FNCB Bancorp, Inc. (FNCB) has reported a 13.69 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $2.02 million, or $0.12 a share in the quarter, compared with $2.34 million, or $0.14 a share for the same period last year.
Revenue during the quarter grew 6.19 percent to $9.29 million from $8.75 million in the previous year period. Net interest income for the quarter rose 6.93 percent over the prior year period to $7.68 million. Non-interest income for the quarter rose 0.07 percent over the last year period to $1.38 million.
FNCB Bancorp, Inc. has made negative provision of $0.23 million for loan losses during the quarter, compared with a negative provision of $0.19 million in the same period last year.
Net interest margin improved 7 basis points to 3.14 percent in the quarter from 3.07 percent in the last year period.
"We are pleased with the strong, double-digit growth in net interest income given this very challenging rate environment," stated Gerard A. Champi, President and Chief Executive Officer. "In addition, through the diligent efforts of our entire banking team, we posted meaningful, organic deposit growth, while maintaining funding costs, during the third quarter of 2016. The launch of our new WOW ME suite of consumer checking and savings products earlier in the year has led to increases in personal demand deposits, while initiatives in our governmental banking, retail and commercial divisions resulted in strong deposit growth in public funds and small business accounts," concluded Champi.
Assets outpace liabilities growth
Total assets stood at $1,121.59 million as on Sep. 30, 2016, up 6.29 percent compared with $1,055.22 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,025.01 million as on Sep. 30, 2016, up 2.96 percent from $995.59 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $721.17 million as on Sep. 30, 2016, up 1.10 percent compared with $713.34 million on Sep. 30, 2015. Deposits stood at $930.96 million as on Sep. 30, 2016, up 9.26 percent compared with $852.04 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $157.12 million or 16.88 percent of total deposits on Sep. 30, 2016, compared with $152.04 million or 17.84 percent of total deposits on Sep. 30, 2015.
Investments stood at $263.48 million as on Sep. 30, 2016, up 5.72 percent or $14.25 million from year-ago. Shareholders equity stood at $96.57 million as on Sep. 30, 2016, up 61.95 percent or $36.94 million from year-ago.
Return on average assets moved down 18 basis points to 0.73 percent in the quarter from 0.91 percent in the last year period. At the same time, return on average equity decreased 792 basis points to 8.46 percent in the quarter from 16.38 percent in the last year period.
Tier-1 leverage ratio stood at 7.52 percent for the quarter, up from 6.57 percent for the previous year quarter. Average equity to average assets ratio was 8.63 percent for the quarter, up from 5.55 percent for the previous year quarter. Book value per share was $5.81 for the quarter, up 60.94 percent or $2.20 compared to $3.61 for the same period last year.
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