FNCB Releases Third Quarter 2009 Financial Results.DUNMORE, Pa. -- First National Community Bancorp, Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :FNCB FNCB First National Community Bank (Dunmore, PA)
FNCB First National City Bank ), the financial holding company of First National Community Bank, today announced a net loss for the quarter ended September 30, 2009 of $6.2 million compared to net income of $4.3 million for the same quarter of 2008.
Loss per share for the quarter was $.38 compared to earnings per share of $.27 for the same prior year period.
Results were negatively impacted by the continued weakness in the U.S. economy, which has led to declining collateral values supporting many of the institution's commercial real estate loan projects and an increase in non-performing assets.
"Until Northeastern Pennsylvania This mountainous area of Pennsylvania includes the Pocono Mountains, the Endless Mountains and former anthracite coal mining cities and towns, including Carbondale, Scranton, Pittston, Wilkes-Barre, Nanticoke and Hazleton. U.S. Presidents Harry Truman and George W. begins to experience an economic upturn, the entire local banking industry will continue to feel the impact of rising unemployment, mounting real estate foreclosures and further credit deterioration," notes J. David Lombardi, President and Chief Executive Officer of FNCB. "Challenging times require extraordinary management, and we have allocated the necessary reserves so that problems identified in our loan portfolio will not be an ongoing factor."
Net interest income before the provision for credit losses totaled $9.5 million, which was approximately 6% lower than the prior three-month period and the same quarter last year. Other income was negatively impacted by the $2.4 million impairment charge on investment securities due to credit quality issues. Operating expenses Operating expenses
The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased in relation to prior periods due to the recognition of costs on properties carried in Other Real Estate Owned Real Estate Owned
Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most .
For the first nine months of 2009, the company has recorded a $5.2 million net loss, as more than $20 million of earnings have been allocated to the allowance for credit losses to strengthen the reserve and absorb current period charges.
"FNCB remains well-capitalized and well-prepared for the future," Lombardi explains. "We remain focused on our mission of providing liquidity and funding in these difficult economic times, and continue to operate as an outstanding community banking organization fully committed (Law) committed to prison for trial, in distinction from being detained for examination.
See also: Fully to providing our customers with personal service and quality products, as we have for almost 100 years."
US Banker this year ranked FNCB 38th of the top 200 community banks according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. a three-year average of the company's Return on Equity.
First National Community Bank provides personal, small business and commercial banking services to individuals and businesses from 20 offices throughout Lackawanna, Luzerne, Monroe and Wayne Counties Wayne County is the name of sixteen counties in the United States of America, some named for the American Revolutionary War general Anthony Wayne:
This press release contains forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ include, but are not limited to, the following: the strategic initiatives and business plans may not be satisfactorily completed or executed, if at all; increased demand or prices for the Corporation's financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. and products may not occur; changing economic and competitive conditions; technological developments; the effectiveness of the Corporation's business strategy due to changes in current or future market conditions; effects of deterioration of economic conditions on customers specifically the effect on loan customers to repay loans; inability of the Corporation to raise or achieve desired or required levels of capital; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; relationships with customers and employees; challenges in establishing and maintaining operations; volatilities in the securities markets; and deteriorating economic conditions and other risks and uncertainties, including those detailed in the Corporation's filings with the Securities and Exchange Commission.