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

/EIN News/ -- 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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