Fncb Bancorp, Inc. (FNCB) 10-K Annual Report March 2019

Dunmore, Pa., January 25, 2019/Globe Newswire/—FNCB Bancorp, Inc. (NASDAQ: FNCB), the parent company of Dunmore-based FNCB Bank (the “Bank”), today reported net income of $13.3 million, or $0.79 per basic and diluted share, for 2018, compared to net income of $0.1 million, or $0.01 per basic and diluted share, for 2017. For the fourth quarter of 2018, FNCB recorded net income of $7.1 million, or $0.42 per basic and diluted share, compared to a net loss of $6.1 million, or $0.36 per basic and diluted share for the respective quarter of 2017. The increase in earnings for the fourth quarter and year-to-date periods were due largely to a decrease in income tax expense, coupled with increases in net interest income and non-interest income. Income tax expense decreased $7.0 million and $8.2 million comparing the three months and year ended December 31, 2018 and 2017, respectively. During the fourth quarter of 2017, FNCB had recognized additional, non-recurring income tax expense of $8.0 million resulting from the revaluation of FNCB’s net deferred tax assets following the enactment of the Tax Cuts and Jobs Act (the “Act”) on December 22, 2017. With regard to non-interest revenue, in the fourth quarter of 2018, FNCB, the Bank and Fidelity Deposit Company of Maryland resolved a dispute by entering into a mutual release of all claims, which resulted in FNCB recognizing an insurance recovery after related expenses of $6.0 million. Partially offsetting these positive factors for the year ended December 31, 2018 were increases in the provision for loan and lease losses and non-interest expense.

Return on average assets and return on average shareholders’ equity were 1.09% and 15.38%, respectively, in 2018, compared to 0.01% and 0.15%, respectively in 2017. For the three months ended December 31, 2018, return on average assets and return on average shareholders’ equity were 2.26% and 32.26%, respectively. Comparatively, return on average assets was (2.09%) and return on average shareholders’ equity was (24.98%) for the three months ended December 31, 2017.

2018 Performance Highlights:

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Year-to-date total revenue (net interest income and non-interest income) increased $8.0 million, or 19.9% year over year;

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Net interest income (FTE) increased 3.3% and 9.6%, comparing the quarter and year ended December 31 of 2018 and 2017, respectively;

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Efficiency ratio for the fourth quarter improved to 47.59% in 2018 from 73.42% in 2017;

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Yield on earning assets (FTE) for the fourth quarter of 2018 improved 22 basis points compared to the same quarter of 2017;

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Year over year growth in total loans, net of net deferred costs and unearned income, of $68.5 million, or 8.9%;

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Total deposits grew $93.2 million, or 9.3%, comparing December 31, 2018 and 2017; and

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Total capital increased $8.0 million, or 9.0%, comparing December 31, 2018 and 2017.

The following information was filed by Fncb Bancorp, Inc. (FNCB) on Friday, January 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Fncb Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 3.3: Articles Of Incorporation

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: FNCB
CIK: 1035976
Form Type: 10-K Annual Report
Accession Number: 0001437749-19-004460
Submitted to the SEC: Fri Mar 08 2019 4:07:30 PM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: National Commercial Banks