FNCB Reports Second Quarter Earnings.
DUNMORE, Pa. -- First National Community Bancorp (OTCBB:FNCB)
reported second quarter earnings of $3.5 million, a decrease from the
prior quarter and the same three month period of last year. Declining
interest rates have led to stable net interest income, while rising
costs associated with branch expansion contributed to the reduced
earnings. Also contributing to the lower earnings was a $250,000
increase in the provision for credit losses during the second quarter,
reflecting the company's approach for dealing with the current
economic downturn. Basic earnings per share were 22 cents in the second
quarter, down from the 27 cents reported for the first quarter and 24
cents recorded in the same three month period of last year. Net income
for the first half of 2008 was $7.7 million, a $337,000, or 5% increase
over the first six months of 2007.
First National Community Bank conducts business from twenty offices
covering Lackawanna, Luzerne, Wayne and Monroe counties. The
company's stock trades on the Over-The-Counter Bulletin Board under
the symbol FNCB.