DUNMORE, Pa., April 20, 2018 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (NASDAQ:FNCB) (“FNCB”), the parent company of Dunmore-based FNCB Bank (the “Bank”), today reported net income of $2.0 million, or $0.12 per basic and diluted share, for the three months ended March 31, 2018, compared to net income of $2.2 million, or $0.13 per basic and diluted share, for the same period of 2017. For the first quarter of 2018, higher net interest income and a reduction in income tax expense were slightly more than offset by an increase in non-interest expense and a $0.7 million provision for loan and lease losses compared to a credit for loan and lease losses of $0.5 million for the same three months of 2017.  The provision for loan losses for the first quarter of 2018 largely reflected strong loan growth, as loans, net of unearned income and net deferred loan costs, increased $37.6 million, or 4.9%, from December 31, 2017. Annualized return on average assets and return on average equity was 0.70% and 9.44%, respectively, for the three months ended March 31, 2018, compared to 0.78% and 9.77%, respectively, for the same three months of 2017. FNCB paid holders of its common stock a dividend of $0.04 per share for the first quarter of 2018, a 33.3% increase compared to $0.03 per share for the same period of 2017.

1^st QUARTER 2018 HIGHLIGHTS

• Net interest income increases $1.0 million, or 12.6%, comparing first quarters of 2018 and 2017;
• First quarter 2018 net interest margin (FTE) improves 19 basis points to 3.26%, compared to 3.07% for the same quarter of 2017;
• Year over year growth in loans, net of unearned income, of $92.8 million, or 13.0%;
• FNCB common stock began trading on The Nasdaq Capital Market effective with the opening bell on March 5, 2018;
• First quarter dividend increases 33.3% comparing 2018 and 2017.

“Strong, organic loan growth was the driving factor behind our operating performance for the first quarter of 2018, leading to significant improvement in net interest income,” said Gerard A. Champi, President and Chief Executive Officer. “The loan growth directly factored into a higher loan and lease loss provision, as our asset quality continues to remain favorable,” continued Champi. “We are excited to enter the second quarter of 2018 and look forward to the opening of our new, state-of-the-art branch office located in Plains Township, Luzerne County, Pennsylvania. This new branch, which will feature the “personal banker” model, will provide our customers with an enhanced, more personalized banking experience,” concluded Champi.

Summary Results for the First Three Months of 2018
Tax-equivalent net interest income increased $0.9 million, or 11.3%, to $9.0 million for the first three months of 2018, from $8.1 million for the same period in 2017. The improvement reflected strong growth in average-earning assets and higher yields on the loan and investment portfolios due to increases in market interest rates, partially offset by an increase in the cost of funds. Tax-equivalent interest income increased $1.4 million, or 15.5%, to $10.5 million for the three-month period ended March 31, 2018 compared to $9.1 million for the same period of 2017. Partially offsetting the increase in interest income was a $0.5 million increase in interest expense comparing the first quarters of 2018 and 2017. The increase in tax-equivalent interest income comparing the three months ended March 31, 2018 and 2017 primarily resulted from a $48.8 million, or 4.6%, increase in average earning assets, specifically a $68.4 million, or 9.4%, increase in average loans and a $16.1 million, or 5.6%, increase in average available-for-sale investment securities, partially offset by a decrease in average interest-bearing deposits in other banks of $35.7 million. The tax-equivalent yields earned on the loan and investment portfolios increased 28 basis points and 19 basis points, respectively, comparing the first quarters of 2018 and 2017. Interest expense increased $0.5 million, or 47.9%, to $1.6 million for the three months ended March 31, 2018 from $1.1 million for the same period of 2017. Impacted by higher market interest rates, FNCB’s cost of funds rose 21 basis points to 0.69% for the first quarter of 2018 from 0.48% for the same quarter of 2017. Average interest-bearing deposits declined $1.5 million to $806.5 million for the three months ended March 31, 2018 from $808.0 million for the same three months of 2017. Conversely, average borrowed funds increased $24.4 million, or 31.1%, to $102.7 million for the first quarter of 2018 from $78.3 million for the same quarter of 2017.

For the three months ended March 31, 2018, non-interest income totaled $1.5 million compared to $1.6 million for the same three months of 2017. Included in non-interest income for 2017 were net gains on the sale of available-for-sale securities of $278 thousand. There were no net gains on sales of available-for-sale securities during the first quarter of 2018. FNCB did record net gains on the sale of loans guaranteed by the Small Business Administration (SBA) for the first quarter of 2018 in the amount of $251 thousand.

Non-interest expense for the three months ended March 31, 2018 was $7.2 million, an increase of $0.3 million, or 4.4%, compared to $6.9 million for the same three months of 2017. The increase largely reflected increases in salaries and employee benefits expense due mostly to additional staff and other expenses.

Financial Position

Total assets increased $27.0 million, or 2.3%, to $1.189 billion at March 31, 2018 from $1.162 billion at December 31, 2017. The growth in the balance sheet largely reflected strong demand for the Bank’s lending products as loans, net of net deferred loan costs and unearned income grew $37.6 million, or 4.9%, to $808.2 million at March 31, 2018 from $770.6 million at December 31, 2017. In addition, available-for-sale investment securities increased $8.8 million, or 3.1%, to $298.3 million at March 31, 2018 from $289.5 million at the end of 2017. Total deposits decreased $47.2 million, or 4.7%, to $955.3 million at March 31, 2018 from $1.002 billion at December 31, 2017. The decrease in total deposits was due primarily to the cyclical deposit trends of public funds. Despite the decrease from year-end 2017, FNCB experienced solid growth year over year in both non-interest bearing and interest-bearing deposits, as total deposits grew $31.8 million, or 3.4%, from $923.4 million at March 31, 2017.

FNCB’s asset quality improved, as total non-performing assets decreased $0.6 million, or 11.3%, to $4.9 million at March 31, 2018 from $5.5 million at December 31, 2017. The improvement was primarily due to a $0.4 million reduction in other real estate owned to $0.6 million at March 31, 2018 from $1.0 million at year-end 2017. In addition, non-accrual loans decreased $0.2 million to $2.4 million at March 31, 2018 from $2.6 million at December 31, 2017. The ratio of non-performing loans to total loans improved to 0.30% at March 31, 2018, compared to 0.34% at December 31, 2017. Annualized net charge-offs were 0.10% of average loans outstanding for the quarter ended March 31, 2018, compared to a net recovery of 0.20% of average loans outstanding for the same quarter of 2017. The allowance for loan losses as a percentage of loans, net of unearned income and net deferred loan costs, was 1.18% and 1.17% at March 31, 2018 and December 31, 2017, respectively.

Total shareholders’ equity was $86.7 million at March 31, 2018 compared to $89.2 million at December 31, 2017. The $2.5 million reduction was due primarily to an increase in accumulated other comprehensive loss of $3.9 million resulting from market value depreciation of FNCB’s available-for-sale investment securities, net of deferred income taxes, coupled with dividends declared and paid of $0.7 million. Partially offsetting these reductions was net income of $2.0 million for the three months ended March 31, 2018.

FNCB’s total risk-based capital ratio and the Tier 1 leverage ratio were 11.70% and 7.80%, respectively at March 31, 2018, compared to 12.08% and 7.74%, respectively, at December 31, 2017. 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.

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. Locally-based for over 100 years, FNCB Bank continues as Northeastern Pennsylvania’s premier community bank – offering a full suite of personal, small business and commercial banking solutions with industry-leading mobile, online and in-branch products and services. FNCB operates through 18 branch offices located in Lackawanna, Luzerne and Wayne Counties and a limited purpose office in Lehigh County, and remains dedicated to making our customers’ banking experience simply better. For more information about FNCB, visit www.fncb.com.

INVESTOR CONTACT:
James M. Bone, Jr., CPA
Executive Vice President and
Chief Financial Officer
FNCB Bank
(570) 348-6419
james.bone@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, 2017.

[FNCB provides tabular information as follows]

FNCB Bancorp, Inc.
Selected Financial Data
			Mar 31,				Dec 31,				Sept 30,				Jun 30,				Mar 31,
				2018				2017				2017				2017				2017
Per share data:
Net income (fully diluted)			$	0.12			$	(0.36	)		$	0.14			$	0.11			$	0.13
Cash dividends declared			$	0.04			$	0.04			$	0.03			$	0.03			$	0.03
Book value			$	5.17			$	5.32			$	5.82			$	5.76			$	5.58
Tangible book value			$	5.17			$	5.32			$	5.82			$	5.76			$	5.58
Market value:
	High		$	9.98			$	7.99			$	8.00			$	8.13			$	7.50
	Low		$	7.01			$	6.54			$	7.41			$	6.35			$	6.05
	Close		$	9.24			$	7.30			$	7.57			$	7.80			$	6.37
Common shares outstanding				16,766,600				16,757,963				16,757,963				16,757,963				16,692,314
Selected ratios:
Annualized return on average assets				0.70	%			(2.09	%)			0.80	%			0.65	%			0.78	%
Annualized return on average shareholders' equity				9.44	%			(24.98	%)			9.27	%			7.60	%			9.77	%
Efficiency ratio				68.23	%			73.42	%			65.09	%			72.81	%			74.08	%
Tier I leverage ratio				7.80	%			7.74	%			8.10	%			7.99	%			7.55	%
Total risk-based capital to risk-adjusted assets				11.70	%			12.08	%			12.17	%			12.53	%			12.38	%
Average shareholders' equity to average total assets				7.38	%			8.35	%			8.61	%			8.49	%			7.97	%
Yield on earning assets (FTE)				3.83	%			3.84	%			3.77	%			3.66	%			3.47	%
Cost of funds				0.69	%			0.59	%			0.59	%			0.53	%			0.48	%
Net interest spread (FTE)				3.15	%			3.25	%			3.18	%			3.13	%			2.99	%
Net interest margin (FTE)				3.26	%			3.35	%			3.27	%			3.21	%			3.07	%
Total delinquent loans/total loans				0.73	%			0.72	%			0.81	%			0.94	%			0.75	%
Allowance for loan and lease losses/total loans				1.18	%			1.17	%			1.17	%			1.16	%			1.16	%
Non-performing loans/total loans				0.30	%			0.34	%			0.35	%			0.50	%			0.27	%
Annualized net charge-offs (recoveries)/average loans				0.10	%			0.06	%			0.08	%			0.14	%			(0.20	%)

FNCB Bancorp, Inc.
Year-to-Date Consolidated Statements of Income
					Three Months Ended
					March 31,
(in thousands, except share data)						2018				2017
Interest income
Interest and fees on loans					$	8,288			$	6,980
Interest and dividends on securities
	U.S. government agencies					890				900
	State and political subdivisions, tax-free					20				23
	State and political subdivisions, taxable					1,024				822
	Other securities					195				124
		Total interest and dividends on securities				2,129				1,869
Interest on interest-bearing deposits in other banks						23				90
			Total interest income			10,440				8,939
Interest expense
Interest on deposits						1,067				744
Interest on borrowed funds
	Interest on Federal Home Loan Bank of Pittsburgh advances					352				131
	Interest on subordinated debentures					56				112
	Interest on junior subordinated debentures					87				69
		Total interest on borrowed funds				495				312
			Total interest expense			1,562				1,056
Net interest income before provision (credit) for loan and lease losses						8,878				7,883
Provision (credit) for loan and lease losses						720				(478	)
Net interest income after provision (credit) for loan and lease losses						8,158				8,361
Non-interest income
Deposit service charges						702				691
Net gain on the sale of securities						-				278
Net loss on equity securities						(19	)			-
Net gain on the sale of mortgage loans held for sale						49				25
Net gain on the sale of SBA guaranteed loans						251				-
Net gain on the sale of other repossessed assets						-				57
Net gain on the sale of other real estate owned						37				51
Loan-related fees						84				91
Income from bank-owned life insurance						134				135
Other						281				242
			Total non-interest income			1,519				1,570
Non-interest expense
Salaries and employee benefits						3,666				3,524
Occupancy expense						603				587
Equipment expense						314				460
Data processing expense						648				487
Regulatory assessments						201				173
Bank shares tax						267				258
Professional fees						296				276
Insurance expense						135				125
Other operating expenses						1,102				1,038
			Total non-interest expense			7,232				6,928
Income before income taxes						2,445				3,003
Income tax expense						426				806
Net income					$	2,019			$	2,197
Income per share
	Basic				$	0.12			$	0.13
	Diluted				$	0.12			$	0.13
Cash dividends declared per common  share					$	0.04			$	0.03
Weighted average number of shares outstanding:
	Basic					16,763,401				16,657,551
	Diluted					16,789,336				16,670,788

 

FNCB Bancorp, Inc.
Quarter-to-Date Consolidated Statements of Income (Loss)
					Three Months Ended
					Mar 31,				Dec 31,				Sept 30,			Jun 30,				Mar 31,
(in thousands, except share data)						2018				2017				2017			2017				2017
Interest income
Interest and fees on loans					$	8,288			$	8,073			$	7,576		$	7,192			$	6,980
Interest and dividends on securities
	U.S. government agencies					890				860				816			850				900
	State and political subdivisions, tax-free					20				7				7			12				23
	State and political subdivisions, taxable					1,024				993				1,016			978				822
	Other securities					195				154				166			119				124
		Total interest and dividends on securities				2,129				2,014				2,005			1,959				1,869
Interest on interest-bearing deposits in other banks						23				34				24			32				90
			Total interest income			10,440				10,121				9,605			9,183				8,939
Interest expense
Interest on deposits						1,067				1,008				943			826				744
Interest on borrowed funds
	Interest on Federal Home Loan Bank of Pittsburgh advances					352				175				163			130				131
	Interest on subordinated debentures					56				57				97			114				112
	Interest on junior subordinated debentures					87				81				77			73				69
		Total interest on borrowed funds				495				313				337			317				312
			Total interest expense			1,562				1,321				1,280			1,143				1,056
Net interest income before provision (credit) for loan and lease losses						8,878				8,800				8,325			8,040				7,883
Provision (credit) for loan and lease losses						720				283				543			421				(478	)
Net interest income after provision (credit) for loan and lease losses						8,158				8,517				7,782			7,619				8,361
Non-interest income
Deposit service charges						702				756				728			728				691
Net gain on the sale of securities						-				259				367			693				278
Net loss on equity securities						(19	)			-				-			-				-
Net gain on the sale of mortgage loans held for sale						49				63				106			110				25
Net (loss) gain on the sale of other repossessed assets						-				-				-			(10	)			57
Net gain on the sale of SBA guaranteed loans						251				-				23			56				-
Net gain on the sale of other real estate owned						37				22				-			6				51
Loan-related fees						84				132				96			65				91
Income from bank-owned life insurance						134				128				129			135				135
Other						281				558				265			240				242
			Total non-interest income			1,519				1,918				1,714			2,023				1,570
Non-interest expense
Salaries and employee benefits						3,666				4,092				3,247			3,298				3,524
Occupancy expense						603				538				394			586				587
Equipment expense						314				435				474			446				460
Data processing expense						648				521				506			509				487
Regulatory assessments						201				189				160			164				173
Bank shares tax						267				38				252			252				258
Professional fees						296				294				206			180				276
Insurance expense						135				134				132			128				125
Other operating expenses						1,102				1,563				1,026			1,377				1,106
			Total non-interest expense			7,232				7,804				6,397			6,940				6,928
Income before income taxes						2,445				2,631				3,099			2,702				3,003
Income tax expense						426				8,745				827			910				806
Net income (loss)					$	2,019			$	(6,114	)		$	2,272		$	1,792			$	2,197
Income (loss) per share
	Basic				$	0.12			$	(0.36	)		$	0.14		$	0.11			$	0.13
	Diluted				$	0.12			$	(0.36	)		$	0.14		$	0.11			$	0.13
Cash dividends declared per common  share					$	0.04			$	0.04			$	0.03		$	0.03			$	0.03
Weighted average number of shares outstanding:
	Basic					16,763,401				16,757,963				16,757,963			16,716,899				16,657,551
	Diluted					16,789,336				16,774,209				16,777,671			16,736,995				16,670,788

 

FNCB Bancorp, Inc.
Consolidated Balance Sheets
					Mar 31,				Dec 31,				Sept 30,				Jun 30,				Mar 31,
(in thousands)						2018				2017				2017				2017				2017
Assets
Cash and cash equivalents:
	Cash and due from banks				$	12,323			$	22,755			$	24,881			$	24,169			$	23,571
	Interest-bearing deposits in other banks					1,873				14,991				18,929				1,991				3,154
		Total cash and cash equivalents				14,196				37,746				43,810				26,160				26,725
Securities available for sale, at fair value						298,314				289,459				281,102				282,106				287,362
Equity securities, at fair value						899				918				925				924				923
Restricted stock, at cost						5,703				2,763				2,460				2,292				2,688
Loans held for sale						366				1,095				147				617				563
Loans, net of net deferred costs and unearned income						808,202				770,643				759,489				728,141				715,450
Allowance for loan and lease losses						(9,562	)			(9,034	)			(8,862	)			(8,469	)			(8,306	)
Net loans						798,640				761,609				750,627				719,672				707,144
Bank premises and equipment, net						12,870				10,388				10,482				10,715				10,914
Accrued interest receivable						3,430				3,234				3,203				2,784				2,950
Bank-owned life insurance						30,594				30,460				30,332				30,203				30,068
Other real estate owned						579				1,023				1,088				1,183				1,352
Other assets						23,669				23,610				32,935				31,083				33,414
			Total assets		$	1,189,260			$	1,162,305			$	1,157,111			$	1,107,739			$	1,104,103
Liabilities
Deposits:
	Demand (non-interest-bearing)				$	172,896			$	176,325			$	162,426			$	147,878			$	156,901
	Interest-bearing					782,357				826,123				820,786				784,872				766,525
		Total deposits				955,253				1,002,448				983,212				932,750				923,426
Borrowed funds:
	Federal Home Loan Bank of Pittsburgh advances					121,485				44,968				45,350				44,903				56,632
	Subordinated debentures					5,000				5,000				5,000				10,000				10,000
	Junior subordinated debentures					10,310				10,310				10,310				10,310				10,310
		Total borrowed funds				136,795				60,278				60,660				65,213				76,942
Accrued interest payable						284				241				244				235				225
Other liabilities						10,190				10,147				15,513				12,797				10,107
		Total liabilities				1,102,522				1,073,114				1,059,629				1,010,995				1,010,700
Shareholders' equity
Preferred stock						-				-				-				-				-
Common stock						20,958				20,947				20,947				20,947				20,865
Additional paid-in capital						63,335				63,210				63,143				63,076				62,841
Retained earnings						8,057				6,779				13,282				11,517				10,228
Accumulated other comprehensive (loss) income						(5,612	)			(1,745	)			110				1,204				(531	)
		Total shareholders' equity				86,738				89,191				97,482				96,744				93,403
			Total liabilities and shareholders’ equity		$	1,189,260			$	1,162,305			$	1,157,111			$	1,107,739			$	1,104,103

 

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)						2018				2017				2017				2017				2017
Interest income
Loans:
Loans - taxable					$	7,934			$	7,736			$	7,266			$	6,874			$	6,643
Loans - tax-free						448				511				470				482				511
	Total loans					8,382				8,247				7,736				7,356				7,154
Securities:
Securities, taxable						2,109				2,007				1,998				1,947				1,846
Securities, tax-free						25				11				11				18				35
	Total interest and dividends on securities					2,134				2,018				2,009				1,965				1,881
Interest-bearing deposits in other banks						23				34				24				32				90
			Total interest income			10,539				10,299				9,769				9,353				9,125
Interest expense
Deposits						1,067				1,008				943				826				744
Borrowed funds						495				313				337				317				312
						1,562				1,321				1,280				1,143				1,056
			Net interest income		$	8,977			$	8,978			$	8,489			$	8,210			$	8,069
Average balances
Earning assets:
Loans:
Loans - taxable					$	748,375			$	725,988			$	700,729			$	682,426			$	680,518
Loans - tax-free						44,383				41,548				38,109				40,190				43,822
	Total loans					792,758				767,536				738,838				722,616				724,340
Securities:
Securities, taxable						301,032				292,307				290,348				287,133				284,712
Securities, tax-free						2,325				600				600				1,105				2,571
	Total securities					303,357				292,907				290,948				288,238				287,283
Interest-bearing deposits in other banks						3,825				12,215				7,499				12,676				39,520
			Total interest-earning assets			1,099,940				1,072,658				1,037,285				1,023,530				1,051,143
Non-earning assets						76,114				89,801				92,603				90,672				92,368
			Total assets		$	1,176,054			$	1,162,459			$	1,129,888			$	1,114,202			$	1,143,511
Interest-bearing liabilities:
Deposits					$	806,494			$	824,680			$	792,649			$	783,672			$	807,981
Borrowed funds						102,676				67,476				73,168				72,347				78,306
			Total interest-bearing liabilities			909,170				892,156				865,817				856,019				886,287
Demand deposits						169,450				162,135				156,483				152,974				155,010
Other liabilities						10,663				11,079				10,325				10,633				11,045
Shareholders' equity						86,771				97,089				97,263				94,576				91,169
			Total liabilities and shareholders' equity		$	1,176,054			$	1,162,459			$	1,129,888			$	1,114,202			$	1,143,511
Yield/Cost
Earning assets:
Loans:
Interest and fees on loans - taxable						4.24	%			4.26	%			4.15	%			4.03	%			3.90	%
Interest and fees on loans - tax-free						4.04	%			4.92	%			4.93	%			4.80	%			4.66	%
	Total loans					4.23	%			4.30	%			4.19	%			4.07	%			3.95	%
Securities:
Securities, taxable						2.80	%			2.75	%			2.75	%			2.71	%			2.59	%
Securities, tax-free						4.30	%			7.33	%			7.33	%			6.51	%			5.42	%
	Total securities					2.81	%			2.76	%			2.76	%			2.73	%			2.62	%
Interest-bearing deposits in other banks						2.41	%			1.11	%			1.28	%			1.01	%			0.91	%
			Total earning assets			3.83	%			3.84	%			3.77	%			3.66	%			3.47	%
Interest-bearing liabilities:
Interest on deposits						0.53	%			0.49	%			0.48	%			0.42	%			0.37	%
Interest on borrowed funds						1.93	%			1.86	%			1.84	%			1.75	%			1.59	%
			Total interest-bearing liabilities			0.69	%			0.59	%			0.59	%			0.53	%			0.48	%
			Net interest spread			3.15	%			3.25	%			3.18	%			3.13	%			2.99	%
			Net interest margin			3.26	%			3.35	%			3.27	%			3.21	%			3.07	%

FNCB Bancorp, Inc.
Asset Quality Data
				Mar 31,			Dec 31,			Sept 30,			Jun 30,			Mar 31,
(in thousands)				2018			2017			2017			2017			2017
At period end
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs)				$	2,403		$	2,578		$	2,642		$	3,681		$	1,922
Loans past due 90 days or more and still accruing					-			-			-			-			-
	Total non-performing loans				2,403			2,578			2,642			3,681			1,922
Other real estate owned (OREO)					579			1,023			1,088			1,183			1,352
Other non-performing assets					1,900			1,900			1,900			1,900			2,006
	Total non-performing assets			$	4,882		$	5,501		$	5,630		$	6,764		$	5,280
Accruing TDRs				$	8,797		$	9,299		$	9,283		$	9,306		$	8,775
For the three months ended
Allowance for loan and lease losses
Beginning balance				$	9,034		$	8,862		$	8,469		$	8,306		$	8,419
Loans charged-off					400			310			377			465			297
Recoveries of charged-off loans					208			199			227			207			662
Net charge-offs (recoveries)					192			111			150			258			(365	)
Provision (credit) for loan and lease losses					720			283			543			421			(478	)
Ending balance				$	9,562		$	9,034		$	8,862		$	8,469		$	8,306

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