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FNCB Bancorp, Inc. Reports 2016 Earnings of $6.3 M

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Post# of 301275
(Total Views: 73)
Posted On: 01/26/2017 5:45:37 PM
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Posted By: News Desk 2018
FNCB Bancorp, Inc. Reports 2016 Earnings of $6.3 Million

DUNMORE, Pa., Jan. 26, 2017 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (OTCQX:FNCB) (“FNCB”), the parent company of Dunmore-based FNCB Bank (the “Bank”), today reported net income of $6.3 million, or $0.38 per basic and diluted share, for the year ended December 31, 2016. Net income for the fourth quarter of 2016 was $1.5 million, or $0.09 per basic and diluted share.

2016 HIGHLIGHTS              

  • FNCB reported net income for the fourth consecutive fiscal year. Cumulative net income for fiscal years 2013 through 2016 totaled $62.0 million.
  • Net interest income increased $3.1 million, or 11.5%, to $30.5 million in 2016 from $27.4 million in 2015.  
  • Total assets increased $104.8 million to $1.2 billion at December 31, 2016 from $1.1 billion at December 31, 2015, an increase of 9.6%.
  • Total deposits increased $193.6 million, or 23.6%, to $1.0 billion at year-end 2016 from $821.5 million at year-end 2015.
  • Non-performing assets decreased $0.5 million, or 7.2%, from $6.9 million at December 31, 2015 to $6.4 million at the close of 2016.
  • FNCB paid $10.9 million deferred interest on subordinated debt in March 2016 and accelerated the payment of $4.0 million in principal on the subordinated debt due September 1, 2017 to December 1, 2016.
  • FNCB resumed quarterly shareholder dividend payments in March 2016, and declared and paid dividends throughout the remainder of 2016.
  • FNCB reinstated its dividend reinvestment and optional cash purchase plans in June 2016.
  • FNCB declared a fourth quarter 2016 dividend of $0.03 per share, an increase of 50.0% compared to the $0.02 per share dividend declared for the third quarter of 2016.
  • FNCB’s tangible book value improved 4.0% to $5.42 per share at December 31, 2016 from $5.21 per share at December 31, 2015.
  • The Bank successfully completed a conversion from a federal charter to a state charter in the second quarter 2016.

“We are pleased with the continued success of our Company in 2016,” stated Gerard A. Champi, President and Chief Executive Officer. “We were able to deliver strong balance sheet growth and solid core-banking performance as evidenced by a double-digit increase in net interest income. We believe that the achievements we’ve made over the past four years have allowed us to create value for our shareholders, including growth in book value and the reinstatement of quarterly dividend payments as well as the dividend reinvestment and optional cash purchase plans,” continued Champi. “We are optimistic as we enter 2017 with the announcement of our planned expansion into the Lehigh Valley marketplace through the opening of a loan production office. We are excited to begin offering FNCB’s community bank brand and commitment to unsurpassed customer service to the Lehigh Valley,” concluded Champi.     

Net income for the year ended December 31, 2015 was $35.8 million, or $2.17 per basic and diluted share. For the fourth quarter of 2015, FNCB recorded net income of $29.2 million, or $1.77, per basic and diluted common share. FNCB’s 2015 earnings performance was significantly impacted by the non-recurring reversal of a deferred tax asset (“DTA”) valuation allowance, which resulted in tax benefits of $27.7 million and $27.8 million in the consolidated statement of income for the fourth quarter and year ended December 31, 2015, respectively.

For the fourth quarter and year ended December 31, 2016, dividends declared and paid were $0.03 and $0.09 per share, respectively. The dividend payout ratio for 2016 was 23.7% and equaled a 1.5% annual return to shareholders based on the closing stock price of $6.05 per share at December 31, 2016. FNCB did not pay any dividends in 2015.

Return on average assets and return on average shareholders’ equity were 0.57% and 6.82%, respectively, in 2016, compared to 3.57% and 63.24%, respectively, in 2015. For the three months ended December 31, 2016, return on average assets and return on average shareholders’ equity were 0.55% and 6.43%, respectively, compared to 10.99% and 192.68%, respectively, for the same three months of 2015.  Return on average assets and return on average shareholders’ equity for the fourth quarter and fiscal year ended December 31, 2015 were significantly impacted by the non-recurring $27.8 million tax benefit detailed above.

Summary Results for 2016

Net interest income before the credit for loan and lease losses increased $3.2 million, or 11.5%, to $30.6 million in 2016 from $27.4 million in 2015. The improvement in net interest income reflected a $2.5 million increase in interest income, coupled with a $0.6 million, or 12.6%, reduction in interest expense, in 2016 compared to 2015. The 7.9% increase in interest income in 2016 was largely due to an increase in average earning assets of $58.4 million, or 6.2%, to $1.0 billion in 2016 from $942.1 million in 2015. Specifically, average loans increased $35.0 million, or 5.0%, to $731.6 million in 2016 from $696.6 million in 2015, while average investment securities increased $34.4 million, or 15.1%, to $261.8 million in 2016 from $227.4 million in 2015. The 12.6% reduction in interest expense was due primarily to an 11 basis point reduction in FNCB’s cost of funds to 0.50% in 2016 from 0.61% in 2015.  In 2016, FNCB realized a full year of the effect of its $11.0 million principal payment and a 450 basis point rate modification of its subordinated debentures, which was completed on June 30, 2015. As a result, interest expense on its subordinated debentures decreased $0.8 million, or 56.9%, in 2016 as compared to 2015. Overall, the average cost of borrowed funds decreased 59 basis points to 1.42% in 2016 from 2.01% in 2015. FNCB anticipates further reductions in borrowing costs in 2017 as a result of its accelerated repayment of $4.0 million in principal on its subordinated debentures which had a stated due date of September 1, 2017, but was paid by FNCB on December 1, 2016. FNCB’s tax-equivalent margin improved 14 basis points to 3.13% in 2016 from 2.99% in 2015. The margin improvement reflected the growth in average earning assets, as well as the positive effects of the reduced cost of borrowing funds.

Non-interest income decreased $1.6 million to $6.2 million in 2016 from $7.8 million in 2015. The 20.5% decrease was largely due to a $1.3 million, or 58.2%, decrease in net gains on the sale of investment securities.

Total non-interest expense decreased $0.9 million, or 3.2%, to $27.6 million in 2016 from $28.5 million in 2015. The decrease primarily reflected $0.8 million in non-recurring legal settlements that were accrued in 2015, coupled with decreases in occupancy costs of $0.5 million, or 22.2%, regulatory assessments of $0.2 million, or 23.3%, and insurance expense of $0.1 million, or 21.7%. Partially offsetting these decreases were increases in salaries and benefits of $0.5 million, equipment expense of $0.1 million, or 4.5%, and bank shares tax of $0.1 million, or 18.6%. The improvement in net interest income, and reduced expense levels, are reflected in an improvement in FNCB’s efficiency ratio to 75.49% in 2016 from 84.70% in 2015.

Improved Asset Quality

Asset quality continued to improve in 2016, reflecting FNCB’s continued focus on sound problem credit resolutions and commitment to disciplined credit risk management. Total non-performing assets decreased $0.5 million, or 7.2%, to $6.4 million at December 31, 2016 from $6.9 million at December 31, 2015. Decreases in non-performing loans, including non-accruing troubled debt restructurings, of $1.6 million and other real estate owned (“OREO”) of $1.1 million were partially offset by an increase in other non-performing assets of $2.2 million. Other non-performing assets include a classified account receivable secured by a letter of credit and foreclosed equipment.

The ratio of non-performing loans to total loans improved 21 basis points, or 40.4%, to 0.31% at December 31, 2016, compared to 0.52% at December 31, 2015. The allowance for loan and lease losses as a percentage of total loans was 1.15% at December 31, 2016 compared to 1.20% at the end of 2015. Net charge-offs as a percentage of average loans outstanding for the year ended December 31, 2016 was 0.21%, compared to 0.20% for the year ended December 31, 2015.

Financial Position

Total assets increased $104.8 million, or 9.6%, to $1.2 billion at December 31, 2016 from $1.1 billion at December 31, 2015. The balance sheet growth primarily reflected an increase in total deposits of $193.6 million, or 23.6%, a portion of which was used to repay $77.3 million in FHLB advances, accelerate the $4.0 million principal payment on the subordinated debentures, and fund net increases in loans, net of deferred costs and unearned income, and investment securities of $0.6 million and $18.9 million, respectively. With regard to the increase in total deposits, specifically, non-interest-bearing demand accounts increased $19.2 million, or 12.4%, and interest-bearing deposits increased $174.4 million, or 26.2% comparing December 31, 2016 and 2015. The increase in non-interest-bearing demand deposits is primarily attributable to growth in business checking accounts, while growth in municipal deposits contributed to the increase in interest-bearing deposits.

Total shareholders’ equity improved $4.0 million, or 4.6%, to $90.1 million at December 31, 2016 from $86.2 million at the end of 2015, which resulted primarily from net income for 2016 of $6.3 million, partially offset by a $1.5 million increase in accumulated other comprehensive loss resulting from depreciation in the market value, net of tax, of FNCB’s available-for-sale securities, due to changes in market interest rates. Also affecting shareholders’ equity were dividends declared and paid of $1.5 million, common shares issued through the dividend reinvestment and optional cash purchase plans of $0.4 million and stock-based compensation of $0.3 million.

FNCB’s total risk-based capital ratio and the Tier 1 leverage ratio improved to 12.06% and 7.53%, respectively, at December 31, 2016, from 11.79% and 7.27%, respectively, at December 31, 2015. The ratios 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, which became effective for the Company and the Bank on January 1, 2016.

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 in Northeastern Pennsylvania and the Lehigh Valley through its 19 branch offices and Allentown-based Limited Purpose Office.  The institution was established as a National Banking Association in 1910 as The First National Bank of Dunmore and operated under the name First National Community Bank from 1988 through June 2016. On 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 the 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 and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of and acceptance of new products and services; the ability of FNCB to compete with other institutions for business; the composition and concentrations of FNCB’s lending risk and the adequacy of FNCB’s reserves to manage those risks; the valuation of FNCB’s investment securities; the ability of FNCB to pay dividends or repurchase common shares; the ability of FNCB to retain key personnel; the impact of any pending or threatened litigation against FNCB; the marketability of shares of FNCB and fluctuations in the value of FNCB’s share price; the effectiveness of FNCB’s system of internal controls; the ability of FNCB to attract additional capital investment; the impact of changes in financial services’ laws and regulations (including laws concerning capital adequacy, taxes, banking, securities and insurance); the impact of technological changes and security risks upon our information technology systems; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms, and the success of FNCB at managing the risks involved in the foregoing and other risks and uncertainties, including those detailed in FNCB’s filings with the SEC.

FNCB cautions that the foregoing list of important factors is not all inclusive.  Readers are also cautioned not to place undue reliance on any forward-looking statements, which reflect management’s analysis only as of the date of this report, even if subsequently made available by FNCB on its website or otherwise.  FNCB does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of FNCB to reflect events or circumstances occurring after the date of this report.

Readers should carefully review the risk factors described in the Annual Report and other documents that FNCB periodically files with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2015.

[The Company provides tabular information as follows]

 
FNCB Bancorp, Inc.
Selected Financial Data
       
      Dec 31,   Sept 30,   Jun 30,   Mar 31,   Dec 31,
        2016       2016       2016       2016       2015  
Per share data:                    
Net income (fully diluted)   $ 0.09     $ 0.12     $ 0.10     $ 0.07     $ 1.77  
Cash dividends declared   $ 0.03     $ 0.02     $ 0.02     $ 0.02     $ -  
Book value   $ 5.42     $ 5.81     $ 5.76     $ 5.57     $ 5.22  
Tangible book value   $ 5.42     $ 5.81     $ 5.75     $ 5.56     $ 5.21  
Market value:                    
  High   $ 6.30     $ 6.00     $ 6.12     $ 6.90     $ 5.50  
  Low   $ 5.00     $ 4.75     $ 5.50     $ 5.11     $ 5.06  
  Close   $ 6.05     $ 5.00     $ 5.60     $ 6.12     $ 5.25  
Common shares outstanding     16,645,845       16,614,856       16,586,868       16,530,432       16,514,245  
                       
Selected ratios:                    
Annualized return on average assets     0.55 %     0.73 %     0.60 %     0.42 %     10.99 %
Annualized return on average shareholders' equity     6.43 %     8.46 %     7.12 %     5.15 %     192.68 %
Efficiency ratio     77.25 %     70.96 %     77.78 %     76.01 %     92.80 %
Tier I leverage ratio     7.53 %     7.52 %     7.31 %     7.08 %     7.27 %
Total risk-based capital to risk-adjusted assets     12.06 %     12.37 %     12.00 %     11.81 %     11.79 %
Average shareholders' equity to average total assets     8.50 %     8.63 %     8.40 %     8.15 %     5.70 %
Yield on earning assets (FTE)     3.53 %     3.58 %     3.56 %     3.52 %     3.56 %
Cost of funds     0.49 %     0.52 %     0.50 %     0.48 %     0.48 %
Net interest spread (FTE)     3.03 %     3.06 %     3.06 %     3.04 %     3.08 %
Net interest margin (FTE)     3.11 %     3.14 %     3.14 %     3.11 %     3.15 %
Total delinquent loans/total loans     0.81 %     0.72 %     0.74 %     0.82 %     0.84 %
Allowance for loan and lease losses/total loans     1.15 %     1.17 %     1.17 %     1.19 %     1.20 %
Non-performing loans/total loans     0.31 %     0.33 %     0.37 %     0.49 %     0.52 %
Annualized net charge-offs (recoveries)/average loans     0.20 %     (0.09 %)     0.26 %     0.47 %     0.02 %
                       

 

FNCB Bancorp, Inc.  
Year-to-Date Consolidated Statements of Income  
   
  Year Ended  
  Dec 31,  
(in thousands, except share data)     2016     2015    
Interest income          
Interest and fees on loans   $ 28,223   $ 26,672    
Interest and dividends on securities          
  U.S. government agencies     3,557     4,036    
  State and political subdivisions, tax-free     46     109    
  State and political subdivisions, taxable     2,574     905    
  Other securities     315     433    
    Total interest and dividends on securities     6,492     5,483    
Interest on interest-bearing deposits in other banks     33     46    
      Total interest income     34,748     32,201    
Interest expense          
Interest on deposits     2,730     2,631    
Interest on borrowed funds          
  Interest on Federal Home Loan Bank of Pittsburgh advances     595     514    
  Interest on subordinated debentures     625     1,450    
  Interest on junior subordinated debentures     247     206    
    Total interest on borrowed funds     1,467     2,170    
      Total interest expense     4,197     4,801    
Net interest income before provision (credit) for loan and lease losses     30,551     27,400    
Provision (credit) for loan and lease losses     1,153     (1,345 )  
Net interest income after provision (credit) for loan and lease losses     29,398     28,745    
Non-interest income          
Deposit service charges     2,892     2,960    
Net gain on the sale of securities     960     2,296    
Net gain on the sale of mortgage loans held for sale     340     292    
Net gain on the sale of SBA guaranteed loans     51     -    
Net gain on the sale of other real estate owned     49     162    
Loan-related fees     439     442    
Income from bank-owned life insurance     552     564    
Other         920     1,084    
      Total non-interest income     6,203     7,800    
Non-interest expense          
Salaries and employee benefits     14,320     13,810    
Occupancy expense     1,777     2,284    
Equipment expense     1,732     1,657    
Data processing expense     1,997     1,976    
Regulatory assessments     729     950    
Bank shares tax     836     705    
Expense of other real estate owned     409     400    
Legal expense     362     437    
Professional fees     961     1,014    
Insurance expense     516     659    
Other operating expenses     3,906     4,572    
      Total non-interest expense     27,545     28,464    
Income before income taxes     8,056     8,081    
Income tax expense (benefit)     1,747     (27,759 )  
Net income     $ 6,309   $ 35,840    
                 
Income per share          
  Basic     $ 0.38   $ 2.17    
  Diluted     $ 0.38   $ 2.17    
                 
Cash dividends declared per common   share   $ 0.09   $ -    
Weighted average number of shares outstanding:          
  Basic       16,571,251     16,499,622    
  Diluted       16,571,251     16,499,622    
                     

 

FNCB Bancorp, Inc.    
Quarter-to-Date Consolidated Statements of Income    
                               
  Three Months Ended    
  Dec 31,   Sept 30,   Jun 30,   Mar 31,   Dec 31,    
(in thousands, except share data)     2016     2016       2016     2016       2015      
Interest income                        
Interest and fees on loans   $ 7,066   $ 7,156     $ 7,032   $ 6,969     $ 7,032      
Interest and dividends on securities                        
  U.S. government agencies     879     848       900     930       992      
  State and political subdivisions, tax-free     16     9       11     10       18      
  State and political subdivisions, taxable     740     675       624     535       458      
  Other securities     56     69       94     96       102      
    Total interest and dividends on securities     1,691     1,601       1,629     1,571       1,570      
Interest on interest-bearing deposits in other banks     19     8       2     4       4      
      Total interest income     8,776     8,765       8,663     8,544       8,606      
Interest expense                        
Interest on deposits     721     704       663     642       628      
Interest on borrowed funds                        
  Interest on Federal Home Loan Bank of Pittsburgh advances     123     157       167     148       147      
  Interest on subordinated debentures     145     162       159     159       160      
  Interest on junior subordinated debentures     67     62       61     57       56      
    Total interest on borrowed funds     335     381       387     364       363      
      Total interest expense     1,056     1,085       1,050     1,006       991      
Net interest income before provision (credit) for loan and lease losses     7,720     7,680       7,613     7,538       7,615      
Provision (credit) for loan and lease losses     295     (234 )     396     696       (1,005 )    
Net interest income after provision (credit) for loan and lease losses     7,425     7,914       7,217     6,842       8,620      
Non-interest income                        
Deposit service charges     735     739       717     701       742      
Net gain (loss) on the sale of securities     -     -       857     103       (6 )    
Net gain on the sale of mortgage loans held for sale     102     99       71     68       223      
Net gain on the sale of SBA guaranteed loans     -     51       -     -       -      
Net gain (loss) on the sale of other real estate owned     20     32       2     (5 )     17      
Loan-related fees     152     85       95     107       152      
Income from bank-owned life insurance     126     137       143     146       149      
Other         263     237       209     211       180      
      Total non-interest income     1,398     1,380       2,094     1,331       1,457      
Non-interest expense                        
Salaries and employee benefits     3,954     3,263       3,589     3,514       4,228      
Occupancy expense     476     479       329     493       619      
Equipment expense     455     429       425     423       423      
Data processing expense     475     505       494     523       556      
Regulatory assessments     100     199       193     237       239      
Bank shares tax     90     253       252     241       53      
Expense of other real estate owned     74     95       194     46       62      
Legal expense     77     79       86     120       106      
Professional fees     245     157       272     287       234      
Insurance expense     132     131       125     128       131      
Legal settlement     -     -       -     -       777      
Other operating expenses     1,085     963       1,066     792       1,159      
      Total non-interest expense     7,163     6,553       7,025     6,804       8,587      
Income before income taxes     1,660     2,741       2,286     1,369       1,490      
Income tax expense (benefit)     136     724       661     226       (27,719 )    
Net income       $ 1,524   $ 2,017     $ 1,625   $ 1,143     $ 29,209      
                               
Income per share                        
  Basic     $ 0.09   $ 0.12     $ 0.10   $ 0.07     $ 1.77      
  Diluted     $ 0.09   $ 0.12     $ 0.10   $ 0.07     $ 1.77      
                               
Cash dividends declared per common   share   $ 0.03   $ 0.02     $ 0.02   $ 0.02     $ -      
Weighted average number of shares outstanding:                        
  Basic       16,621,467     16,593,811       16,549,169     16,519,759       16,506,294      
  Diluted       16,621,467     16,593,811       16,549,169     16,519,759       16,506,294      
                                             

 

FNCB Bancorp, Inc.
Consolidated Balance Sheets
   
  Dec 31,   Sept 30,   Jun 30,   Mar 31,   Dec 31,
(in thousands)     2016       2016       2016       2016       2015  
Assets                      
Cash and cash equivalents:                  
  Cash and due from banks   $ 20,562     $ 24,558     $ 15,847     $ 16,367     $ 19,544  
  Interest-bearing deposits in other banks     91,883       32,778       1,825       1,847       1,539  
    Total cash and cash equivalents     112,445       57,336       17,672       18,214       21,083  
Securities available for sale, at fair value     272,676       263,475       262,190       263,523       253,773  
Stock in Federal Home Loan Bank of Pittsburgh at cost     3,311       2,741       5,219       3,932       6,344  
Loans held for sale     596       185       563       455       683  
Loans, net of net deferred costs and unearned income     734,279       729,662       733,720       728,158       733,716  
Allowance for loan and lease losses     (8,419 )     (8,490 )     (8,559 )     (8,635 )     (8,790 )
Net loans       725,860       721,172       725,161       719,523       724,926  
Bank premises and equipment, net     10,784       10,615       10,793       10,904       11,193  
Accrued interest receivable     2,757       2,736       2,511       2,854       2,475  
Intangible assets     -       14       55       96       137  
Bank-owned life insurance     29,933       29,807       29,670       29,527       29,381  
Other real estate owned     2,048       2,065       1,628       1,806       3,154  
Other assets       34,965       31,441       32,076       34,181       37,469  
      Total assets   $ 1,195,375     $ 1,121,587     $ 1,087,538     $ 1,085,015     $ 1,090,618  
                           
Liabilities                      
Deposits:                      
  Demand (non-interest-bearing)   $ 173,702     $ 157,119     $ 144,082     $ 162,882     $ 154,531  
  Interest-bearing     841,437       773,840       691,751       720,243       667,015  
    Total deposits     1,015,139       930,959       835,833       883,125       821,546  
Borrowed funds:                    
  Federal Home Loan Bank of Pittsburgh advances     58,537       58,837       120,771       74,511       135,802  
  Subordinated debentures     10,000       14,000       14,000       14,000       14,000  
  Junior subordinated debentures     10,310       10,310       10,310       10,310       10,310  
    Total borrowed funds     78,847       83,147       145,081       98,821       160,112  
Accrued interest payable     242       294       311       333       11,165  
Other liabilities     11,000       10,614       10,813       10,695       11,617  
    Total liabilities     1,105,228       1,025,014       992,038       992,974       1,004,440  
                           
Shareholders' equity                    
Preferred stock     -       -       -       -       -  
Common stock     20,807       20,768       20,734       20,663       20,643  
Additional paid-in capital     62,593       62,381       62,210       62,069       62,059  
Retained earnings     8,531       7,506       5,820       4,527       3,714  
Accumulated other comprehensive (loss) income     (1,784 )     5,918       6,736       4,782       (238 )
    Total shareholders' equity     90,147       96,573       95,500       92,041       86,178  
      Total liabilities and shareholders’ equity   $ 1,195,375     $ 1,121,587     $ 1,087,538     $ 1,085,015     $ 1,090,618  
                               

 

FNCB Bancorp, Inc.  
Summary Tax-equivalent Net Interest Income  
                             
          Three Months Ended  
          Dec 31,   Sept 30,   Jun 30,   Mar 31,   Dec 31,  
(dollars in thousands)     2016       2016       2016       2016       2015    
Interest income                      
Loans:                          
Loans - taxable   $ 6,767     $ 6,809     $ 6,674     $ 6,603     $ 6,694    
Loans - tax-free     453       526       542       555       512    
  Total loans     7,220       7,335       7,216       7,158       7,206    
Securities:                        
Securities, taxable     1,675       1,592       1,618       1,561       1,552    
Securities, tax-free     24       14       17       15       27    
  Total interest and dividends on securities     1,699       1,606       1,635       1,576       1,579    
Interest-bearing deposits in other banks     19       8       2       4       4    
      Total interest income     8,938       8,949       8,853       8,738       8,789    
Interest expense                      
Deposits       721       704       663       642       628    
Borrowed funds     335       381       387       364       363    
      Total interest expense     1,056       1,085       1,050       1,006       991    
      Net interest income   $ 7,882     $ 7,864     $ 7,803     $ 7,732     $ 7,798    
                                                 
Average balances                      
Earning assets:                      
Loans:                          
Loans - taxable   $ 687,225     $ 688,038     $ 682,642     $ 683,198     $ 685,795    
Loans - tax-free     41,081       47,620       48,131       48,433       43,429    
  Total loans     728,306       735,658       730,773       731,631       729,224    
Securities:                        
Securities, taxable     267,634       257,431       260,835       256,555       251,108    
Securities, tax-free     1,664       905       1,090       1,107       1,713    
  Total securities     269,298       258,336       261,925       257,662       252,821    
Interest-bearing deposits in other banks     15,727       6,448       2,347       3,746       6,797    
      Total interest-earning assets     1,013,331       1,000,442       995,045       993,039       988,842    
Non-earning assets     95,322       99,010       97,271       101,958       65,633    
      Total assets   $ 1,108,653     $ 1,099,452     $ 1,092,316     $ 1,094,997     $ 1,054,475    
Interest-bearing liabilities:                      
Deposits     $ 775,565     $ 737,431     $ 725,552     $ 725,369     $ 702,783    
Borrowed funds     78,780       103,821       117,229       113,386       119,281    
      Total interest-bearing liabilities     854,345       841,252       842,781       838,755       822,064    
Demand deposits     149,008       152,319       146,622       146,994       146,457    
Other liabilities     11,029       11,006       11,125       19,967       25,811    
Shareholders' equity     94,271       94,875       91,788       89,281       60,143    
  Total liabilities and shareholders' equity   $ 1,108,653     $ 1,099,452     $ 1,092,316     $ 1,094,997     $ 1,054,475    
                         
Yield/Cost    
Earning assets:  
Loans:      
Interest and fees on loans - taxable     3.94 %     3.96 %     3.91 %     3.87 %     3.90 %  
Interest and fees on loans - tax-free     4.41 %     4.42 %     4.50 %     4.58 %     4.72 %  
  Total loans     3.97 %     3.99 %     3.95 %     3.91 %     3.95 %  
Securities:                        
Securities, taxable     2.50 %     2.47 %     2.48 %     2.43 %     2.47 %  
Securities, tax-free     5.83 %     6.03 %     6.11 %     5.48 %     6.37 %  
  Total securities     2.52 %     2.49 %     2.50 %     2.45 %     2.50 %  
Interest-bearing deposits in other banks     0.48 %     0.50 %     0.34 %     0.43 %     0.24 %  
      Total earning assets     3.53 %     3.58 %     3.56 %     3.52 %     3.56 %  
Interest-bearing liabilities:                      
Interest on deposits     0.37 %     0.38 %     0.37 %     0.35 %     0.36 %  
Interest on borrowed funds     1.70 %     1.47 %     1.32 %     1.28 %     1.22 %  
      Total interest-bearing liabilities     0.49 %     0.52 %     0.50 %     0.48 %     0.48 %  
      Net interest spread     3.03 %     3.06 %     3.06 %     3.04 %     3.08 %  
  Net interest margin     3.11 %     3.14 %     3.14 %     3.11 %     3.15 %  
                                             

 

FNCB Bancorp, Inc.
Asset Quality Data
                   
  Dec 31,   Sept 30,   Jun 30,   Mar 31,   Dec 31,
(in thousands)     2016     2016       2016     2016     2015  
At period end                    
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs)   $ 2,234   $ 2,416     $ 2,739   $ 3,569   $ 3,788  
Loans past due 90 days or more and still accruing     -     -       -     -     -  
  Total non-performing loans     2,234     2,416       2,739     3,569     3,788  
Other real estate owned (OREO)     2,048     2,065       1,628     1,806     3,154  
Other non-performing assets     2,160     260       -     -     -  
  Total non-performing assets   $ 6,442   $ 4,741     $ 4,367   $ 5,375   $ 6,942  
                         
Accruing TDRs   $ 4,176   $ 4,106     $ 4,043   $ 4,623   $ 4,982  
                         
                         
For the three months ended                    
Allowance for loan and lease losses                    
Beginning balance   $ 8,490   $ 8,559     $ 8,635   $ 8,790   $ 9,825  
Loans charged-off     572     189       709     1,148     198  
Recoveries of charged-off loans     206     354       237     297     168  
Net charge-offs (recoveries)     366     (165 )     472     851     30  
Provision (credit) for loan and lease losses     295     (234 )     396     696     (1,005 )
Ending balance   $ 8,419   $ 8,490     $ 8,559   $ 8,635   $ 8,790  
                         

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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