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First National Community Bancorp, Inc. Reports First Quarter 2015 Net Income of $3.5 Million

05/08/2015

DUNMORE, Pa., May 8, 2015 /PRNewswire/ -- First National Community Bancorp, Inc. (OTCQX: FNCB), the parent company of Dunmore-based First National Community Bank (the "Bank"), today announced its operating results for the quarter ended March 31, 2015. The Company reported net income of $3.5 million, or $0.21 per basic and diluted share. Net income for the comparable period of 2014 was also $3.5 million, or $0.21 per basic and diluted share. Comparing the first quarter results for 2015 and 2014, earnings were impacted by decreases in net interest income, non-interest income and the credit for loan and lease losses, which were almost entirely offset by a reduction in non-interest expense. Annualized return on average assets and return on average equity were 1.45% and 26.34%, respectively, for the three months ended March 31, 2015, compared to 1.46% and 38.45%, respectively, for the same three months of 2014.

On March 25, 2015, the Office of the Comptroller of the Currency ("OCC") notified the Bank that it was fully and completely released from the Consent Order it had been under since September 2010. The release signifies that the OCC determined that the Bank had met all of the requirements that were mandated by the Order. The Company continues to be subject to a Written Agreement entered into with the Federal Reserve Bank of Philadelphia on November 24, 2010.

Performance Highlights:

  • The Bank was released from the Consent Order by the OCC on March 25, 2015;
  • Tangible book value per share improved 92 basis points to $3.36 at March 31, 2015 from $2.44 at March 31, 2014;
  • 15.1% reduction in non-interest expense comparing the first quarters of 2015 and 2014; and
  • 5 basis point improvement in the ratio of non-performing loans to total loans to 0.77% at March 31, 2015, compared to 0.82% at December 31, 2014.

"The release from the Consent Order is a testament to the determination and effort put forth by our directors, management and employees," stated Steven R. Tokach, President and Chief Executive Officer. "The strong earnings performance in the first quarter of 2015 is indicative of the steps we have taken over recent years to strengthen our balance sheet, improve our asset quality and increase our capital position. For the remainder of 2015, our goals stay focused on organic loan and core deposit growth, establishing new non-interest income sources and resolving the remaining regulatory matters. With the Consent Order behind us, we believe we are well-positioned to be able to take advantage of, and compete for, prudent market opportunities, as well as further develop our core customer relationships," concluded Mr. Tokach.

Summary Results for the Three Months Ended March 31, 2015

Net interest income before the credit for loan and lease losses was $6.3 million for the first three months of 2015, compared to $6.6 million for the same period in 2014. The $269 thousand, or 4.1%, decrease was driven by the continued repositioning of the investment portfolio from higher-yielding tax-exempt securities to taxable securities in conjunction with current tax planning strategies centered on future recognition of the valuation allowance for net deferred tax assets. This resulted in a $403 thousand, or 25.1%, decrease in interest and dividend income on securities. Partially offsetting the effects of the repositioning was a $158 thousand, or 10.0%, decrease in interest expense comparing the three months ended March 31, 2015 and 2014, resulting from a $27.5 million decrease in average interest-bearing liabilities, coupled with a 5 basis point decline in the Company's cost of funds. The tax-equivalent net interest margin for the three months ended March 31, 2015 was 2.85%, a decrease of 24 basis points from 3.09% for the same period in 2014.

Non-interest income was $3.4 million for the three months ended March 31, 2015, compared to $3.5 million for the same period in 2014. The decrease resulted primarily from non-recurring income of $607 thousand from the sale of the Company's Monroe County branches in the first quarter of 2014. In addition, the Company experienced decreases in net gains on mortgage loans and OREO of $35 thousand and $24 thousand, respectively, and a decrease in income from bank-owned life insurance of $32 thousand. Partially offsetting these decreases was an increase in net gains on the sale of available-for-sale securities of $656 thousand comparing the first quarters of 2015 and 2014.

Non-interest expense decreased $1.2 million, or 15.1%, to $6.8 million for the three months ended March 31, 2015, from $8.0 million for the same three months of 2014. The decrease reflected significant reductions in legal expense, professional fees, regulatory assessments and salaries and employee benefits expense. The Company anticipates further reductions in its non-interest expense as the release from the Consent Order should positively impact regulatory assessments, FDIC and general business insurance rates and legal expenses.

Improved Asset Quality

The Company's asset quality continued to improve through March 31, 2015, a result of the effective management of problem credits and delinquent loans. The Company's total non-performing loans decreased $338 thousand, or 6.1%, to $5.2 million at March 31, 2015 from December 31, 2014. The ratio of non-performing loans to total loans improved 5 basis points to 0.77% at March 31, 2015, compared to 0.82% at December 31, 2014. (The FDIC average for commercial banks with assets between $100 million and $1 billion at March 31, 2015 was 1.05%.) The allowance for loan and lease losses as a percentage of gross loans was 1.63% at March 31, 2015 versus 1.72% at the end of 2014. (The above described FDIC peer group average was 1.44% at March 31, 2015.) The Company's ratio of total delinquent loans to total loans at March 31, 2015 was 1.10%, an 11 basis point improvement from 1.21% at December 31, 2014. In comparison, this ratio for the FDIC peer group was 1.79% at March 31, 2015.  

Financial Condition

The Company's total assets decreased $9.8 million, or 1.0%, to $960.2 million at March 31, 2015 from $970.0 million at December 31, 2014. The balance sheet reduction was due largely to a $14.4 million, or 6.6%, decrease in available-for-sale securities, as management continued to reposition the investment portfolio. The Company experienced moderate loan demand, which resulted in a $1.9 million, or 0.3%, increase in total loans (before allowance for loan and lease losses) to $672.2 million at March 31, 2015 from $670.3 million at December 31, 2014. Total deposits decreased $20.2 million, or 2.5%, to $775.1 million at the close of the first quarter of 2015 from $795.3 million at year-end 2014, which resulted primarily from the expected maturities of $11.8 million in certificates of deposits originated through a national listing service and $4.5 million in brokered deposits, coupled with cyclical deposit outflows from several large commercial and municipal customers. Cash and cash equivalents increased $1.7 million, while total borrowed funds, specifically with the FHLB of Pittsburgh, increased $6.4 million when comparing March 31, 2015 to December 31, 2014.

Total shareholders' equity increased $4.3 million, or 8.4%, to $55.7 million at March 31, 2015 from $51.4 million at December 31, 2014. The capital improvement resulted primarily from net income of $3.5 million, coupled with a $0.8 million increase in accumulated other comprehensive income related to appreciation, net of tax effects, in the fair value of available-for-sale securities.

Availability of Filings

A copy of the Company's Form 10-Q for the quarter ended March 31, 2015 will be provided upon request from: Shareholder Relations, First National Community Bancorp, Inc., 102 East Drinker Street, Dunmore, PA 18512 or by calling (570) 348-6419. The Company's March 31, 2015 quarterly report on Form 10-Q is also available on the Investor Relations page of the Company's website, www.fncb.com/investorrelations.

About First National Community Bank:
First National Community Bancorp, Inc. is the bank holding company of First National Community Bank, which provides personal, small business and commercial banking services to individuals and businesses throughout Lackawanna, Luzerne, 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. For more information about FNCB, visit www.fncb.com.

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

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

These forward-looking statements include statements with respect to the Company'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 the Company's 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 the Company'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 the Company's 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 the Company to compete with other institutions for business; the composition and concentrations of the Company's lending risk and the adequacy of the Company's reserves to manage those risks; the valuation of the Company's investment securities; the ability of the Company to pay dividends or repurchase common shares; the ability of the Company to retain key personnel; the impact of any pending or threatened litigation against the Company; the marketability of shares of the Company and fluctuations in the value of the Company's share price;  the impact of the Company's ability to comply with its regulatory agreements and orders; the effectiveness of the Company's system of internal controls; the ability of the Company 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 the Company's information technology systems; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms, and the success of the Company at managing the risks involved in the foregoing and other risks and uncertainties, including those detailed in the Company's filings with the SEC.

The Company 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 the Company on its website or otherwise.  The Company 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 the Company 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 the Company periodically files with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2014.

[The Company provides tabular information as follows]

 

First National Community Bancorp, Inc.

Selected Financial Data




















Mar 31,


Dec 31,


Sept 30,


Jun 30,


Mar 31,




2015


2014


2014


2014


2014

Per share data:











Net income (fully diluted)


$            0.21


$               -


$          0.20


$          0.40


$          0.21

Cash dividends declared


$                  -


$               -


$                -


$                -


$                -

Book value


$            3.38


$         3.12


$          3.06


$          2.99


$          2.46

Tangible book value


$            3.36


$         3.10


$          3.03


$          2.96


$          2.44

Market value:












High 


$            5.40


$         6.65


$          6.85


$          6.85


$          9.90


Low


$            5.25


$         5.60


$          5.75


$          5.16


$          5.91


Close


$            5.26


$         6.00


$          6.75


$          6.05


$          5.95

Common shares outstanding


16,500,945


16,484,419


16,471,569


16,471,569


16,471,569













Selected ratios:











Annualized return on average assets


1.45%


(0.01)%


1.38%


2.73%


1.46%

Annualized return on average shareholders' equity


26.34%


(0.24)%


26.81%


60.91%


38.45%

Tier I leverage ratio


6.57%


6.05%


6.19%


5.84%


5.08%

Total risk-based capital to risk-adjusted assets


12.96%


13.67%


13.50%


13.07%


12.21%

Average shareholders' equity to average total assets


5.52%


5.22%


5.14%


4.49%


3.79%

Yield on earning assets (FTE)


3.48%


3.56%


3.84%


3.85%


3.77%

Cost of funds


0.75%


0.79%


0.80%


0.80%


0.80%

Net interest spread (FTE)


2.73%


2.77%


3.04%


3.05%


2.97%

Net interest margin (FTE)


2.85%


2.90%


3.18%


3.16%


3.09%

Total delinquent loans/total loans


1.10%


1.21%


1.16%


1.24%


1.37%

Allowance for loan and lease losses/total loans


-1.63%


-1.72%


1.76%


1.82%


1.93%

Non-performing loans/total loans


0.77%


0.82%


0.82%


0.83%


0.89%

Net charge-offs (recoveries)/average loans


0.01%


0.02%


0.03%


(0.54)%


(0.02)%













 

First National Community Bancorp, Inc.

Year-to-Date Consolidated Statements of Income






Three Months Ended






March 31, 

(in thousands, except share data)


2015


2014

Interest income





Interest and fees on loans


$      6,472


$      6,494

Interest and dividends on securities






U.S. government agencies


971


743


State and political subdivisions, tax-free


50


710


State and political subdivisions, taxable


26


98


Other securities


157


56



Total interest and dividends on securities


1,204


1,607

Interest on interest-bearing deposits in other banks


21


23




Total interest income


7,697


8,124

Interest expense





Interest on deposits


683


865

Interest on borrowed funds






Interest on Federal Home Loan Bank of Pittsburgh advances


120


96


Interest on subordinated debentures


563


563


Interest on junior subordinated debentures 


49


49



Total interest on borrowed funds


732


708




Total interest expense


1,415


1,573

Net interest income before (credit) for loan and lease losses


6,282


6,551

(Credit) for loan and lease losses


(494)


(1,570)

Net interest income after (credit) for loan and lease losses


6,776


8,121

Non-interest income





Deposit service charges


674


690

Net gain on the sale of securities


2,224


1,568

Net gain on the sale of mortgage loans held for sale


40


75

Net loss on the sale of education loans


-


(13)

Net gain on the sale of other real estate owned


5


29

Gain on branch divestitures


-


607

Loan-related fees


90


93

Income from bank-owned life insurance


135


167

Other




251


237




Total non-interest income


3,419


3,453

Non-interest expense





Salaries and employee benefits


3,139


3,400

Occupancy expense


633


644

Equipment expense


384


356

Data processing expense


448


522

Regulatory assessments


409


673

Bank shares tax


217


176

Expense of other real estate owned


100


163

Legal expense


163


647

Professional fees


301


450

Insurance expense


198


282

Other operating expenses


790


678




Total non-interest expense


6,782


7,991

Income before income taxes


3,413


3,583

(Credit) provision for income taxes


(62)


70

Net income


$      3,475


$      3,513









Income per share






Basic



$        0.21


$        0.21


Diluted



$        0.21


$        0.21









Cash dividends declared per common  share                                   


$             -


$             -

Weighted average number of shares outstanding:






Basic



16,490,111


16,471,569


Diluted



16,490,111


16,472,435









 

First National Community Bancorp, Inc.

Quarter-to-Date Consolidated Statements of Income




















Three Months Ended






Mar 31,


Dec 31,


Sept 30,


Jun 30,


Mar 31,

(in thousands, except share data)


2015


2014


2014


2014


2014

Interest income











Interest and fees on loans


$      6,472


$      6,671


$      6,852


$       6,612


$      6,494

Interest and dividends on securities












U.S. government agencies


971


998


893


860


743


State and political subdivisions, tax-free


50


204


409


560


710


State and political subdivisions, taxable


26


53


76


97


98


Other securities


157


66


74


76


56



Total interest and dividends on securities


1,204


1,321


1,452


1,593


1,607

Interest on interest-bearing deposits in other banks


21


27


8


13


23




Total interest income


7,697


8,019


8,312


8,218


8,124

Interest expense











Interest on deposits


683


745


751


819


865

Interest on borrowed funds












Interest on Federal Home Loan Bank of Pittsburgh advances


120


116


125


113


96


Interest on subordinated debentures


563


575


575


568


563


Interest on junior subordinated debentures 


49


87


50


50


49



Total interest on borrowed funds


732


778


750


731


708




Total interest expense


1,415


1,523


1,501


1,550


1,573

Net interest income before (credit) for loan and lease losses


6,282


6,496


6,811


6,668


6,551

(Credit) for loan and lease losses


(494)


(240)


(54)


(4,005)


(1,570)

Net interest income after (credit) for loan and lease losses


6,776


6,736


6,865


10,673


8,121

Non-interest income











Deposit service charges


674


758


781


746


690

Net gain on the sale of securities


2,224


634


2,958


1,480


1,568

Net gain on the sale of mortgage loans held for sale


40


69


57


91


75

Net loss on the sale of education loans


-


-


-


-


(13)

Net gain on the sale of other real estate owned


5


106


35


39


29

Gain on branch divestitures


-


-


-


-


607

Loan-related fees


90


148


101


98


93

Income from bank-owned life insurance


135


154


165


164


167

Legal settlements


-


-


-


2,127


-

Other




251


194


345


217


237




Total non-interest income


3,419


2,063


4,442


4,962


3,453

Non-interest expense











Salaries and employee benefits


3,139


3,302


3,316


3,093


3,400

Occupancy expense


633


534


438


472


644

Equipment expense


384


403


355


357


356

Data processing expense


448


532


508


526


522

Regulatory assessments


409


412


266


450


673

Bank shares tax


217


150


21


175


176

Expense of other real estate owned


100


74


514


1,818


163

Legal expense


163


371


268


513


647

Professional fees


301


327


306


484


450

Insurance expense


198


194


196


279


282

Other operating expenses


790


2,531


1,595


798


678




Total non-interest expense


6,782


8,830


7,783


8,965


7,991

Income before income taxes


3,413


(31)


3,524


6,670


3,583

(Credit) provision for income taxes


(62)


-


166


90


70

Net income


$      3,475


$          (31)


$      3,358


$       6,580


$      3,513















Income per share












Basic



$        0.21


$             -


$        0.20


$         0.40


$        0.21


Diluted



$        0.21


$             -


$        0.20


$         0.40


$        0.21















Cash dividends declared per common share


$             -


$             -


$             -


$              -


$             -

Weighted average number of shares outstanding:












Basic



16,490,111


16,475,899


16,471,569


16,471,569


16,471,569


Diluted



16,490,111


16,475,899


16,471,569


16,471,569


16,472,435















 

First National Community Bancorp, Inc.

Consolidated Balance Sheets


























Mar 31,


Dec 31,


Sept 30,


Jun 30,


Mar 31,

(in thousands)


2015


2014


2014


2014


2014

Assets













Cash and cash equivalents:












Cash and due from banks


$    19,985


$    22,657


$      21,532


$    21,429


$    21,929


Interest-bearing deposits in other banks


17,390


13,010


18,461


9,220


16,051



Total cash and cash equivalents


37,375


35,667


39,993


30,649


37,980

Securities available for sale at fair value


204,635


218,989


217,412


209,264


234,531

Stock in Federal Home Loan Bank of Pittsburgh at cost


3,061


2,803


4,356


4,339


2,542

Loans held for sale


-


603


171


424


69

Loans, net 



672,165


670,267


678,160


670,977


654,154

Allowance for loan and lease losses


(10,944)


(11,520)


(11,898)


(12,175)


(12,589)

Net loans



661,221


658,747


666,262


658,802


641,565

Bank premises and equipment, net


11,221


11,003


11,094


11,338


13,091

Accrued interest receivable


2,118


2,075


2,158


2,272


2,590

Intangible assets


261


302


344


385


426

Bank-owned life insurance


28,952


28,817


28,663


28,498


28,334

Other real estate owned


2,369


2,255


2,617


3,182


3,422

Other assets



9,028


8,768


9,063


8,722


9,587




Total assets


$  960,241


$  970,029


$    982,133


$  957,875


$  974,137















Liabilities












Deposits:













Demand (non-interest-bearing)


$  134,993


$  124,064


$    148,430


$  125,578


$  127,029


Interest-bearing 


640,118


671,272


654,766


644,660


708,178



Total deposits


775,111


795,336


803,196


770,238


835,207

Borrowed funds:












Federal Home Loan Bank of Pittsburgh advances


67,612


61,194


68,786


77,378


34,534


Subordinated debentures


25,000


25,000


25,000


25,000


25,000


Junior subordinated debentures


10,310


10,310


10,310


10,310


10,310



Total borrowed funds


102,922


96,504


104,096


112,688


69,844

Accrued interest payable


10,788


10,262


10,515


9,953


9,300

Other liabilities


15,678


16,529


14,005


15,790


19,250



Total liabilities


904,499


918,631


931,812


908,669


933,601















Shareholders' equity











Preferred stock


-


-


-


-


-

Common stock


20,626


20,605


20,589


20,589


20,589

Additional paid-in capital


61,801


61,781


61,692


61,664


61,637

Accumulated deficit


(28,651)


(32,126)


(32,095)


(35,453)


(42,033)

Accumulated other comprehensive income


1,966


1,138


135


2,406


343



Total shareholders' equity


55,742


51,398


50,321


49,206


40,536




Total liabilities and shareholders' equity


$  960,241


$  970,029


$    982,133


$  957,875


$  974,137















 

First National Community Bancorp, Inc.

Summary Tax-equivalent Net Interest Income




















Three Months Ended






Mar 31,


Dec 31,


Sept 30,


Jun 30,


Mar 31,

(dollars in thousands)


2015


2014


2014


2014


2014

Interest income











Loans:













Loans - taxable


$      6,148


$      6,340


$      6,524


$       6,292


$      6,160

Loans - tax-free


491


501


497


485


506


Total loans


6,639


6,841


7,021


6,777


6,666

Securities:












Securities, taxable


1,154


1,117


1,043


1,033


897

Securities, tax-free


76


309


620


848


1,076


Total interest and dividends on securities


1,230


1,426


1,663


1,881


1,973

Interest-bearing deposits in other banks


21


27


8


13


23




Total interest income


7,890


8,294


8,692


8,671


8,662

Interest expense











Deposits



683


745


751


819


865

Borrowed funds


732


778


750


731


708




Total interest expense


1,415


1,523


1,501


1,550


1,573




Net interest income


$      6,475


$      6,771


$      7,191


$       7,121


$      7,089















Average balances











Earning assets:











Loans:













Loans - taxable


$  633,731


$  635,146


$  635,032


$   622,815


$  610,513

Loans - tax-free


41,125


40,477


39,849


39,465


41,709


Total loans


674,856


675,623


674,881


662,280


652,222

Securities:












Securities, taxable


194,268


196,351


177,863


169,074


167,454

Securities, tax-free


4,283


17,055


36,246


48,349


62,140


Total interest and dividends on securities


198,551


213,406


214,109


217,423


229,594

Interest-bearing deposits in other banks


34,708


43,618


15,983


20,782


36,018




Total interest-earning assets


908,115


932,647


904,973


900,485


917,834

Non-earning assets


61,476


58,826


62,582


65,609


60,458




Total assets


$  969,591


$  991,473


$  967,555


$   966,094


$  978,292

Interest-bearing liabilities:











Deposits



$  658,193


$  675,901


$  640,394


$   676,969


$  718,892

Borrowed funds


99,046


99,251


114,137


94,952


65,846




Total interest-bearing liabilities


757,239


775,152


754,531


771,921


784,738

Demand deposits


132,316


139,336


137,992


126,372


132,712

Other liabilities


26,525


25,278


25,337


24,470


23,785

Shareholders' equity


53,511


51,707


49,695


43,331


37,057




Total liabilities and shareholders' equity


$  969,591


$  991,473


$  967,555


$   966,094


$  978,292















Yield/Cost












Earning assets:











Loans:













Interest and fees on loans - taxable


3.88%


3.99%


4.11%


4.04%


4.04%

Interest and fees on loans - tax-free


4.78%


4.95%


4.99%


4.91%


4.85%


Total loans


3.94%


4.05%


4.16%


4.09%


4.09%

Securities:












Securities, taxable


2.38%


2.28%


2.35%


2.44%


2.14%

Securities, tax-free


7.10%


7.25%


6.84%


7.02%


6.93%


Total interest and dividends on securities


2.48%


2.67%


3.11%


3.46%


3.44%

Interest on interest-bearing deposits in other banks


0.24%


0.25%


0.20%


0.25%


0.26%




Total earning assets


3.48%


3.56%


3.84%


3.85%


3.77%

Interest-bearing liabilities:











Interest on deposits


0.42%


0.44%


0.47%


0.48%


0.48%

Interest on borrowed funds


2.96%


3.14%


2.63%


3.08%


4.30%




Total interest-bearing liabilities


0.75%


0.79%


0.80%


0.80%


0.80%




Net interest spread


2.73%


2.77%


3.04%


3.05%


2.97%




Net interest margin


2.85%


2.90%


3.18%


3.16%


3.09%















 

First National Community Bancorp, Inc.

Asset Quality Data




























Mar 31,


Dec 31,


Sept 30,


Jun 30,


Mar 31,

(in thousands)


2015


2014


2014


2014


2014

At period end











Non-accrual loans, including non-performing troubled debt restructured loans (TDRs)


$      5,184


$      5,522


$        5,539


$      5,550


$      5,756

Loans past due 90 days or more and still accruing


-


-


49


-


32


Total non-performing loans


5,184


5,522


5,588


5,550


5,788

Other real estate owned (OREO)


2,369


2,255


2,617


3,182


3,422


Total non-performing loans and OREO


$      7,553


$      7,777


$        8,205


$      8,732


$      9,210













TDRs performing in accordance with modified terms


$      5,807


$      5,282


$        5,326


$      4,991


$      4,792

























For the three months ended











Allowance for loan and lease losses











Beginning balance


$    11,520


$    11,898


$      12,175


$    12,589


$    14,017

Loans charged-off


277


427


359


333


269

Recoveries of charged-off loans


195


289


136


3,924


411

Net charge-offs (recoveries)


82


138


223


(3,591)


(142)

Credit for loan and lease losses


(494)


(240)


(54)


(4,005)


(1,570)

Ending balance


$    10,944


$    11,520


$      11,898


$    12,175


$    12,589














 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-national-community-bancorp-inc-reports-first-quarter-2015-net-income-of-35-million-300080493.html

SOURCE First National Community Bancorp, Inc.

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