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

07/29/2016

DUNMORE, Pa, July 29, 2016 (GLOBE NEWSWIRE) -- First National Community Bancorp, Inc. (OTCQX:FNCB), the parent company of Dunmore-based FNCB Bank (the “Bank”), announced net income for the three months ended June 30, 2016 was $1.6 million, or $0.10 per basic and diluted share. Net income for the comparable period of 2015 was $0.8 million, or $0.05 per basic and diluted share. The $0.8 million, or 98.4%, improvement in second quarter earnings reflected increases in net interest income and non-interest income, partially offset by higher provisions for loan and lease losses, income taxes and an increase in non-interest expense. Net income for the six months ended June 30, 2016 was $2.8 million, or $0.17 per basic and diluted share, compared to net income of $4.3 million, or $0.26 per basic and diluted share, for the same period of 2015. Annualized return on average assets was 0.60% and 0.51%, respectively, for the three and six months ended June 30, 2016, compared to 0.34% and 0.89%, for the respective periods of 2015. Annualized return on average equity was 7.12% and 6.15%, respectively, for the three- and six-month periods ended June 30, 2016, compared to 5.89% and 15.84%, respectively, for the comparable periods in 2015. FNCB paid holders of its common stock dividends of $0.02 for the second quarter of 2016, totaling $0.04 per share for the year-to-date period of 2016. FNCB did not pay a dividend during the first six months of 2015.

Effective June 30, 2016, the Bank, formerly known as First National Community Bank, completed a charter conversion from a national bank to a Pennsylvania state bank. The conversion followed receipt of required regulatory approvals from the Pennsylvania Department of Banking and Securities. Effective with the conversion, the Bank changed its legal name to FNCB Bank. 

Performance Highlights:

  • Reinstated dividend reinvestment and stock purchase plan;
  • Year over year growth in net interest income of $2.5 million, or 20.2%;
  • 29 basis point improvement in tax-equivalent net interest margin comparing the second quarters of 2016 and 2015; and
  • 23.3% decrease in non-performing loans from prior quarter end; 52.4% decrease from one year ago.

“During the second quarter we were able to create meaningful value for our shareholders by reinstituting the dividend reinvestment and stock purchase plan,” stated Gerard A. Champi, President and Chief Executive Officer. “Through the plan, shareholders once again have the ability to increase their investment in FNCB at a discounted price,” mentioned Champi. “I am also happy to say that, during the second quarter, the Bank successfully completed a charter conversion from a national bank to a Pennsylvania state bank. In addition to reducing our annual regulatory assessment costs, becoming a state-chartered institution provides FNCB with greater flexibility to execute strategies for long-term growth and increase bank profitability going forward. The conversion was a seamless transition and had no change in FDIC deposit insurance coverage for our customers. We are committed to and will continue to offer and deliver the same high level products and quality services our customers are accustomed to receiving,” concluded Champi.

Summary Results for the Three and Six Months Ended June 30, 2016

Net interest income before provision (credit) for loan and lease losses was $7.6 million for the second quarter, and $15.2 million for the six months ended June 30, 2016 compared to $6.3 million and $12.6 million for the same periods in 2015. The improvement for both the quarter and year-to-date periods primarily reflected significant growth in earning assets, higher earning asset yields and reduced funding costs. Average earning assets grew $83.0 million, or 9.1%, and $83.9 million, or 9.2%, comparing the quarter and year-to-date periods ended June 30, 2016 and 2015, respectively. Tax-equivalent earning asset yields improved 11 basis points for the second quarter and 7 basis points for the six months ended June 30, 2016 over the same periods of 2015. Comparing the three months and six months ended June 30, 2016 and 2015, FNCB’s cost of funds decreased 23 basis points and 25 basis points, respectively. Causing the greatest impact in 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 second quarter 2016 was 3.14%, a 3 basis point improvement from the first quarter of 2016, and 29 basis points higher than the same prior year period.

Non-interest income totaled $2.1 million for the three months ended June 30, 2016, compared to $1.5 million for the comparable period of 2015. The $0.6 million, or 35.5%, increase primarily reflected an increase in net gains on the sale of securities of $0.8 million, partially offset by a reduction due to a legal settlement of $0.2 million received in the second quarter of 2015. For the six months ended June 30, 2016, non-interest income totaled $3.4 million, a decrease of $1.6 million, or 31.0%, compared to $5.0 million for the same six months of 2015. The change resulted primarily from decreases in net gains on the sale of securities, legal settlements and other income of $1.3 million, $0.2 million and $0.1 million, respectively.  

For the three months ended June 30, 2016, non-interest expense totaled $7.0 million, an increase of $0.3 million, or 5.2%, from $6.7 million for the same three months of 2015. The increase in 2016 was due primarily to higher salaries and benefits expense of $0.4 million, which resulted from additions to staff and increases in health insurance costs. Also affecting non-interest expense were increases in regulatory assessments, expense of other real estate owned and Bank shares tax.  Expenses of other real estate owned included a valuation adjustment of $0.1 million on a Bank property that was previously held for expansion.  These increases were partially mitigated by decreases in occupancy expense and insurance expense. On a year-to-date basis, non-interest expense increased $0.3 million, or 2.7%, to $13.8 million in 2016 from $13.5 million in 2015.  The increase in the first half of 2016 as compared to the same period of 2015 was due primarily to increases in salaries and benefits expenses of $0.8 million and data processing expense of $0.1 million. These increases were partially offset by lower occupancy expense, regulatory assessments, and insurance expense.

Asset Quality

Total non-performing loans were $2.7 million at June 30, 2016, a decrease of $0.8 million, or 23.3%, from $3.6 million at March 31, 2016, and $1.0 million, or 27.7%, from December 31, 2015. The ratio of non-performing loans to total loans was 0.37% at June 30, 2016 compared to 0.49% at March 31, 2016 and 0.52% at December 31, 2015. (At March 31, 2016, the most recent data available, the FDIC average for commercial banks with assets between $1.0 billion and $3.0 billion was 0.81%.) The allowance for loan and lease losses as a percentage of gross loans was 1.17% at June 30, 2016, 1.19% at March 31, 2016 and 1.21% at the end of 2015. (The above described FDIC peer group average was 1.25% at March 31, 2016.)

Financial Condition

Total assets were relatively stable, decreasing $3.1 million, or 0.3%, to $1.088 billion at June 30, 2016 from $1.091 billion at December 31, 2015. The change in total assets primarily reflected an $8.4 million, or 3.3%, increase in available-for-sale securities, which was more than offset by reductions of $4.5 million in net deferred tax assets, $1.1 million in FHLB of Pittsburgh stock, $1.5 million in OREO and $3.4 million in cash and cash equivalents. Total deposits grew $14.3 million, or 1.7%, to $835.8 million at June 30, 2016 from $821.5 million at December 31, 2015. The deposit growth was used to repay $15.0 million in advances from the FHLB of Pittsburgh. In addition, on March 1, 2016, FNCB repaid in its entirety $10.8 million in accrued interest that it had previously been deferring on the subordinated debentures (“Notes”) for the period September 1, 2010 through May 31, 2015.

Total shareholders’ equity increased $9.3 million, or 10.8%, to $95.5 million at June 30, 2016 from $86.2 million at December 31, 2015. The capital improvement resulted primarily from a $7.0 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 first six months of 2016 of $2.8 million.

At June 30, 2016, the Company’s total risk-based capital and Tier I leverage ratios were 12.00% and 7.31%, respectively. The respective ratios for the Bank at June 30, 2016 were 12.97% and 8.82%. 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.

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 FNCB Bank:
First National Community 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]

First National Community Bancorp, Inc.
Selected Financial Data
           
   
  Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
   2016   2016   2015   2015   2015 
Per share data:          
Net income (fully diluted) $0.10  $0.07  $1.77  $0.14  $0.05 
Cash dividends declared $0.02  $0.02  $-  $-  $- 
Book value $5.76  $5.57  $5.22  $3.61  $3.33 
Tangible book value $5.75  $5.56  $5.21  $3.60  $3.31 
Market value:          
High $6.12  $6.90  $5.50  $6.05  $6.55 
Low $5.50  $5.11  $5.06  $5.02  $5.15 
Close $5.60  $6.12  $5.25  $5.19  $6.05 
Common shares outstanding  16,586,868   16,530,432   16,514,245   16,500,945   16,500,945 
           
Selected ratios:          
Annualized return on average assets  0.60%  0.42%  10.99%  0.91%  0.34%
Annualized return on average shareholders' equity  7.12%  5.15%  192.68%  16.38%  5.89%
Tier I leverage ratio  7.31%  7.08%  7.27%  6.57%  6.64%
Total risk-based capital to risk-adjusted assets  12.00%  11.81%  11.79%  11.20%  11.60%
Average shareholders' equity to average total assets  8.40%  8.15%  5.70%  5.55%  5.73%
Yield on earning assets (FTE)  3.56%  3.52%  3.56%  3.50%  3.45%
Cost of funds  0.50%  0.48%  0.48%  0.51%  0.73%
Net interest spread (FTE)  3.06%  3.04%  3.08%  2.98%  2.72%
Net interest margin (FTE)  3.14%  3.11%  3.15%  3.07%  2.85%
Total delinquent loans/total loans  0.74%  0.82%  0.84%  1.29%  1.34%
Allowance for loan and lease losses/total loans  1.17%  1.19%  1.20%  1.36%  1.51%
Non-performing loans/total loans  0.37%  0.49%  0.52%  0.93%  0.84%
Annualized net charge-offs/average loans  0.26%  0.47%  0.02%  0.04%  0.14%
           

 

First National Community Bancorp, Inc. 
Year-to-Date Consolidated Statements of Income 
 Six Months Ended 
 June 30, 
(in thousands, except share data)  2016   2015  
Interest income     
Interest and fees on loans $14,001  $12,947  
Interest and dividends on securities     
U.S. government agencies  1,830   1,983  
State and political subdivisions, tax-free  21   72  
State and political subdivisions, taxable  1,159   123  
Other securities  190   239  
Total interest and dividends on securities  3,200   2,417  
Interest on interest-bearing deposits in other banks  6   32  
Total interest income  17,207   15,396  
Interest expense     
Interest on deposits  1,305   1,326  
Interest on borrowed funds     
Interest on Federal Home Loan Bank of Pittsburgh advances  315   239  
Interest on subordinated debentures  318   1,128  
Interest on junior subordinated debentures  118   100  
Total interest on borrowed funds  751   1,467  
Total interest expense  2,056   2,793  
Net interest income before provision (credit) for loan and lease losses  15,151   12,603  
Provision (credit) for loan and lease losses  1,092   (149) 
Net interest income after provision (credit) for loan and lease losses  14,059   12,752  
Non-interest income     
Deposit service charges  1,418   1,419  
Net gain on the sale of securities  960   2,298  
Net gain on the sale of mortgage loans held for sale  139   56  
Net (loss) gain on the sale of other real estate owned  (3)  16  
Loan-related fees  202   196  
Income from bank-owned life insurance  289   270  
   420   709  
Total non-interest income  3,425   4,964  
Non-interest expense     
Salaries and employee benefits  7,103   6,342  
Occupancy expense  822   1,165  
Equipment expense  848   826  
Data processing expense  1,017   949  
Regulatory assessments  430   508  
Bank shares tax  493   435  
Expense of other real estate owned  240   247  
Legal expense  206   251  
Professional fees  559   587  
Insurance expense  253   400  
Other operating expenses  1,858   1,752  
Total non-interest expense  13,829   13,462  
Income before income taxes  3,655   4,254  
Income tax expense (benefit)  887   (40) 
  $2,768  $4,294  
      
Income per share     
Basic $0.17  $0.26  
Diluted $0.17  $0.26  
      
Cash dividends declared per common  share $0.04  $-  
Weighted average number of shares outstanding:     
Basic  16,534,464   16,495,558  
Diluted  16,534,464   16,495,558  
          

 

First National Community Bancorp, Inc. 
Quarter-to-Date Consolidated Statements of Income 
            
 Three Months Ended 
 Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, 
(in thousands, except share data)  2016   2016   2015   2015   2015  
Interest income           
Interest and fees on loans $7,032  $6,969  $7,032  $6,693  $6,475  
Interest and dividends on securities           
U.S. government agencies  900   930   992   1,061   1,012  
State and political subdivisions, tax-free  11   10   18   19   22  
State and political subdivisions, taxable  624   535   458   324   97  
Other securities  94   96   102   92   82  
Total interest and dividends on securities  1,629   1,571   1,570   1,496   1,213  
Interest on interest-bearing deposits in other banks  2   4   4   10   11  
Total interest income  8,663   8,544   8,606   8,199   7,699  
Interest expense           
Interest on deposits  663   642   628   677   643  
Interest on borrowed funds           
Interest on Federal Home Loan Bank of Pittsburgh advances  167   148   147   128   119  
Interest on subordinated debentures  159   159   160   162   565  
Interest on junior subordinated debentures  61   57   56   50   51  
Total interest on borrowed funds  387   364   363   340   735  
Total interest expense  1,050   1,006   991   1,017   1,378  
Net interest income before provision (credit) for loan and lease losses  7,613   7,538   7,615   7,182   6,321  
Provision (credit) for loan and lease losses  396   696   (1,005)  (191)  345  
Net interest income after provision (credit) for loan and lease losses  7,217   6,842   8,620   7,373   5,976  
Non-interest income           
Deposit service charges  717   701   742   799   745  
Net gain (loss) on the sale of securities  857   103   (6)  4   74  
Net gain on the sale of mortgage loans held for sale  71   68   223   13   16  
Net gain (loss) on the sale of other real estate owned  2   (5)  17   129   11  
Loan-related fees  95   107   152   94   106  
Income from bank-owned life insurance  143   146   149   145   135  
Legal settlements  -   -   -   -   184  
   209   211   180   195   274  
Total non-interest income  2,094   1,331   1,457   1,379   1,545  
Non-interest expense           
Salaries and employee benefits  3,589   3,514   4,228   3,240   3,203  
Occupancy expense  329   493   619   500   532  
Equipment expense  425   423   423   408   442  
Data processing expense  494   523   556   471   501  
Regulatory assessments  193   237   239   203   99  
Bank shares tax  252   241   53   217   218  
Expense of other real estate owned  194   46   62   91   147  
Legal expense  86   120   106   80   88  
Professional fees  272   287   234   193   286  
Insurance expense  125   128   131   128   202  
Legal settlement  -   -   777   -   -  
Other operating expenses  1,066   792   1,159   884   962  
Total non-interest expense  7,025   6,804   8,587   6,415   6,680  
Income before income taxes  2,286   1,369   1,490   2,337   841  
Income tax expense (benefit)  661   226   (27,719)  -   22  
  $1,625  $1,143  $29,209  $2,337  $819  
            
Income per share           
Basic $0.10  $0.07  $1.77  $0.14  $0.05  
Diluted $0.10  $0.07  $1.77  $0.14  $0.05  
            
Cash dividends declared per common  share $0.02  $0.02  $-  $-  $-  
Weighted average number of shares outstanding:           
Basic  16,549,169   16,519,759   16,506,294   16,500,945   16,500,945  
Diluted  16,549,169   16,519,759   16,506,294   16,500,945   16,500,945  
                      


First National Community Bancorp, Inc.
Consolidated Balance Sheets
           
  
 Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
(in thousands)  2016   2016   2015   2015   2015 
Assets         
Cash and cash equivalents:         
Cash and due from banks $15,847  $16,367  $19,544  $20,631  $22,443 
Interest-bearing deposits in other banks  1,825   1,847   1,539   10,383   49,872 
Total cash and cash equivalents  17,672   18,214   21,083   31,014   72,315 
Securities available for sale, at fair value  262,190   263,523   253,773   249,228   226,539 
Stock in Federal Home Loan Bank of Pittsburgh at cost  5,219   3,932   6,344   4,298   2,684 
Loans held for sale  563   455   683   4,634   138 
Loans, net of net deferred costs and unearned income  733,720   728,158   733,716   723,166   683,588 
Allowance for loan and lease losses  (8,559)  (8,635)  (8,790)  (9,825)  (10,328)
Net loans  725,161   719,523   724,926   713,341   673,260 
Bank premises and equipment, net  10,793   10,904   11,193   11,258   11,059 
Accrued interest receivable  2,511   2,854   2,475   2,618   2,174 
Intangible assets  55   96   137   179   220 
Bank-owned life insurance  29,670   29,527   29,381   29,232   29,087 
Other real estate owned  1,628   1,806   3,154   1,618   1,740 
Other assets  32,076   34,181   37,469   7,799   8,455 
Total assets $1,087,538  $1,085,015  $1,090,618  $1,055,219  $1,027,671 
           
           
Liabilities          
Demand (non-interest-bearing) $144,082  $162,882  $154,531  $152,038  $144,075 
Interest-bearing  691,751   720,243   667,015   700,004   721,293 
Total deposits  835,833   883,125   821,546   852,042   865,368 
Borrowed funds:          
Federal Home Loan Bank of Pittsburgh advances  120,771   74,511   135,802   93,058   57,771 
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  145,081   98,821   160,112   117,368   82,081 
Accrued interest payable  311   333   11,165   11,187   11,344 
Other liabilities  10,813   10,695   11,617   14,989   13,935 
Total liabilities  992,038   992,974   1,004,440   995,586   972,728 
           
Shareholders' equity          
Preferred stock  -   -   -   -   - 
Common stock  20,734   20,663   20,643   20,626   20,626 
Additional paid-in capital  62,210   62,069   62,059   61,939   61,870 
Retained earnings (accumulated deficit)  5,820   4,527   3,714   (25,495)  (27,832)
Accumulated other comprehensive income (loss)  6,736   4,782   (238)  2,563   279 
Total shareholders' equity  95,500   92,041   86,178   59,633   54,943 
Total liabilities and shareholders’ equity $1,087,538  $1,085,015  $1,090,618  $1,055,219  $1,027,671 
     

 

First National Community Bancorp, Inc. 
Summary Tax-equivalent Net Interest Income 
            
  Three Months Ended 
  Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, 
(dollars in thousands)  2016   2016   2015   2015   2015  
Interest income           
Loans:           
Loans - taxable $6,674  $6,603  $6,694  $6,371  $6,148  
Loans - tax-free  542   555   512   488   495  
Total loans  7,216   7,158   7,206   6,859   6,643  
Securities:           
Securities, taxable  1,618   1,561   1,552   1,477   1,191  
Securities, tax-free  17   15   27   29   33  
Total interest and dividends on securities  1,635   1,576   1,579   1,506   1,224  
Interest-bearing deposits in other banks  2   4   4   10   11  
Total interest income  8,853   8,738   8,789   8,375   7,878  
Interest expense           
Deposits  663   642   628   677   643  
Borrowed funds  387   364   363   340   735  
Total interest expense  1,050   1,006   991   1,017   1,378  
Net interest income $7,803  $7,732  $7,798  $7,358  $6,500  
 
Average balances           
Earning assets:           
Loans:           
Loans - taxable $682,642  $683,198  $685,795  $660,709  $637,005  
Loans - tax-free  48,131   48,433   43,429   41,746   42,225  
Total loans  730,773   731,631   729,224   702,455   679,230  
Securities:           
Securities, taxable  260,835   256,555   251,108   241,799   211,833  
Securities, tax-free  1,090   1,107   1,713   1,707   2,007  
Total securities  261,925   257,662   252,821   243,506   213,840  
Interest-bearing deposits in other banks  2,347   3,746   6,797   12,185   18,984  
Total interest-earning assets  995,045   993,039   988,842   958,146   912,054  
Non-earning assets  97,271   101,958   65,633   62,063   62,254  
Total assets $1,092,316  $1,094,997  $1,054,475  $1,020,209  $974,308  
Interest-bearing liabilities:           
Deposits $725,552  $725,369  $702,783  $690,039  $646,656  
Borrowed funds  117,229   113,386   119,281   105,109   108,234  
Total interest-bearing liabilities  842,781   838,755   822,064   795,148   754,890  
Demand deposits  146,622   146,994   146,457   143,140   137,674  
Other liabilities  11,125   19,967   25,811   25,303   25,964  
Shareholders' equity  91,788   89,281   60,143   56,618   55,780  
Total liabilities and shareholders' equity $1,092,316  $1,094,997  $1,054,475  $1,020,209  $974,308  
            
Yield/Cost 
Earning assets: 
Loans: 
Interest and fees on loans - taxable  3.91%  3.87%  3.90%  3.86%  3.86% 
Interest and fees on loans - tax-free  4.50%  4.58%  4.72%  4.67%  4.69% 
Total loans  3.95%  3.91%  3.95%  3.91%  3.91% 
Securities:           
Securities, taxable  2.48%  2.43%  2.47%  2.44%  2.25% 
Securities, tax-free  6.11%  5.48%  6.37%  6.75%  6.64% 
Total securities  2.50%  2.45%  2.50%  2.47%  2.29% 
Interest-bearing deposits in other banks  0.34%  0.43%  0.24%  0.33%  0.23% 
Total earning assets  3.56%  3.52%  3.56%  3.50%  3.45% 
Interest-bearing liabilities:           
Interest on deposits  0.37%  0.35%  0.36%  0.39%  0.40% 
Interest on borrowed funds  1.32%  1.28%  1.22%  1.29%  2.72% 
Total interest-bearing liabilities  0.50%  0.48%  0.48%  0.51%  0.73% 
Net interest spread  3.06%  3.04%  3.08%  2.98%  2.72% 
Net interest margin  3.14%  3.11%  3.15%  3.07%  2.85% 
                      

 

First National Community Bancorp, Inc.
Asset Quality Data
            
          
 Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
(in thousands)  2016   2016   2015   2015   2015 
At period end          
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs) $2,739  $3,569  $3,788  $6,741  $5,757 
Loans past due 90 days or more and still accruing  -   -   -   -   - 
Total non-performing loans  2,739   3,569   3,788   6,741   5,757 
Other real estate owned (OREO)  1,628   1,806   3,154   1,618   1,740 
Total non-performing loans and OREO $4,367  $5,375  $6,942  $8,359  $7,497 
            
Accruing TDRs $4,043  $4,623  $4,982  $5,065  $5,289 
            
            
For the three months ended          
Allowance for loan and lease losses          
Beginning balance $8,635  $8,790  $9,825  $10,328  $10,944 
Loans charged-off  709   1,148   198   968   1,192 
Recoveries of charged-off loans  237   297   168   656   231 
Net charge-offs  472   851   30   312   961 
Provision (credit) for loan and lease losses  396   696   (1,005)  (191)  345 
Ending balance $8,559  $8,635  $8,790  $9,825  $10,328 
            

 

 

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: First National Community Bancorp

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