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First National Community Bancorp, Inc. Reports First Quarter 2016 Net Income

04/29/2016

DUNMORE, Pa., April 29, 2016 (GLOBE NEWSWIRE) -- First National Community Bancorp, Inc. (OTCQX:FNCB), the parent company of Dunmore-based First National Community Bank (the “Bank”), announced operating results for the quarter ended March 31, 2016. FNCB reported net income of $1.1 million, or $0.07 per basic and diluted share. Net income for the comparable period of 2015 was $3.5 million, or $0.21 per basic and diluted share. The $2.4 million decrease in first quarter earnings reflected lower non-interest income, a provision for loan and lease losses in 2016 versus a credit for loan and lease losses in 2015, partially offset by an increase in net interest income. Annualized return on average assets and return on average equity were 0.42% and 5.15%, respectively, for the three months ended March 31, 2016, compared to 1.45% and 26.34%, respectively, for the same three months of 2015. FNCB paid holders of its common stock a dividend of $0.02 per share for the first quarter of 2016. FNCB did not pay a dividend for the first quarter of 2015.

Performance Highlights:

  • Paid a dividend of $0.02 per share in the first quarter of 2016, the first quarterly dividend payment since the fourth quarter of 2009;
  • Year over year growth of $1.3 million, or 20.0%, in net interest income;
  • 26 basis point improvement in tax-equivalent net interest margin in the first quarter of 2016 compared to same quarter of 2015;
  • Year over year growth of 9.4% in average earning assets; and
  • Paid $10.8 million in deferred and accrued interest on subordinated debt.

“We are pleased with FNCB’s first quarter results, which reflected normalized core earnings growth, net interest margin improvement and strong earning asset growth,” stated Steven R. Tokach, President and Chief Executive Officer. “In addition, we were successful in achieving two significant goals during the first quarter. We were able to make our subordinated noteholders whole as to deferred interest, which significantly improved our leverage position, and provide a return to our loyal shareholders through the payment of a first quarter dividend.  We sincerely appreciate the ongoing trust and support of these stakeholders,” concluded Mr. Tokach.

Summary Results for the Three Months Ended March 31, 2016

Net interest income before the provision for loan and lease losses was $7.5 million for the first three months of 2016, an increase of $1.3 million, or 20.0%, compared to $6.3 million for the same period in 2015. Tax-equivalent interest income increased $0.8 million, or 10.7%, to $8.7 million for the three-month period ended March 31, 2016 compared to $7.9 million in 2015. The increase primarily reflected an $84.9 million, or 9.4%, increase in average earning assets. Specifically, average loans grew $56.8 million, or 8.4%, comparing the first quarters of 2016 and 2015, while average investment securities increased $59.1 million, or 29.8%.  Also positively impacting net interest income was a 27 basis point decrease in the cost of funds to 0.48% for the first three months of 2016 from 0.75% for the same three months of 2015, which was the primary factor leading to a $0.4 million reduction in interest expense. Causing the greatest impact in funding costs was a 168 basis point 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% mid-2015. Partially offsetting the impact of the reduction in funding costs was an $81.5 million, or 10.8%, increase in average interest-bearing liabilities. The tax-equivalent net interest margin for the three months ended March 31, 2016 was 3.11%, an improvement of 26 basis points from 2.85% for the same period in 2015.

For the three months ended March 31, 2016 non-interest income totaled $1.3 million, a decrease of $2.1 million, or 61.1%, compared to $3.4 million for the same three months of 2015. The change resulted primarily from a decrease in net gains on the sale of securities of $2.1 million to $103 thousand in 2016 from $2.2 million in 2015.  In addition, FNCB experienced a decrease of $40 thousand in other income, and a net loss of $5 thousand on the sale of OREO compared to a net gain of $5 thousand in 2015.  Partially offsetting these decreases were increases in net gains on the sale of mortgage loans of $28 thousand, service charges on deposits of $27 thousand, loan-related fees of $17 thousand and income from bank-owned life insurance of $11 thousand.

Non-interest expense remained relatively flat comparing the three months ended March 31, 2016 and 2015, increasing by $22 thousand, or 0.3%.  The increases were primarily a rise in salaries and benefits expense of $375 thousand, or 11.94%, along with a $74 thousand increase in data processing expenses and a $39 thousand increase in equipment expense.  The increase in salaries and benefits expense resulted from additions to staff, coupled with a 30.8% increase in health insurance costs. The recent conversion to a new core operating system in the fourth quarter of 2015 and other planned improvements to FNCB’s technology infrastructure caused the increase in data processing expense and equipment expense, specifically maintenance contract costs and depreciation. These increases were mostly offset by decreases in regulatory assessments of $172 thousand, or 42.0%, occupancy expenses of $140 thousand, insurance expenses of $70 thousand, expenses of other real estate owned of $54 thousand, and legal expenses of $43 thousand.

Improved Asset Quality

FNCB’s asset quality continued to improve through March 31, 2016, a result of the effective management of problem credits and delinquent loans. Total non-performing loans decreased $219 thousand, or 5.8%, to $3.6 million at March 31, 2016 from December 31, 2015. The ratio of non-performing loans to total loans improved 3 basis points to 0.49% at March 31, 2016, compared to 0.52% at December 31, 2015. The allowance for loan and lease losses as a percentage of gross loans was 1.19% at March 31, 2016 versus 1.20% at the end of 2015. FNCB’s ratio of total delinquent loans to total loans at March 31, 2016 was 0.82%, a 2 basis point improvement from 0.84% at December 31, 2015.  Each of these asset quality metrics compare favorably to industry peer.

Financial Condition

FNCB’s total assets were relatively stable, decreasing $5.6 million, or 0.5%, to $1.085 billion at March 31, 2016 from $1.091 billion at December 31, 2015. The balance sheet change primarily reflected reductions of $5.4 million in loans, net of the ALLL, $2.4 million in FHLB of Pittsburgh stock, $1.3 million in OREO and $2.9 million in cash and cash equivalents, which were mostly offset by an increase in available-for-sale securities of $9.8 million. Total deposits grew $61.6 million, or 7.5%, due primarily to the attainment of a new municipal deposit relationship, along with an influx of public deposits related to the release of state government funds in early 2016 as a result of the state budget impasse. The deposit growth was used to repay borrowings from the FHLB of Pittsburgh, which declined $61.3 million, or 45.1%, when comparing March 31, 2016 and December 31, 2015.  In addition, FNCB repaid all accrued interest totaling $10.8 million that had been deferred on the subordinated notes for the period September 1, 2010 through May 31, 2015. 

Total shareholders’ equity increased $5.9 million, or 6.8%, to $92.0 million at March 31, 2016 from $86.2 million at December 31, 2015. The capital improvement resulted primarily from a $5.0 million increase in accumulated other comprehensive income from the appreciation in the fair value of available-for-sale securities, net of tax effects, coupled with net income of $1.1 million for the first quarter of 2015.  Partially offsetting these increases was $0.3 million in dividends paid to common shareholders.

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, First National Community 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 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.

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]


First National Community Bancorp, Inc.
Selected Financial Data
            
    
   Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
    2016   2015   2015   2015   2015 
Per share data:          
Net income (fully diluted) $0.07  $1.77  $0.14  $0.05  $0.21 
Cash dividends declared $0.02  $-  $-  $-  $- 
Book value $5.57  $5.22  $3.61  $3.33  $3.38 
Tangible book value $5.56  $5.21  $3.60  $3.31  $3.36 
Market value:          
 High $6.90  $5.50  $6.05  $6.55  $5.40 
 Low $5.11  $5.06  $5.02  $5.15  $5.25 
 Close $6.12  $5.25  $5.19  $6.05  $5.26 
Common shares outstanding  16,530,432   16,514,245   16,500,945   16,500,945   16,500,945 
            
Selected ratios:          
Annualized return on average assets  0.42%  10.99%  0.91%  0.34%  1.45%
Annualized return on average shareholders' equity  5.15%  192.68%  16.38%  5.89%  26.34%
Tier I leverage ratio  7.08%  7.27%  6.57%  6.64%  6.57%
Total risk-based capital to risk-adjusted assets  11.81%  11.79%  11.20%  11.60%  12.96%
Average shareholders' equity to average total assets  8.15%  5.70%  5.55%  5.73%  5.52%
Yield on earning assets (FTE)  3.52%  3.56%  3.50%  3.45%  3.48%
Cost of funds  0.48%  0.48%  0.51%  0.73%  0.75%
Net interest spread (FTE)  3.04%  3.08%  2.98%  2.72%  2.73%
Net interest margin (FTE)  3.11%  3.15%  3.07%  2.85%  2.85%
Total delinquent loans/total loans  0.82%  0.84%  1.29%  1.34%  1.10%
Allowance for loan and lease losses/total loans  1.19%  1.21%  1.36%  1.51%  1.63%
Non-performing loans/total loans  0.49%  0.52%  0.93%  0.84%  0.77%
Net charge-offs/average loans  0.47%  0.02%  0.04%  0.14%  0.01%
            

 

First National Community Bancorp, Inc. 
Year-to-Date Consolidated Statements of Income 
 Three Months Ended 
 March 31, 
(in thousands, except share data)  2016   2015  
Interest income     
Interest and fees on loans $6,969  $6,472  
Interest and dividends on securities     
 U.S. government agencies  930   971  
 State and political subdivisions, tax-free  10   50  
 State and political subdivisions, taxable  535   26  
 Other securities  96   157  
  Total interest and dividends on securities  1,571   1,204  
Interest on interest-bearing deposits in other banks  4   21  
   Total interest income  8,544   7,697  
Interest expense     
Interest on deposits  642   683  
Interest on borrowed funds     
 Interest on Federal Home Loan Bank of Pittsburgh advances  148   120  
 Interest on subordinated debentures  159   563  
 Interest on junior subordinated debentures  57   49  
  Total interest on borrowed funds  364   732  
   Total interest expense  1,006   1,415  
Net interest income before provision (credit) for loan and lease losses  7,538   6,282  
Provision (credit) for loan and lease losses  696   (494) 
Net interest income after provision (credit) for loan and lease losses  6,842   6,776  
Non-interest income     
Deposit service charges  701   674  
Net gain on the sale of securities  103   2,224  
Net gain on the sale of mortgage loans held for sale  68   40  
Net (loss) gain on the sale of other real estate owned  (5)  5  
Loan-related fees  107   90  
Income from bank-owned life insurance  146   135  
Other    211   251  
   Total non-interest income  1,331   3,419  
Non-interest expense     
Salaries and employee benefits  3,514   3,139  
Occupancy expense  493   633  
Equipment expense  423   384  
Data processing expense  523   448  
Regulatory assessments  237   409  
Bank shares tax  241   217  
Expense of other real estate owned  46   100  
Legal expense  120   163  
Professional fees  287   301  
Insurance expense  128   198  
Other operating expenses  792   790  
   Total non-interest expense  6,804   6,782  
Income before income taxes  1,369   3,413  
Income tax expense (benefit)  226   (62) 
Net income  $1,143  $3,475  
         
Income per share     
 Basic  $0.07  $0.21  
 Diluted  $0.07  $0.21  
         
Cash dividends declared per common  share $0.02  $-  
Weighted average number of shares outstanding:     
 Basic   16,519,759   16,490,111  
 Diluted   16,519,759   16,490,111  

 

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)  2016   2015   2015   2015   2015  
Interest income           
Interest and fees on loans $6,969  $7,032  $6,693  $6,475  $6,472  
Interest and dividends on securities           
 U.S. government agencies  930   992   1,061   1,012   971  
 State and political subdivisions, tax-free  10   18   19   22   50  
 State and political subdivisions, taxable  535   458   324   97   26  
 Other securities  96   102   92   82   157  
  Total interest and dividends on securities  1,571   1,570   1,496   1,213   1,204  
Interest on interest-bearing deposits in other banks  4   4   10   11   21  
   Total interest income  8,544   8,606   8,199   7,699   7,697  
Interest expense           
Interest on deposits  642   628   677   643   683  
Interest on borrowed funds           
 Interest on Federal Home Loan Bank of Pittsburgh advances  148   147   128   119   120  
 Interest on subordinated debentures  159   160   162   565   563  
 Interest on junior subordinated debentures  57   56   50   51   49  
  Total interest on borrowed funds  364   363   340   735   732  
   Total interest expense  1,006   991   1,017   1,378   1,415  
Net interest income before provision (credit) for loan and lease losses  7,538   7,615   7,182   6,321   6,282  
Provision (credit) for loan and lease losses  696   (1,005)  (191)  345   (494) 
Net interest income after provision (credit) for loan and lease losses  6,842   8,620   7,373   5,976   6,776  
Non-interest income           
Deposit service charges  701   742   799   745   674  
Net gain (loss) on the sale of securities  103   (6)  4   74   2,224  
Net gain on the sale of mortgage loans held for sale  68   223   13   16   40  
Net (loss) gain on the sale of other real estate owned  (5)  17   129   11   5  
Loan-related fees  107   152   94   106   90  
Income from bank-owned life insurance  146   149   145   135   135  
Legal settlements  -   -   -   184   -  
Other    211   180   195   274   251  
   Total non-interest income  1,331   1,457   1,379   1,545   3,419  
Non-interest expense           
Salaries and employee benefits  3,514   4,228   3,240   3,203   3,139  
Occupancy expense  493   619   500   532   633  
Equipment expense  423   423   408   442   384  
Data processing expense  523   556   471   501   448  
Regulatory assessments  237   239   203   99   409  
Bank shares tax  241   53   217   218   217  
Expense of other real estate owned  46   62   91   147   100  
Legal expense  120   106   80   88   163  
Professional fees  287   234   193   286   301  
Insurance expense  128   131   128   202   198  
Legal settlement  -   777   -   -   -  
Other operating expenses  792   1,159   884   962   790  
   Total non-interest expense  6,804   8,587   6,415   6,680   6,782  
Income before income taxes  1,369   1,490   2,337   841   3,413  
Income tax expense (benefit)  226   (27,719)  -   22   (62) 
Net income   $1,143  $29,209  $2,337  $819  $3,475  
               
Income per share           
 Basic  $0.07  $1.77  $0.14  $0.05  $0.21  
 Diluted  $0.07  $1.77  $0.14  $0.05  $0.21  
               
Cash dividends declared per common  share $0.02  $-  $-  $-  $-  
Weighted average number of shares outstanding:           
 Basic   16,519,759   16,506,294   16,500,945   16,500,945   16,490,111  
 Diluted   16,519,759   16,506,294   16,500,945   16,500,945   16,490,111  

 

First National Community Bancorp, Inc.
Consolidated Balance Sheets
              
  
 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands)  2016   2015   2015   2015   2015 
Assets           
Cash and cash equivalents:         
 Cash and due from banks $16,367  $19,544  $20,631  $22,443  $19,985 
 Interest-bearing deposits in other banks  1,847   1,539   10,383   49,872   17,390 
  Total cash and cash equivalents  18,214   21,083   31,014   72,315   37,375 
Securities available for sale, at fair value  263,523   253,773   249,228   226,539   204,635 
Stock in Federal Home Loan Bank of Pittsburgh at cost  3,932   6,344   4,298   2,684   3,061 
Loans held for sale  455   683   4,634   138   - 
Loans, net of net deferred costs and unearned income  728,158   733,716   723,166   683,588   672,165 
Allowance for loan and lease losses  (8,635)  (8,790)  (9,825)  (10,328)  (10,944)
Net loans   719,523   724,926   713,341   673,260   661,221 
Bank premises and equipment, net  10,904   11,193   11,258   11,059   11,221 
Accrued interest receivable  2,854   2,475   2,618   2,174   2,118 
Intangible assets  96   137   179   220   261 
Bank-owned life insurance  29,527   29,381   29,232   29,087   28,952 
Other real estate owned  1,806   3,154   1,618   1,740   2,369 
Other assets   34,181   37,469   7,799   8,455   9,028 
   Total assets $1,085,015  $1,090,618  $1,055,219  $1,027,671  $960,241 
              
Liabilities           
Deposits:           
 Demand (non-interest-bearing) $162,882  $154,531  $152,038  $144,075  $134,993 
 Interest-bearing  720,243   667,015   700,004   721,293   640,118 
  Total deposits  883,125   821,546   852,042   865,368   775,111 
Borrowed funds:          
 Federal Home Loan Bank of Pittsburgh advances  74,511   135,802   93,058   57,771   67,612 
 Subordinated debentures  14,000   14,000   14,000   14,000   25,000 
 Junior subordinated debentures  10,310   10,310   10,310   10,310   10,310 
  Total borrowed funds  98,821   160,112   117,368   82,081   102,922 
Accrued interest payable  333   11,165   11,187   11,344   10,788 
Other liabilities  10,695   11,617   14,989   13,935   15,678 
  Total liabilities  992,974   1,004,440   995,586   972,728   904,499 
              
Shareholders' equity          
Preferred stock  -   -   -   -   - 
Common stock  20,663   20,643   20,626   20,626   20,626 
Additional paid-in capital  62,069   62,059   61,939   61,870   61,801 
Retained earnings (accumulated deficit)  4,527   3,714   (25,495)  (27,832)  (28,651)
Accumulated other comprehensive income (loss)  4,782   (238)  2,563   279   1,966 
  Total shareholders' equity  92,041   86,178   59,633   54,943   55,742 
   Total liabilities and shareholders’ equity $1,085,015  $1,090,618  $1,055,219  $1,027,671  $960,241 
     

 

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)  2016   2015   2015   2015   2015  
Interest income           
Loans:             
Loans - taxable $6,603  $6,694  $6,371  $6,148  $6,148  
Loans - tax-free  555   512   488   495   491  
 Total loans  7,158   7,206   6,859   6,643   6,639  
Securities:            
Securities, taxable  1,561   1,552   1,477   1,191   1,154  
Securities, tax-free  15   27   29   33   76  
 Total interest and dividends on securities  1,576   1,579   1,506   1,224   1,230  
Interest-bearing deposits in other banks  4   4   10   11   21  
   Total interest income  8,738   8,789   8,375   7,878   7,890  
Interest expense           
Deposits   642   628   677   643   683  
Borrowed funds  364   363   340   735   732  
   Total interest expense  1,006   991   1,017   1,378   1,415  
   Net interest income $7,732  $7,798  $7,358  $6,500  $6,475  
 
Average balances           
Earning assets:           
Loans:             
Loans - taxable $683,198  $685,795  $660,709  $637,005  $633,731  
Loans - tax-free  48,433   43,429   41,746   42,225   41,125  
 Total loans  731,631   729,224   702,455   679,230   674,856  
Securities:            
Securities, taxable  256,555   251,108   241,799   211,833   194,268  
Securities, tax-free  1,107   1,713   1,707   2,007   4,283  
 Total securities  257,662   252,821   243,506   213,840   198,551  
Interest-bearing deposits in other banks  3,746   6,797   12,185   18,984   34,708  
   Total interest-earning assets  993,039   988,842   958,146   912,054   908,115  
Non-earning assets  101,958   65,633   62,063   62,254   61,476  
   Total assets $1,094,997  $1,054,475  $1,020,209  $974,308  $969,591  
Interest-bearing liabilities:           
Deposits  $725,369  $702,783  $690,039  $646,656  $658,193  
Borrowed funds  113,386   119,281   105,109   108,234   99,046  
   Total interest-bearing liabilities  838,755   822,064   795,148   754,890   757,239  
Demand deposits  146,994   146,457   143,140   137,674   132,316  
Other liabilities  19,967   25,811   25,303   25,964   26,525  
Shareholders' equity  89,281   60,143   56,618   55,780   53,511  
 Total liabilities and shareholders' equity $1,094,997  $1,054,475  $1,020,209  $974,308  $969,591  
             
Yield/Cost  
Earning assets: 
Loans:   
Interest and fees on loans - taxable  3.87%  3.90%  3.86%  3.86%  3.88% 
Interest and fees on loans - tax-free  4.58%  4.72%  4.67%  4.69%  4.78% 
 Total loans  3.91%  3.95%  3.91%  3.91%  3.94% 
Securities:            
Securities, taxable  2.43%  2.47%  2.44%  2.25%  2.38% 
Securities, tax-free  5.48%  6.37%  6.75%  6.64%  7.10% 
 Total securities  2.45%  2.50%  2.47%  2.29%  2.48% 
Interest-bearing deposits in other banks  0.43%  0.24%  0.33%  0.23%  0.24% 
   Total earning assets  3.52%  3.56%  3.50%  3.45%  3.48% 
Interest-bearing liabilities:           
Interest on deposits  0.35%  0.36%  0.39%  0.40%  0.42% 
Interest on borrowed funds  1.28%  1.22%  1.29%  2.72%  2.96% 
   Total interest-bearing liabilities  0.48%  0.48%  0.51%  0.73%  0.75% 
   Net interest spread  3.04%  3.08%  2.98%  2.72%  2.73% 
 Net interest margin  3.11%  3.15%  3.07%  2.85%  2.85% 

 

First National Community Bancorp, Inc.
Asset Quality Data
             
          
 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands)  2016   2015   2015   2015   2015 
At period end          
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs) $3,569  $3,788  $6,741  $5,757  $5,184 
Loans past due 90 days or more and still accruing  -   -   -   -   - 
 Total non-performing loans  3,569   3,788   6,741   5,757   5,184 
Other real estate owned (OREO)  1,806   3,154   1,618   1,740   2,369 
 Total non-performing loans and OREO $5,375  $6,942  $8,359  $7,497  $7,553 
             
Accruing TDRs $4,623  $4,982  $5,065  $5,289  $5,807 
             
             
For the three months ended          
Allowance for loan and lease losses          
Beginning balance $8,790  $9,825  $10,328  $10,944  $11,520 
Loans charged-off  1,148   198   968   1,192   277 
Recoveries of charged-off loans  297   168   656   231   195 
Net charge-offs  851   30   312   961   82 
Provision (credit) for loan and lease losses  696   (1,005)  (191)  345   (494)
Ending balance $8,635  $8,790  $9,825  $10,328  $10,944 
             

 

 

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

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Source: First National Community Bancorp

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