EXHIBIT 99.48
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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 (Bulletin Board: FNBG), parent company of First National
Bank of Northern California, today announced operating earnings for the first
quarter of 2007 of $1,459,000 or $0.50 per diluted share, compared to $2,448,000
or $0.84 per diluted share for the first quarter of 2006. Results for the first
quarter of 2006 included a non-recurring pretax gain on sale of Pacific Coast
Banker's Bank stock of $1,348,000. Total consolidated assets as of March 31,
2007 were $614,987,000 compared to $562,873,000 as of March 31, 2006. Certain
amounts reported for 2006 have been reclassified to conform to the March 31,
2007 presentation. The reclassifications had no effect on Net Earnings or Total
Stockholders' Equity.
Financial Highlights: First quarter, 2007
Consolidated Statement of Earnings
(in `000s except earnings per share amounts)
Three Three
months ended months ended
March 31, 2007 March 31, 2006
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Interest income $ 9,904 $ 8,837
Interest expense 3,086 1,951
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Net Interest Income 6,818 6,886
Provision for loan losses (150) (193)
Non-interest income 1,004 2,316
Non-interest expense 5,758 5,486
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Income before income taxes 1,914 3,523
Provision for income taxes (455) (1,075)
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Net Earnings $ 1,459 $ 2,448
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Basic earnings per share $ 0.51 $ 0.86
Diluted earnings per share $ 0.50 $ 0.84
Average assets $ 596,026 $ 561,555
Average equity $ 62,592 $ 56,583
Return on average assets 0.98% 1.74%
Return on average equity 9.32% 17.31%
Efficiency ratio 74% 60%
Net interest margin 5.12% 5.51%
Average number of shares outstanding 2,853 2,837
Average diluted shares outstanding 2,893 2,908
Consolidated Balance Sheets
(In `000s)
As of As of
March 31, 2007 March 31, 2006
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Assets
Cash and cash equivalents $ 40,151 $ 43,833
Securities available for sale 90,679 121,295
Loans, net 440,487 357,167
Premises, equipment and leasehold improvements 13,723 12,361
Goodwill 1,841 1,841
Other assets 28,106 26,506
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Total assets $ 614,987 $ 563,003
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Liabilities and stockholders' equity:
Deposits:
Demand and NOW $ 183,448 $ 180,996
Savings and money market 187,284 177,601
Time 143,805 139,487
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Total deposits 541,537 498,084
Federal Home Loan Bank advances 30,000 --
Accrued expenses and other liabilities 7,744 7,983
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Total liabilities 552,281 506,067
Stockholders' equity 62,706 56,936
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Total liabilities and stockholders' equity $ 614,987 $ 563,003
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"Our operating results during the first quarter of 2007 reflect the
difficult deposit gathering environment in which we operate. We have been able
to grow our total deposits by $43,453,000 or 8.7% year over year, yet our demand
and NOW deposit balances have showed a slower growth rate of 1.4%. Net loans
increased $83,450,000 year over year, however our net interest income declined
by $68,000. The rate of increase in our funding costs has been higher than the
increase in rates earned on our interest earning assets which has negatively
affected our net interest margin. Our increased non-interest expenses year over
year were primarily the result of increased marketing expenditures and increased
technology expenses designed to reduce future computer maintenance costs while
giving the Company the ability to scale our processing capability," stated Tom
McGraw, Chief Executive Officer.
"During 2007, we expect to be able to provide our customers with the
latest in technology driven products, including a merchant remote capture
product. We are committed to providing our customers the products they need
coupled with exemplary customer service. Our challenge during the year ahead is
to identify innovative ways to expand our business, manage the growth in our
noninterest expenses and provide a superior level of customer service," 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.