First NBC Bank Announces Preliminary 2016 Third Quarter Results
First NBC Bank (the "Bank"), a wholly owned subsidiary of First NBC Bank Holding Company (NASDAQ:FNBC) ("First NBC"), today announced preliminary, unaudited financial results for the third quarter of 2016.
First NBC Bank (the "Bank"), a wholly owned subsidiary of First NBC Bank Holding Company (NASDAQ:FNBC) ("First NBC"), today announced preliminary, unaudited financial results for the third quarter of 2016. For the quarter ended September 30, 2016, the Bank reported preliminary net income of $9.7 million, as compared to $12.3 million for the third quarter of 2015 and $4.9 million for the second quarter of 2016. The Bank reported preliminary total assets of $4.9 billion at September 30, 2016, an increase of 14.5% from the prior year period. Preliminary total loans increased $832.1 million, or 27.0%, from September 30, 2015, and preliminary total deposits increased $194.8 million, or 5.3%, from September 30, 2015. The Bank's preliminary net interest income totaled $39.6 million, an increase of $5.1 million, or 14.9% from the third quarter of 2015. Commenting on the third quarter preliminary results, Ashton J. Ryan, Jr., First NBC's President and Chief Executive Officer, said, "We are pleased to preliminarily report solid third quarter financial results, which reflect our continued profitability. We continue to focus on our strategic priorities, which include maintaining profitable relationships with our commercial customers and increasing share of wallet. As we move forward, we are also in active discussions with our financial advisors regarding strategic and capital options for the Bank. We remain confident in our ability to maintain a solid capital position as we work to return all of the Bank's regulatory capital ratios to well-capitalized levels." Mr. Ryan continued, "We are known for providing world-class service to our customers, and we are continuing to succeed in our local markets by delivering upon that commitment. Our customers recognize and appreciate that First NBC is one of the state's leading community banks, and they continue to support us in our efforts to make a positive impact on the local economy. First NBC remains profitable, and we are committed to serving our customers with the same level of personal service they have come to expect from First NBC."