FNCB Bancorp, Inc. (NASDAQ: FNCB; www.fncb.com), the parent company
of Dunmore-based FNCB Bank (the “Bank”), (collectively,
"FNCB") today reported net income of $2.7 million, or $0.14
per basic and diluted share, for the three months ended March 31,
2023, a decrease of $1.7 million, or 38.8%, compared to
$4.4 million, or $0.22 per share for the same period of 2022. Lower
net interest income and non-interest income, coupled with increases
in non-interest expense, were the primary factors leading to the
reduction in first quarter 2023 earnings. For the three
months ended March 31, 2023, the annualized return on average
assets and return on average equity was 0.62% and 8.84%,
respectively, compared to 1.08% and 11.31%, respectively, for the
same period of 2022. FNCB declared and paid dividends to
shareholders of common stock of $0.090 per share for
the first quarter of 2023, a 20.0% increase, compared to
$0.075 per share for the first quarter of 2022.
First quarter 2023 performance:
|
● |
First quarter net income was $2.7 million, or $0.14 per share,
compared to $4.4 million, or $0.22 per share for the first quarter
of 2022; |
|
● |
Yield on earning assets (FTE)
increased 100 basis points to 4.45% for the first quarter of 2023
from 3.45% for the same quarter of 2022, and improved 22 basis
points on a linked-quarter basis from 4.23% for the fourth quarter
of 2022; |
|
● |
Cost of funds increased 201
basis points to 2.15% from 0.14% comparing the first quarters of
2023 and 2022, and increased 96 basis points on a linked-quarter
basis from 1.19% for the fourth quarter of 2022; |
|
● |
Net interest margin (FTE)
contracted 57 basis points to 2.78% for the first quarter of 2023,
compared to 3.35% for the same period of 2022, and contracted 54
basis points on a linked-quarter basis from 3.32% for the fourth
quarter of 2022; |
|
● |
Efficiency ratio was 67.69%
for the first quarter of 2023 compared to 58.12% for the first
quarter of 2022. |
Summary financial position at March 31, 2023 as compared
to December 31, 2022:
|
● |
Total assets increased $64.0 million, or 3.7%, to $1.809 billion at
March 31, 2023 from $1.746 billion at December 31, 2022; |
|
● |
Net loans and leases increased
$41.4 million, or 3.3%, to $1.152 billion at March 31, 2023 from
$1.110 billion at December 31, 2022; |
|
● |
Total deposits increased $42.7
million, or 3.0% to $1.463 billion at March 31,2023 from $1.421
billion at December 31, 2022; |
|
● |
Non-performing loans as a
percentage of total loans improved to 0.23% at March 31,
2023 from 0.25% at December 31, 2022; |
|
● |
The Bank was well capitalized
with total risk-based capital and leverage ratios of 12.97% and
8.96%, respectively, at March 31, 2023, and 13.10% and 8.77%,
respectively, at December 31, 2022. |
"The rapid rise in interest rates impacted FNCB's first quarter
profitability as we have started to experience some margin and
spread compression," said FNCB President and CEO, Gerard A. Champi.
"We remain laser-focused on effective and prudent balance
sheet and funding cost management. We continue to believe that FNCB
is well positioned with strong asset quality, ample liquidity
sources and a solid tangible capital base. Additionally,
FNCB's level of uninsured deposits, at approximately 25% of total
deposits, is low compared to our peers. With these strong
metrics, we believe FNCB will be able to successfully
navigate the many challenges presented by the current
economic environment," concluded Champi.
Summary Results
Net interest income on a tax-equivalent basis decreased $1.2
million, or 9.1%, to $11.8 million for the three months ended March
31, 2023, from $13.0 million for the comparable period of 2022,
which was caused by an increase in interest expense, partially
offset by an increase in tax-equivalent interest income. The
increase in both interest expense and tax-equivalent interest
income reflected the nine FOMC rate increases beginning March 17,
2022 through March 31, 2023. However, the velocity and magnitude of
the actions, coupled with increasing market competition and
rate-sensitivity of depositors, has resulted in an acceleration of
funding costs over earning-asset yields, causing both margin
and spread compression. FNCB's tax-equivalent net interest margin
compressed 57 basis points to 2.78% for the first quarter of
2023 from 3.35% for the same quarter of 2022. Additionally,
the net interest spread declined 101 basis points to 2.30% for the
three months ended March 31, 2023, from 3.31% for the same
three months of 2022. The reduction in margin and spread largely
reflected the rapid increases in funding costs that outpaced the
increase in yield on average earning assets, comparing the
first quarters of 2023 and 2022. On a linked-quarter basis,
the tax-equivalent net interest margin declined 54 basis points
from 3.32%, and the net interest rate spread declined
74 basis points from 3.01%, for the fourth quarter of
2022. Interest expense increased $6.7 million, to
$7.1 million for the first quarter of 2023 from $0.4 million
for the same quarter of 2022. The increase was largely caused
by higher deposit and borrowing costs, coupled with greater
reliance on higher-costing wholesale funding. FNCB's average
deposit costs increased 148 basis points to 1.60% for the first
quarter of 2023 compared to 0.12% for the same quarter of
2022, and increased 79 basis points on a linked-quarter basis from
0.81% for the fourth quarter of 2022. Average borrowed funds,
specifically advances through the FHLB of
Pittsburgh, increased $176.3 million to $223.7
million from $47.3 million comparing the three months ended
March 31, 2023 and 2022, respectively. Moreover, the average cost
of borrowed funds increased 417 basis points to 4.86% for the first
quarter of 2023 from 0.69% for the same quarter of 2022.
Conversely, average interest-bearing deposits decreased $14.9
million, or 1.3%, to $1.097 billion from $1.112
billion, comparing the first quarters of 2023 and 2022,
respectively, which was due primarily to cyclical trends of FNCB's
municipal deposit customers. FNCB did experience some deposit
migration from non-maturity deposits and non-interest-bearing
deposits into time deposits, as customers are becoming increasingly
rate-sensitive. Average interest-bearing demand deposits decreased
$112.5 million, or 13.6%, to $714.0 million for the first quarter
of 2023 compared to $826.5 million for the same quarter of
2022. Additionally, non-interest-bearing demand deposits
decreased $20.9 million, or 6.8%, to $288.0 million for the first
quarter of 2023 from $308.9 million for the respective quarter of
2022. Conversely, average time deposits increased $95.0 million, or
65.7%, to $239.7 million for the three months ended March 31,
2023, from $144.7 million for the same three months of 2022, which
reflected special certificate of deposit rate promotions during the
first quarter. Tax-equivalent interest income increased $5.5
million, or 40.9%, to $18.9 million from $13.4 million comparing
the first quarter of 2023 and 2022, respectively,
which largely reflected higher earning-asset yields, coupled
with an increase in average earning-asset volumes. The
tax-equivalent yield on average earning assets increased 100 basis
points to 4.45% for the three months ended March 31,
2023, from 3.45% for the same three months of 2022.
Specifically, the tax-equivalent yield on the loan portfolio
increased 108 basis points to 5.16% for the first quarter of
2023 from 4.08% for the same quarter of 2022. In addition, the
tax-equivalent yield on the investment portfolio increased 58 basis
points to 2.98% for the first quarter of 2023 from 2.40% for
the same quarter of 2022. With regard to asset volumes, total
average earning assets increased $144.3 million, or 9.3%, to $1.703
billion for the three months ended March 31, 2023, from $1.559
billion for the same three months of 2022. Specifically, average
total loans and leases increased $136.6 million, or 13.7%, to
$1.137 billion for the first quarter of 2023 from $1.000
billion for the same quarter of 2022, which was largely due to
strong organic loan demand, the new commercial equipment finance
product offering and the acquisition of third-party originated loan
pools. In addition, total securities averaged $549.2 million for
the first quarter of 2023, an increase of $8.1 million, or 1.5%,
from $541.0 million for the first quarter of 2022.
For the three months ended March 31, 2023, non-interest income
decreased $119 thousand, or 6.6%, to $1.7 million from $1.8
million for the three months ended March 31, 2022. The reduction in
non-interest revenue was largely due to unrealized net
losses recognized on equity securities, coupled with decreases
in merchant services revenue and other income. Stock volatility in
the financial service sector during first quarter of 2023 resulted
in net unrealized losses of $508 thousand on equity securities of
other financial institutions for the three months ended March
31, 2023, compared to $125 thousand in losses on equity
securities recorded for the same quarter of 2022. Merchant services
totaled $161 thousand for the first quarter of 2023, a decrease of
$38 thousand, or 19.1%, from $199 thousand for the same
three-month period of 2022. Other income decreased $106 thousand to
$237 thousand for the first quarter of 2023 from $343 thousand for
the respective quarter of 2022. These reductions were
slightly offset by increases in net gains on the sale of
available-for-sale debt securities that totaled $162 thousand for
the three months ended March 31, 2023. There were no gains
recognized on the sale of available-for-sale securities in the
first quarter of 2022. In addition, BOLI income increased $52
thousand, or 36.0%, to $197 thousand for the three months ended
March 31, 2023, from $145 thousand for the comparable period of
2022, due to the purchase of additional BOLI policies in 2022.
While, loan-related fees, specifically servicing
revenue, increased $62 thousand, or 108.5%, to $119 thousand,
compared to $57 thousand for the same three months of
2022.
Non-interest expense increased $377 thousand, or 4.4%,
to $8.9 million for the three months ended March 31,
2023, from $8.5 million for the three months ended March 31, 2022,
which primarily reflected increases in salaries and employee
benefits and other non-interest expenses. Salaries and employee
benefits increased $737 thousand, or 15.8%, to $5.4 million for
the first quarter of 2023 from $4.7 million for the same
quarter of 2022, which primarily reflected higher full-time
salaries and benefits associated with staff additions, in addition
to increases in starting salaries and salary ranges, to stay
competitive in attracting and retaining qualified staff. Comparing
the three months ended March 31, 2023, and 2022, other operating
expenses increased $253 thousand, or 28.8%, which was largely due
to increases in correspondent bank charges and servicing costs
associated with purchased loan pools. These increases were
partially offset by decreases in the provision for unfunded
commitments, occupancy and equipment expense, data processing
expenses and professional fees. During the first quarter of
2023, FNCB recorded a credit to the provision for unfunded
commitments of $269 thousand, a decrease of $317 thousand, compared
to a provision for unfunded commitments of $48 thousand for the
comparable quarter of 2022. Occupancy and equipment expenses,
decreased $27 thousand and $52 thousand, respectively, comparing
the first three months of 2023 and 2022. Data processing expenses
decreased $65 thousand, or 6.1%, to $1.0 million for the three
months ended March 31, 2023, from $1.1 million for the same
three-month period in 2022. Professional fees totaled $302
thousand, a $25 thousand, or 7.8% decrease from $327 thousand
comparing the first quarters of 2023 and 2022, respectively.
Asset Quality
As of January 1, 2023, FNCB adopted ASU 2016-13, commonly
referred to as Current Expected Credit Losses ("CECL"), which
requires financial assets (or a group of financial assets) to be
measured at amortized cost basis and to be
presented at the net amount expected to be collected,
which will replace the current loss impairment methodology
under GAAP. In applying the modified-retrospective method upon
adoption of CECL, FNCB recorded the following adjustments on
January 1, 2023, a decrease to the allowance for currently losses
("ACL") of $2.6 million, a decrease to deferred tax assets of
$287 thousand, an increase to the reserve for unfunded
commitments of $1.3 million, and an increase to retained earnings
of $1.1 million.
FNCB's asset quality remained favorable through the first
quarter of 2023, as total non-performing loans decreased $0.1
million, or 4.1%, to $2.7 million at March 31, 2023, representing
0.23% of total loans and leases, at March 31, 2023,
from $2.8 million, or 0.25% of total loans and leases, at
December 31, 2022. Year-over-year, non-performing loans
decreased $1.2 million, or 31.3%, from $3.9 million, or 0.37%
of total loans, at March 31, 2022. FNCB’s loan
delinquency rate (total delinquent loans as a percentage of total
loans) decreased to 0.40% at March 31, 2023, compared to
0.45% at December 31, 2022, and 0.55% at March 31,
2022. FNCB recorded a provision for credit losses of $975
thousand for the first quarter of 2022 compared to a
provision of $759 thousand for the same quarter of 2022.
The increase was primarily attributable to increases in loan
and lease volumes. The allowance for credit losses was
$12.3 million, or 1.06% of total loans and leases, at March
31, 2023, which included a $2.6 million adjustment to the ACL on
loans, related to the adoption of CECL, as mentioned above. At
December 31, 2022, allowance for loan and lease losses was $14.2
million, or 1.26% of total loans and leases.
Financial Condition
Total assets increased $64.0 million, or 3.7%, to $1.809
billion at March 31, 2023, from $1.746 billion at December 31,
2022. The change in total assets primarily reflected increases in
loans and leases, net of the ACL, and cash and cash equivalents,
partially offset by decreases in available-for-sale debt
securities. Loans and leases, net of the ACL, increased $41.4
million, or 3.3%, to $1.152 billion at March 31, 2023, from
$1.110 billion at December 31, 2022. Increases were
experienced across the commercial and industrial and state and
political subdivision loans, which primarily reflected commercial
equipment financing originations. Cash and cash equivalents
increased $27.7 million, or 66.0%, to $69.6 million at March 31,
2023, from $41.9 million at December 31, 2022. While,
available-for-sale debt securities decreased $3.0 million, or
0.6%, to $473.0 million at March 31, 2023, from $476.0 million
at December 31, 2022. Total deposits increased $42.7 million, or
3.0%, to $1.463 billion at March 31, 2023, from $1.421
billion at December 31, 2022. Following destabilization in the
financial services industry, FNCB secured liquidity through
the brokered deposit market. Additionally, FNCB experienced
migration from non-maturity deposits, non-interest-bearing and
interest-bearing demand and savings deposits, into time deposits
due to several certificate of deposit rate-specials offered. Total
non-maturity deposits decreased $158.4 million, or 12.5%, to
$1.104 billion at March 31, 2023 from $1.263 billion at December
31, 2022. Total time deposits increased $201.1 million, or
127.4%, to $359.0 million at the end of the first quarter of
2023 from $157.9 million at December 31, 2022. Included in time
deposits at March 31, 2023 were brokered deposits of $141.9
million, an increase of $118.0 million from $23.9 million at
December 31, 2022. Total borrowed funds increased $14.3
million to $196.7 million at March 31, 2023, from $172.0 million at
December 31, 2022, which was entirely due to additional advances
through the FHLB of Pittsburgh.
Total shareholders’ equity increased $7.6 million, or 6.3%, to
$126.5 million at March 31, 2023, from $118.9 million at December
31, 2022. The increase in capital was primarily due to market
value appreciation of FNCB's available-for-sale debt securities,
net of deferred taxes, which resulted in a $5.4 million decrease in
the accumulated other comprehensive loss to $42.6 million at March
31, 2023, compared to an accumulated other comprehensive loss of
$48.0 million at December 31, 2022. Also impacting capital
was net income of $2.7 million for the three months ended
March 31, 2023, partially offset by $1.8 million in dividends
declared and paid for the three months ended March 31, 2023.
Tangible book value was $6.43 per share at March 31, 2023, compared
to $6.04 per share at December 31, 2022, reflecting the increase in
fair value of available-for-sale securities. FNCB Bank was
considered well capitalized with total risk-based capital and
Tier 1 leverage ratios of 12.97% and 8.96%, respectively, at
March 31, 2023, and 13.10% and 8.77%, respectively, at December 31,
2022.
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 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 113 years, FNCB Bank continues as a
premier community bank in Northeastern Pennsylvania – offering a
full suite of personal, small business and commercial banking
solutions with industry-leading mobile, online and in-branch
products and services. FNCB currently operates through
16 community offices located in Lackawanna, Luzerne and Wayne
Counties and remains dedicated to making its customers’
banking experience simply better. For more information about FNCB,
visit www.fncb.com.
INVESTOR CONTACT:
James M. Bone, Jr., CPAExecutive Vice President
and Chief Financial
Officer FNCB
Bank(570) 348-6419james.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 our
reports to shareholders, and in our 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, including statements with
respect to new product offerings, 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,” “will,” “would,” “believe,” “anticipate,”
“estimate,” “expect,” “intend,”
“plan,” “project,” “future” 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: government intervention in the U.S. financial system
including the effects of recent legislative, tax, accounting and
regulatory actions and reforms; political instability; the
ability of FNCB to manage credit risk; weakness in the economic
environment, in general, and within FNCB’s market area; the
deterioration of one or a few of the commercial real estate loans
with relatively large balances contained in FNCB’s loan portfolio;
greater risk of loan defaults and losses from concentration of
loans held by FNCB, including those to insiders and related
parties; if FNCB’s portfolio of loans to small and mid-sized
community-based businesses increases its credit risk; if FNCB’s
allowance for credit losses ("ACL") is not sufficient to
absorb actual losses or if increases to the ACL were required;
FNCB is subject to interest-rate risk and any changes in interest
rates could negatively impact net interest income or the fair value
of FNCB's financial assets; if management concludes that the
decline in value of any of FNCB’s investment securities is caused
by a credit-related event could result in FNCB recording an
impairment loss; if FNCB’s risk management framework is
ineffective in mitigating risks or losses to FNCB; if FNCB is
unable to successfully compete with others for business; a loss of
depositor confidence resulting from changes in either FNCB’s
financial condition or in the general banking industry; if
FNCB is unable to retain or grow its core deposit base;
inability or insufficient dividends from its subsidiary, FNCB Bank;
if FNCB loses access to wholesale funding sources; interruptions or
security breaches of FNCB’s information systems; any systems
failures or interruptions in information technology and
telecommunications systems of third parties on which FNCB depends;
security breaches; if FNCB’s information technology is unable to
keep pace with growth or industry developments or if technological
developments result in higher costs or less advantageous pricing;
the loss of management and other key personnel; dependence on the
use of data and modeling in both its management’s decision-making
generally and in meeting regulatory expectations in particular;
additional risk arising from new lines of business, products,
product enhancements or services offered by FNCB; inaccuracy of
appraisals and other valuation techniques FNCB uses in evaluating
and monitoring loans secured by real property and other real estate
owned; unsoundness of other financial institutions; damage to
FNCB’s reputation; defending litigation and other actions;
dependence on the accuracy and completeness of information about
customers and counterparties; risks arising from future expansion
or acquisition activity; environmental risks and associated costs
on its foreclosed real estate assets; any remediation ordered, or
adverse actions taken, by federal and state regulators, including
requiring FNCB to act as a source of financial and managerial
strength for the FNCB Bank in times of stress; costs arising
from extensive government regulation, supervision and possible
regulatory enforcement actions; new or changed legislation or
regulation and regulatory initiatives; noncompliance and
enforcement action with the Bank Secrecy Act and other anti-money
laundering statutes and regulations; failure to comply with
numerous "fair and responsible banking" laws; any violation of laws
regarding privacy, information security and protection of personal
information or another incident involving personal, confidential or
proprietary information of individuals; any rulemaking changes
implemented by the Consumer Financial Protection Bureau; inability
to attract and retain its highest performing employees due to
potential limitations on incentive compensation contained in
proposed federal agency rulemaking; any future increases in FNCB
Bank’s FDIC deposit insurance premiums and assessments; 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 press release. Readers should carefully
review the risk factors described in the Annual Report and other
documents that FNCB periodically files with the SEC, including its
Form 10-K for the year ended December 31, 2022.
FNCB Bancorp, Inc. |
Selected Financial Data |
|
|
Mar 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
Jun 30, |
|
|
Mar 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (fully
diluted) |
|
$ |
0.14 |
|
|
$ |
0.24 |
|
|
$ |
0.28 |
|
|
$ |
0.29 |
|
|
$ |
0.22 |
|
Cash dividends declared |
|
$ |
0.090 |
|
|
$ |
0.090 |
|
|
$ |
0.090 |
|
|
$ |
0.075 |
|
|
$ |
0.075 |
|
Book value |
|
$ |
6.43 |
|
|
$ |
6.04 |
|
|
$ |
5.67 |
|
|
$ |
6.38 |
|
|
$ |
7.03 |
|
Tangible book value |
|
$ |
6.43 |
|
|
$ |
6.04 |
|
|
$ |
5.67 |
|
|
$ |
6.38 |
|
|
$ |
7.03 |
|
Market value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
|
$ |
9.00 |
|
|
$ |
8.70 |
|
|
$ |
8.65 |
|
|
$ |
10.02 |
|
|
$ |
10.15 |
|
Low |
|
$ |
6.09 |
|
|
$ |
7.34 |
|
|
$ |
7.49 |
|
|
$ |
7.36 |
|
|
$ |
8.67 |
|
Close |
|
$ |
6.20 |
|
|
$ |
8.21 |
|
|
$ |
7.51 |
|
|
$ |
8.00 |
|
|
$ |
9.49 |
|
Common shares outstanding |
|
|
19,683,873 |
|
|
|
19,681,644 |
|
|
|
19,680,474 |
|
|
|
19,675,557 |
|
|
|
19,683,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
assets |
|
|
0.62 |
% |
|
|
1.13 |
% |
|
|
1.26 |
% |
|
|
1.37 |
% |
|
|
1.08 |
% |
Annualized return on average
shareholders' equity |
|
|
8.84 |
% |
|
|
17.40 |
% |
|
|
16.95 |
% |
|
|
17.57 |
% |
|
|
11.31 |
% |
Efficiency ratio |
|
|
67.69 |
% |
|
|
59.37 |
% |
|
|
54.88 |
% |
|
|
53.35 |
% |
|
|
58.12 |
% |
Tier I leverage ratio (FNCB
Bank) |
|
|
8.96 |
% |
|
|
8.77 |
% |
|
|
9.38 |
% |
|
|
9.32 |
% |
|
|
9.30 |
% |
Total risk-based capital to
risk-adjusted assets (FNCB Bank) |
|
|
12.97 |
% |
|
|
13.10 |
% |
|
|
14.16 |
% |
|
|
13.90 |
% |
|
|
14.10 |
% |
Average shareholders' equity
to average total assets |
|
|
6.96 |
% |
|
|
6.50 |
% |
|
|
7.44 |
% |
|
|
7.80 |
% |
|
|
9.54 |
% |
Yield on earning assets
(FTE) |
|
|
4.45 |
% |
|
|
4.23 |
% |
|
|
3.87 |
% |
|
|
3.58 |
% |
|
|
3.45 |
% |
Cost of funds |
|
|
2.15 |
% |
|
|
1.19 |
% |
|
|
0.59 |
% |
|
|
0.22 |
% |
|
|
0.14 |
% |
Net interest spread (FTE) |
|
|
2.30 |
% |
|
|
3.04 |
% |
|
|
3.28 |
% |
|
|
3.36 |
% |
|
|
3.31 |
% |
Net interest margin (FTE) |
|
|
2.78 |
% |
|
|
3.32 |
% |
|
|
3.43 |
% |
|
|
3.42 |
% |
|
|
3.35 |
% |
Total delinquent loans/total
loans |
|
|
0.40 |
% |
|
|
0.44 |
% |
|
|
0.43 |
% |
|
|
0.39 |
% |
|
|
0.55 |
% |
Allowance for loan and lease
losses/total loans |
|
|
1.06 |
% |
|
|
1.26 |
% |
|
|
1.24 |
% |
|
|
1.23 |
% |
|
|
1.27 |
% |
Non-performing loans/total
loans |
|
|
0.23 |
% |
|
|
0.25 |
% |
|
|
0.25 |
% |
|
|
0.26 |
% |
|
|
0.37 |
% |
Annualized net charge-offs
(recoveries) /average loans |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.03 |
% |
|
|
(0.07 |
%) |
|
|
0.02 |
% |
FNCB Bancorp, Inc. |
Year-to-Date Consolidated Statements of Income |
|
|
Three Months Ended |
|
|
|
March 31, |
|
(in
thousands, except share data) |
|
2023 |
|
|
2022 |
|
Interest income |
|
|
|
|
|
|
|
|
Interest and fees on loans and
leases |
|
$ |
14,565 |
|
|
$ |
10,102 |
|
Interest and dividends on
securities: |
|
|
|
|
|
|
|
|
Taxable |
|
|
3,077 |
|
|
|
2,390 |
|
Tax-exempt |
|
|
587 |
|
|
|
612 |
|
Dividends |
|
|
273 |
|
|
|
78 |
|
Total interest and dividends on securities |
|
|
3,937 |
|
|
|
3,080 |
|
Interest on interest-bearing
deposits in other banks |
|
|
177 |
|
|
|
7 |
|
Total interest income |
|
|
18,679 |
|
|
|
13,189 |
|
Interest
expense |
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
4,377 |
|
|
|
324 |
|
Interest on borrowed
funds |
|
|
|
|
|
|
|
|
Federal Home Loan Bank of Pittsburgh advances |
|
|
2,551 |
|
|
|
31 |
|
Junior subordinated debentures |
|
|
166 |
|
|
|
51 |
|
Total interest on borrowed funds |
|
|
2,717 |
|
|
|
82 |
|
Total interest expense |
|
|
7,094 |
|
|
|
406 |
|
Net interest income
before provision for credit losses |
|
|
11,585 |
|
|
|
12,783 |
|
Provision for credit
losses |
|
|
975 |
|
|
|
759 |
|
Net interest income
after provision for credit losses |
|
|
10,610 |
|
|
|
12,024 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
Deposit service charges |
|
|
1,064 |
|
|
|
1,050 |
|
Net gain on the sale of
available-for-sale debt securities |
|
|
162 |
|
|
|
- |
|
Net (loss) gain on equity
securities |
|
|
(508 |
) |
|
|
(125 |
) |
Net gain on the sale of
mortgage loans held for sale |
|
|
1 |
|
|
|
0 |
|
Loan-related fees |
|
|
119 |
|
|
|
57 |
|
Income from bank-owned life
insurance |
|
|
197 |
|
|
|
145 |
|
Merchant services revenue |
|
|
161 |
|
|
|
199 |
|
Wealth management services
revenue |
|
|
238 |
|
|
|
121 |
|
Other |
|
|
237 |
|
|
|
343 |
|
Total non-interest income |
|
|
1,671 |
|
|
|
1,790 |
|
Non-interest
expense |
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
5,395 |
|
|
|
4,658 |
|
Occupancy expense |
|
|
521 |
|
|
|
548 |
|
Equipment expense |
|
|
272 |
|
|
|
324 |
|
Advertising expense |
|
|
209 |
|
|
|
132 |
|
Data processing expense |
|
|
998 |
|
|
|
1,063 |
|
Regulatory assessments |
|
|
213 |
|
|
|
225 |
|
Bank shares tax |
|
|
149 |
|
|
|
341 |
|
Professional fees |
|
|
302 |
|
|
|
327 |
|
(Credit) provision for
unfunded commitments |
|
|
(269 |
) |
|
|
48 |
|
Other operating expenses |
|
|
1,131 |
|
|
|
878 |
|
Total non-interest expense |
|
|
8,921 |
|
|
|
8,544 |
|
Income before income
taxes |
|
|
3,360 |
|
|
|
5,270 |
|
Income tax expense |
|
|
697 |
|
|
|
917 |
|
Net
income |
|
$ |
2,663 |
|
|
$ |
4,353 |
|
|
|
|
|
|
|
|
|
|
Income per
share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.14 |
|
|
$ |
0.22 |
|
Diluted |
|
$ |
0.14 |
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share |
|
$ |
0.090 |
|
|
$ |
0.075 |
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
19,682,357 |
|
|
|
19,935,288 |
|
Diluted |
|
|
19,690,859 |
|
|
|
19,972,113 |
|
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) |
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and
leases |
|
$ |
14,565 |
|
|
$ |
13,721 |
|
|
$ |
12,270 |
|
|
$ |
11,100 |
|
|
$ |
10,102 |
|
Interest and dividends on
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
3,077 |
|
|
|
2,856 |
|
|
|
2,633 |
|
|
|
2,402 |
|
|
|
2,390 |
|
Tax-exempt |
|
|
587 |
|
|
|
701 |
|
|
|
691 |
|
|
|
658 |
|
|
|
612 |
|
Dividends |
|
|
273 |
|
|
|
196 |
|
|
|
163 |
|
|
|
112 |
|
|
|
78 |
|
Total interest and dividends on securities |
|
|
3,937 |
|
|
|
3,753 |
|
|
|
3,487 |
|
|
|
3,172 |
|
|
|
3,080 |
|
Interest on interest-bearing
deposits in other banks |
|
|
177 |
|
|
|
57 |
|
|
|
19 |
|
|
|
8 |
|
|
|
7 |
|
Total interest income |
|
|
18,679 |
|
|
|
17,531 |
|
|
|
15,776 |
|
|
|
14,280 |
|
|
|
13,189 |
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
4,377 |
|
|
|
2,299 |
|
|
|
1,001 |
|
|
|
346 |
|
|
|
324 |
|
Interest on borrowed
funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Reserve Bank Discount
Window advances |
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Federal Home Loan Bank of Pittsburgh advances |
|
|
2,551 |
|
|
|
1,392 |
|
|
|
736 |
|
|
|
242 |
|
|
|
31 |
|
Junior subordinated debentures |
|
|
166 |
|
|
|
138 |
|
|
|
99 |
|
|
|
70 |
|
|
|
51 |
|
Total interest on borrowed funds |
|
|
2,717 |
|
|
|
1,533 |
|
|
|
835 |
|
|
|
312 |
|
|
|
82 |
|
Total interest expense |
|
|
7,094 |
|
|
|
3,832 |
|
|
|
1,836 |
|
|
|
658 |
|
|
|
406 |
|
Net interest income
before provision for credit losses |
|
|
11,585 |
|
|
|
13,699 |
|
|
|
13,940 |
|
|
|
13,622 |
|
|
|
12,783 |
|
Provision for credit
losses |
|
|
975 |
|
|
|
628 |
|
|
|
513 |
|
|
|
62 |
|
|
|
759 |
|
Net interest income
after provision for credit losses |
|
|
10,610 |
|
|
|
13,071 |
|
|
|
13,427 |
|
|
|
13,560 |
|
|
|
12,024 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit service charges |
|
|
1,064 |
|
|
|
1,167 |
|
|
|
1,133 |
|
|
|
1,065 |
|
|
|
1,050 |
|
Net gain (loss) on the sale of
available-for-sale debt securities |
|
|
162 |
|
|
|
(188 |
) |
|
|
- |
|
|
|
(35 |
) |
|
|
- |
|
Net (loss) gain on equity
securities |
|
|
(508 |
) |
|
|
87 |
|
|
|
86 |
|
|
|
(82 |
) |
|
|
(125 |
) |
Net gain on the sale of
mortgage loans held for sale |
|
|
1 |
|
|
|
82 |
|
|
|
91 |
|
|
|
32 |
|
|
|
- |
|
Loan-related fees |
|
|
119 |
|
|
|
82 |
|
|
|
54 |
|
|
|
50 |
|
|
|
57 |
|
Income from bank-owned life
insurance |
|
|
197 |
|
|
|
168 |
|
|
|
200 |
|
|
|
197 |
|
|
|
145 |
|
Bank-owned life insurance
settlement |
|
|
- |
|
|
|
273 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Merchant services revenue |
|
|
161 |
|
|
|
168 |
|
|
|
173 |
|
|
|
172 |
|
|
|
199 |
|
Wealth management services
revenue |
|
|
238 |
|
|
|
218 |
|
|
|
109 |
|
|
|
115 |
|
|
|
121 |
|
Other |
|
|
237 |
|
|
|
336 |
|
|
|
295 |
|
|
|
143 |
|
|
|
343 |
|
Total non-interest income |
|
|
1,671 |
|
|
|
2,393 |
|
|
|
2,141 |
|
|
|
1,657 |
|
|
|
1,790 |
|
Non-interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
5,395 |
|
|
|
5,525 |
|
|
|
4,581 |
|
|
|
4,519 |
|
|
|
4,658 |
|
Occupancy expense |
|
|
521 |
|
|
|
581 |
|
|
|
517 |
|
|
|
447 |
|
|
|
548 |
|
Equipment expense |
|
|
272 |
|
|
|
341 |
|
|
|
314 |
|
|
|
316 |
|
|
|
324 |
|
Advertising expense |
|
|
209 |
|
|
|
240 |
|
|
|
202 |
|
|
|
227 |
|
|
|
132 |
|
Data processing expense |
|
|
998 |
|
|
|
981 |
|
|
|
974 |
|
|
|
1,009 |
|
|
|
1,063 |
|
Regulatory assessments |
|
|
213 |
|
|
|
160 |
|
|
|
230 |
|
|
|
196 |
|
|
|
225 |
|
Bank shares tax |
|
|
149 |
|
|
|
(176 |
) |
|
|
375 |
|
|
|
375 |
|
|
|
341 |
|
Professional fees |
|
|
302 |
|
|
|
436 |
|
|
|
297 |
|
|
|
213 |
|
|
|
327 |
|
(Credit) provision for
unfunded commitments |
|
|
(269 |
) |
|
|
(95 |
) |
|
|
338 |
|
|
|
75 |
|
|
|
48 |
|
Other operating expenses |
|
|
1,131 |
|
|
|
1,673 |
|
|
|
1,204 |
|
|
|
855 |
|
|
|
878 |
|
Total non-interest expense |
|
|
8,921 |
|
|
|
9,666 |
|
|
|
9,032 |
|
|
|
8,232 |
|
|
|
8,544 |
|
Income before income
taxes |
|
|
3,360 |
|
|
|
5,798 |
|
|
|
6,536 |
|
|
|
6,985 |
|
|
|
5,270 |
|
Income tax expense |
|
|
697 |
|
|
|
879 |
|
|
|
1,101 |
|
|
|
1,247 |
|
|
|
917 |
|
Net
income |
|
$ |
2,663 |
|
|
$ |
4,919 |
|
|
$ |
5,435 |
|
|
$ |
5,738 |
|
|
$ |
4,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.14 |
|
|
$ |
0.25 |
|
|
$ |
0.28 |
|
|
$ |
0.29 |
|
|
$ |
0.22 |
|
Diluted |
|
$ |
0.14 |
|
|
$ |
0.24 |
|
|
$ |
0.28 |
|
|
$ |
0.29 |
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share |
|
$ |
0.090 |
|
|
$ |
0.090 |
|
|
$ |
0.090 |
|
|
$ |
0.075 |
|
|
$ |
0.075 |
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
19,682,357 |
|
|
|
19,681,437 |
|
|
|
19,687,766 |
|
|
|
19,677,109 |
|
|
|
19,935,288 |
|
Diluted |
|
|
19,690,859 |
|
|
|
19,690,676 |
|
|
|
19,697,047 |
|
|
|
19,694,125 |
|
|
|
19,972,113 |
|
FNCB Bancorp, Inc. |
Consolidated Balance Sheets |
|
|
Mar 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
Jun 30, |
|
|
Mar 31, |
|
(in
thousands) |
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
20,418 |
|
|
$ |
26,588 |
|
|
$ |
29,231 |
|
|
$ |
23,355 |
|
|
$ |
19,383 |
|
Interest-bearing deposits in other banks |
|
|
49,153 |
|
|
|
15,328 |
|
|
|
4,896 |
|
|
|
4,037 |
|
|
|
4,719 |
|
Total cash and cash equivalents |
|
|
69,571 |
|
|
|
41,916 |
|
|
|
34,127 |
|
|
|
27,392 |
|
|
|
24,102 |
|
Available-for-sale debt
securities |
|
|
473,119 |
|
|
|
476,091 |
|
|
|
472,451 |
|
|
|
495,604 |
|
|
|
514,133 |
|
Equity securities, at fair
value |
|
|
7,369 |
|
|
|
7,717 |
|
|
|
5,496 |
|
|
|
5,307 |
|
|
|
5,018 |
|
Restricted stock, at cost |
|
|
8,482 |
|
|
|
8,545 |
|
|
|
4,838 |
|
|
|
5,787 |
|
|
|
4,020 |
|
Loans held for sale |
|
|
- |
|
|
|
60 |
|
|
|
248 |
|
|
|
667 |
|
|
|
- |
|
Loans and leases, net of
deferred loan fees and costs and unearned income |
|
|
1,163,789 |
|
|
|
1,124,317 |
|
|
|
1,111,230 |
|
|
|
1,088,748 |
|
|
|
1,036,400 |
|
Allowance for credit
losses |
|
|
(12,279 |
) |
|
|
(14,193 |
) |
|
|
(13,819 |
) |
|
|
(13,381 |
) |
|
|
(13,129 |
) |
Net loans and leases |
|
|
1,151,510 |
|
|
|
1,110,124 |
|
|
|
1,097,411 |
|
|
|
1,075,367 |
|
|
|
1,023,271 |
|
Bank premises and equipment,
net |
|
|
15,316 |
|
|
|
15,616 |
|
|
|
15,526 |
|
|
|
15,619 |
|
|
|
15,895 |
|
Accrued interest
receivable |
|
|
6,143 |
|
|
|
5,957 |
|
|
|
5,629 |
|
|
|
5,103 |
|
|
|
4,870 |
|
Bank-owned life insurance |
|
|
36,696 |
|
|
|
36,499 |
|
|
|
37,036 |
|
|
|
36,836 |
|
|
|
36,639 |
|
Other assets |
|
|
41,275 |
|
|
|
43,005 |
|
|
|
31,754 |
|
|
|
25,403 |
|
|
|
21,602 |
|
Total assets |
|
$ |
1,809,481 |
|
|
$ |
1,745,530 |
|
|
$ |
1,704,516 |
|
|
$ |
1,693,085 |
|
|
$ |
1,649,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand (non-interest-bearing) |
|
$ |
281,114 |
|
|
$ |
305,850 |
|
|
$ |
320,879 |
|
|
$ |
317,725 |
|
|
$ |
317,541 |
|
Interest-bearing |
|
|
1,182,192 |
|
|
|
1,114,797 |
|
|
|
1,181,747 |
|
|
|
1,109,219 |
|
|
|
1,094,052 |
|
Total deposits |
|
|
1,463,306 |
|
|
|
1,420,647 |
|
|
|
1,502,626 |
|
|
|
1,426,944 |
|
|
|
1,411,593 |
|
Borrowed funds |
|
|
196,648 |
|
|
|
182,360 |
|
|
|
76,010 |
|
|
|
128,360 |
|
|
|
87,260 |
|
Accrued interest payable |
|
|
848 |
|
|
|
171 |
|
|
|
101 |
|
|
|
85 |
|
|
|
57 |
|
Other liabilities |
|
|
22,185 |
|
|
|
23,403 |
|
|
|
14,187 |
|
|
|
12,184 |
|
|
|
12,251 |
|
Total liabilities |
|
|
1,682,987 |
|
|
|
1,626,581 |
|
|
|
1,592,924 |
|
|
|
1,567,573 |
|
|
|
1,511,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common stock |
|
|
24,604 |
|
|
|
24,602 |
|
|
|
24,600 |
|
|
|
24,594 |
|
|
|
24,604 |
|
Additional paid-in
capital |
|
|
77,636 |
|
|
|
77,502 |
|
|
|
77,381 |
|
|
|
77,233 |
|
|
|
77,642 |
|
Retained earnings |
|
|
66,834 |
|
|
|
64,873 |
|
|
|
61,737 |
|
|
|
58,085 |
|
|
|
53,834 |
|
Accumulated other
comprehensive income |
|
|
(42,580 |
) |
|
|
(48,028 |
) |
|
|
(52,126 |
) |
|
|
(34,400 |
) |
|
|
(17,691 |
) |
Total shareholders' equity |
|
|
126,494 |
|
|
|
118,949 |
|
|
|
111,592 |
|
|
|
125,512 |
|
|
|
138,389 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,809,481 |
|
|
$ |
1,745,530 |
|
|
$ |
1,704,516 |
|
|
$ |
1,693,085 |
|
|
$ |
1,649,550 |
|
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) |
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases -
taxable |
|
$ |
14,145 |
|
|
$ |
13,328 |
|
|
$ |
11,870 |
|
|
$ |
10,743 |
|
|
$ |
9,755 |
|
Loans and leases -
tax-free |
|
|
532 |
|
|
|
498 |
|
|
|
506 |
|
|
|
452 |
|
|
|
439 |
|
Total loans |
|
|
14,677 |
|
|
|
13,826 |
|
|
|
12,376 |
|
|
|
11,195 |
|
|
|
10,194 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities, taxable |
|
|
3,350 |
|
|
|
3,052 |
|
|
|
2,796 |
|
|
|
2,514 |
|
|
|
2,468 |
|
Securities, tax-free |
|
|
743 |
|
|
|
888 |
|
|
|
875 |
|
|
|
833 |
|
|
|
775 |
|
Total interest and dividends
on securities |
|
|
4,093 |
|
|
|
3,940 |
|
|
|
3,671 |
|
|
|
3,347 |
|
|
|
3,243 |
|
Interest-bearing deposits in
other banks |
|
|
177 |
|
|
|
57 |
|
|
|
19 |
|
|
|
8 |
|
|
|
7 |
|
Total interest
income |
|
|
18,947 |
|
|
|
17,823 |
|
|
|
16,066 |
|
|
|
14,550 |
|
|
|
13,444 |
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
4,377 |
|
|
|
2,299 |
|
|
|
1,001 |
|
|
|
346 |
|
|
|
324 |
|
Borrowed funds |
|
|
2,717 |
|
|
|
1,533 |
|
|
|
835 |
|
|
|
312 |
|
|
|
82 |
|
Total interest
expense |
|
|
7,094 |
|
|
|
3,832 |
|
|
|
1,836 |
|
|
|
658 |
|
|
|
406 |
|
Net interest
income |
|
$ |
11,853 |
|
|
$ |
13,991 |
|
|
$ |
14,230 |
|
|
$ |
13,892 |
|
|
$ |
13,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases -
taxable |
|
$ |
1,082,830 |
|
|
$ |
1,069,260 |
|
|
$ |
1,045,474 |
|
|
$ |
1,013,899 |
|
|
$ |
946,201 |
|
Loans and leases -
tax-free |
|
|
54,045 |
|
|
|
56,064 |
|
|
|
57,099 |
|
|
|
53,471 |
|
|
|
54,096 |
|
Total loans |
|
|
1,136,875 |
|
|
|
1,125,324 |
|
|
|
1,102,573 |
|
|
|
1,067,370 |
|
|
|
1,000,297 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities, taxable |
|
|
449,351 |
|
|
|
439,998 |
|
|
|
438,339 |
|
|
|
442,998 |
|
|
|
437,955 |
|
Securities, tax-free |
|
|
99,836 |
|
|
|
114,128 |
|
|
|
113,629 |
|
|
|
109,948 |
|
|
|
103,086 |
|
Total securities |
|
|
549,187 |
|
|
|
554,126 |
|
|
|
551,968 |
|
|
|
552,946 |
|
|
|
541,041 |
|
Interest-bearing deposits in
other banks |
|
|
17,068 |
|
|
|
6,185 |
|
|
|
4,634 |
|
|
|
4,488 |
|
|
|
17,464 |
|
Total interest-earning
assets |
|
|
1,703,130 |
|
|
|
1,685,635 |
|
|
|
1,659,175 |
|
|
|
1,624,804 |
|
|
|
1,558,802 |
|
Non-earning assets |
|
|
51,930 |
|
|
|
39,355 |
|
|
|
51,847 |
|
|
|
55,303 |
|
|
|
78,394 |
|
Total
assets |
|
$ |
1,755,060 |
|
|
$ |
1,724,990 |
|
|
$ |
1,711,022 |
|
|
$ |
1,680,107 |
|
|
$ |
1,637,196 |
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
1,096,758 |
|
|
$ |
1,138,817 |
|
|
$ |
1,118,909 |
|
|
$ |
1,101,947 |
|
|
$ |
1,111,671 |
|
Borrowed funds |
|
|
223,694 |
|
|
|
144,995 |
|
|
|
130,481 |
|
|
|
113,932 |
|
|
|
47,346 |
|
Total interest-bearing
liabilities |
|
|
1,320,452 |
|
|
|
1,283,812 |
|
|
|
1,249,390 |
|
|
|
1,215,879 |
|
|
|
1,159,017 |
|
Demand deposits |
|
|
287,975 |
|
|
|
309,372 |
|
|
|
318,656 |
|
|
|
319,505 |
|
|
|
308,830 |
|
Other liabilities |
|
|
24,487 |
|
|
|
19,659 |
|
|
|
15,742 |
|
|
|
13,730 |
|
|
|
13,234 |
|
Shareholders' equity |
|
|
122,146 |
|
|
|
112,147 |
|
|
|
127,234 |
|
|
|
130,993 |
|
|
|
156,115 |
|
Total liabilities and
shareholders' equity |
|
$ |
1,755,060 |
|
|
$ |
1,724,990 |
|
|
$ |
1,711,022 |
|
|
$ |
1,680,107 |
|
|
$ |
1,637,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and
leases - taxable |
|
|
5.23 |
% |
|
|
4.99 |
% |
|
|
4.54 |
% |
|
|
4.24 |
% |
|
|
4.12 |
% |
Interest and fees on loans and
leases - tax-free |
|
|
3.94 |
% |
|
|
3.56 |
% |
|
|
3.54 |
% |
|
|
3.38 |
% |
|
|
3.25 |
% |
Total loans |
|
|
5.16 |
% |
|
|
4.91 |
% |
|
|
4.49 |
% |
|
|
4.20 |
% |
|
|
4.08 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities, taxable |
|
|
2.98 |
% |
|
|
2.77 |
% |
|
|
2.55 |
% |
|
|
2.27 |
% |
|
|
2.25 |
% |
Securities, tax-free |
|
|
2.98 |
% |
|
|
3.11 |
% |
|
|
3.08 |
% |
|
|
3.03 |
% |
|
|
3.01 |
% |
Total securities |
|
|
2.98 |
% |
|
|
2.84 |
% |
|
|
2.66 |
% |
|
|
2.42 |
% |
|
|
2.40 |
% |
Interest-bearing deposits in
other banks |
|
|
4.15 |
% |
|
|
3.69 |
% |
|
|
1.64 |
% |
|
|
0.71 |
% |
|
|
0.16 |
% |
Total earning
assets |
|
|
4.45 |
% |
|
|
4.23 |
% |
|
|
3.87 |
% |
|
|
3.58 |
% |
|
|
3.45 |
% |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
1.60 |
% |
|
|
0.81 |
% |
|
|
0.36 |
% |
|
|
0.13 |
% |
|
|
0.12 |
% |
Interest on borrowed
funds |
|
|
4.86 |
% |
|
|
4.23 |
% |
|
|
2.56 |
% |
|
|
1.10 |
% |
|
|
0.69 |
% |
Total interest-bearing
liabilities |
|
|
2.15 |
% |
|
|
1.19 |
% |
|
|
0.59 |
% |
|
|
0.22 |
% |
|
|
0.14 |
% |
Net interest
spread |
|
|
2.30 |
% |
|
|
3.04 |
% |
|
|
3.28 |
% |
|
|
3.36 |
% |
|
|
3.31 |
% |
Net interest
margin |
|
|
2.78 |
% |
|
|
3.32 |
% |
|
|
3.43 |
% |
|
|
3.42 |
% |
|
|
3.35 |
% |
FNCB Bancorp, Inc. |
Asset Quality Data |
|
|
Mar 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
Jun 30, |
|
Mar 31, |
|
(in
thousands) |
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
At period end |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and
leases |
|
$ |
2,601 |
|
|
$ |
2,763 |
|
|
$ |
2,654 |
|
|
$ |
2,764 |
|
|
$ |
3,864 |
|
Loans past due 90 days or more
and still accruing |
|
|
52 |
|
|
|
78 |
|
|
|
74 |
|
|
|
14 |
|
|
|
- |
|
Total non-performing loans and leases |
|
|
2,653 |
|
|
|
2,841 |
|
|
|
2,728 |
|
|
|
2,778 |
|
|
|
3,864 |
|
Other real estate owned
(OREO) |
|
|
- |
|
|
|
- |
|
|
|
228 |
|
|
|
228 |
|
|
|
228 |
|
Other non-performing
assets |
|
|
1,773 |
|
|
|
1,773 |
|
|
|
1,773 |
|
|
|
1,773 |
|
|
|
1,773 |
|
Total non-performing assets |
|
$ |
4,426 |
|
|
$ |
4,614 |
|
|
$ |
4,729 |
|
|
$ |
4,779 |
|
|
$ |
5,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, prior to
adoption of ASU 2016-13 |
|
$ |
14,193 |
|
|
$ |
13,819 |
|
|
$ |
13,381 |
|
|
$ |
13,129 |
|
|
$ |
12,416 |
|
Impact of ASU 2016-13 |
|
|
(2,636 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loans and leases
charged-off |
|
|
776 |
|
|
|
497 |
|
|
|
411 |
|
|
|
303 |
|
|
|
95 |
|
Recoveries of charged-off
loans and leases |
|
|
523 |
|
|
|
243 |
|
|
|
336 |
|
|
|
493 |
|
|
|
49 |
|
Net charge-offs
(recoveries) |
|
|
253 |
|
|
|
254 |
|
|
|
75 |
|
|
|
(190 |
) |
|
|
46 |
|
Provision for credit
losses |
|
|
975 |
|
|
|
628 |
|
|
|
513 |
|
|
|
62 |
|
|
|
759 |
|
Ending balance |
|
$ |
12,279 |
|
|
$ |
14,193 |
|
|
$ |
13,819 |
|
|
$ |
13,381 |
|
|
$ |
13,129 |
|
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