FCN Banc Corp. Announces Audited Consolidated Earnings Results for the Year Ended December 31, 2016
FCN Banc Corp. announced audited consolidated earnings results for the year ended December 31, 2016. For the year, the company reported net interest income of $12,295,000 compared to $11,716,000 a year ago. Net interest income after provision for losses on loans was $12,220,000 compared to $11,356,000 a year ago. Earnings before income taxes were $5,361,000 compared to $4,891,000 a year ago. Net earnings were $3,962,000 or $2.63 per basic share compared to $3,559,000 or $2.36 per basic share a year ago. Net cash provided by operating activities was $5,815,000 compared to $4,585,000 a year ago. Purchases of and additions to office premises and equipment was $1,424,000 compared to $940,000 a year ago. The company posted a return on average assets of 0.94% versus 0.86% in 2015. Return on average equity also improved from 8.41% to 9.19% over the same time period.