FNCB Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 01, 2018 at 03:39 am IST
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FNCB Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company total interest income was $10,121,000 against $8,776,000 last year. Income before income taxes was $2,631,000 against $1,660,000 last year. Net loss was $6,114,000 or $0.36 diluted per share against net income of $1,524,000 or $0.09 diluted per share last year. Net interest income after provision was $8,517,000 against $7,425,000 a year ago. For the fourth quarter of 2017, adjusted net income, excluding the non-recurring income tax expense related to revaluation of the net deferred tax assets was $1.9 million, or $0.11 per basic and diluted share, an improvement of $0.4 million, or 24.2%, from $1.5 million, or $0.09 per basic and diluted share, for the same quarter of 2016. Adjusted return on average assets was 0.65% against 0.55% a year ago. Adjusted return on average equity was 7.74% against 6.41% a year ago. Annualized return on average assets was negative 2.09% against return on average assets of 0.55% a year ago. Annualized return on average shareholders' equity was negative 24.98% against return on average assets of 6.43% a year ago.
For the year, the company total interest income was $37,848,000 against $34,748,000 last year. Income before income taxes was $11,435,000 against $8,056,000 last year. Net income was $147,000 or $0.01 diluted per share against $6,309,000 or $0.38 diluted per share last year. Net interest income after provision was $32,279,000 against $29,398,000 a year ago. Book value per share at December 31, 2017 was $5.32 compared with $5.43 at December 31, 2016. Tangible book value at December 31, 2017 was $5.32 compared with $5.43 at December 31, 2016 for the same period last year. For the year ended December 31, 2017, the company's adjusted net income, which excludes the non-recurring income tax expense related to the revaluation of FNCB's net deferred tax assets, was $8.1 million, or $0.49 per basic and diluted share, compared to $6.3 million, or $0.38 per basic and diluted share, in 2016, an improvement of $1.8 million, or 29.2%. Adjusted return on average assets was 0.72% against 0.57% a year ago. Adjusted return on average equity was 8.58% against 6.82% a year ago.
For the fourth quarter, the company reported net charge-offs of $111,000 against $366,000 a year ago.
FNCB Bancorp, Inc. is the bank holding company of FNCB Bank (the Bank). Its primary activity consists of owning and operating the Bank. The Bank is engaged in offering a suite of personal, small business and commercial banking solutions with mobile, online, and in-branch products and services. For personal customers, the Bank provides various deposit products, including savings, money markets, certificates of deposit and checking accounts, along with a line of preferred relationship products that offer premium benefits for higher-balance customers. The Bank offers a variety of financing alternatives to individuals and businesses generally in its primary market area through the origination of loans and leases, including residential real estate loans, construction, land acquisition and development loans, commercial real estate loans, commercial and industrial loans, and others. The Bank operates through about 16 community offices located in Lackawanna, Luzerne, and Wayne Counties.
FNCB Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017