First National Community Bancorp, Inc. Reports First Quarter 2016 Net Income

DUNMORE, Pa., April 29, 2016 (GLOBE NEWSWIRE) -- First National Community Bancorp, Inc. (OTCQX:FNCB), the parent company of Dunmore-based First National Community Bank (the “Bank”), announced operating results for the quarter ended March 31, 2016. FNCB reported net income of $1.1 million, or $0.07 per basic and diluted share. Net income for the comparable period of 2015 was $3.5 million, or $0.21 per basic and diluted share. The $2.4 million decrease in first quarter earnings reflected lower non-interest income, a provision for loan and lease losses in 2016 versus a credit for loan and lease losses in 2015, partially offset by an increase in net interest income. Annualized return on average assets and return on average equity were 0.42% and 5.15%, respectively, for the three months ended March 31, 2016, compared to 1.45% and 26.34%, respectively, for the same three months of 2015. FNCB paid holders of its common stock a dividend of $0.02 per share for the first quarter of 2016. FNCB did not pay a dividend for the first quarter of 2015.

Performance Highlights:

  • Paid a dividend of $0.02 per share in the first quarter of 2016, the first quarterly dividend payment since the fourth quarter of 2009;
  • Year over year growth of $1.3 million, or 20.0%, in net interest income;
  • 26 basis point improvement in tax-equivalent net interest margin in the first quarter of 2016 compared to same quarter of 2015;
  • Year over year growth of 9.4% in average earning assets; and
  • Paid $10.8 million in deferred and accrued interest on subordinated debt.

“We are pleased with FNCB’s first quarter results, which reflected normalized core earnings growth, net interest margin improvement and strong earning asset growth,” stated Steven R. Tokach, President and Chief Executive Officer. “In addition, we were successful in achieving two significant goals during the first quarter. We were able to make our subordinated noteholders whole as to deferred interest, which significantly improved our leverage position, and provide a return to our loyal shareholders through the payment of a first quarter dividend. We sincerely appreciate the ongoing trust and support of these stakeholders,” concluded Mr. Tokach.

Summary Results for the Three Months Ended March 31, 2016

Net interest income before the provision for loan and lease losses was $7.5 million for the first three months of 2016, an increase of $1.3 million, or 20.0%, compared to $6.3 million for the same period in 2015. Tax-equivalent interest income increased $0.8 million, or 10.7%, to $8.7 million for the three-month period ended March 31, 2016 compared to $7.9 million in 2015. The increase primarily reflected an $84.9 million, or 9.4%, increase in average earning assets. Specifically, average loans grew $56.8 million, or 8.4%, comparing the first quarters of 2016 and 2015, while average investment securities increased $59.1 million, or 29.8%. Also positively impacting net interest income was a 27 basis point decrease in the cost of funds to 0.48% for the first three months of 2016 from 0.75% for the same three months of 2015, which was the primary factor leading to a $0.4 million reduction in interest expense. Causing the greatest impact in funding costs was a 168 basis point decrease in the cost of borrowed funds, which resulted from a modification of the interest rate on FNCB’s subordinated notes from 9.00% to 4.50% mid-2015. Partially offsetting the impact of the reduction in funding costs was an $81.5 million, or 10.8%, increase in average interest-bearing liabilities. The tax-equivalent net interest margin for the three months ended March 31, 2016 was 3.11%, an improvement of 26 basis points from 2.85% for the same period in 2015.

For the three months ended March 31, 2016 non-interest income totaled $1.3 million, a decrease of $2.1 million, or 61.1%, compared to $3.4 million for the same three months of 2015. The change resulted primarily from a decrease in net gains on the sale of securities of $2.1 million to $103 thousand in 2016 from $2.2 million in 2015. In addition, FNCB experienced a decrease of $40 thousand in other income, and a net loss of $5 thousand on the sale of OREO compared to a net gain of $5 thousand in 2015. Partially offsetting these decreases were increases in net gains on the sale of mortgage loans of $28 thousand, service charges on deposits of $27 thousand, loan-related fees of $17 thousand and income from bank-owned life insurance of $11 thousand.

Non-interest expense remained relatively flat comparing the three months ended March 31, 2016 and 2015, increasing by $22 thousand, or 0.3%. The increases were primarily a rise in salaries and benefits expense of $375 thousand, or 11.94%, along with a $74 thousand increase in data processing expenses and a $39 thousand increase in equipment expense. The increase in salaries and benefits expense resulted from additions to staff, coupled with a 30.8% increase in health insurance costs. The recent conversion to a new core operating system in the fourth quarter of 2015 and other planned improvements to FNCB’s technology infrastructure caused the increase in data processing expense and equipment expense, specifically maintenance contract costs and depreciation. These increases were mostly offset by decreases in regulatory assessments of $172 thousand, or 42.0%, occupancy expenses of $140 thousand, insurance expenses of $70 thousand, expenses of other real estate owned of $54 thousand, and legal expenses of $43 thousand.

Improved Asset Quality

FNCB’s asset quality continued to improve through March 31, 2016, a result of the effective management of problem credits and delinquent loans. Total non-performing loans decreased $219 thousand, or 5.8%, to $3.6 million at March 31, 2016 from December 31, 2015. The ratio of non-performing loans to total loans improved 3 basis points to 0.49% at March 31, 2016, compared to 0.52% at December 31, 2015. The allowance for loan and lease losses as a percentage of gross loans was 1.19% at March 31, 2016 versus 1.20% at the end of 2015. FNCB’s ratio of total delinquent loans to total loans at March 31, 2016 was 0.82%, a 2 basis point improvement from 0.84% at December 31, 2015. Each of these asset quality metrics compare favorably to industry peer.

Financial Condition

FNCB’s total assets were relatively stable, decreasing $5.6 million, or 0.5%, to $1.085 billion at March 31, 2016 from $1.091 billion at December 31, 2015. The balance sheet change primarily reflected reductions of $5.4 million in loans, net of the ALLL, $2.4 million in FHLB of Pittsburgh stock, $1.3 million in OREO and $2.9 million in cash and cash equivalents, which were mostly offset by an increase in available-for-sale securities of $9.8 million. Total deposits grew $61.6 million, or 7.5%, due primarily to the attainment of a new municipal deposit relationship, along with an influx of public deposits related to the release of state government funds in early 2016 as a result of the state budget impasse. The deposit growth was used to repay borrowings from the FHLB of Pittsburgh, which declined $61.3 million, or 45.1%, when comparing March 31, 2016 and December 31, 2015. In addition, FNCB repaid all accrued interest totaling $10.8 million that had been deferred on the subordinated notes for the period September 1, 2010 through May 31, 2015.

Total shareholders’ equity increased $5.9 million, or 6.8%, to $92.0 million at March 31, 2016 from $86.2 million at December 31, 2015. The capital improvement resulted primarily from a $5.0 million increase in accumulated other comprehensive income from the appreciation in the fair value of available-for-sale securities, net of tax effects, coupled with net income of $1.1 million for the first quarter of 2015. Partially offsetting these increases was $0.3 million in dividends paid to common shareholders.

Availability of Filings

Copies of FNCB’s most recent Annual Report on Form 10-K and Quarterly Report on form 10-Q will be provided upon request from: Shareholder Relations, First National Community Bancorp, Inc., 102 East Drinker Street, Dunmore, PA 18512 or by calling (570) 348-6419. All of FNCB’s filings with the Securities and Exchange Commission are also available on the Investor Relations page of FNCB’s website, www.fncb.com/investorrelations.

About First National Community Bank:
First National Community Bancorp, Inc. is the bank holding company of First National Community Bank, which provides personal, small business and commercial banking services to individuals and businesses throughout Lackawanna, Luzerne, and Wayne Counties in Northeastern Pennsylvania. The institution was established as a National Banking Association in 1910 as The First National Bank of Dunmore, and has been operating under its current name since 1988. For more information about FNCB, visit www.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, 2015.

[The Company provides tabular information as follows]


First National Community Bancorp, Inc.
Selected Financial Data
Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
2016 2015 2015 2015 2015
Per share data:
Net income (fully diluted) $0.07 $1.77 $0.14 $0.05 $0.21
Cash dividends declared $0.02 $- $- $- $-
Book value $5.57 $5.22 $3.61 $3.33 $3.38
Tangible book value $5.56 $5.21 $3.60 $3.31 $3.36
Market value:
High $6.90 $5.50 $6.05 $6.55 $5.40
Low $5.11 $5.06 $5.02 $5.15 $5.25
Close $6.12 $5.25 $5.19 $6.05 $5.26
Common shares outstanding 16,530,432 16,514,245 16,500,945 16,500,945 16,500,945
Selected ratios:
Annualized return on average assets 0.42% 10.99% 0.91% 0.34% 1.45%
Annualized return on average shareholders' equity 5.15% 192.68% 16.38% 5.89% 26.34%
Tier I leverage ratio 7.08% 7.27% 6.57% 6.64% 6.57%
Total risk-based capital to risk-adjusted assets 11.81% 11.79% 11.20% 11.60% 12.96%
Average shareholders' equity to average total assets 8.15% 5.70% 5.55% 5.73% 5.52%
Yield on earning assets (FTE) 3.52% 3.56% 3.50% 3.45% 3.48%
Cost of funds 0.48% 0.48% 0.51% 0.73% 0.75%
Net interest spread (FTE) 3.04% 3.08% 2.98% 2.72% 2.73%
Net interest margin (FTE) 3.11% 3.15% 3.07% 2.85% 2.85%
Total delinquent loans/total loans 0.82% 0.84% 1.29% 1.34% 1.10%
Allowance for loan and lease losses/total loans 1.19% 1.21% 1.36% 1.51% 1.63%
Non-performing loans/total loans 0.49% 0.52% 0.93% 0.84% 0.77%
Net charge-offs/average loans 0.47% 0.02% 0.04% 0.14% 0.01%

First National Community Bancorp, Inc.
Year-to-Date Consolidated Statements of Income
Three Months Ended
March 31,
(in thousands, except share data) 2016 2015
Interest income
Interest and fees on loans $6,969 $6,472
Interest and dividends on securities
U.S. government agencies 930 971
State and political subdivisions, tax-free 10 50
State and political subdivisions, taxable 535 26
Other securities 96 157
Total interest and dividends on securities 1,571 1,204
Interest on interest-bearing deposits in other banks 4 21
Total interest income 8,544 7,697
Interest expense
Interest on deposits 642 683
Interest on borrowed funds
Interest on Federal Home Loan Bank of Pittsburgh advances 148 120
Interest on subordinated debentures 159 563
Interest on junior subordinated debentures 57 49
Total interest on borrowed funds 364 732
Total interest expense 1,006 1,415
Net interest income before provision (credit) for loan and lease losses 7,538 6,282
Provision (credit) for loan and lease losses 696 (494)
Net interest income after provision (credit) for loan and lease losses 6,842 6,776
Non-interest income
Deposit service charges 701 674
Net gain on the sale of securities 103 2,224
Net gain on the sale of mortgage loans held for sale 68 40
Net (loss) gain on the sale of other real estate owned (5) 5
Loan-related fees 107 90
Income from bank-owned life insurance 146 135
Other 211 251
Total non-interest income 1,331 3,419
Non-interest expense
Salaries and employee benefits 3,514 3,139
Occupancy expense 493 633
Equipment expense 423 384
Data processing expense 523 448
Regulatory assessments 237 409
Bank shares tax 241 217
Expense of other real estate owned 46 100
Legal expense 120 163
Professional fees 287 301
Insurance expense 128 198
Other operating expenses 792 790
Total non-interest expense 6,804 6,782
Income before income taxes 1,369 3,413
Income tax expense (benefit) 226 (62)
Net income $1,143 $3,475
Income per share
Basic $0.07 $0.21
Diluted $0.07 $0.21
Cash dividends declared per common share $0.02 $-
Weighted average number of shares outstanding:
Basic 16,519,759 16,490,111
Diluted 16,519,759 16,490,111

First National Community 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) 2016 2015 2015 2015 2015
Interest income
Interest and fees on loans $6,969 $7,032 $6,693 $6,475 $6,472
Interest and dividends on securities
U.S. government agencies 930 992 1,061 1,012 971
State and political subdivisions, tax-free 10 18 19 22 50
State and political subdivisions, taxable 535 458 324 97 26
Other securities 96 102 92 82 157
Total interest and dividends on securities 1,571 1,570 1,496 1,213 1,204
Interest on interest-bearing deposits in other banks 4 4 10 11 21
Total interest income 8,544 8,606 8,199 7,699 7,697
Interest expense
Interest on deposits 642 628 677 643 683
Interest on borrowed funds
Interest on Federal Home Loan Bank of Pittsburgh advances 148 147 128 119 120
Interest on subordinated debentures 159 160 162 565 563
Interest on junior subordinated debentures 57 56 50 51 49
Total interest on borrowed funds 364 363 340 735 732
Total interest expense 1,006 991 1,017 1,378 1,415
Net interest income before provision (credit) for loan and lease losses 7,538 7,615 7,182 6,321 6,282
Provision (credit) for loan and lease losses 696 (1,005) (191) 345 (494)
Net interest income after provision (credit) for loan and lease losses 6,842 8,620 7,373 5,976 6,776
Non-interest income
Deposit service charges 701 742 799 745 674
Net gain (loss) on the sale of securities 103 (6) 4 74 2,224
Net gain on the sale of mortgage loans held for sale 68 223 13 16 40
Net (loss) gain on the sale of other real estate owned (5) 17 129 11 5
Loan-related fees 107 152 94 106 90
Income from bank-owned life insurance 146 149 145 135 135
Legal settlements - - - 184 -
Other 211 180 195 274 251
Total non-interest income 1,331 1,457 1,379 1,545 3,419
Non-interest expense
Salaries and employee benefits 3,514 4,228 3,240 3,203 3,139
Occupancy expense 493 619 500 532 633
Equipment expense 423 423 408 442 384
Data processing expense 523 556 471 501 448
Regulatory assessments 237 239 203 99 409
Bank shares tax 241 53 217 218 217
Expense of other real estate owned 46 62 91 147 100
Legal expense 120 106 80 88 163
Professional fees 287 234 193 286 301
Insurance expense 128 131 128 202 198
Legal settlement - 777 - - -
Other operating expenses 792 1,159 884 962 790
Total non-interest expense 6,804 8,587 6,415 6,680 6,782
Income before income taxes 1,369 1,490 2,337 841 3,413
Income tax expense (benefit) 226 (27,719) - 22 (62)
Net income $1,143 $29,209 $2,337 $819 $3,475
Income per share
Basic $0.07 $1.77 $0.14 $0.05 $0.21
Diluted $0.07 $1.77 $0.14 $0.05 $0.21
Cash dividends declared per common share $0.02 $- $- $- $-
Weighted average number of shares outstanding:
Basic 16,519,759 16,506,294 16,500,945 16,500,945 16,490,111
Diluted 16,519,759 16,506,294 16,500,945 16,500,945 16,490,111

First National Community Bancorp, Inc.
Consolidated Balance Sheets
Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands) 2016 2015 2015 2015 2015
Assets
Cash and cash equivalents:
Cash and due from banks $16,367 $19,544 $20,631 $22,443 $19,985
Interest-bearing deposits in other banks 1,847 1,539 10,383 49,872 17,390
Total cash and cash equivalents 18,214 21,083 31,014 72,315 37,375
Securities available for sale, at fair value 263,523 253,773 249,228 226,539 204,635
Stock in Federal Home Loan Bank of Pittsburgh at cost 3,932 6,344 4,298 2,684 3,061
Loans held for sale 455 683 4,634 138 -
Loans, net of net deferred costs and unearned income 728,158 733,716 723,166 683,588 672,165
Allowance for loan and lease losses (8,635) (8,790) (9,825) (10,328) (10,944)
Net loans 719,523 724,926 713,341 673,260 661,221
Bank premises and equipment, net 10,904 11,193 11,258 11,059 11,221
Accrued interest receivable 2,854 2,475 2,618 2,174 2,118
Intangible assets 96 137 179 220 261
Bank-owned life insurance 29,527 29,381 29,232 29,087 28,952
Other real estate owned 1,806 3,154 1,618 1,740 2,369
Other assets 34,181 37,469 7,799 8,455 9,028
Total assets $1,085,015 $1,090,618 $1,055,219 $1,027,671 $960,241
Liabilities
Deposits:
Demand (non-interest-bearing) $162,882 $154,531 $152,038 $144,075 $134,993
Interest-bearing 720,243 667,015 700,004 721,293 640,118
Total deposits 883,125 821,546 852,042 865,368 775,111
Borrowed funds:
Federal Home Loan Bank of Pittsburgh advances 74,511 135,802 93,058 57,771 67,612
Subordinated debentures 14,000 14,000 14,000 14,000 25,000
Junior subordinated debentures 10,310 10,310 10,310 10,310 10,310
Total borrowed funds 98,821 160,112 117,368 82,081 102,922
Accrued interest payable 333 11,165 11,187 11,344 10,788
Other liabilities 10,695 11,617 14,989 13,935 15,678
Total liabilities 992,974 1,004,440 995,586 972,728 904,499
Shareholders' equity
Preferred stock - - - - -
Common stock 20,663 20,643 20,626 20,626 20,626
Additional paid-in capital 62,069 62,059 61,939 61,870 61,801
Retained earnings (accumulated deficit) 4,527 3,714 (25,495) (27,832) (28,651)
Accumulated other comprehensive income (loss) 4,782 (238) 2,563 279 1,966
Total shareholders' equity 92,041 86,178 59,633 54,943 55,742
Total liabilities and shareholders’ equity $1,085,015 $1,090,618 $1,055,219 $1,027,671 $960,241

First National Community Bancorp, Inc.
Summary Tax-equivalent Net Interest Income
Three Months Ended
Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(dollars in thousands) 2016 2015 2015 2015 2015
Interest income
Loans:
Loans - taxable $6,603 $6,694 $6,371 $6,148 $6,148
Loans - tax-free 555 512 488 495 491
Total loans 7,158 7,206 6,859 6,643 6,639
Securities:
Securities, taxable 1,561 1,552 1,477 1,191 1,154
Securities, tax-free 15 27 29 33 76
Total interest and dividends on securities 1,576 1,579 1,506 1,224 1,230
Interest-bearing deposits in other banks 4 4 10 11 21
Total interest income 8,738 8,789 8,375 7,878 7,890
Interest expense
Deposits 642 628 677 643 683
Borrowed funds 364 363 340 735 732
Total interest expense 1,006 991 1,017 1,378 1,415
Net interest income $7,732 $7,798 $7,358 $6,500 $6,475
Average balances
Earning assets:
Loans:
Loans - taxable $683,198 $685,795 $660,709 $637,005 $633,731
Loans - tax-free 48,433 43,429 41,746 42,225 41,125
Total loans 731,631 729,224 702,455 679,230 674,856
Securities:
Securities, taxable 256,555 251,108 241,799 211,833 194,268
Securities, tax-free 1,107 1,713 1,707 2,007 4,283
Total securities 257,662 252,821 243,506 213,840 198,551
Interest-bearing deposits in other banks 3,746 6,797 12,185 18,984 34,708
Total interest-earning assets 993,039 988,842 958,146 912,054 908,115
Non-earning assets 101,958 65,633 62,063 62,254 61,476
Total assets $1,094,997 $1,054,475 $1,020,209 $974,308 $969,591
Interest-bearing liabilities:
Deposits $725,369 $702,783 $690,039 $646,656 $658,193
Borrowed funds 113,386 119,281 105,109 108,234 99,046
Total interest-bearing liabilities 838,755 822,064 795,148 754,890 757,239
Demand deposits 146,994 146,457 143,140 137,674 132,316
Other liabilities 19,967 25,811 25,303 25,964 26,525
Shareholders' equity 89,281 60,143 56,618 55,780 53,511
Total liabilities and shareholders' equity $1,094,997 $1,054,475 $1,020,209 $974,308 $969,591
Yield/Cost
Earning assets:
Loans:
Interest and fees on loans - taxable 3.87% 3.90% 3.86% 3.86% 3.88%
Interest and fees on loans - tax-free 4.58% 4.72% 4.67% 4.69% 4.78%
Total loans 3.91% 3.95% 3.91% 3.91% 3.94%
Securities:
Securities, taxable 2.43% 2.47% 2.44% 2.25% 2.38%
Securities, tax-free 5.48% 6.37% 6.75% 6.64% 7.10%
Total securities 2.45% 2.50% 2.47% 2.29% 2.48%
Interest-bearing deposits in other banks 0.43% 0.24% 0.33% 0.23% 0.24%
Total earning assets 3.52% 3.56% 3.50% 3.45% 3.48%
Interest-bearing liabilities:
Interest on deposits 0.35% 0.36% 0.39% 0.40% 0.42%
Interest on borrowed funds 1.28% 1.22% 1.29% 2.72% 2.96%
Total interest-bearing liabilities 0.48% 0.48% 0.51% 0.73% 0.75%
Net interest spread 3.04% 3.08% 2.98% 2.72% 2.73%
Net interest margin 3.11% 3.15% 3.07% 2.85% 2.85%

First National Community Bancorp, Inc.
Asset Quality Data
Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
(in thousands) 2016 2015 2015 2015 2015
At period end
Non-accrual loans, including non-accruing troubled debt restructured loans (TDRs) $3,569 $3,788 $6,741 $5,757 $5,184
Loans past due 90 days or more and still accruing - - - - -
Total non-performing loans 3,569 3,788 6,741 5,757 5,184
Other real estate owned (OREO) 1,806 3,154 1,618 1,740 2,369
Total non-performing loans and OREO $5,375 $6,942 $8,359 $7,497 $7,553
Accruing TDRs $4,623 $4,982 $5,065 $5,289 $5,807
For the three months ended
Allowance for loan and lease losses
Beginning balance $8,790 $9,825 $10,328 $10,944 $11,520
Loans charged-off 1,148 198 968 1,192 277
Recoveries of charged-off loans 297 168 656 231 195
Net charge-offs 851 30 312 961 82
Provision (credit) for loan and lease losses 696 (1,005) (191) 345 (494)
Ending balance $8,635 $8,790 $9,825 $10,328 $10,944


INVESTOR CONTACT: James M. Bone, Jr., CPA Executive Vice President and Chief Financial Officer First National Community Bank (570) 348-6419 james.bone@fncb.com

Source:First National Community Bancorp