Exhibit 99.11
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NEWS RELEASE
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For Immediate Release Contact: James B. Ramsey
650-875-4862
FNB BANCORP FOURTH QUARTER AND YEAR END 2002 EARNINGS
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FNB BANCORP (Bulletin Board FNBG) Announces Fourth Quarter and Year End 2002
Earnings. South San Francisco, California. February 18, 2003.
Thomas C. Mc Graw, Chief Executive Officer of FNB Bancorp and its subsidiary,
First National Bank of Northern California, announced consolidated earnings for
the fourth quarter and the year ended December 31, 2002.
Net income for the year ended December 31, 2002 was $4,814,000 or $2.06 diluted
earnings per share, compared to $5,237,000 or $2.36 diluted earnings per share
for the year ended December 31, 2001.
Earnings for the year 2002 represent a return on average assets (ROA) of 1.17%
and a return on average equity (ROE) of 9.87%, compared to an ROA of 1.30% and
an ROE of 11.43% for the year 2001.
Fourth quarter income for 2002 was $1,673,000 or $0.71 diluted earnings per
share compared to fourth quarter income for 2001 of $738,000 or $0.33 diluted
earnings per share. Earnings for the fourth quarter of 2002 represent a return
on average assets (ROA) of 1.63% and a return on average equity (ROE) of 13.52%,
compared to a 0.73% ROA and a 6.17% ROE for the fourth quarter of 2001.
Total assets at December 31, 2002 were $401,834,000, compared to total assets of
$397,388,000 at December 31, 2001.
Additional details are available in the following summary of Consolidated
Financial Results for the fourth quarter and years ended December 31, 2002 and
2001.
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Consolidated Financial Results Quarter ended Year ended
In thousands except share & per share amounts December 31, December 31,
2002 2001 2002 2001
------- ------- ------- -------
Interest income $ 6,560 $ 6,745 $26,159 $30,844
Interest expense 888 1,459 4,288 7,935
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Net interest income 5,672 5,286 21,871 22,909
Provision for loan losses -- 75 150 300
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Net interest income after provision for loan losses 5,672 5,211 21,721 22,609
Non interest income 927 698 3,308 3,007
Non interest expenses 4,517 4,821 18,705 17,911
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Income before income taxes 2,082 1,088 6,324 7,705
Provision for income taxes 409 350 1,510 2,468
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Net earnings $ 1,673 $ 738 $ 4,814 $ 5,237
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Basic Earnings Per Share $ 0.71 $ 0.34 $ 2.07 $ 2.37
Diluted Earnings Per Share $ 0.71 $ 0.33 $ 2.06 $ 2.36
SELECTED PERFORMANCE RATIOS
Return on average assets 1.63% 0.73% 1.17% 1.30%
Return on average equity 13.52% 6.17% 9.87% 11.43%
Net interest margin 6.05% 5.81% 5.83% 6.34%
Common stock book value $ 22.06 $ 20.06 $ 22.06 $ 20.06
SUMMARY BALANCE SHEET
In thousands
December 31, December 31,
2002 2001
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Assets:
Cash and cash equivalents $ 20,199 $ 22,493
Investments 75,963 65,311
Loans, gross 288,285 291,610
Allowance for loan losses -3,396 -3,543
Other assets 20,783 21,517
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Total Assets $401,834 $397,388
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Deposits $347,406 $344,079
Federal funds purchased -- 2,100
Other liabilities 3,225 4,686
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Total liabilities $350,631 $350,865
Shareholders' equity 51,203 46,523
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Total liabilities and shareholders' equity $401,834 $397,388
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Contact:
FNB Bancorp
James B. Ramsey
Senior Vice President & Chief Financial Officer
Tel: (650) 875-4862
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