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FNCB Bancorp, Inc. Reports 92% Increase in First Quarter 2017 Earnings

05/01/2017

DUNMORE, Pa., May 01, 2017 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (OTCQX:FNCB), the parent company of Dunmore-based FNCB Bank (the “Bank”), reported net income of $2.197 million, or $0.13 per basic and diluted share, for the quarter ended March 31, 2017, an increase of $1.054 million, or 92.2%, compared to net income of $1.143 million, or $0.07 per basic and diluted share, for the same quarter of 2016. The earnings improvement was largely due to a credit for loan and lease losses resulting from a recovery of a previously charged-off loan. First quarter 2017 earnings were also impacted by higher net interest income and non-interest income, partially offset by increases in income tax expense and non-interest expense. Annualized return on average assets and return on average equity improved to 0.78% and 9.77%, respectively, for the three months ended March 31, 2017, compared to 0.42% and 5.15%, respectively, for the same three months of 2016. FNCB paid holders of its common stock a dividend of $0.03 per share for the first quarter of 2017, a 50.0% increase compared to $0.02 per share for the same period of 2016. The first quarter 2017 dividend represented a 1.9% annualized return to shareholders based on the closing stock price of $6.37 per share at March 31, 2017.

Performance Highlights:

  • 92% increase in earnings, comparing the first quarters of 2017 and 2016;
  • 4.6% growth in net interest income comparing first quarters of 2017 and 2016;
  • Year over year growth in total deposits of $40.3 million, or 4.6%;
  • 46.1% reduction in non-performing loans comparing March 31, 2017 and 2016;
  • Tier I leverage ratio at March 31, 2017 improved 6.6% compared to March 31, 2016;
  • Expanded into growing Lehigh Valley marketplace with the opening of a limited purpose banking office.

“The successful management and resolution of non-performing assets, effective balance sheet management and continued improvement in credit quality and operating efficiency all factored into the solid operating results posted for the first quarter of 2017,” stated Gerard A. Champi, President and Chief Executive Officer. “For the remainder of the year, we are focusing on developing opportunities that will provide for meaningful, profitable and sustainable revenue growth for the future. Along those lines, during the first quarter we expanded our footprint into the Lehigh Valley marketplace through the opening of a limited purpose banking office in Allentown, Pennsylvania. We believe this new market provides a unique growth opportunity for FNCB going forward,” concluded Champi.

Summary Results for the Three Months Ended March 31, 2017

Tax-equivalent net interest income increased $0.3 million, or 4.4%, to $8.1 million for the first three months of 2017, from $7.7 million for the same period in 2016. The improvement reflected strong growth in average-earning assets, higher yields on the loan and investment portfolios due to increases in market interest rates, a reduction in average borrowed funds and stable funding costs. Tax-equivalent interest income increased $0.4 million, or 4.4%, to $9.1 million for the three-month period ended March 31, 2017 compared to $8.7 million for the same period of 2016. Partially offsetting the increase in interest income was a $0.1 million increase in interest expense. The increase in tax-equivalent interest income primarily resulted from a $58.1 million, or 5.9%, increase in average earning assets, specifically a $26.6 million, or 10.3%, increase in average investment securities and a $35.8 million, or 955.0%, increase in average interest-bearing deposits in other banks. The tax-equivalent yields earned on the loan and investment portfolios increased 6 basis points and 11 basis points, respectively, comparing the first quarters of 2017 and 2016. Despite these increases, the tax-equivalent yield on earning assets decreased 5 basis points to 3.47% for the three months ended March 31, 2017 from 3.52% for the same three months of 2016, as 61.6% of the growth in average earning assets was concentrated in lower-yielding deposits in other banks. Regarding interest expense, FNCB’s cost of funds remained stable at 0.48% for the three months ended March 31, 2017 and 2016, as strong deposit growth resulted in reduced reliance on higher-costing wholesale funds and other borrowed funds. Average deposits grew $82.6 million, or 11.4%, to $808.0 million for the three months ended March 31, 2017 from $725.4 million for the same three months of 2016. Conversely, average borrowed funds decreased $35.1 million, or 30.9%, to $78.3 million for the first quarter of 2017 from $113.4 million for the same quarter of 2016, resulting from reductions in FHLB borrowings in the first quarter of 2017 and a $4.0 million payment on FNCB’s subordinated debentures on December 1, 2016.

For the three months ended March 31, 2017 non-interest income totaled $1.6 million, an increase of $0.2 million, or 18.0%, compared to $1.3 million for the same three months of 2016. The change resulted primarily from an increase in net gains on the sale of securities of $0.2 million comparing the first quarters of 2017 and 2016.  In addition, FNCB also recorded net gains on the sale of OREO and other repossessed assets of $51 thousand and $57 thousand, respectively, in the first quarter of 2017. Comparatively, for the first quarter of 2016, FNCB recorded a net loss on the sale of OREO of $5 thousand. Partially offsetting these gains was a decrease in net gains on the sale of mortgage loans of $43 thousand.

FNCB experienced a slight increase of $0.1 million, or 1.8%, in non-interest expense comparing the three months ended March 31, 2017 and 2016, primarily reflecting an increase of $94 thousand, or 19.1%, in occupancy expense, resulting from long-term facilities planning and increased snow removal costs during the first quarter of 2017.    Other increases comparing the first quarters of 2017 and 2016 included $37 thousand in equipment expenses, $21 thousand in advertising expenses, and $17 thousand in bank shares tax. Partially offsetting these increases were decreases in regulatory assessments, legal expense, and data processing expense of $64 thousand, $52 thousand, and $36 thousand, respectively. FNCB’s efficiency ratio for the three months ended March 31, 2017 improved to 74.08% from 76.01% for the same three months of 2016.

Improved Asset Quality

Effective management of problem credits and delinquent loans led to continued improvement in FNCB’s asset quality during the first quarter of 2017. Total non-performing loans decreased $0.3 million, or 14.0%, to $1.9 million at March 31, 2017 from $2.2 million at December 31, 2016. The ratio of non-performing loans to total loans improved to 0.27% at March 31, 2017, compared to 0.31% at December 31, 2016 and 0.49% at March 31, 2016. In addition, delinquent loan levels continued to improve as evidenced by a 6-basis point improvement in ratio of total delinquent loans to total loans to 0.75% at March 31, 2017 from 0.81% at December 31, 2016.  The allowance for loan and lease losses as a percentage of gross loans was 1.16% at March 31, 2017 versus 1.15% at the end of 2016.

Financial Condition

Total assets decreased $91.5 million, or 7.7%, to $1.104 billion at March 31, 2017 from $1.195 billion at December 31, 2016. The change in total assets primarily reflected a $91.7 million reduction in total deposits, which led to a corresponding decrease of $85.7 million in cash and cash equivalents.  The decrease in total deposits was primarily attributable to cyclical net outflows of public funds, coupled with the anticipated exit of short-term funds received at the end of 2016 related to the sale of a municipal utility.  Net loans decreased by $15.7 million, or 2.2%, while available-for-sale securities grew by $12.3 million, or 4.5%.  The decrease in net loans resulted primarily from the planned exit of a large, local automobile floor plan relationship.

Total shareholders’ equity increased $3.0 million, or 3.4%, to $93.2 million at March 31, 2017 from $90.1 million at December 31, 2016. The capital improvement resulted primarily from net income of $2.2 million, coupled with a $1.0 million decrease in the accumulated other comprehensive loss, from the appreciation in the fair value of available-for-sale securities, net of tax effects. 

Availability of Filings

Copies of FNCB’s most recent Annual Report on Form 10-K and Quarterly Reports 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. FNCB’s SEC filings including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are also available free of charge on the Investor Relations page of the FNCB’s website, www.fncb.com, and on the SEC website at: http://www.sec.gov/edgar/searchedgar/companysearch.html

About FNCB Bancorp, Inc.:
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 Northeastern Pennsylvania through its 19 branch offices and Allentown-based Limited Purpose Banking Office.  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 BauerFinancial 5-Star rated 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, fiscal and tax 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 stock 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, 2016.

[FNCB provides tabular information as follows]

FNCB Bancorp, Inc.
Selected Financial Data
            
   Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
    2017   2016   2016   2016   2016 
Per share data:          
Net income (fully diluted) $0.13  $0.09  $0.12  $0.10  $0.07 
Cash dividends declared $0.03  $0.03  $0.02  $0.02  $0.02 
Book value $5.58  $5.42  $5.81  $5.76  $5.57 
Tangible book value $5.58  $5.42  $5.81  $5.75  $5.56 
Market value:          
 High $7.50  $6.30  $6.00  $6.12  $6.90 
 Low $6.05  $5.00  $4.75  $5.50  $5.11 
 Close $6.37  $6.05  $5.00  $5.60  $6.12 
Common shares outstanding  16,692,314   16,645,845   16,614,856   16,586,868   16,530,432 
            
Selected ratios:          
Annualized return on average assets  0.78%   0.55%   0.73%   0.60%   0.42% 
Annualized return on average shareholders' equity  9.77%   6.43%   8.46%   7.12%   5.15% 
Efficiency ratio  74.08%   77.25%   70.96%   77.78%   76.01% 
Tier I leverage ratio  7.55%   7.53%   7.52%   7.31%   7.08% 
Total risk-based capital to risk-adjusted assets  12.38%   12.06%   12.37%   12.00%   11.81% 
Average shareholders' equity to average total assets  7.97%   8.50%   8.63%   8.40%   8.15% 
Yield on earning assets (FTE)  3.47%   3.53%   3.58%   3.56%   3.52% 
Cost of funds  0.48%   0.49%   0.52%   0.50%   0.48% 
Net interest spread (FTE)  2.99%   3.03%   3.06%   3.06%   3.04% 
Net interest margin (FTE)  3.07%   3.11%   3.14%   3.14%   3.11% 
Total delinquent loans/total loans  0.75%   0.81%   0.72%   0.74%   0.82% 
Allowance for loan and lease losses/total loans  1.16%   1.15%   1.17%   1.17%   1.19% 
Non-performing loans/total loans  0.27%   0.31%   0.33%   0.37%   0.49% 
Annualized net (recoveries) charge-offs/average loans  (0.20%)   0.20%   (0.09%)   0.26%   0.47% 
            

 

FNCB Bancorp, Inc. 
Year-to-Date Consolidated Statements of Income 
  
 Three Months Ended 
 Mar 31, 
(in thousands, except share data)  2017   2016  
Interest income     
Interest and fees on loans $7,038  $6,969  
Interest and dividends on securities     
 U.S. government agencies  900   930  
 State and political subdivisions, tax-free  23   10  
 State and political subdivisions, taxable  822   535  
 Other securities  66   96  
  Total interest and dividends on securities  1,811   1,571  
Interest on interest-bearing deposits in other banks  90   4  
   Total interest income  8,939   8,544  
Interest expense     
Interest on deposits  744   642  
Interest on borrowed funds     
 Interest on Federal Home Loan Bank of Pittsburgh advances  131   148  
 Interest on subordinated debentures  112   159  
 Interest on junior subordinated debentures  69   57  
  Total interest on borrowed funds  312   364  
   Total interest expense  1,056   1,006  
Net interest income before (credit) provision for loan and lease losses  7,883   7,538  
(Credit) provision for loan and lease losses  (478)  696  
Net interest income after (credit) provision for loan and lease losses  8,361   6,842  
Non-interest income     
Deposit service charges  691   701  
Net gain on the sale of securities  278   103  
Net gain on the sale of mortgage loans held for sale  25   68  
Net gain on the sale of other repossessed assets  57   -  
Net gain (loss) on the sale of other real estate owned  51   (5) 
Loan-related fees  91   107  
Income from bank-owned life insurance  135   146  
Other    242   211  
   Total non-interest income  1,570   1,331  
Non-interest expense     
Salaries and employee benefits  3,524   3,514  
Occupancy expense  587   493  
Equipment expense  460   423  
Data processing expense  487   523  
Regulatory assessments  173   237  
Bank shares tax  258   241  
Expense of other real estate owned  40   46  
Legal expense  68   120  
Professional fees  276   287  
Insurance expense  125   128  
Other operating expenses  930   792  
   Total non-interest expense  6,928   6,804  
Income before income taxes  3,003   1,369  
Income tax expense  806   226  
Net income  $2,197  $1,143  
         
Income per share     
 Basic  $0.13  $0.07  
 Diluted  $0.13  $0.07  
         
Cash dividends declared per common  share $0.03  $0.02  
Weighted average number of shares outstanding:     
 Basic   16,657,551   16,519,759  
 Diluted   16,670,788   16,520,580  

 

FNCB 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)  2017   2016  2016   2016  2016  
Interest income           
Interest and fees on loans $7,038  $7,066 $7,156  $7,032 $6,969  
Interest and dividends on securities           
 U.S. government agencies  900   879  848   900  930  
 State and political subdivisions, tax-free  23   16  9   11  10  
 State and political subdivisions, taxable  822   740  675   624  535  
 Other securities  66   56  69   94  96  
  Total interest and dividends on securities  1,811   1,691  1,601   1,629  1,571  
Interest on interest-bearing deposits in other banks  90   19  8   2  4  
   Total interest income  8,939   8,776  8,765   8,663  8,544  
Interest expense           
Interest on deposits  744   721  704   663  642  
Interest on borrowed funds           
 Interest on Federal Home Loan Bank of Pittsburgh advances  131   123  157   167  148  
 Interest on subordinated debentures  112   145  162   159  159  
 Interest on junior subordinated debentures  69   67  62   61  57  
  Total interest on borrowed funds  312   335  381   387  364  
   Total interest expense  1,056   1,056  1,085   1,050  1,006  
Net interest income before (credit) provision for loan and lease losses  7,883   7,720  7,680   7,613  7,538  
(Credit) provision for loan and lease losses  (478)  295  (234)  396  696  
Net interest income after (credit) provision for loan and lease losses  8,361   7,425  7,914   7,217  6,842  
Non-interest income           
Deposit service charges  691   735  739   717  701  
Net gain on the sale of securities  278   -  -   857  103  
Net gain on the sale of mortgage loans held for sale  25   102  99   71  68  
Net gain on the sale of other repossessed assets  57   -  -   -  -  
Net gain on the sale of SBA guaranteed loans  -   -  51   -  -  
Net gain (loss) on the sale of other real estate owned  51   20  32   2  (5) 
Loan-related fees  91   152  85   95  107  
Income from bank-owned life insurance  135   126  137   143  146  
Other    242   263  237   209  211  
   Total non-interest income  1,570   1,398  1,380   2,094  1,331  
Non-interest expense           
Salaries and employee benefits  3,524   3,954  3,263   3,589  3,514  
Occupancy expense  587   476  479   329  493  
Equipment expense  460   455  429   425  423  
Data processing expense  487   475  505   494  523  
Regulatory assessments  173   100  199   193  237  
Bank shares tax  258   90  253   252  241  
Expense of other real estate owned  40   74  95   194  46  
Legal expense  68   77  79   86  120  
Professional fees  276   245  157   272  287  
Insurance expense  125   132  131   125  128  
Other operating expenses  930   1,085  963   1,066  792  
   Total non-interest expense  6,928   7,163  6,553   7,025  6,804  
Income before income taxes  3,003   1,660  2,741   2,286  1,369  
Income tax expense  806   136  724   661  226  
Net income   $2,197  $1,524 $2,017  $1,625 $1,143  
               
Income per share           
 Basic  $0.13  $0.09 $0.12  $0.10 $0.07  
 Diluted  $0.13  $0.09 $0.12  $0.10 $0.07  
               
Cash dividends declared per common  share $0.03  $0.03 $0.02  $0.02 $0.02  
Weighted average number of shares outstanding:           
 Basic   16,657,551   16,621,467  16,593,811   16,549,169  16,519,759  
 Diluted   16,670,788   16,621,467  16,593,811   16,549,169  16,520,580  

 

FNCB Bancorp, Inc.
Consolidated Balance Sheets
              
 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands)  2017   2016   2016   2016   2016 
Assets            
Cash and cash equivalents:          
 Cash and due from banks $23,571  $20,562  $24,558  $15,847  $16,367 
 Interest-bearing deposits in other banks  3,154   91,883   32,778   1,825   1,847 
  Total cash and cash equivalents  26,725   112,445   57,336   17,672   18,214 
Securities available for sale, at fair value  284,965   272,676   263,475   262,190   263,523 
Stock in Federal Home Loan Bank of Pittsburgh at cost  2,678   3,311   2,741   5,219   3,932 
Loans held for sale  563   596   185   563   455 
Loans, net of net deferred costs and unearned income  718,450   734,279   729,662   733,720   728,158 
Allowance for loan and lease losses  (8,306)  (8,419)  (8,490)  (8,559)  (8,635)
Net loans   710,144   725,860   721,172   725,161   719,523 
Bank premises and equipment, net  10,914   10,784   10,615   10,793   10,904 
Accrued interest receivable  2,950   2,757   2,736   2,511   2,854 
Intangible assets  -   -   14   55   96 
Bank-owned life insurance  30,068   29,933   29,807   29,670   29,527 
Other real estate owned  1,352   2,048   2,065   1,628   1,806 
Other assets   33,526   34,965   31,441   32,076   34,181 
   Total assets $1,103,885  $1,195,375  $1,121,587  $1,087,538  $1,085,015 
              
Liabilities           
Deposits:           
 Demand (non-interest-bearing) $156,901  $173,702  $157,119  $144,082  $162,882 
 Interest-bearing  766,525   841,437   773,840   691,751   720,243 
  Total deposits  923,426   1,015,139   930,959   835,833   883,125 
Borrowed funds:          
 Federal Home Loan Bank of Pittsburgh advances  56,632   58,537   58,837   120,771   74,511 
 Subordinated debentures  10,000   10,000   14,000   14,000   14,000 
 Junior subordinated debentures  10,310   10,310   10,310   10,310   10,310 
  Total borrowed funds  76,942   78,847   83,147   145,081   98,821 
Accrued interest payable  225   242   294   311   333 
Other liabilities  10,107   11,000   10,614   10,813   10,695 
  Total liabilities  1,010,700   1,105,228   1,025,014   992,038   992,974 
              
Shareholders' equity          
Preferred stock  -   -   -   -   - 
Common stock  20,865   20,807   20,768   20,734   20,663 
Additional paid-in capital  62,841   62,593   62,381   62,210   62,069 
Retained earnings  10,228   8,531   7,506   5,820   4,527 
Accumulated other comprehensive (loss) income  (749)  (1,784)  5,918   6,736   4,782 
  Total shareholders' equity  93,185   90,147   96,573   95,500   92,041 
   Total liabilities and shareholders’ equity $1,103,885  $1,195,375  $1,121,587  $1,087,538  $1,085,015 
                    

 

FNCB Bancorp, Inc. 
Summary Tax-equivalent Net Interest Income 
               
     Three Months Ended 
     Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 
(dollars in thousands)  2017   2016   2016   2016   2016  
Interest income           
Loans:             
Loans - taxable $6,701  $6,767  $6,809  $6,674  $6,603  
Loans - tax-free  511   453   526   542   555  
 Total loans  7,212   7,220   7,335   7,216   7,158  
Securities:            
Securities, taxable  1,788   1,675   1,592   1,618   1,561  
Securities, tax-free  35   24   14   17   15  
 Total interest and dividends on securities  1,823   1,699   1,606   1,635   1,576  
Interest-bearing deposits in other banks  90   19   8   2   4  
   Total interest income  9,125   8,938   8,949   8,853   8,738  
Interest expense           
Deposits   744   721   704   663   642  
Borrowed funds  312   335   381   387   364  
   Total interest expense  1,056   1,056   1,085   1,050   1,006  
   Net interest income $8,069  $7,882  $7,864  $7,803  $7,732  
                         
Average balances           
Earning assets:           
Loans:             
Loans - taxable $683,518  $687,225  $688,038  $682,642  $683,198  
Loans - tax-free  43,822   41,081   47,620   48,131   48,433  
 Total loans  727,340   728,306   735,658   730,773   731,631  
Securities:            
Securities, taxable  281,712   267,634   257,431   260,835   256,555  
Securities, tax-free  2,571   1,664   905   1,090   1,107  
 Total securities  284,283   269,298   258,336   261,925   257,662  
Interest-bearing deposits in other banks  39,520   15,727   6,448   2,347   3,746  
   Total interest-earning assets  1,051,143   1,013,331   1,000,442   995,045   993,039  
Non-earning assets  92,368   95,322   99,010   97,271   101,958  
   Total assets $1,143,511  $1,108,653  $1,099,452  $1,092,316  $1,094,997  
Interest-bearing liabilities:           
Deposits  $807,981  $775,565  $737,431  $725,552  $725,369  
Borrowed funds  78,306   78,780   103,821   117,229   113,386  
   Total interest-bearing liabilities  886,287   854,345   841,252   842,781   838,755  
Demand deposits  155,010   149,008   152,319   146,622   146,994  
Other liabilities  11,045   11,029   11,006   11,125   19,967  
Shareholders' equity  91,169   94,271   94,875   91,788   89,281  
 Total liabilities and shareholders' equity $1,143,511  $1,108,653  $1,099,452  $1,092,316  $1,094,997  
                       
Yield/Cost                      
Earning assets:                     
Loans:                       
Interest and fees on loans - taxable  3.92%  3.94%  3.96%  3.91%  3.87% 
Interest and fees on loans - tax-free  4.66%  4.41%  4.42%  4.50%  4.58% 
 Total loans  3.97%  3.97%  3.99%  3.95%  3.91% 
Securities:            
Securities, taxable  2.54%  2.50%  2.47%  2.48%  2.43% 
Securities, tax-free  5.42%  5.83%  6.03%  6.11%  5.48% 
 Total securities  2.56%  2.52%  2.49%  2.50%  2.45% 
Interest-bearing deposits in other banks  0.91%  0.48%  0.50%  0.34%  0.43% 
   Total earning assets  3.47%  3.53%  3.58%  3.56%  3.52% 
Interest-bearing liabilities:           
Interest on deposits  0.37%  0.37%  0.38%  0.37%  0.35% 
Interest on borrowed funds  1.59%  1.70%  1.47%  1.32%  1.28% 
   Total interest-bearing liabilities  0.48%  0.49%  0.52%  0.50%  0.48% 
   Net interest spread  2.99%  3.03%  3.06%  3.06%  3.04% 
 Net interest margin  3.07%  3.11%  3.14%  3.14%  3.11% 

 

FNCB Bancorp, Inc.
Asset Quality Data
          
 Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands) 2017
 2016 2016
 2016 2016
At period end          
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs) $1,922  $2,234 $2,416  $2,739 $3,569
Loans past due 90 days or more and still accruing  -   -  -   -  -
 Total non-performing loans  1,922   2,234  2,416   2,739  3,569
Other real estate owned (OREO)  1,352   2,048  2,065   1,628  1,806
Other non-performing assets  2,006   2,160  260   -  -
 Total non-performing assets $5,280  $6,442 $4,741  $4,367 $5,375
             
Accruing TDRs $8,775  $4,176 $4,106  $4,043 $4,623
             
             
For the three months ended          
Allowance for loan and lease losses          
Beginning balance $8,419  $8,490 $8,559  $8,635 $8,790
Loans charged-off  297   572  189   709  1,148
Recoveries of charged-off loans  662   206  354   237  297
Net (recoveries) charge-offs  (365)  366  (165)  472  851
(Credit) provision for loan and lease losses  (478)  295  (234)  396  696
Ending balance $8,306  $8,419 $8,490  $8,559 $8,635
             


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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