First National Community Bancorp, Inc. Files Form 10-K And Forms 10-Q For All 2011 Reporting Periods
DUNMORE, Pa., Aug. 10, 2012 /PRNewswire/ -- First National Community Bancorp, Inc., (OTC Markets Group, Inc.: FNCB), the parent company of Dunmore-based First National Community Bank, today announced that it has filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2011, and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2011, June 30, 2011 and September 30, 2011.
Today's filings fulfill the Company's SEC reporting requirements for all historical periods except for the completed quarters of 2012. The Company anticipates filing quarterly reports on Form 10-Q for the periods ended March 31, 2012 and June 30, 2012 in the near future, bringing the Company up-to-date with its SEC reporting obligations.
"Filing our annual and quarterly results for 2011 is an important step toward achieving full regulatory reporting compliance, enabling our leadership team to fully focus on building additional capital strength and refining our strategy for growing our institution," said Steven R. Tokach, President and Chief Executive Officer. "Our progress reflects the strong and appropriate actions we've taken to improve the financial health of First National Community Bank, and we look forward to reporting the results of these improvements in the coming quarters."
Summary Results for 2011The Company reported a net loss of $335,000, or ($0.02) per basic and diluted share, for 2011, compared to a net loss of $31.7 million, or $(1.94) per basic and diluted share, in 2010. The Bank's Call Reports for 2011, which have been filed with the FDIC prior to today's SEC filings, will be amended to fully reflect the audit adjustments finalized in the SEC filings. The Company's significant improvement in results of operations was principally attributable to continued efforts to aggressively reduce the bank's exposure to problem credits and liquidate its impaired assets. As such, in 2011 the provision for loan and lease losses fell $24.5 million, or 97.9%, to $0.5 million, compared to $25.0 million in 2010. Likewise, expenses attributable to valuation impairments on other real estate owned (OREO), as well as expenses incurred to manage such properties, fell $3.8 million or 50.5% to $3.7 million in 2011. During 2011 the Company also liquidated a number of OREO properties, reporting gains of $2.5 million on the sales, compared to gains of $403,000 in the prior year. Additionally, improved results from securities sales and valuation impairments benefited the Company's non-interest income by $10.3 million in 2011 compared to 2010. In 2011, the Company recorded gains of $5.1 million on the sale of certain securities, compared to a net loss of $1.7 million on securities sales in 2010. Additionally, during 2011 the Company recognized valuation impairments on investment securities of $798,000, $3.5 million lower than the $4.3 million in impairments charged in 2010. Offsetting these improvements were increased financial, consulting and legal expenses in 2011, which resulted from the Company's increased reliance on external expertise to fulfill its financial statement and regulatory filing obligations, as well as increased audit and regulatory compliance costs. With today's announcement of the Company's completion of its 2011 regulatory filings, and the imminent filing of all 2012 required reports, the Company expects these professional expenses to decline in the coming quarters.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV