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FNCB Bancorp, Inc. Reports Third Quarter 2016 Net Income

10/28/2016

DUNMORE, Pa., Oct. 28, 2016 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (OTCQX:FNCB), the parent company of Dunmore-based FNCB Bank (the “Bank”), announced net income for the three months ended September 30, 2016 of $2.0 million, or $0.12 per basic and diluted share. Net income for the comparable period of 2015 was $2.3 million, or $0.14 per basic and diluted share. The $0.3 million, or 13.7%, decrease in third quarter earnings primarily reflected increases in income tax expense and non-interest expense, partially mitigated by higher net interest income. Net income for the nine months ended September 30, 2016 was $4.8 million, or $0.29 per basic and diluted share, compared to net income of $6.6 million, or $0.40 per basic and diluted share, for the same period of 2015. Annualized return on average assets was 0.73% and 0.58%, respectively, for the three and nine months ended September 30, 2016, compared to 0.91% and 0.90%, for the respective periods of 2015. Annualized return on average equity was 8.46% and 6.95%, respectively, for the three- and nine-month periods ended September 30, 2016, compared to 16.38% and 15.96%, respectively, for the comparable periods in 2015. FNCB paid holders of its common stock dividends of $0.02 for the third quarter of 2016, totaling $0.06 per share for the year-to-date period of 2016. FNCB did not pay a dividend during the nine months ended September 30, 2015.

Effective October 17, 2016, the corporate name, formerly First National Community Bancorp, Inc., changed to FNCB Bancorp, Inc., following the completion of a charter conversion of FNCB Bank, the Company’s wholly-owned subsidiary, from a national bank to a Pennsylvania state bank.

Performance Highlights:

  • Year-over-year deposit growth of 9.3%;
  • Year-over-year growth in net interest income of $3.0 million, or 15.4%;
  • 7 basis point improvement in tax-equivalent net interest margin comparing the third quarters of 2016 and 2015; and
  • 11.8% decrease in non-performing loans from prior quarter end; 64.1% decrease from one year ago.

“We are pleased with the strong, double-digit growth in net interest income given this very challenging rate environment,” stated Gerard A. Champi, President and Chief Executive Officer. “In addition, through the diligent efforts of our entire banking team, we posted meaningful, organic deposit growth, while maintaining funding costs, during the third quarter of 2016. The launch of our new WOW ME suite of consumer checking and savings products earlier in the year has led to increases in personal demand deposits, while initiatives in our governmental banking, retail and commercial divisions resulted in strong deposit growth in public funds and small business accounts,” concluded Champi.

Summary Results for the Three and Nine Months Ended September 30, 2016

Net interest income before (credit) provision for loan and lease losses was $7.7 million for the third quarter, an increase of $0.5 million compared to $7.2 million for the same quarter of 2015. The 6.9% increase in net interest income reflected strong growth in volume and yields on earning assets aided by stable funding costs. For the year-to-date period, net interest income grew $3.0 million, or 15.4%, to $22.8 million in 2016 from $19.8 million in 2015. The improvement for the year-to-date period resulted primarily from significant growth in earning assets, higher earning asset yields and reduced funding costs. Average earning assets grew $42.3 million, or 4.4%, and $69.9 million, or 7.5%, comparing the quarter and year-to-date periods ended September 30, 2016 and 2015, respectively. Tax-equivalent earning asset yields improved 8 basis points for the third quarter and 7 basis points for the nine months ended September 30, 2016 over the same periods of 2015. FNCB’s cost of funds increased 1 basis point comparing the third quarters of 2016 and 2015. However, comparing the nine-month periods, FNCB’s cost of funds decreased 16 basis points to 0.50% in 2016 from 0.66% in 2015. Causing the greatest impact in year-to-date funding costs was a decrease in the cost of borrowed funds, which resulted from a modification of the interest rate on FNCB’s subordinated notes from 9.00% to 4.50% in mid-2015. The tax-equivalent net interest margin for third quarter 2016 was 3.14%, which reflected no change from the second quarter of 2016, and a 7 basis point increase over the margin for the same prior year period. The year-to-date tax-equivalent net interest margin was 3.13% in 2016, an improvement of 20 basis points compared to 2.93% in 2015.

Non-interest income was $1.4 million for both three-month periods ended September 30, 2016 and 2015. Higher net gains on the sale of mortgage loans, net gains on the sale of SBA guaranteed loans and other income were offset by reductions in service charges, loan-related fees and net gains on the sale of other real estate owned. For the nine months ended September 30, 2016, non-interest income totaled $4.8 million, a decrease of $1.5 million, or 24.2%, compared to $6.3 million for the same nine months of 2015. The change resulted primarily from a $1.3 million decrease in net gains on the sale of securities, coupled with a $0.2 million reduction in other income related to legal settlements received in 2015.

For the three months ended September 30, 2016, non-interest expense totaled $6.6 million, an increase of $0.1 million, or 2.2%, from $6.4 million for the same three months of 2015. The increase for the third quarter 2016 was due primarily to advertising expense related to new deposit product offerings. On a year-to-date basis, non-interest expense increased $0.5 million, or 2.5%, to $20.4 million in 2016 from $19.9 million in 2015.  The increase in non-interest expense for the nine months ended September 30, 2016 as compared to the same period of 2015 was due primarily to increases in salaries and benefits expenses of $0.8 million due to higher health insurance costs, partially offset by a $0.4 million reduction in occupancy expense.

Asset Quality

FNCB continues to realize an improvement in asset quality as total non-performing loans decreased $0.3 million, or 11.8%, to $2.4 million at September 30, 2016 from $2.7 million at June 30, 2016, and $1.4 million, or 36.2%, from December 31, 2015. The ratio of non-performing loans to total loans was 0.33% at September 30, 2016 compared to 0.37% at June 30, 2016 and 0.52% at December 31, 2015. (At June 30, 2016, the most recent data available, the FDIC average for commercial banks with assets between $1.0 billion and $3.0 billion was 0.79%). The allowance for loan and lease losses as a percentage of gross loans was 1.17% at September 30, 2016, which was unchanged compared to the prior quarter end, and 1.21% at the end of 2015. (The above described FDIC peer group average was 1.22% at June 30, 2016.)

Financial Condition

Total assets increased $31.0 million, or 2.8%, to $1.122 billion at September 30, 2016 from $1.091 billion at December 31, 2015. The change in total assets primarily resulted from an increase of $36.3 million in cash and cash equivalents. Total deposits increased $109.4 million, or 13.3%, to $931.0 million at September 30, 2016 from $821.5 million at year-end 2015. The deposit growth resulted primarily from a cyclical influx of public funds from seasonal tax payments during the third quarter. In addition, deposit gathering initiatives in FNCB’s commercial and governmental banking units, coupled with the new WOW ME product offering also favorably impacted deposit growth.  The inflow of cash from deposit growth was used to repay borrowings from the FHLB of Pittsburgh, which declined $77.0 million, or 56.7%, when comparing September 30, 2016 and December 31, 2015. In addition, accrued interest payable decreased $10.9 million, or 97.4%, as FNCB repaid in entirety all accrued interest that had previously been deferred on the subordinated debentures in the first quarter of 2016. Payoffs of several large commercial loan relationships outpaced demand, which resulted in a $4.1 million, or 0.6%, decline in loans, net of net deferred costs and unearned income. Investment securities available for sale increased $9.7 million, or 3.8%.

Total shareholders’ equity increased $10.4 million, or 12.1%, to $96.6 million at September 30, 2016 from $86.2 million at December 31, 2015. The capital improvement resulted primarily from a $6.2 million increase in accumulated other comprehensive income, which resulted from appreciation in the fair value of available-for-sale securities net of the tax impact of the appreciation, coupled with net income for the nine months ended September 30, 2016 of $4.8 million.

At September 30, 2016, FNCB’s total risk-based capital and Tier I leverage ratios were 12.37% and 7.52%, respectively. The respective ratios for the Bank at September 30, 2016 were 13.40% and 9.05%. The ratios well 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. Book value per share increased $0.59 per share, or 11.3%, to $5.81 at September 30, 2016 from $5.22 at December 31, 2015.

Availability of Filings

Copies of FNCB’s most recent Annual Report on Form 10-K and Quarterly Report 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. All of FNCB’s filings with the Securities and Exchange Commission are also available on the Investor Relations page of FNCB’s website, www.fncb.com/investorrelations.

About FNCB Bank:
FNCB Bancorp, Inc. is the bank holding company of FNCB 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 had been operating under the name First National Community Bank from 1988 through June 2016. Effective June 30, 2016, the institution changed its name to FNCB Bank upon its conversion from a national charter to a Pennsylvania state charter. For more information about FNCB, visit www.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, 2015.

[The Company provides tabular information as follows]

 
FNCB Bancorp, Inc.
Selected Financial Data
            
   Sept 30, Jun 30, Mar 31, Dec 31, Sept 30,
    2016   2016   2016   2015   2015 
Per share data:          
Net income (fully diluted) $0.12  $0.10  $0.07  $1.77  $0.14 
Cash dividends declared $0.02  $0.02  $0.02  $-  $- 
Book value $5.81  $5.76  $5.57  $5.22  $3.61 
Tangible book value $5.81  $5.75  $5.56  $5.21  $3.60 
Market value:          
 High $6.00  $6.12  $6.90  $5.50  $6.05 
 Low $4.75  $5.50  $5.11  $5.06  $5.02 
 Close $5.00  $5.60  $6.12  $5.25  $5.19 
Common shares outstanding  16,614,856   16,586,868   16,530,432   16,514,245   16,500,945 
            
Selected ratios:          
Annualized return on average assets  0.73%  0.60%  0.42%  10.99%  0.91%
Annualized return on average shareholders' equity  8.46%  7.12%  5.15%  192.68%  16.38%
Tier I leverage ratio  7.52%  7.31%  7.08%  7.27%  6.57%
Total risk-based capital to risk-adjusted assets  12.37%  12.00%  11.81%  11.79%  11.20%
Average shareholders' equity to average total assets  8.63%  8.40%  8.15%  5.70%  5.55%
Yield on earning assets (FTE)  3.58%  3.56%  3.52%  3.56%  3.50%
Cost of funds  0.52%  0.50%  0.48%  0.48%  0.51%
Net interest spread (FTE)  3.06%  3.06%  3.04%  3.08%  2.98%
Net interest margin (FTE)  3.14%  3.14%  3.11%  3.15%  3.07%
Total delinquent loans/total loans  0.72%  0.74%  0.82%  0.84%  1.29%
Allowance for loan and lease losses/total loans  1.17%  1.17%  1.19%  1.20%  1.36%
Non-performing loans/total loans  0.33%  0.37%  0.49%  0.52%  0.93%
Annualized net (recoveries) charge-offs/average loans  (0.09%)  0.26%  0.47%  0.02%  0.04%
            

 

FNCB Bancorp, Inc. 
Year-to-Date Consolidated Statements of Income 
  
 Nine Months Ended 
 Sept 30, 
(in thousands, except share data)  2016   2015  
Interest income     
Interest and fees on loans $21,157  $19,640  
Interest and dividends on securities     
 U.S. government agencies  2,678   3,044  
 State and political subdivisions, tax-free  30   91  
 State and political subdivisions, taxable  1,834   447  
 Other securities  259   331  
  Total interest and dividends on securities  4,801   3,913  
Interest on interest-bearing deposits in other banks  14   42  
   Total interest income  25,972   23,595  
Interest expense     
Interest on deposits  2,009   2,003  
Interest on borrowed funds     
 Interest on Federal Home Loan Bank of Pittsburgh advances  472   367  
 Interest on subordinated debentures  480   1,290  
 Interest on junior subordinated debentures  180   150  
  Total interest on borrowed funds  1,132   1,807  
   Total interest expense  3,141   3,810  
Net interest income before provision (credit) for loan and lease losses  22,831   19,785  
Provision (credit) for loan and lease losses  858   (340) 
Net interest income after provision (credit) for loan and lease losses  21,973   20,125  
Non-interest income     
Deposit service charges  2,157   2,218  
Net gain on the sale of securities  960   2,302  
Net gain on the sale of mortgage loans held for sale  238   69  
Net gain on the sale of SBA guaranteed loans  51   -  
Net gain on the sale of other real estate owned  29   145  
Loan-related fees  287   290  
Income from bank-owned life insurance  426   415  
Other    657   904  
   Total non-interest income  4,805   6,343  
Non-interest expense     
Salaries and employee benefits  10,366   9,582  
Occupancy expense  1,301   1,665  
Equipment expense  1,277   1,234  
Data processing expense  1,522   1,420  
Regulatory assessments  629   711  
Bank shares tax  746   652  
Expense of other real estate owned  335   338  
Legal expense  285   331  
Professional fees  716   780  
Insurance expense  384   528  
Other operating expenses  2,821   2,636  
   Total non-interest expense  20,382   19,877  
Income before income taxes  6,396   6,591  
Income tax expense (benefit)  1,611   (40) 
Net income  $4,785  $6,631  
         
Income per share     
 Basic  $0.29  $0.40  
 Diluted  $0.29  $0.40  
         
Cash dividends declared per common  share $0.06  $-  
Weighted average number of shares outstanding:     
 Basic   16,554,391   16,497,373  
 Diluted    16,554,391   16,497,373  
            

 

FNCB Bancorp, Inc. 
Quarter-to-Date Consolidated Statements of Income 
               
 Three Months Ended 
 Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, 
(in thousands, except share data)  2016   2016   2016   2015   2015  
Interest income           
Interest and fees on loans $7,156  $7,032  $6,969  $7,032  $6,693  
Interest and dividends on securities           
 U.S. government agencies  848   900   930   992   1,061  
 State and political subdivisions, tax-free  9   11   10   18   19  
 State and political subdivisions, taxable  675   624   535   458   324  
 Other securities  69   94   96   102   92  
  Total interest and dividends on securities  1,601   1,629   1,571   1,570   1,496  
Interest on interest-bearing deposits in other banks  8   2   4   4   10  
   Total interest income  8,765   8,663   8,544   8,606   8,199  
Interest expense           
Interest on deposits  704   663   642   628   677  
Interest on borrowed funds           
 Interest on Federal Home Loan Bank of Pittsburgh advances  157   167   148   147   128  
 Interest on subordinated debentures  162   159   159   160   162  
 Interest on junior subordinated debentures  62   61   57   56   50  
  Total interest on borrowed funds  381   387   364   363   340  
   Total interest expense  1,085   1,050   1,006   991   1,017  
Net interest income before (credit) provision for loan and lease losses  7,680   7,613   7,538   7,615   7,182  
(Credit) Provision for loan and lease losses  (234)  396   696   (1,005)  (191) 
Net interest income after (credit) provision for loan and lease losses  7,914   7,217   6,842   8,620   7,373  
Non-interest income           
Deposit service charges  739   717   701   742   799  
Net gain (loss) on the sale of securities  -   857   103   (6)  4  
Net gain on the sale of mortgage loans held for sale  99   71   68   223   13  
Net gain on the sale of SBA guaranteed loans  51   -   -   -   -  
Net gain (loss) on the sale of other real estate owned  32   2   (5)  17   129  
Loan-related fees  85   95   107   152   94  
Income from bank-owned life insurance  137   143   146   149   145  
Other    237   209   211   180   195  
   Total non-interest income  1,380   2,094   1,331   1,457   1,379  
Non-interest expense           
Salaries and employee benefits  3,263   3,589   3,514   4,228   3,240  
Occupancy expense  479   329   493   619   500  
Equipment expense  429   425   423   423   408  
Data processing expense  505   494   523   556   471  
Regulatory assessments  199   193   237   239   203  
Bank shares tax  253   252   241   53   217  
Expense of other real estate owned  95   194   46   62   91  
Legal expense  79   86   120   106   80  
Professional fees  157   272   287   234   193  
Insurance expense  131   125   128   131   128  
Legal settlement  -   -   -   777   -  
Other operating expenses  963   1,066   792   1,159   884  
   Total non-interest expense  6,553   7,025   6,804   8,587   6,415  
Income before income taxes  2,741   2,286   1,369   1,490   2,337  
Income tax expense (benefit)  724   661   226   (27,719)  -  
Net income   $2,017  $1,625  $1,143  $29,209  $2,337  
               
Income per share           
 Basic  $0.12  $0.10  $0.07  $1.77  $0.14  
 Diluted  $0.12  $0.10  $0.07  $1.77  $0.14  
               
Cash dividends declared per common  share $0.02  $0.02  $0.02  $-  $-  
Weighted average number of shares outstanding:           
 Basic   16,593,811   16,549,169   16,519,759   16,506,294   16,500,945  
 Diluted   16,593,811   16,549,169   16,519,759   16,506,294   16,500,945  
                        

 

FNCB Bancorp, Inc.
Consolidated Balance Sheets
              
 Sept 30, Jun 30, Mar 31, Dec 31, Sept 30,
(in thousands)  2016   2016   2016   2015   2015 
Assets           
Cash and cash equivalents:         
 Cash and due from banks $24,558  $15,847  $16,367  $19,544  $20,631 
 Interest-bearing deposits in other banks  32,778   1,825   1,847   1,539   10,383 
  Total cash and cash equivalents  57,336   17,672   18,214   21,083   31,014 
Securities available for sale, at fair value  263,475   262,190   263,523   253,773   249,228 
Stock in Federal Home Loan Bank of Pittsburgh at cost  2,741   5,219   3,932   6,344   4,298 
Loans held for sale  185   563   455   683   4,634 
Loans, net of net deferred costs and unearned income  729,662   733,720   728,158   733,716   723,166 
Allowance for loan and lease losses  (8,490)  (8,559)  (8,635)  (8,790)  (9,825)
Net loans   721,172   725,161   719,523   724,926   713,341 
Bank premises and equipment, net  10,615   10,793   10,904   11,193   11,258 
Accrued interest receivable  2,736   2,511   2,854   2,475   2,618 
Intangible assets  14   55   96   137   179 
Bank-owned life insurance  29,807   29,670   29,527   29,381   29,232 
Other real estate owned  2,065   1,628   1,806   3,154   1,618 
Other assets   31,441   32,076   34,181   37,469   7,799 
   Total assets $1,121,587  $1,087,538  $1,085,015  $1,090,618  $1,055,219 
              
Liabilities           
Deposits:           
 Demand (non-interest-bearing) $157,119  $144,082  $162,882  $154,531  $152,038 
 Interest-bearing  773,840   691,751   720,243   667,015   700,004 
  Total deposits  930,959   835,833   883,125   821,546   852,042 
Borrowed funds:          
 Federal Home Loan Bank of Pittsburgh advances  58,837   120,771   74,511   135,802   93,058 
 Subordinated debentures  14,000   14,000   14,000   14,000   14,000 
 Junior subordinated debentures  10,310   10,310   10,310   10,310   10,310 
  Total borrowed funds  83,147   145,081   98,821   160,112   117,368 
Accrued interest payable  294   311   333   11,165   11,187 
Other liabilities  10,614   10,813   10,695   11,617   14,989 
  Total liabilities  1,025,014   992,038   992,974   1,004,440   995,586 
              
Shareholders' equity          
Preferred stock  -   -   -   -   - 
Common stock  20,768   20,734   20,663   20,643   20,626 
Additional paid-in capital  62,381   62,210   62,069   62,059   61,939 
Retained earnings (accumulated deficit)  7,506   5,820   4,527   3,714   (25,495)
Accumulated other comprehensive income (loss)  5,918   6,736   4,782   (238)  2,563 
  Total shareholders' equity  96,573   95,500   92,041   86,178   59,633 
   Total liabilities and shareholders’ equity $1,121,587  $1,087,538  $1,085,015  $1,090,618  $1,055,219 
                        

 

FNCB Bancorp, Inc. 
Summary Tax-equivalent Net Interest Income 
               
     Three Months Ended 
     Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, 
(dollars in thousands)  2016   2016   2016   2015   2015  
Interest income           
Loans:             
Loans - taxable $6,809  $6,674  $6,603  $6,694  $6,371  
Loans - tax-free  526   542   555   512   488  
 Total loans  7,335   7,216   7,158   7,206   6,859  
Securities:            
Securities, taxable  1,592   1,618   1,561   1,552   1,477  
Securities, tax-free  14   17   15   27   29  
 Total interest and dividends on securities  1,606   1,635   1,576   1,579   1,506  
Interest-bearing deposits in other banks  8   2   4   4   10  
   Total interest income  8,949   8,853   8,738   8,789   8,375  
Interest expense           
Deposits   704   663   642   628   677  
Borrowed funds  381   387   364   363   340  
   Total interest expense  1,085   1,050   1,006   991   1,017  
   Net interest income $7,864  $7,803  $7,732  $7,798  $7,358  
                         
Average balances           
Earning assets:           
Loans:             
Loans - taxable $688,038  $682,642  $683,198  $685,795  $660,709  
Loans - tax-free  47,620   48,131   48,433   43,429   41,746  
 Total loans  735,658   730,773   731,631   729,224   702,455  
Securities:            
Securities, taxable  257,431   260,835   256,555   251,108   241,799  
Securities, tax-free  905   1,090   1,107   1,713   1,707  
 Total securities  258,336   261,925   257,662   252,821   243,506  
Interest-bearing deposits in other banks  6,448   2,347   3,746   6,797   12,185  
   Total interest-earning assets  1,000,442   995,045   993,039   988,842   958,146  
Non-earning assets  99,010   97,271   101,958   65,633   62,063  
   Total assets $1,099,452  $1,092,316  $1,094,997  $1,054,475  $1,020,209  
Interest-bearing liabilities:           
Deposits  $737,431  $725,552  $725,369  $702,783  $690,039  
Borrowed funds  103,821   117,229   113,386   119,281   105,109  
   Total interest-bearing liabilities  841,252   842,781   838,755   822,064   795,148  
Demand deposits  152,319   146,622   146,994   146,457   143,140  
Other liabilities  11,006   11,125   19,967   25,811   25,303  
Shareholders' equity  94,875   91,788   89,281   60,143   56,618  
 Total liabilities and shareholders' equity $1,099,452  $1,092,316  $1,094,997  $1,054,475  $1,020,209  
             
Yield/Cost  
Earning assets: 
Loans:   
Interest and fees on loans - taxable  3.96%  3.91%  3.87%  3.90%  3.86% 
Interest and fees on loans - tax-free  4.42%  4.50%  4.58%  4.72%  4.68% 
 Total loans  3.99%  3.95%  3.91%  3.95%  3.91% 
Securities:            
Securities, taxable  2.47%  2.48%  2.43%  2.47%  2.44% 
Securities, tax-free  6.03%  6.11%  5.48%  6.37%  6.80% 
 Total securities  2.49%  2.50%  2.45%  2.50%  2.47% 
Interest-bearing deposits in other banks  0.50%  0.34%  0.43%  0.24%  0.33% 
   Total earning assets  3.58%  3.56%  3.52%  3.56%  3.50% 
Interest-bearing liabilities:           
Interest on deposits  0.38%  0.37%  0.35%  0.36%  0.39% 
Interest on borrowed funds  1.47%  1.32%  1.28%  1.22%  1.29% 
   Total interest-bearing liabilities  0.52%  0.50%  0.48%  0.48%  0.51% 
   Net interest spread  3.06%  3.06%  3.04%  3.08%  2.98% 
 Net interest margin  3.14%  3.14%  3.11%  3.15%  3.07% 
                       

 

FNCB Bancorp, Inc.
Asset Quality Data
          
 Sept 30, Jun 30, Mar 31, Dec 31, Sept 30,
(in thousands)  2016   2016   2016   2015   2015 
At period end          
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs) $2,416  $2,739  $3,569  $3,788  $6,741 
Loans past due 90 days or more and still accruing  -   -   -   -   - 
 Total non-performing loans  2,416   2,739   3,569   3,788   6,741 
Other real estate owned (OREO)  2,065   1,628   1,806   3,154   1,618 
 Total non-performing loans and OREO $4,481  $4,367  $5,375  $6,942  $8,359 
             
Accruing TDRs $4,106  $4,043  $4,623  $4,982  $5,065 
             
             
For the three months ended          
Allowance for loan and lease losses          
Beginning balance $8,559  $8,635  $8,790  $9,825  $10,328 
Loans charged-off  189   709   1,148   198   968 
Recoveries of charged-off loans  354   237   297   168   656 
Net (recoveries) charge-offs  (165)  472   851   30   312 
(Credit) Provision for loan and lease losses  (234)  396   696   (1,005)  (191)
Ending balance $8,490  $8,559  $8,635  $8,790  $9,825 
             


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

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Source: FNCB Bancorp, Inc.

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