FNCB Bancorp, Inc. Announces Second Quarter 2022 Net Income and Results of Operations

DUNMORE, Pa., July 29, 2022 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (NASDAQ: FNCB; www.fncb.com), the parent company of Dunmore-based FNCB Bank (the “Bank”), (collectively, "FNCB") today reported net income of $5.7 million, or $0.29 per basic and diluted share, for the three months ended June 30, 2022, an increase of $0.5 million, or 9.7%, compared to $5.2 million, or $0.26 per share for the same period of 2021. Higher net interest income, coupled with a reduction in the provision for loan and lease losses, were the primary factors leading to the improvement in second quarter 2022 earnings. These increases to earnings were partially offset by a decrease in non-interest income and an increase in non-interest expense. For the six months ended June 30, 2022, net income totaled $10.1 million, or $0.51 per basic and diluted share, a decrease of $1.0 million, or 8.8%, from $11.1 million, or $0.55 per basic or diluted share, for the same six months of 2021.  The reduction in earnings comparing the year-to-date periods of 2022 and 2021 was due primarily to increases in non-interest expense and the provision for loan and lease losses and a decrease in non-interest income, partially mitigated by an increase in net interest income.