Fncb bancorp, inc. reports earnings increase for 2021 of 39% and announces authorization of stock repurchase program
Dunmore, pa., jan. 28, 2022 (globe newswire) -- fncb bancorp, inc. (nasdaq: fncb), the parent company of dunmore-based fncb bank (the “bank”), today reported net income for 2021 of $21.4 million, or $1.06 per basic and diluted share, compared to net income of $15.3 million, or $0.76 per basic and diluted share, for 2020. the $6.0 million, or 39.3%, earnings improvement was due primarily to a $8.8 million, or 21.9%, increase in net interest income, coupled with a $1.8 million, or 91.5%, reduction in the provision for loan and lease losses. partially offsetting these positive factors was a $1.0 million, or 10.6%, decrease in non-interest income and a $2.2 million, or 7.5%, increase in non-interest expense. net income for the fourth quarter of 2021 was $4.0 million, or $0.20 per basic and diluted share, a decrease of $1.2 million, or 23.2%, compared to $5.2 million, or $0.26 per basic and diluted share, for the same quarter of 2020. the reduction in fourth quarter earnings was largely due to increases in non-interest expense and credit provisioning, partially offset by an increase in net interest income.
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