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FNCB Bancorp, Inc. Announces 1st Quarter 2018 Earnings

Company Release - 4/20/2018 4:05 PM ET

DUNMORE, Pa., April 20, 2018 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (NASDAQ:FNCB) (“FNCB”), the parent company of Dunmore-based FNCB Bank (the “Bank”), today reported net income of $2.0 million, or $0.12 per basic and diluted share, for the three months ended March 31, 2018, compared to net income of $2.2 million, or $0.13 per basic and diluted share, for the same period of 2017. For the first quarter of 2018, higher net interest income and a reduction in income tax expense were slightly more than offset by an increase in non-interest expense and a $0.7 million provision for loan and lease losses compared to a credit for loan and lease losses of $0.5 million for the same three months of 2017.  The provision for loan losses for the first quarter of 2018 largely reflected strong loan growth, as loans, net of unearned income and net deferred loan costs, increased $37.6 million, or 4.9%, from December 31, 2017. Annualized return on average assets and return on average equity was 0.70% and 9.44%, respectively, for the three months ended March 31, 2018, compared to 0.78% and 9.77%, respectively, for the same three months of 2017. FNCB paid holders of its common stock a dividend of $0.04 per share for the first quarter of 2018, a 33.3% increase compared to $0.03 per share for the same period of 2017.

1st QUARTER 2018 HIGHLIGHTS

  • Net interest income increases $1.0 million, or 12.6%, comparing first quarters of 2018 and 2017;
  • First quarter 2018 net interest margin (FTE) improves 19 basis points to 3.26%, compared to 3.07% for the same quarter of 2017;
  • Year over year growth in loans, net of unearned income, of $92.8 million, or 13.0%;
  • FNCB common stock began trading on The Nasdaq Capital Market effective with the opening bell on March 5, 2018;
  • First quarter dividend increases 33.3% comparing 2018 and 2017.

“Strong, organic loan growth was the driving factor behind our operating performance for the first quarter of 2018, leading to significant improvement in net interest income,” said Gerard A. Champi, President and Chief Executive Officer. “The loan growth directly factored into a higher loan and lease loss provision, as our asset quality continues to remain favorable,” continued Champi. “We are excited to enter the second quarter of 2018 and look forward to the opening of our new, state-of-the-art branch office located in Plains Township, Luzerne County, Pennsylvania. This new branch, which will feature the “personal banker” model, will provide our customers with an enhanced, more personalized banking experience,” concluded Champi.

Summary Results for the First Three Months of 2018
Tax-equivalent net interest income increased $0.9 million, or 11.3%, to $9.0 million for the first three months of 2018, from $8.1 million for the same period in 2017. The improvement reflected strong growth in average-earning assets and higher yields on the loan and investment portfolios due to increases in market interest rates, partially offset by an increase in the cost of funds. Tax-equivalent interest income increased $1.4 million, or 15.5%, to $10.5 million for the three-month period ended March 31, 2018 compared to $9.1 million for the same period of 2017. Partially offsetting the increase in interest income was a $0.5 million increase in interest expense comparing the first quarters of 2018 and 2017. The increase in tax-equivalent interest income comparing the three months ended March 31, 2018 and 2017 primarily resulted from a $48.8 million, or 4.6%, increase in average earning assets, specifically a $68.4 million, or 9.4%, increase in average loans and a $16.1 million, or 5.6%, increase in average available-for-sale investment securities, partially offset by a decrease in average interest-bearing deposits in other banks of $35.7 million. The tax-equivalent yields earned on the loan and investment portfolios increased 28 basis points and 19 basis points, respectively, comparing the first quarters of 2018 and 2017. Interest expense increased $0.5 million, or 47.9%, to $1.6 million for the three months ended March 31, 2018 from $1.1 million for the same period of 2017. Impacted by higher market interest rates, FNCB’s cost of funds rose 21 basis points to 0.69% for the first quarter of 2018 from 0.48% for the same quarter of 2017. Average interest-bearing deposits declined $1.5 million to $806.5 million for the three months ended March 31, 2018 from $808.0 million for the same three months of 2017. Conversely, average borrowed funds increased $24.4 million, or 31.1%, to $102.7 million for the first quarter of 2018 from $78.3 million for the same quarter of 2017.

For the three months ended March 31, 2018, non-interest income totaled $1.5 million compared to $1.6 million for the same three months of 2017. Included in non-interest income for 2017 were net gains on the sale of available-for-sale securities of $278 thousand. There were no net gains on sales of available-for-sale securities during the first quarter of 2018. FNCB did record net gains on the sale of loans guaranteed by the Small Business Administration (SBA) for the first quarter of 2018 in the amount of $251 thousand.

Non-interest expense for the three months ended March 31, 2018 was $7.2 million, an increase of $0.3 million, or 4.4%, compared to $6.9 million for the same three months of 2017. The increase largely reflected increases in salaries and employee benefits expense due mostly to additional staff and other expenses.

Financial Position

Total assets increased $27.0 million, or 2.3%, to $1.189 billion at March 31, 2018 from $1.162 billion at December 31, 2017. The growth in the balance sheet largely reflected strong demand for the Bank’s lending products as loans, net of net deferred loan costs and unearned income grew $37.6 million, or 4.9%, to $808.2 million at March 31, 2018 from $770.6 million at December 31, 2017. In addition, available-for-sale investment securities increased $8.8 million, or 3.1%, to $298.3 million at March 31, 2018 from $289.5 million at the end of 2017. Total deposits decreased $47.2 million, or 4.7%, to $955.3 million at March 31, 2018 from $1.002 billion at December 31, 2017. The decrease in total deposits was due primarily to the cyclical deposit trends of public funds. Despite the decrease from year-end 2017, FNCB experienced solid growth year over year in both non-interest bearing and interest-bearing deposits, as total deposits grew $31.8 million, or 3.4%, from $923.4 million at March 31, 2017.

FNCB’s asset quality improved, as total non-performing assets decreased $0.6 million, or 11.3%, to $4.9 million at March 31, 2018 from $5.5 million at December 31, 2017. The improvement was primarily due to a $0.4 million reduction in other real estate owned to $0.6 million at March 31, 2018 from $1.0 million at year-end 2017. In addition, non-accrual loans decreased $0.2 million to $2.4 million at March 31, 2018 from $2.6 million at December 31, 2017. The ratio of non-performing loans to total loans improved to 0.30% at March 31, 2018, compared to 0.34% at December 31, 2017. Annualized net charge-offs were 0.10% of average loans outstanding for the quarter ended March 31, 2018, compared to a net recovery of 0.20% of average loans outstanding for the same quarter of 2017. The allowance for loan losses as a percentage of loans, net of unearned income and net deferred loan costs, was 1.18% and 1.17% at March 31, 2018 and December 31, 2017, respectively.

Total shareholders’ equity was $86.7 million at March 31, 2018 compared to $89.2 million at December 31, 2017. The $2.5 million reduction was due primarily to an increase in accumulated other comprehensive loss of $3.9 million resulting from market value depreciation of FNCB’s available-for-sale investment securities, net of deferred income taxes, coupled with dividends declared and paid of $0.7 million. Partially offsetting these reductions was net income of $2.0 million for the three months ended March 31, 2018.

FNCB’s total risk-based capital ratio and the Tier 1 leverage ratio were 11.70% and 7.80%, respectively at March 31, 2018, compared to 12.08% and 7.74%, respectively, at December 31, 2017. The ratios exceeded the 10.00% and 5.00% required to be well capitalized under the prompt corrective action provisions of the Basel III capital framework for U.S. Banking organizations.

Availability of Filings

Copies of FNCB’s most recent Annual Report on Form 10-K and Quarterly Reports on form 10-Q will be provided upon request from: Shareholder Relations, FNCB Bancorp, Inc., 102 East Drinker Street, Dunmore, PA 18512 or by calling (570) 348-6419. FNCB’s SEC filings including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are also available free of charge on the Investor Relations page of the FNCB’s website, www.fncb.com, and on the SEC website at: http://www.sec.gov/edgar/searchedgar/companysearch.html

About FNCB Bancorp, Inc.:
FNCB Bancorp, Inc. is the bank holding company of FNCB Bank. Locally-based for over 100 years, FNCB Bank continues as Northeastern Pennsylvania’s premier community bank – offering a full suite of personal, small business and commercial banking solutions with industry-leading mobile, online and in-branch products and services. FNCB operates through 18 branch offices located in Lackawanna, Luzerne and Wayne Counties and a limited purpose office in Lehigh County, and remains dedicated to making our customers’ banking experience simply better. For more information about FNCB, visit www.fncb.com.

INVESTOR CONTACT:
James M. Bone, Jr., CPA
Executive Vice President and
Chief Financial Officer
FNCB Bank
(570) 348-6419
james.bone@fncb.com

FNCB may from time to time make written or oral “forward-looking statements,” including statements contained in our filings with the Securities and Exchange Commission (“SEC”), in its reports to shareholders, and in other communications, which are made in good faith by us pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements with respect to FNCB’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond our control).  The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan” and similar expressions are intended to identify forward-looking statements.  The following factors, among others, could cause FNCB’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in our markets; the effects of, and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of and acceptance of new products and services; the ability of FNCB to compete with other institutions for business; the composition and concentrations of FNCB’s lending risk and the adequacy of FNCB’s reserves to manage those risks; the valuation of FNCB’s investment securities; the ability of FNCB to pay dividends or repurchase common shares; the ability of FNCB to retain key personnel; the impact of any pending or threatened litigation against FNCB; the marketability of shares of FNCB and fluctuations in the value of FNCB’s share price; the effectiveness of FNCB’s system of internal controls; the ability of FNCB to attract additional capital investment; the impact of changes in financial services’ laws and regulations (including laws concerning capital adequacy, taxes, banking, securities and insurance); the impact of technological changes and security risks upon our information technology systems; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms, and the success of FNCB at managing the risks involved in the foregoing and other risks and uncertainties, including those detailed in FNCB’s filings with the SEC.

FNCB cautions that the foregoing list of important factors is not all inclusive.  Readers are also cautioned not to place undue reliance on any forward-looking statements, which reflect management’s analysis only as of the date of this report, even if subsequently made available by FNCB on its website or otherwise.  FNCB does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of FNCB to reflect events or circumstances occurring after the date of this report.

Readers should carefully review the risk factors described in the Annual Report and other documents that FNCB periodically files with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2017.

[FNCB provides tabular information as follows]

FNCB Bancorp, Inc.
Selected Financial Data
            
    
   Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
    2018   2017   2017   2017   2017 
Per share data:          
Net income (fully diluted) $  0.12  $  (0.36) $  0.14  $  0.11  $  0.13 
Cash dividends declared $  0.04  $  0.04  $  0.03  $  0.03  $  0.03 
Book value $  5.17  $  5.32  $  5.82  $  5.76  $  5.58 
Tangible book value $  5.17  $  5.32  $  5.82  $  5.76  $  5.58 
Market value:          
 High  $  9.98  $  7.99  $  8.00  $  8.13  $  7.50 
 Low $  7.01  $  6.54  $  7.41  $  6.35  $  6.05 
 Close $  9.24  $  7.30  $  7.57  $  7.80  $  6.37 
Common shares outstanding    16,766,600     16,757,963     16,757,963     16,757,963     16,692,314 
            
Selected ratios:          
Annualized return on average assets  0.70%  (2.09%)  0.80%  0.65%  0.78%
Annualized return on average shareholders' equity  9.44%  (24.98%)  9.27%  7.60%  9.77%
Efficiency ratio  68.23%  73.42%  65.09%  72.81%  74.08%
Tier I leverage ratio  7.80%  7.74%  8.10%  7.99%  7.55%
Total risk-based capital to risk-adjusted assets  11.70%  12.08%  12.17%  12.53%  12.38%
Average shareholders' equity to average total assets  7.38%  8.35%  8.61%  8.49%  7.97%
Yield on earning assets (FTE)  3.83%  3.84%  3.77%  3.66%  3.47%
Cost of funds  0.69%  0.59%  0.59%  0.53%  0.48%
Net interest spread (FTE)  3.15%  3.25%  3.18%  3.13%  2.99%
Net interest margin (FTE)  3.26%  3.35%  3.27%  3.21%  3.07%
Total delinquent loans/total loans  0.73%  0.72%  0.81%  0.94%  0.75%
Allowance for loan and lease losses/total loans  1.18%  1.17%  1.17%  1.16%  1.16%
Non-performing loans/total loans  0.30%  0.34%  0.35%  0.50%  0.27%
Annualized net charge-offs (recoveries)/average loans  0.10%  0.06%  0.08%  0.14%  (0.20%)
            


FNCB Bancorp, Inc.
Year-to-Date Consolidated Statements of Income
 Three Months Ended
 March 31,
(in thousands, except share data)  2018   2017 
Interest income    
Interest and fees on loans $  8,288  $  6,980 
Interest and dividends on securities    
 U.S. government agencies    890     900 
 State and political subdivisions, tax-free    20     23 
 State and political subdivisions, taxable    1,024     822 
 Other securities    195     124 
  Total interest and dividends on securities    2,129     1,869 
Interest on interest-bearing deposits in other banks    23     90 
   Total interest income    10,440     8,939 
Interest expense    
Interest on deposits    1,067     744 
Interest on borrowed funds    
 Interest on Federal Home Loan Bank of Pittsburgh advances    352     131 
 Interest on subordinated debentures    56     112 
 Interest on junior subordinated debentures     87     69 
  Total interest on borrowed funds    495     312 
   Total interest expense    1,562     1,056 
Net interest income before provision (credit) for loan and lease losses    8,878     7,883 
Provision (credit) for loan and lease losses    720     (478)
Net interest income after provision (credit) for loan and lease losses    8,158     8,361 
Non-interest income    
Deposit service charges    702     691 
Net gain on the sale of securities    -     278 
Net loss on equity securities    (19)    - 
Net gain on the sale of mortgage loans held for sale    49     25 
Net gain on the sale of SBA guaranteed loans    251     - 
Net gain on the sale of other repossessed assets    -     57 
Net gain on the sale of other real estate owned    37     51 
Loan-related fees    84     91 
Income from bank-owned life insurance    134     135 
Other      281     242 
   Total non-interest income    1,519     1,570 
Non-interest expense    
Salaries and employee benefits    3,666     3,524 
Occupancy expense    603     587 
Equipment expense    314     460 
Data processing expense    648     487 
Regulatory assessments    201     173 
Bank shares tax    267     258 
Professional fees    296     276 
Insurance expense    135     125 
Other operating expenses    1,102     1,038 
   Total non-interest expense    7,232     6,928 
Income before income taxes    2,445     3,003 
Income tax expense    426     806 
Net income  $  2,019  $  2,197 
        
Income per share    
 Basic  $  0.12  $  0.13 
 Diluted  $  0.12  $  0.13 
        
Cash dividends declared per common  share  $  0.04  $  0.03 
Weighted average number of shares outstanding:    
 Basic   16,763,401   16,657,551 
 Diluted   16,789,336   16,670,788 
 

 

FNCB Bancorp, Inc.
Quarter-to-Date Consolidated Statements of Income (Loss)
              
 Three Months Ended
 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands, except share data)  2018   2017   2017  2017   2017 
Interest income          
Interest and fees on loans $  8,288  $  8,073  $  7,576 $  7,192  $  6,980 
Interest and dividends on securities          
 U.S. government agencies    890     860     816    850     900 
 State and political subdivisions, tax-free    20     7     7    12     23 
 State and political subdivisions, taxable    1,024     993     1,016    978     822 
 Other securities    195     154     166    119     124 
  Total interest and dividends on securities    2,129     2,014     2,005    1,959     1,869 
Interest on interest-bearing deposits in other banks    23     34     24    32     90 
   Total interest income    10,440     10,121     9,605    9,183     8,939 
Interest expense          
Interest on deposits    1,067     1,008     943    826     744 
Interest on borrowed funds          
 Interest on Federal Home Loan Bank of Pittsburgh advances    352     175     163    130     131 
 Interest on subordinated debentures    56     57     97    114     112 
 Interest on junior subordinated debentures     87     81     77    73     69 
  Total interest on borrowed funds    495     313     337    317     312 
   Total interest expense    1,562     1,321     1,280    1,143     1,056 
Net interest income before provision (credit) for loan and lease losses    8,878     8,800     8,325    8,040     7,883 
Provision (credit) for loan and lease losses    720     283     543    421     (478)
Net interest income after provision (credit) for loan and lease losses    8,158     8,517     7,782    7,619     8,361 
Non-interest income          
Deposit service charges    702     756     728    728     691 
Net gain on the sale of securities    -     259     367    693     278 
Net loss on equity securities    (19)    -     -    -     - 
Net gain on the sale of mortgage loans held for sale    49     63     106    110     25 
Net (loss) gain on the sale of other repossessed assets    -     -     -    (10)    57 
Net gain on the sale of SBA guaranteed loans    251     -     23    56     - 
Net gain on the sale of other real estate owned    37     22     -    6     51 
Loan-related fees    84     132     96    65     91 
Income from bank-owned life insurance    134     128     129    135     135 
Other      281     558     265    240     242 
   Total non-interest income    1,519     1,918     1,714    2,023     1,570 
Non-interest expense          
Salaries and employee benefits    3,666     4,092     3,247    3,298     3,524 
Occupancy expense    603     538     394    586     587 
Equipment expense    314     435     474    446     460 
Data processing expense    648     521     506    509     487 
Regulatory assessments    201     189     160    164     173 
Bank shares tax    267     38     252    252     258 
Professional fees    296     294     206    180     276 
Insurance expense    135     134     132    128     125 
Other operating expenses    1,102     1,563     1,026    1,377     1,106 
   Total non-interest expense    7,232     7,804     6,397    6,940     6,928 
Income before income taxes    2,445     2,631     3,099    2,702     3,003 
Income tax expense     426     8,745     827    910     806 
Net income (loss) $  2,019  $  (6,114) $  2,272 $  1,792  $  2,197 
              
Income (loss) per share          
 Basic  $  0.12  $  (0.36) $  0.14 $  0.11  $  0.13 
 Diluted  $  0.12  $  (0.36) $  0.14 $  0.11  $  0.13 
              
Cash dividends declared per common  share  $  0.04  $  0.04  $  0.03 $  0.03  $  0.03 
Weighted average number of shares outstanding:          
 Basic   16,763,401   16,757,963   16,757,963  16,716,899   16,657,551 
 Diluted   16,789,336   16,774,209   16,777,671  16,736,995   16,670,788 
 

 

FNCB Bancorp, Inc.
Consolidated Balance Sheets
              
  
 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands)  2018   2017   2017   2017   2017 
Assets            
Cash and cash equivalents:          
 Cash and due from banks $  12,323  $  22,755  $  24,881  $  24,169  $  23,571 
 Interest-bearing deposits in other banks    1,873     14,991     18,929     1,991     3,154 
  Total cash and cash equivalents    14,196     37,746     43,810     26,160     26,725 
Securities available for sale, at fair value    298,314     289,459     281,102     282,106     287,362 
Equity securities, at fair value    899     918     925     924     923 
Restricted stock, at cost    5,703     2,763     2,460     2,292     2,688 
Loans held for sale    366     1,095     147     617     563 
Loans, net of net deferred costs and unearned income    808,202     770,643     759,489     728,141     715,450 
Allowance for loan and lease losses    (9,562)    (9,034)    (8,862)    (8,469)    (8,306)
Net loans     798,640     761,609     750,627     719,672     707,144 
Bank premises and equipment, net    12,870     10,388     10,482     10,715     10,914 
Accrued interest receivable    3,430     3,234     3,203     2,784     2,950 
Bank-owned life insurance    30,594     30,460     30,332     30,203     30,068 
Other real estate owned    579     1,023     1,088     1,183     1,352 
Other assets     23,669     23,610     32,935     31,083     33,414 
   Total assets $  1,189,260  $  1,162,305  $  1,157,111  $  1,107,739  $  1,104,103 
              
Liabilities           
Deposits:           
 Demand (non-interest-bearing) $  172,896  $  176,325  $  162,426  $  147,878  $  156,901 
 Interest-bearing     782,357     826,123     820,786     784,872     766,525 
  Total deposits    955,253     1,002,448     983,212     932,750     923,426 
Borrowed funds:          
 Federal Home Loan Bank of Pittsburgh advances    121,485     44,968     45,350     44,903     56,632 
 Subordinated debentures    5,000     5,000     5,000     10,000     10,000 
 Junior subordinated debentures    10,310     10,310     10,310     10,310     10,310 
  Total borrowed funds    136,795     60,278     60,660     65,213     76,942 
Accrued interest payable    284     241     244     235     225 
Other liabilities    10,190     10,147     15,513     12,797     10,107 
  Total liabilities    1,102,522     1,073,114     1,059,629     1,010,995     1,010,700 
              
Shareholders' equity          
Preferred stock    -     -     -     -     - 
Common stock    20,958     20,947     20,947     20,947     20,865 
Additional paid-in capital    63,335     63,210     63,143     63,076     62,841 
Retained earnings    8,057     6,779     13,282     11,517     10,228 
Accumulated other comprehensive (loss) income    (5,612)    (1,745)    110     1,204     (531)
  Total shareholders' equity    86,738     89,191     97,482     96,744     93,403 
   Total liabilities and shareholders’ equity $  1,189,260  $  1,162,305  $  1,157,111  $  1,107,739  $  1,104,103 
     

 

FNCB Bancorp, Inc.
Summary Tax-equivalent Net Interest Income
              
     Three Months Ended
     Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(dollars in thousands)  2018   2017   2017   2017   2017 
Interest income          
Loans:            
Loans - taxable $  7,934  $  7,736  $  7,266  $  6,874  $  6,643 
Loans - tax-free    448     511     470     482     511 
 Total loans    8,382     8,247     7,736     7,356     7,154 
Securities:           
Securities, taxable    2,109     2,007     1,998     1,947     1,846 
Securities, tax-free    25     11     11     18     35 
 Total interest and dividends on securities    2,134     2,018     2,009     1,965     1,881 
Interest-bearing deposits in other banks    23     34     24     32     90 
   Total interest income    10,539     10,299     9,769     9,353     9,125 
Interest expense          
Deposits     1,067     1,008     943     826     744 
Borrowed funds    495     313     337     317     312 
        1,562     1,321     1,280     1,143     1,056 
   Net interest income $  8,977  $  8,978  $  8,489  $  8,210  $  8,069 
 
Average balances          
Earning assets:          
Loans:            
Loans - taxable $  748,375  $  725,988  $  700,729  $  682,426  $  680,518 
Loans - tax-free    44,383     41,548     38,109     40,190     43,822 
 Total loans    792,758     767,536     738,838     722,616     724,340 
Securities:           
Securities, taxable    301,032     292,307     290,348     287,133     284,712 
Securities, tax-free    2,325     600     600     1,105     2,571 
 Total securities    303,357     292,907     290,948     288,238     287,283 
Interest-bearing deposits in other banks    3,825     12,215     7,499     12,676     39,520 
   Total interest-earning assets    1,099,940     1,072,658     1,037,285     1,023,530     1,051,143 
Non-earning assets    76,114     89,801     92,603     90,672     92,368 
   Total assets $  1,176,054  $  1,162,459  $  1,129,888  $  1,114,202  $  1,143,511 
Interest-bearing liabilities:          
Deposits  $  806,494  $  824,680  $  792,649  $  783,672  $  807,981 
Borrowed funds    102,676     67,476     73,168     72,347     78,306 
   Total interest-bearing liabilities    909,170     892,156     865,817     856,019     886,287 
Demand deposits    169,450     162,135     156,483     152,974     155,010 
Other liabilities    10,663     11,079     10,325     10,633     11,045 
Shareholders' equity    86,771     97,089     97,263     94,576     91,169 
 Total liabilities and shareholders' equity $  1,176,054  $  1,162,459  $  1,129,888  $  1,114,202  $  1,143,511 
            
Yield/Cost  
Earning assets: 
Loans:   
Interest and fees on loans - taxable  4.24%  4.26%  4.15%  4.03%  3.90%
Interest and fees on loans - tax-free  4.04%  4.92%  4.93%  4.80%  4.66%
 Total loans  4.23%  4.30%  4.19%  4.07%  3.95%
Securities:           
Securities, taxable  2.80%  2.75%  2.75%  2.71%  2.59%
Securities, tax-free  4.30%  7.33%  7.33%  6.51%  5.42%
 Total securities  2.81%  2.76%  2.76%  2.73%  2.62%
Interest-bearing deposits in other banks  2.41%  1.11%  1.28%  1.01%  0.91%
   Total earning assets  3.83%  3.84%  3.77%  3.66%  3.47%
Interest-bearing liabilities:          
Interest on deposits  0.53%  0.49%  0.48%  0.42%  0.37%
Interest on borrowed funds  1.93%  1.86%  1.84%  1.75%  1.59%
   Total interest-bearing liabilities  0.69%  0.59%  0.59%  0.53%  0.48%
   Net interest spread  3.15%  3.25%  3.18%  3.13%  2.99%
 Net interest margin  3.26%  3.35%  3.27%  3.21%  3.07%
                      


FNCB Bancorp, Inc.
Asset Quality Data
             
          
 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands) 2018 2017 2017 2017 2017
At period end          
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs) $  2,403 $  2,578 $  2,642 $  3,681 $  1,922 
Loans past due 90 days or more and still accruing    -    -    -    -    - 
 Total non-performing loans    2,403    2,578    2,642    3,681    1,922 
Other real estate owned (OREO)    579    1,023    1,088    1,183    1,352 
Other non-performing assets    1,900    1,900    1,900    1,900    2,006 
 Total non-performing assets $  4,882 $  5,501 $  5,630 $  6,764 $  5,280 
             
Accruing TDRs  $  8,797 $  9,299 $  9,283 $  9,306 $  8,775 
             
             
For the three months ended          
Allowance for loan and lease losses          
Beginning balance $  9,034 $  8,862 $  8,469 $  8,306 $  8,419 
Loans charged-off    400    310    377    465    297 
Recoveries of charged-off loans    208    199    227    207    662 
Net charge-offs (recoveries)    192    111    150    258    (365)
Provision (credit) for loan and lease losses    720    283    543    421    (478)
Ending balance $  9,562 $  9,034 $  8,862 $  8,469 $  8,306 
             

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Source: FNCB Bancorp, Inc.