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.