DUNMORE, Pa., May 01, 2017 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (OTCQX:FNCB), the parent company of Dunmore-based FNCB Bank (the “Bank”), reported net income of $2.197 million, or $0.13 per basic and diluted share, for the quarter ended March 31, 2017, an increase of $1.054 million, or 92.2%, compared to net income of $1.143 million, or $0.07 per basic and diluted share, for the same quarter of 2016. The earnings improvement was largely due to a credit for loan and lease losses resulting from a recovery of a previously charged-off loan. First quarter 2017 earnings were also impacted by higher net interest income and non-interest income, partially offset by increases in income tax expense and non-interest expense. Annualized return on average assets and return on average equity improved to 0.78% and 9.77%, respectively, for the three months ended March 31, 2017, compared to 0.42% and 5.15%, respectively, for the same three months of 2016. FNCB paid holders of its common stock a dividend of $0.03 per share for the first quarter of 2017, a 50.0% increase compared to $0.02 per share for the same period of 2016. The first quarter 2017 dividend represented a 1.9% annualized return to shareholders based on the closing stock price of $6.37 per share at March 31, 2017.

Performance Highlights:

• 92% increase in earnings, comparing the first quarters of 2017 and 2016;
• 4.6% growth in net interest income comparing first quarters of 2017 and 2016;
• Year over year growth in total deposits of $40.3 million, or 4.6%;
• 46.1% reduction in non-performing loans comparing March 31, 2017 and 2016;
• Tier I leverage ratio at March 31, 2017 improved 6.6% compared to March 31, 2016;
• Expanded into growing Lehigh Valley marketplace with the opening of a limited purpose banking office.

“The successful management and resolution of non-performing assets, effective balance sheet management and continued improvement in credit quality and operating efficiency all factored into the solid operating results posted for the first quarter of 2017,” stated Gerard A. Champi, President and Chief Executive Officer. “For the remainder of the year, we are focusing on developing opportunities that will provide for meaningful, profitable and sustainable revenue growth for the future. Along those lines, during the first quarter we expanded our footprint into the Lehigh Valley marketplace through the opening of a limited purpose banking office in Allentown, Pennsylvania. We believe this new market provides a unique growth opportunity for FNCB going forward,” concluded Champi.

Summary Results for the Three Months Ended March 31, 2017

Tax-equivalent net interest income increased $0.3 million, or 4.4%, to $8.1 million for the first three months of 2017, from $7.7 million for the same period in 2016. The improvement reflected strong growth in average-earning assets, higher yields on the loan and investment portfolios due to increases in market interest rates, a reduction in average borrowed funds and stable funding costs. Tax-equivalent interest income increased $0.4 million, or 4.4%, to $9.1 million for the three-month period ended March 31, 2017 compared to $8.7 million for the same period of 2016. Partially offsetting the increase in interest income was a $0.1 million increase in interest expense. The increase in tax-equivalent interest income primarily resulted from a $58.1 million, or 5.9%, increase in average earning assets, specifically a $26.6 million, or 10.3%, increase in average investment securities and a $35.8 million, or 955.0%, increase in average interest-bearing deposits in other banks. The tax-equivalent yields earned on the loan and investment portfolios increased 6 basis points and 11 basis points, respectively, comparing the first quarters of 2017 and 2016. Despite these increases, the tax-equivalent yield on earning assets decreased 5 basis points to 3.47% for the three months ended March 31, 2017 from 3.52% for the same three months of 2016, as 61.6% of the growth in average earning assets was concentrated in lower-yielding deposits in other banks. Regarding interest expense, FNCB’s cost of funds remained stable at 0.48% for the three months ended March 31, 2017 and 2016, as strong deposit growth resulted in reduced reliance on higher-costing wholesale funds and other borrowed funds. Average deposits grew $82.6 million, or 11.4%, to $808.0 million for the three months ended March 31, 2017 from $725.4 million for the same three months of 2016. Conversely, average borrowed funds decreased $35.1 million, or 30.9%, to $78.3 million for the first quarter of 2017 from $113.4 million for the same quarter of 2016, resulting from reductions in FHLB borrowings in the first quarter of 2017 and a $4.0 million payment on FNCB’s subordinated debentures on December 1, 2016.

For the three months ended March 31, 2017 non-interest income totaled $1.6 million, an increase of $0.2 million, or 18.0%, compared to $1.3 million for the same three months of 2016. The change resulted primarily from an increase in net gains on the sale of securities of $0.2 million comparing the first quarters of 2017 and 2016.  In addition, FNCB also recorded net gains on the sale of OREO and other repossessed assets of $51 thousand and $57 thousand, respectively, in the first quarter of 2017. Comparatively, for the first quarter of 2016, FNCB recorded a net loss on the sale of OREO of $5 thousand. Partially offsetting these gains was a decrease in net gains on the sale of mortgage loans of $43 thousand.

FNCB experienced a slight increase of $0.1 million, or 1.8%, in non-interest expense comparing the three months ended March 31, 2017 and 2016, primarily reflecting an increase of $94 thousand, or 19.1%, in occupancy expense, resulting from long-term facilities planning and increased snow removal costs during the first quarter of 2017.    Other increases comparing the first quarters of 2017 and 2016 included $37 thousand in equipment expenses, $21 thousand in advertising expenses, and $17 thousand in bank shares tax. Partially offsetting these increases were decreases in regulatory assessments, legal expense, and data processing expense of $64 thousand, $52 thousand, and $36 thousand, respectively. FNCB’s efficiency ratio for the three months ended March 31, 2017 improved to 74.08% from 76.01% for the same three months of 2016.

Improved Asset Quality

Effective management of problem credits and delinquent loans led to continued improvement in FNCB’s asset quality during the first quarter of 2017. Total non-performing loans decreased $0.3 million, or 14.0%, to $1.9 million at March 31, 2017 from $2.2 million at December 31, 2016. The ratio of non-performing loans to total loans improved to 0.27% at March 31, 2017, compared to 0.31% at December 31, 2016 and 0.49% at March 31, 2016. In addition, delinquent loan levels continued to improve as evidenced by a 6-basis point improvement in ratio of total delinquent loans to total loans to 0.75% at March 31, 2017 from 0.81% at December 31, 2016.  The allowance for loan and lease losses as a percentage of gross loans was 1.16% at March 31, 2017 versus 1.15% at the end of 2016.

Financial Condition

Total assets decreased $91.5 million, or 7.7%, to $1.104 billion at March 31, 2017 from $1.195 billion at December 31, 2016. The change in total assets primarily reflected a $91.7 million reduction in total deposits, which led to a corresponding decrease of $85.7 million in cash and cash equivalents.  The decrease in total deposits was primarily attributable to cyclical net outflows of public funds, coupled with the anticipated exit of short-term funds received at the end of 2016 related to the sale of a municipal utility.  Net loans decreased by $15.7 million, or 2.2%, while available-for-sale securities grew by $12.3 million, or 4.5%.  The decrease in net loans resulted primarily from the planned exit of a large, local automobile floor plan relationship.

Total shareholders’ equity increased $3.0 million, or 3.4%, to $93.2 million at March 31, 2017 from $90.1 million at December 31, 2016. The capital improvement resulted primarily from net income of $2.2 million, coupled with a $1.0 million decrease in the accumulated other comprehensive loss, from the appreciation in the fair value of available-for-sale securities, net of tax effects. 

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 throughout Northeastern Pennsylvania through its 19 branch offices and Allentown-based Limited Purpose Banking Office.  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 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, fiscal and tax 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 stock 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, 2016.

[FNCB provides tabular information as follows]

FNCB Bancorp, Inc.
Selected Financial Data
			Mar 31,				Dec 31,				Sept 30,				Jun 30,				Mar 31,
				2017				2016				2016				2016				2016
Per share data:
Net income (fully diluted)			$	0.13			$	0.09			$	0.12			$	0.10			$	0.07
Cash dividends declared			$	0.03			$	0.03			$	0.02			$	0.02			$	0.02
Book value			$	5.58			$	5.42			$	5.81			$	5.76			$	5.57
Tangible book value			$	5.58			$	5.42			$	5.81			$	5.75			$	5.56
Market value:
	High		$	7.50			$	6.30			$	6.00			$	6.12			$	6.90
	Low		$	6.05			$	5.00			$	4.75			$	5.50			$	5.11
	Close		$	6.37			$	6.05			$	5.00			$	5.60			$	6.12
Common shares outstanding				16,692,314				16,645,845				16,614,856				16,586,868				16,530,432
Selected ratios:
Annualized return on average assets				0.78%				0.55%				0.73%				0.60%				0.42%
Annualized return on average shareholders' equity				9.77%				6.43%				8.46%				7.12%				5.15%
Efficiency ratio				74.08%				77.25%				70.96%				77.78%				76.01%
Tier I leverage ratio				7.55%				7.53%				7.52%				7.31%				7.08%
Total risk-based capital to risk-adjusted assets				12.38%				12.06%				12.37%				12.00%				11.81%
Average shareholders' equity to average total assets				7.97%				8.50%				8.63%				8.40%				8.15%
Yield on earning assets (FTE)				3.47%				3.53%				3.58%				3.56%				3.52%
Cost of funds				0.48%				0.49%				0.52%				0.50%				0.48%
Net interest spread (FTE)				2.99%				3.03%				3.06%				3.06%				3.04%
Net interest margin (FTE)				3.07%				3.11%				3.14%				3.14%				3.11%
Total delinquent loans/total loans				0.75%				0.81%				0.72%				0.74%				0.82%
Allowance for loan and lease losses/total loans				1.16%				1.15%				1.17%				1.17%				1.19%
Non-performing loans/total loans				0.27%				0.31%				0.33%				0.37%				0.49%
Annualized net (recoveries) charge-offs/average loans				(0.20%)				0.20%				(0.09%)				0.26%				0.47%

 

FNCB Bancorp, Inc.
Year-to-Date Consolidated Statements of Income
					Three Months Ended
					Mar 31,
(in thousands, except share data)						2017				2016
Interest income
Interest and fees on loans					$	7,038			$	6,969
Interest and dividends on securities
	U.S. government agencies					900				930
	State and political subdivisions, tax-free					23				10
	State and political subdivisions, taxable					822				535
	Other securities					66				96
		Total interest and dividends on securities				1,811				1,571
Interest on interest-bearing deposits in other banks						90				4
			Total interest income			8,939				8,544
Interest expense
Interest on deposits						744				642
Interest on borrowed funds
	Interest on Federal Home Loan Bank of Pittsburgh advances					131				148
	Interest on subordinated debentures					112				159
	Interest on junior subordinated debentures					69				57
		Total interest on borrowed funds				312				364
			Total interest expense			1,056				1,006
Net interest income before (credit) provision for loan and lease losses						7,883				7,538
(Credit) provision for loan and lease losses						(478	)			696
Net interest income after (credit) provision for loan and lease losses						8,361				6,842
Non-interest income
Deposit service charges						691				701
Net gain on the sale of securities						278				103
Net gain on the sale of mortgage loans held for sale						25				68
Net gain on the sale of other repossessed assets						57				-
Net gain (loss) on the sale of other real estate owned						51				(5	)
Loan-related fees						91				107
Income from bank-owned life insurance						135				146
Other						242				211
			Total non-interest income			1,570				1,331
Non-interest expense
Salaries and employee benefits						3,524				3,514
Occupancy expense						587				493
Equipment expense						460				423
Data processing expense						487				523
Regulatory assessments						173				237
Bank shares tax						258				241
Expense of other real estate owned						40				46
Legal expense						68				120
Professional fees						276				287
Insurance expense						125				128
Other operating expenses						930				792
			Total non-interest expense			6,928				6,804
Income before income taxes						3,003				1,369
Income tax expense						806				226
Net income					$	2,197			$	1,143
Income per share
	Basic				$	0.13			$	0.07
	Diluted				$	0.13			$	0.07
Cash dividends declared per common  share					$	0.03			$	0.02
Weighted average number of shares outstanding:
	Basic					16,657,551				16,519,759
	Diluted					16,670,788				16,520,580

 

FNCB Bancorp, Inc.
Quarter-to-Date Consolidated Statements of Income
					Three Months Ended
					Mar 31,				Dec 31,			Sept 30,				Jun 30,			Mar 31,
(in thousands, except share data)						2017				2016			2016				2016			2016
Interest income
Interest and fees on loans					$	7,038			$	7,066		$	7,156			$	7,032		$	6,969
Interest and dividends on securities
	U.S. government agencies					900				879			848				900			930
	State and political subdivisions, tax-free					23				16			9				11			10
	State and political subdivisions, taxable					822				740			675				624			535
	Other securities					66				56			69				94			96
		Total interest and dividends on securities				1,811				1,691			1,601				1,629			1,571
Interest on interest-bearing deposits in other banks						90				19			8				2			4
			Total interest income			8,939				8,776			8,765				8,663			8,544
Interest expense
Interest on deposits						744				721			704				663			642
Interest on borrowed funds
	Interest on Federal Home Loan Bank of Pittsburgh advances					131				123			157				167			148
	Interest on subordinated debentures					112				145			162				159			159
	Interest on junior subordinated debentures					69				67			62				61			57
		Total interest on borrowed funds				312				335			381				387			364
			Total interest expense			1,056				1,056			1,085				1,050			1,006
Net interest income before (credit) provision for loan and lease losses						7,883				7,720			7,680				7,613			7,538
(Credit) provision for loan and lease losses						(478	)			295			(234	)			396			696
Net interest income after (credit) provision for loan and lease losses						8,361				7,425			7,914				7,217			6,842
Non-interest income
Deposit service charges						691				735			739				717			701
Net gain on the sale of securities						278				-			-				857			103
Net gain on the sale of mortgage loans held for sale						25				102			99				71			68
Net gain on the sale of other repossessed assets						57				-			-				-			-
Net gain on the sale of SBA guaranteed loans						-				-			51				-			-
Net gain (loss) on the sale of other real estate owned						51				20			32				2			(5	)
Loan-related fees						91				152			85				95			107
Income from bank-owned life insurance						135				126			137				143			146
Other						242				263			237				209			211
			Total non-interest income			1,570				1,398			1,380				2,094			1,331
Non-interest expense
Salaries and employee benefits						3,524				3,954			3,263				3,589			3,514
Occupancy expense						587				476			479				329			493
Equipment expense						460				455			429				425			423
Data processing expense						487				475			505				494			523
Regulatory assessments						173				100			199				193			237
Bank shares tax						258				90			253				252			241
Expense of other real estate owned						40				74			95				194			46
Legal expense						68				77			79				86			120
Professional fees						276				245			157				272			287
Insurance expense						125				132			131				125			128
Other operating expenses						930				1,085			963				1,066			792
			Total non-interest expense			6,928				7,163			6,553				7,025			6,804
Income before income taxes						3,003				1,660			2,741				2,286			1,369
Income tax expense						806				136			724				661			226
Net income					$	2,197			$	1,524		$	2,017			$	1,625		$	1,143
Income per share
	Basic				$	0.13			$	0.09		$	0.12			$	0.10		$	0.07
	Diluted				$	0.13			$	0.09		$	0.12			$	0.10		$	0.07
Cash dividends declared per common  share					$	0.03			$	0.03		$	0.02			$	0.02		$	0.02
Weighted average number of shares outstanding:
	Basic					16,657,551				16,621,467			16,593,811				16,549,169			16,519,759
	Diluted					16,670,788				16,621,467			16,593,811				16,549,169			16,520,580

 

FNCB Bancorp, Inc.
Consolidated Balance Sheets
					Mar 31,				Dec 31,				Sept 30,				Jun 30,				Mar 31,
(in thousands)						2017				2016				2016				2016				2016
Assets
Cash and cash equivalents:
	Cash and due from banks				$	23,571			$	20,562			$	24,558			$	15,847			$	16,367
	Interest-bearing deposits in other banks					3,154				91,883				32,778				1,825				1,847
		Total cash and cash equivalents				26,725				112,445				57,336				17,672				18,214
Securities available for sale, at fair value						284,965				272,676				263,475				262,190				263,523
Stock in Federal Home Loan Bank of Pittsburgh at cost						2,678				3,311				2,741				5,219				3,932
Loans held for sale						563				596				185				563				455
Loans, net of net deferred costs and unearned income						718,450				734,279				729,662				733,720				728,158
Allowance for loan and lease losses						(8,306	)			(8,419	)			(8,490	)			(8,559	)			(8,635	)
Net loans						710,144				725,860				721,172				725,161				719,523
Bank premises and equipment, net						10,914				10,784				10,615				10,793				10,904
Accrued interest receivable						2,950				2,757				2,736				2,511				2,854
Intangible assets						-				-				14				55				96
Bank-owned life insurance						30,068				29,933				29,807				29,670				29,527
Other real estate owned						1,352				2,048				2,065				1,628				1,806
Other assets						33,526				34,965				31,441				32,076				34,181
			Total assets		$	1,103,885			$	1,195,375			$	1,121,587			$	1,087,538			$	1,085,015
Liabilities
Deposits:
	Demand (non-interest-bearing)				$	156,901			$	173,702			$	157,119			$	144,082			$	162,882
	Interest-bearing					766,525				841,437				773,840				691,751				720,243
		Total deposits				923,426				1,015,139				930,959				835,833				883,125
Borrowed funds:
	Federal Home Loan Bank of Pittsburgh advances					56,632				58,537				58,837				120,771				74,511
	Subordinated debentures					10,000				10,000				14,000				14,000				14,000
	Junior subordinated debentures					10,310				10,310				10,310				10,310				10,310
		Total borrowed funds				76,942				78,847				83,147				145,081				98,821
Accrued interest payable						225				242				294				311				333
Other liabilities						10,107				11,000				10,614				10,813				10,695
		Total liabilities				1,010,700				1,105,228				1,025,014				992,038				992,974
Shareholders' equity
Preferred stock						-				-				-				-				-
Common stock						20,865				20,807				20,768				20,734				20,663
Additional paid-in capital						62,841				62,593				62,381				62,210				62,069
Retained earnings						10,228				8,531				7,506				5,820				4,527
Accumulated other comprehensive (loss) income						(749	)			(1,784	)			5,918				6,736				4,782
		Total shareholders' equity				93,185				90,147				96,573				95,500				92,041
			Total liabilities and shareholders’ equity		$	1,103,885			$	1,195,375			$	1,121,587			$	1,087,538			$	1,085,015

 

FNCB Bancorp, Inc.
Summary Tax-equivalent Net Interest Income
					Three Months Ended
					Mar 31,				Dec 31,				Sept 30,				Jun 30,				Mar 31,
(dollars in thousands)						2017				2016				2016				2016				2016
Interest income
Loans:
Loans - taxable					$	6,701			$	6,767			$	6,809			$	6,674			$	6,603
Loans - tax-free						511				453				526				542				555
	Total loans					7,212				7,220				7,335				7,216				7,158
Securities:
Securities, taxable						1,788				1,675				1,592				1,618				1,561
Securities, tax-free						35				24				14				17				15
	Total interest and dividends on securities					1,823				1,699				1,606				1,635				1,576
Interest-bearing deposits in other banks						90				19				8				2				4
			Total interest income			9,125				8,938				8,949				8,853				8,738
Interest expense
Deposits						744				721				704				663				642
Borrowed funds						312				335				381				387				364
			Total interest expense			1,056				1,056				1,085				1,050				1,006
			Net interest income		$	8,069			$	7,882			$	7,864			$	7,803			$	7,732
Average balances
Earning assets:
Loans:
Loans - taxable					$	683,518			$	687,225			$	688,038			$	682,642			$	683,198
Loans - tax-free						43,822				41,081				47,620				48,131				48,433
	Total loans					727,340				728,306				735,658				730,773				731,631
Securities:
Securities, taxable						281,712				267,634				257,431				260,835				256,555
Securities, tax-free						2,571				1,664				905				1,090				1,107
	Total securities					284,283				269,298				258,336				261,925				257,662
Interest-bearing deposits in other banks						39,520				15,727				6,448				2,347				3,746
			Total interest-earning assets			1,051,143				1,013,331				1,000,442				995,045				993,039
Non-earning assets						92,368				95,322				99,010				97,271				101,958
			Total assets		$	1,143,511			$	1,108,653			$	1,099,452			$	1,092,316			$	1,094,997
Interest-bearing liabilities:
Deposits					$	807,981			$	775,565			$	737,431			$	725,552			$	725,369
Borrowed funds						78,306				78,780				103,821				117,229				113,386
			Total interest-bearing liabilities			886,287				854,345				841,252				842,781				838,755
Demand deposits						155,010				149,008				152,319				146,622				146,994
Other liabilities						11,045				11,029				11,006				11,125				19,967
Shareholders' equity						91,169				94,271				94,875				91,788				89,281
			Total liabilities and shareholders' equity		$	1,143,511			$	1,108,653			$	1,099,452			$	1,092,316			$	1,094,997
Yield/Cost
Earning assets:
Loans:
Interest and fees on loans - taxable						3.92	%			3.94	%			3.96	%			3.91	%			3.87	%
Interest and fees on loans - tax-free						4.66	%			4.41	%			4.42	%			4.50	%			4.58	%
	Total loans					3.97	%			3.97	%			3.99	%			3.95	%			3.91	%
Securities:
Securities, taxable						2.54	%			2.50	%			2.47	%			2.48	%			2.43	%
Securities, tax-free						5.42	%			5.83	%			6.03	%			6.11	%			5.48	%
	Total securities					2.56	%			2.52	%			2.49	%			2.50	%			2.45	%
Interest-bearing deposits in other banks						0.91	%			0.48	%			0.50	%			0.34	%			0.43	%
			Total earning assets			3.47	%			3.53	%			3.58	%			3.56	%			3.52	%
Interest-bearing liabilities:
Interest on deposits						0.37	%			0.37	%			0.38	%			0.37	%			0.35	%
Interest on borrowed funds						1.59	%			1.70	%			1.47	%			1.32	%			1.28	%
			Total interest-bearing liabilities			0.48	%			0.49	%			0.52	%			0.50	%			0.48	%
			Net interest spread			2.99	%			3.03	%			3.06	%			3.06	%			3.04	%
			Net interest margin			3.07	%			3.11	%			3.14	%			3.14	%			3.11	%

 

FNCB Bancorp, Inc.
Asset Quality Data
				Mar 31,				Dec 31,			Sept 30,				Jun 30,			Mar 31,
(in thousands)				2017				2016			2016				2016			2016
At period end
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs)				$	1,922			$	2,234		$	2,416			$	2,739		$	3,569
Loans past due 90 days or more and still accruing					-				-			-				-			-
	Total non-performing loans				1,922				2,234			2,416				2,739			3,569
Other real estate owned (OREO)					1,352				2,048			2,065				1,628			1,806
Other non-performing assets					2,006				2,160			260				-			-
	Total non-performing assets			$	5,280			$	6,442		$	4,741			$	4,367		$	5,375
Accruing TDRs				$	8,775			$	4,176		$	4,106			$	4,043		$	4,623
For the three months ended
Allowance for loan and lease losses
Beginning balance				$	8,419			$	8,490		$	8,559			$	8,635		$	8,790
Loans charged-off					297				572			189				709			1,148
Recoveries of charged-off loans					662				206			354				237			297
Net (recoveries) charge-offs					(365	)			366			(165	)			472			851
(Credit) provision for loan and lease losses					(478	)			295			(234	)			396			696
Ending balance				$	8,306			$	8,419		$	8,490			$	8,559		$	8,635

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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