EXHIBIT 99.45
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NEWS RELEASE
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For Immediate Release
Contacts:
Tom McGraw, Chief Executive Officer (650) 875-4864
Dave Curtis, Chief Financial Officer (650) 875-4862
FNB Bancorp Announces Financial Highlights and Operating Results for the Quarter
and Year Ended December 31, 2006
FNB Bancorp (Bulletin Board: FNBG), parent company of First National
Bank of Northern California, today announced solid operating results for 2006,
driven by a solid net interest margin, a growing loan portfolio and a stable
deposit base. Net income for the three and twelve months ended December 31, 2006
were $1,559,000 and $7,582,000 compared with $1,877,000 and $5,728,000 for the
same period in 2005. Diluted earnings per share were $0.54 and $2.60 for the
three and twelve months ended December 31, 2006, which compares to $0.64 and
$1.98 for the same periods in 2005.
Financial Highlights: 2006
For the three For the twelve
Months ended Months ended
December 31, 2006 December 31, 2006
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Interest income $ 9,929,000 $ 37,196,000
Interest expense 2,916,000 9,821,000
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Net Interest Income 7,013,000 27,375,000
Provision for loan losses (164,000) (683,000)
Non-interest income 1,070,000 6,259,000
Non-interest expense 5,625,000 21,760,000
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Income before income taxes 2,294,000 11,191,000
Provision for income taxes (735,000) (3,609,000)
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Net Earnings $ 1,559,000 $ 7,582,000
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Basic earnings per share $ 0.55 $ 2.67
Diluted earnings per share $ 0.54 $ 2.60
Average assets $ 590,182,000 $ 575,116,000
Average equity $ 61,762,000 $ 58,961,000
Return on average assets 1.06% 1.32%
Return on average equity 10.10% 12.86%
"Our solid financial performance during 2006 was indicative of the commitment by
our bank to provide our customers the products they want and the superior
customer service they deserve. Commitment to our customers and the communities
we serve is what differentiates us as a community bank," stated Tom McGraw,
Chief Executive Officer.
"During 2006, we were able to maintain our net interest margin at 5.26%. Our
stable deposit base and growing loan portfolio provide a solid financial start
as we prepare for the opportunities of the coming year," noted Mr. McGraw.
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.