First National Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Records Net Charge-Offs
January 27, 2017 at 03:24 am IST
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First National Community Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company total interest income was $8,776,000 against $8,606,000 last year. Income before income taxes was $1,660,000 against $1,490,000 last year. Net income was $1,524,000 or $0.09 diluted per share against $29,209,000 or $1.77 diluted per share last year. Net interest income after provision was $7,425,000 against $8,620,000 a year ago. 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.
For the year, the company total interest income was $34,748,000 against $32,201,000 last year. Income before income taxes was $8,056,000 against $8,081,000 last year. Net income was $6,309,000 or $0.38 diluted per share against $35,840,000 or $2.17 diluted per share last year. Book value was $5.42 compared with $5.22 for the same period last year. Tangible book value was $5.42 compared with $5.21 for the same period last year. Net interest income increased $3.1 million, or 11.5%, to $30.5 million in 2016 from $27.4 million 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.
The company recorded net charge-offs of $366,000 compared with $30,000 for the same period last year.
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.
First National Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Records Net Charge-Offs