DUNMORE, Pa.--(BUSINESS WIRE)--
First National Community Bancorp, Inc., the parent company of
Dunmore-based First
National Community Bank (OTCBB:FNCB), today reported net income of
$1.959 million, or $.12 per share, for the first quarter of 2010 ending
March 31, representing an $8 million increase in earnings.
Interim President and CEO Jerry Champi noted this significant increase
in earnings is largely due to several factors:
-- a decrease of $8.388 million in the provision for credit losses;
-- a decrease of $2.503 million in net impairment losses; and
-- a decrease of $2.237 million in the provision for off-balance sheet
commitments.
These improvements were offset by a reduction of recoverable income
taxes of $6.249 million.
"We are quite pleased with this performance, given the current sluggish
state of the banking industry and the economy overall," Champi said.
"We've taken a number of proactive measures to help ensure long-term
stability for the institution over the last year, and we're beginning to
see the results of those efforts take shape."
As of March 31, 2010, total FNCB assets were $1.4 billion, with net
loans of $920 million and deposits of $1.1 billion.
At quarter's end, FNCB's total capital was $92.691 million with capital
ratios improved to:
-- Total Risk-based Capital of 12.62%;
-- Tier I capital of 9.28%; and
-- Tier I Leverage Ratio of 8.03%.
All measures exceed the current "well-capitalized" regulatory
requirements.
The FNCB annual shareholders' meeting is scheduled for May 19, at which
time shareholders will be asked to amend the company's articles of
incorporation to consider authorizing the issuance of 20 million shares
of $1.25 par value, preferred stock. Champi emphasized that the company
has no immediate plans to issue the shares at this time, the Board of
Directors believes this approval will give the company the flexibility
it needs to respond to capital market opportunities and other situations
in the best interest of the company and its shareholders, as they occur.
For more information about FNCB, visit www.fncb.com.
About FNCB
First National Community Bancorp, Inc. is the financial holding
company of First National Community Bank, which provides personal, small
business and commercial banking services to individuals and businesses
throughout Lackawanna, Luzerne, Monroe and Wayne Counties in
Northeastern Pennsylvania. The institution was established as a National
Banking Association in 1910 as The First National Bank of Dunmore, and
has been operating under its current name since 1988.
This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. Actual results and
trends could differ materially from those set forth in such statements
due to various risks, uncertainties and other factors. Such risks,
uncertainties and other factors that could cause actual results and
experience to differ include, but are not limited to, the following: the
strategic initiatives and business plans may not be satisfactorily
completed or executed, if at all; increased demand or prices for the
Corporation's financial services and products may not occur; changing
economic and competitive conditions; technological developments; the
effectiveness of the Corporation's business strategy due to changes in
current or future market conditions; effects of deterioration of
economic conditions on customers specifically the effect on loan
customers to repay loans; inability of the Corporation to raise or
achieve desired or required levels of capital; the effects of
competition, and of changes in laws and regulations, including industry
consolidation and development of competing financial products and
services; interest rate movements; relationships with customers and
employees; challenges in establishing and maintaining operations;
volatilities in the securities markets; and deteriorating economic
conditions and other risks and uncertainties, including those detailed
in the Corporation's filings with the Securities and Exchange Commission.
Source: First National Community Bancorp, Inc.
Contact: First National Community Bank
Judy LaCouture
AVP/Director of Marketing
570-340-6144
jlacoutu@fncb.com