First National Community Bank Announces $8 Million Earnings Increase For First Quarter
First National Community Bancorp, Inc., the parent company of Dunmore-based First National Community Bank (OTCBB:FNCB), today reported net income of $1.959 million, or $.12 per share, for the first quarter of 2010 ending March 31, representing an $8 million increase in earnings.
Interim President and CEO Jerry Champi noted this significant increase in earnings is largely due to several factors:
These improvements were offset by a reduction of recoverable income taxes of $6.249 million.
“We are quite pleased with this performance, given the current sluggish state of the banking industry and the economy overall,” Champi said. “We’ve taken a number of proactive measures to help ensure long-term stability for the institution over the last year, and we’re beginning to see the results of those efforts take shape.”As of March 31, 2010, total FNCB assets were $1.4 billion, with net loans of $920 million and deposits of $1.1 billion. At quarter’s end, FNCB’s total capital was $92.691 million with capital ratios improved to:
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