First National Community Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charges Off for the Fourth Quarter Ended December 31, 2015
January 29, 2016 at 04:50 pm EST
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First National Community Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest income of $8,606,000 against $8,019,000 a year ago. Income before income taxes was $1,490,000 against loss of $31,000 a year ago. Net income was $29,209,000 or $1.77 basic and diluted per share against loss of $31,000 a year ago. Net interest income was $7,798,000 against $6,771,000 a year ago. Return on average assets and return on average shareholders' equity were 10.99% and 192.68%, respectively, compared to negative return on average assets and negative return on average shareholders' equity of 0.01% and 0.24%, respectively, for the same three months of 2014.
For the year, the company reported total interest income of $32,201,000 against $32,673,000 a year ago. Income before income taxes was $8,081,000 against $13,746,000 a year ago. Net income was $35,840,000 or $2.17 basic and diluted per share against $13,420,000 or $0.81 basic and diluted per share a year ago. Net interest income before the credit for loan and lease losses increased $874,000, or 3.3%, to $27.4 million in 2015 from $26.5 million in 2014. The improvement in net interest income reflected a $1.3 million, or 21.9%, decrease in interest expense, which was due primarily to a 19 basis point reduction in the company's cost of funds to 0.61% in 2015 from 0.80% in 2014. Return on average assets and return on average shareholders' equity equaled 3.57% and 63.24%, respectively in 2015, compared to 1.38% and 29.50%, respectively, in 2014. Tangible book value improved 68.1% to $5.21 per share at December 31, 2015 compared to $3.10 per share at December 31, 2014. Book value per share as on December 31, 2015 was $5.22 against $3.12 as at December 31, 2014.
For the quarter, the company reported net charge-offs of $30 million against $138 million a year ago.
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 Year Ended December 31, 2015; Reports Net Charges Off for the Fourth Quarter Ended December 31, 2015