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FNCB Bancorp, Inc. Announces Increased Second Quarter and Year-to-date 2018 Earnings

Company Release - 7/20/2018 4:05 PM ET

DUNMORE, Pa., July 20, 2018 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (NASDAQ:FNCB), the parent company of Dunmore-based FNCB Bank (the “Bank”), reported net income of $2.412 million, or $0.14 per basic and diluted share, for the second quarter of 2018, an increase of $620 thousand, or 34.6%, compared to net income of $1.792 million, or $0.11 per basic and diluted share, for the same quarter of 2017. Net income for the six months ended June 30, 2018 increased $442 thousand, or 11.1%, to $4.431 million, or $0.26 per basic and diluted share, from $3.989 million, or $0.24 per basic and diluted share, for the comparable six-month period of 2017. Earnings for the second quarter and year-to-date periods were impacted favorably by improved net interest income and lower income tax expense. Partially offsetting these positive factors were increases in the provision for loan and lease losses and non-interest expense and lower non-interest income.

Annualized return on average assets was 0.79% and 0.75%, respectively, for the three and six months ended June 30, 2018, compared to 0.65% and 0.71%, for the respective periods of 2017. Annualized return on average equity was 11.23% and 10.34%, respectively, for the three- and six-month periods ended June 30, 2018, compared to 7.60% and 8.66%, respectively, for the comparable periods in 2017. Dividends declared and paid were $0.04 per share for the second quarter and $0.08 per share for the year-to-date period of 2018, which represented a 33.3% increase compared to $0.03 per share and $0.06 per share, respectively, for the three and six months ended June 30, 2017. The dividend pay-out ratio for the six months ended June 30, 2018 was 30.3%, compared to 25.1% for the same period of 2017.

Second Quarter 2018 Performance Highlights:

  • Tax-equivalent net interest income increased 13.9% and 12.6%, comparing the second quarter and year-to-date periods of 2018 and 2017, respectively;
  • Tax-equivalent yield on earning assets for the second quarter of 2018 improved 30 basis points compared to the same quarter of 2017;
  • Efficiency ratio for six months ended June 30, 2018 improves to 66.32% from 73.38% for same period of 2017;
  • Year over year growth in total loans, net of net deferred costs and unearned income, of $127.3 million, or 17.5%;
  • Closing stock price increased $1.08 per share, or 13.8%, year over year;
  • FNCB Bancorp, Inc. added as a member of the Russell Microcap® Index effective June 25, 2018;
  • Opened new state-of-the-art branch office located in Plains Township, Pennsylvania.

“We are very pleased with the strong demand for our loan products that we experienced in the second quarter of 2018,” stated Gerard A. Champi, President and Chief Executive Officer. “Our expansion into the Lehigh Valley market area and additions to both retail and commercial lending staff has proved successful in generating solid, organic loan growth,” continued Mr. Champi. “The strong demand, coupled with higher earning-asset yields, translated into nearly 20% growth in year-to-date interest income year-over-year. For the second half of 2018, we will be focused on effectively managing our funding costs amid this very challenging rate environment,” concluded Mr. Champi.

Summary Results for the Three and Six Months Ended June 30, 2018

Tax-equivalent net interest income was $9.4 million for the second quarter of 2018, an increase of $1.1 million, or 13.9%, from $8.2 million for the same quarter of 2017. Similarly, tax-equivalent net interest income for the six months ended June 30, 2018 increased $2.0 million, or 12.6%, to $18.3 million compared to $16.3 million for the same six-month period of 2017. The improvement for both the quarter and year-to-date periods were largely due to growth in average earning assets and higher earning-asset yields, partially offset by higher funding costs. Average earning assets grew $123.7 million, or 12.1%, and $86.4 million, or 8.3%, comparing the quarter and year-to-date periods ended June 30, 2018 and 2017, respectively. Tax-equivalent earning-asset yields improved 30 basis points for the second quarter and 34 basis points for the six months ended June 30, 2018 over the same periods of 2017. For the three months ended June 30, 2018, the cost of funds increased 31 basis points to 0.84% from 0.53% for the same period of 2017. Similarly, the cost of funds increased 26 basis points to 0.76% from 0.50% comparing the year-to-date periods of 2018 and 2017. The tax-equivalent net interest margin remained stable at 3.26% for the quarterly periods ended June 30, 2018 and March 31, 2018. For purposes of presenting net interest income, earning-asset yields and net interest margin information on a tax-equivalent basis, tax-free interest income is adjusted using the statutory federal corporate income tax rate of 21.0% for 2018 and 34.0% for 2017.

Non-interest income totaled $1.5 million for the three months ended June 30, 2018, compared to $2.0 million for the comparable period of 2017. For the six months ended June 30, 2018, non-interest income amounted to $3.0 million, a decrease of $0.5 million, or 15.2%, compared to $3.6 million for the same period of 2017. The decrease in non-interest revenue for the second quarter and year-to-date periods resulted primarily from a reduction in net gains realized on the sale of available-for-sale investment securities.

Non-interest expense was relatively stable, increasing by $26 thousand, or 0.4%, comparing for the three months ended June 30, 2018 and 2017. Comparing the six months ended June 30, 2018 and 2017, non-interest expense increased $330 thousand, or 2.4%.  The increase in non-interest expense resulted primarily from higher salaries and employee benefits expense related to staffing additions within FNCB Bank’s retail and commercial lending and credit administration units.

Asset Quality

Total non-performing loans increased $1.1 million to $3.5 million at June 30, 2018 from $2.4 million at March 31, 2018. However, year-over-year non-performing loans decreased $0.2 million from $3.7 million at June 30, 2017. The increase from March 31, 2018 was primarily attributable to one commercial relationship that was placed on non-accrual status. The ratio of non-performing loans to total loans was 0.41% at June 30, 2018, compared to 0.30% at March 31, 2018 and 0.50% at June 30, 2017. Despite the increase in non-performing loans from the previous quarter end, FNCB’s asset quality compared favorably to the peer average of 0.61% at March 31, 2018, the most recent data reported for bank holding companies having assets between $1.0 billion and $3.0 billion. The allowance for loan and lease losses as a percentage of gross loans was 1.11% at June 30, 2018, 1.18% at March 31, 2018 and 1.16% at June 30, 2017.

Financial Condition

Total assets increased $77.0 million, or 6.6%, to $1.239 billion at June 30, 2018 from $1.162 billion at December 31, 2017. The increase in total assets primarily reflected growth in loans, net of net deferred costs and unearned income, of $84.7 million, or 11.0%, to $855.4 million at June 30, 2018 from $770.6 million at December 31, 2017. Total deposits decreased $47.2 million, or 4.7%, to $955.2 million at June 30, 2018 from $1.002 billion at December 31, 2017. The decrease in deposits was primarily attributable to cyclical net outflows of public funds. The strong loan demand, coupled with the decrease in total deposits, resulted in greater reliance on wholesale funding. As a result, FHLB of Pittsburgh advances increased $129.3 million, or 287.5%, to $174.3 million at June 30, 2018 from $45.0 million at the end of 2017.

Total shareholders’ equity decreased $2.1 million, or 2.3%, to $87.1 million at June 30, 2018 from $89.2 million at December 31, 2017. The reduction in capital resulted primarily from a $5.3 million increase in accumulated other comprehensive loss related to depreciation in the fair value of available-for-sale debt securities, net of deferred taxes, and year-to-date dividends declared of $1.3 million. Partially offsetting these decreases was net income of $4.4 million for the six months ended June 30, 2018. Despite the decrease in capital, FNCB remains well capitalized with total risk-based capital and Tier I leverage ratios of 11.31% and 7.69%, respectively, at June 30, 2018.   

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 16 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, fiscal and tax 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 stock 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
           
   
  Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
  2018 2018 2017 2017 2017
Per share data:                    
Net income (fully diluted) $0.14  $0.12  $(0.36) $0.14  $0.11 
Cash dividends declared $0.04  $0.04  $0.04  $0.03  $0.03 
Book value $5.18  $5.17  $5.32  $5.82  $5.76 
Tangible book value $5.18  $5.17  $5.32  $5.82  $5.76 
Market value:                    
High $10.00  $9.98  $7.99  $8.00  $8.13 
Low $8.01  $7.01  $6.54  $7.41  $6.35 
Close $8.88  $9.24  $7.30  $7.57  $7.80 
Common shares outstanding  16,817,097   16,766,600   16,757,963   16,757,963   16,757,963 
                     
Selected ratios:                    
Annualized return on average assets  0.79%  0.70%  (2.09%)  0.80%  0.65%
Annualized return on average shareholders' equity  11.23%  9.44%  (24.98%)  9.27%  7.60%
Efficiency ratio  63.94%  68.78%  73.42%  65.09%  72.81%
Tier I leverage ratio  7.69%  7.80%  7.74%  8.10%  7.99%
Total risk-based capital to risk-adjusted assets  11.31%  11.70%  12.08%  12.17%  12.53%
Average shareholders' equity to average total assets  7.05%  7.38%  8.35%  8.61%  8.49%
Yield on earning assets (FTE)  3.96%  3.83%  3.84%  3.77%  3.66%
Cost of funds  0.84%  0.69%  0.59%  0.59%  0.53%
Net interest spread (FTE)  3.12%  3.15%  3.25%  3.18%  3.13%
Net interest margin (FTE)  3.26%  3.26%  3.35%  3.27%  3.21%
Total delinquent loans/total loans  0.71%  0.73%  0.72%  0.81%  0.94%
Allowance for loan and lease losses/total loans  1.11%  1.18%  1.17%  1.17%  1.16%
Non-performing loans/total loans  0.41%  0.30%  0.34%  0.35%  0.50%
Annualized net charge-offs/average loans  0.47%  0.10%  0.06%  0.08%  0.14%
                     

 

FNCB Bancorp, Inc.
Year-to-Date Consolidated Statements of Income
 Six Months Ended
 June 30,
(in thousands, except share data)  2018   2017 
Interest income    
Interest and fees on loans $17,319  $14,172 
Interest and dividends on securities        
 U.S. government agencies  1,776   1,750 
 State and political subdivisions, tax-free  58   35 
 State and political subdivisions, taxable  2,051   1,800 
 Other securities  435   243 
  Total interest and dividends on securities  4,320   3,828 
Interest on interest-bearing deposits in other banks  35   122 
   Total interest income  21,674   18,122 
Interest expense        
Interest on deposits  2,201   1,570 
Interest on borrowed funds        
 Interest on Federal Home Loan Bank of Pittsburgh advances  1,059   261 
 Interest on subordinated debentures  113   226 
 Interest on junior subordinated debentures  186   142 
  Total interest on borrowed funds  1,358   629 
   Total interest expense  3,559   2,199 
Net interest income before provision (credit) for loan and lease losses  18,115   15,923 
Provision (credit) for loan and lease losses  1,600   (57)
Net interest income after provision (credit) for loan and lease losses  16,515   15,980 
Non-interest income        
Deposit service charges  1,449   1,419 
Net (loss) gain on the sale of securities  (4)  971 
Net loss on equity securities  (26)  - 
Net gain on the sale of mortgage loans held for sale  100   135 
Net gain on the sale of SBA guaranteed loans  322   56 
Net gain on the sale of other repossessed assets  -   47 
Net gain on the sale of other real estate owned  31   57 
Loan-related fees  160   156 
Income from bank-owned life insurance  272   270 
Other    744   482 
   Total non-interest income  3,048   3,593 
Non-interest expense        
Salaries and employee benefits  7,151   6,822 
Occupancy expense  1,129   1,173 
Equipment expense  637   906 
Data processing expense  1,295   996 
Regulatory assessments  397   337 
Bank shares tax  489   510 
Professional fees  492   456 
Insurance expense  268   253 
Other operating expenses  2,340   2,415 
   Total non-interest expense  14,198   13,868 
Income before income taxes  5,365   5,705 
Income tax expense  934   1,716 
Net income  $4,431  $3,989 
            
Income per share        
 Basic  $0.26  $0.24 
 Diluted  $0.26  $0.24 
            
Cash dividends declared per common  share $0.08  $0.06 
Weighted average number of shares outstanding:        
 Basic   16,778,188   16,687,389 
 Diluted   16,801,426   16,704,056 
 
 

 

FNCB Bancorp, Inc.
Quarter-to-Date Consolidated Statements of Income (Loss)
              
 Three Months Ended
 Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
(in thousands, except share data)  2018   2018   2017   2017  2017 
Interest income          
Interest and fees on loans $9,031  $8,288  $8,073  $7,576 $7,191 
Interest and dividends on securities          
 U.S. government agencies  886   890   860   816  850 
 State and political subdivisions, tax-free  38   20   7   7  12 
 State and political subdivisions, taxable  1,027   1,024   993   1,016  978 
 Other securities  240   195   154   166  120 
  Total interest and dividends on securities  2,191   2,129   2,014   2,005  1,960 
Interest on interest-bearing deposits in other banks  12   23   34   24  32 
   Total interest income  11,234   10,440   10,121   9,605  9,183 
Interest expense          
Interest on deposits  1,134   1,067   1,008   943  826 
Interest on borrowed funds          
 Interest on Federal Home Loan Bank of Pittsburgh advances  707   352   175   163  130 
 Interest on subordinated debentures  57   56   57   97  114 
 Interest on junior subordinated debentures  99   87   81   77  73 
  Total interest on borrowed funds  863   495   313   337  317 
   Total interest expense  1,997   1,562   1,321   1,280  1,143 
Net interest income before provision for loan and lease losses  9,237   8,878   8,800   8,325  8,040 
Provision for loan and lease losses  880   720   283   543  421 
Net interest income after provision for loan and lease losses  8,357   8,158   8,517   7,782  7,619 
Non-interest income          
Deposit service charges  747   702   756   728  728 
Net (loss) gain on the sale of securities  (4)  -   259   367  693 
Net loss on equity securities  (7)  (19)  -   -  - 
Net gain on the sale of mortgage loans held for sale  51   49   63   106  110 
Net loss on the sale of other repossessed assets  -   -   -   -  (10)
Net gain on the sale of SBA guaranteed loans  71   251   -   23  56 
Net (loss) gain on the sale of other real estate owned  (7)  37   22   -  6 
Loan-related fees  76   84   132   96  65 
Income from bank-owned life insurance  138   134   128   129  135 
Other    464   281   558   265  240 
   Total non-interest income  1,529   1,519   1,918   1,714  2,023 
Non-interest expense          
Salaries and employee benefits  3,485   3,666   4,092   3,247  3,298 
Occupancy expense  526   603   538   394  586 
Equipment expense  323   314   435   474  446 
Data processing expense  647   648   521   506  509 
Regulatory assessments  196   201   189   160  164 
Bank shares tax  222   267   38   252  252 
Professional fees  196   296   294   206  180 
Insurance expense  133   135   134   132  128 
Other operating expenses  1,238   1,102   1,563   1,026  1,377 
   Total non-interest expense  6,966   7,232   7,804   6,397  6,940 
Income before income taxes  2,920   2,445   2,631   3,099  2,702 
Income tax expense  508   426   8,745   827  910 
Net income (loss) $2,412  $2,019  $(6,114) $2,272 $1,792 
              
Income (loss) per share          
 Basic  $0.14  $0.12  $(0.36) $0.14 $0.11 
 Diluted  $0.14  $0.12  $(0.36) $0.14 $0.11 
              
Cash dividends declared per common  share $0.04  $0.04  $0.04  $0.03 $0.03 
Weighted average number of shares outstanding:          
 Basic   16,792,812   16,763,401   16,757,963   16,757,963  16,716,899 
 Diluted   16,819,286   16,789,336   16,774,209   16,777,671  16,736,995 
 
 

 

FNCB Bancorp, Inc.
Consolidated Balance Sheets
             
  Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
(in thousands) 2018 2018 2017 2017  2017 
Assets                      
Cash and cash equivalents:                    
 Cash and due from banks $16,500  $12,323  $22,755  $24,881  $24,169 
 Interest-bearing deposits in other banks  4,624   1,873   14,991   18,929   1,991 
  Total cash and cash equivalents  21,124   14,196   37,746   43,810   26,160 
Securities available for sale, at fair value  290,863   298,314   289,459   281,102   282,106 
Equity securities, at fair value  892   899   918   925   924 
Restricted stock, at cost  7,964   5,703   2,763   2,460   2,292 
Loans held for sale  629   366   1,095   147   617 
Loans, net of net deferred costs and unearned income  855,391   808,202   770,643   759,489   728,141 
Allowance for loan and lease losses  (9,459)  (9,562)  (9,034)  (8,862)  (8,469)
Net loans   845,932   798,640   761,609   750,627   719,672 
Bank premises and equipment, net  13,900   12,870   10,388   10,482   10,715 
Accrued interest receivable  3,654   3,430   3,234   3,203   2,784 
Bank-owned life insurance  30,732   30,594   30,460   30,332   30,203 
Other real estate owned  787   579   1,023   1,088   1,183 
Other assets   22,810   23,669   23,610   32,935   31,083 
   Total assets $1,239,287  $1,189,260  $1,162,305  $1,157,111  $1,107,739 
                        
Liabilities                     
Deposits:                     
 Demand (non-interest-bearing) $177,388  $172,896  $176,325  $162,426  $147,878 
 Interest-bearing  777,855   782,357   826,123   820,786   784,872 
  Total deposits  955,243   955,253   1,002,448   983,212   932,750 
Borrowed funds:                    
 Federal Home Loan Bank of Pittsburgh advances  174,251   121,485   44,968   45,350   44,903 
 Subordinated debentures  5,000   5,000   5,000   5,000   10,000 
 Junior subordinated debentures  10,310   10,310   10,310   10,310   10,310 
  Total borrowed funds  189,561   136,795   60,278   60,660   65,213 
Accrued interest payable  331   284   241   244   235 
Other liabilities  7,027   10,190   10,147   15,513   12,797 
  Total liabilities  1,152,162   1,102,522   1,073,114   1,059,629   1,010,995 
                        
Shareholders' equity                    
Preferred stock  -   -   -   -   - 
Common stock  21,021   20,958   20,947   20,947   20,947 
Additional paid-in capital  63,374   63,335   63,210   63,143   63,076 
Retained earnings  9,792   8,057   6,779   13,282   11,517 
Accumulated other comprehensive (loss) income  (7,062)  (5,612)  (1,745)  110   1,204 
  Total shareholders' equity  87,125   86,738   89,191   97,482   96,744 
   Total liabilities and shareholders’ equity $1,239,287  $1,189,260  $1,162,305  $1,157,111  $1,107,739 
                     
                     

 

FNCB Bancorp, Inc.
Summary Tax-equivalent Net Interest Income
              
     Three Months Ended
     Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
(dollars in thousands) 2018 2018 2017 2017 2017
Interest income                    
Loans:                      
Loans - taxable $8,631  $7,934  $7,736  $7,266  $6,873 
Loans - tax-free  506   448   511   470   482 
 Total loans  9,137   8,382   8,247   7,736   7,355 
Securities:                     
Securities, taxable  2,153   2,109   2,007   1,998   1,948 
Securities, tax-free  48   25   11   11   18 
 Total interest and dividends on securities  2,201   2,134   2,018   2,009   1,966 
Interest-bearing deposits in other banks  12   23   34   24   32 
   Total interest income  11,350   10,539   10,299   9,769   9,353 
Interest expense                    
Deposits   1,134   1,067   1,008   943   826 
Borrowed funds  863   495   313   337   317 
      1,997   1,562   1,321   1,280   1,143 
   Net interest income $9,353  $8,977  $8,978  $8,489  $8,210 
                        
Average balances                    
Earning assets:                    
Loans:                      
Loans - taxable $784,427  $748,375  $725,988  $700,729  $682,426 
Loans - tax-free  49,855   44,383   41,548   38,109   40,190 
 Total loans  834,282   792,758   767,536   738,838   722,616 
Securities:                     
Securities, taxable  305,627   301,032   292,307   290,348   287,133 
Securities, tax-free  4,677   2,325   600   600   1,105 
 Total securities  310,304   303,357   292,907   290,948   288,238 
Interest-bearing deposits in other banks  2,629   3,825   12,215   7,499   12,676 
   Total interest-earning assets  1,147,215   1,099,940   1,072,658   1,037,285   1,023,530 
Non-earning assets  74,188   76,114   89,801   92,603   90,672 
   Total assets $1,221,403  $1,176,054  $1,162,459  $1,129,888  $1,114,202 
Interest-bearing liabilities:                    
Deposits  $790,233  $806,494  $824,680  $792,649  $783,672 
Borrowed funds  163,547   102,676   67,476   73,168   72,347 
   Total interest-bearing liabilities  953,780   909,170   892,156   865,817   856,019 
Demand deposits  173,037   169,450   162,135   156,483   152,974 
Other liabilities  8,444   10,663   11,079   10,325   10,633 
Shareholders' equity  86,142   86,771   97,089   97,263   94,576 
 Total liabilities and shareholders' equity $1,221,403  $1,176,054  $1,162,459  $1,129,888  $1,114,202 
                      
Yield/Cost                     
Earning assets:                    
Loans:                      
Interest and fees on loans - taxable  4.40%  4.24%  4.26%  4.15%  4.03%
Interest and fees on loans - tax-free  4.06%  4.04%  4.92%  4.93%  4.80%
 Total loans  4.38%  4.23%  4.30%  4.19%  4.07%
Securities:                     
Securities, taxable  2.82%  2.80%  2.75%  2.75%  2.71%
Securities, tax-free  4.11%  4.30%  7.33%  7.33%  6.51%
 Total securities  2.84%  2.81%  2.76%  2.76%  2.73%
Interest-bearing deposits in other banks  1.83%  2.41%  1.11%  1.28%  1.01%
   Total earning assets  3.96%  3.83%  3.84%  3.77%  3.66%
Interest-bearing liabilities:                    
Interest on deposits  0.57%  0.53%  0.49%  0.48%  0.42%
Interest on borrowed funds  2.11%  1.93%  1.86%  1.84%  1.75%
   Total interest-bearing liabilities  0.84%  0.69%  0.59%  0.59%  0.53%
   Net interest spread  3.12%  3.15%  3.25%  3.18%  3.13%
 Net interest margin  3.26%  3.26%  3.35%  3.27%  3.21%
                      
                      

 

FNCB Bancorp, Inc.
Asset Quality Data
            
            
   Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
(in thousands) 2018 2018 2017 2017 2017
At period end               
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs) $3,469 $2,403 $2,578 $2,642 $3,681
Loans past due 90 days or more and still accruing  -  -  -  -  -
 Total non-performing loans  3,469  2,403  2,578  2,642  3,681
Other real estate owned (OREO)  787  579  1,023  1,088  1,183
Other non-performing assets  1,900  1,900  1,900  1,900  1,900
 Total non-performing assets $6,156 $4,882 $5,501 $5,630 $6,764
                 
Accruing TDRs  $8,741 $8,797 $9,299 $9,283 $9,306
                 
                 
For the three months ended               
Allowance for loan and lease losses               
Beginning balance $9,562 $9,034 $8,862 $8,469 $8,306
Loans charged-off  1,310  400  310  377  465
Recoveries of charged-off loans  327  208  199  227  207
Net charge-offs   983  192  111  150  258
Provision for loan and lease losses  880  720  283  543  421
Ending balance $9,459 $9,562 $9,034 $8,862 $8,469
                 

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Source: FNCB Bancorp, Inc.