COMMON STOCKHOLDERS | $ | 960 | $ | 3,311 | $ | 3,351 | $ | 3,089 | $ | 3,042 | ||||||||||
| FNB Bancorp and Subsidiary | ||||||||||||||||||||
| (Dollar and share amounts in thousands, except earnings per share) | ||||||||||||||||||||
| (Unaudited) Three Months Ended | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2017 | 2017 | 2017 | 2017 | 2016 | ||||||||||||||||
| Per Share and Shareholder Information: | ||||||||||||||||||||
| Basic earnings per share available to common stockholders | $ | 0.13 | $ | 0.45 | $ | 0.46 | $ | 0.42 | $ | 0.42 | ||||||||||
| Diluted earnings per share available to common stockholders | $ | 0.13 | $ | 0.43 | $ | 0.44 | $ | 0.41 | $ | 0.41 | ||||||||||
| Cash dividends declared | $ | 964 | $ | 959 | $ | 882 | $ | 780 | $ | 739 | ||||||||||
| Average shares outstanding | 7,412 | 7,375 | 7,342 | 7,301 | 7,275 | |||||||||||||||
| Average diluted shares outstanding | 7,669 | 7,619 | 7,585 | 7,518 | 7,461 | |||||||||||||||
| Shares outstanding as of end of period | 7,442 | 7,403 | 7,362 | 7,311 | 7,280 | |||||||||||||||
| SELECTED PERFORMANCE DATA | ||||||||||||||||||||
| Annualized return on average assets | 0.30 | % | 1.05 | % | 1.07 | % | 1.00 | % | 1.02 | % | ||||||||||
| Annualized return on average equity | 3.18 | % | 11.10 | % | 11.58 | % | 11.24 | % | 10.88 | % | ||||||||||
| Net interest margin (taxable equivalent) | 4.01 | % | 3.97 | % | 3.93 | % | 3.98 | % | 3.89 | % | ||||||||||
| Average loans as a percent of average deposits | 79.17 | % | 78.73 | % | 81.18 | % | 79.73 | % | 75.01 | % | ||||||||||
| Average total stockholders’ equity as a % of average total assets | 9.47 | % | 9.43 | % | 9.21 | % | 8.91 | % | 9.38 | % | ||||||||||
| Annualized common dividend payout ratio | 100.42 | % | 28.96 | % | 26.32 | % | 25.25 | % | 24.29 | % | ||||||||||
| (Extracted from | ||||||||||||||||||||
| LOANS | audited annual | |||||||||||||||||||
| (Dollars in thousands) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | financial statements) | |||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2017 | 2017 | 2017 | 2017 | 2016 | ||||||||||||||||
| Real estate loans: | ||||||||||||||||||||
| Construction | $ | 35,206 | $ | 49,374 | $ | 46,325 | $ | 49,490 | $ | 43,683 | ||||||||||
| Commercial | 456,992 | 443,556 | 436,286 | 431,295 | 421,222 | |||||||||||||||
| Multi family | 105,138 | 109,396 | 104,373 | 112,911 | 105,963 | |||||||||||||||
| Residential | 173,476 | 174,000 | 166,610 | 169,373 | 170,523 | |||||||||||||||
| Commercial & industrial loans | 55,727 | 51,827 | 57,217 | 49,277 | 48,874 | |||||||||||||||
| Consumer loans | 14,057 | 11,193 | 8,884 | 6,065 | 3,533 | |||||||||||||||
| Gross loans | 840,596 | 839,346 | 819,695 | 818,411 | 793,798 | |||||||||||||||
| Net deferred loan (fees) cost | (659 | ) | 4 | (1,010 | ) | (1,076 | ) | (1,146 | ) | |||||||||||
| Allowance for loan losses | (10,171 | ) | (10,250 | ) | (10,177 | ) | (10,144 | ) | (10,167 | ) | ||||||||||
| NET LOANS | $ | 829,766 | $ | 829,100 | $ | 808,508 | $ | 807,191 | $ | 782,485 | ||||||||||
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.
