FNCB Bancorp, Inc. Announces First Quarter 2023 Results

DUNMORE, Pa., April 28, 2023 (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 $2.7 million, or $0.14 per basic and diluted share, for the three months ended March 31, 2023, a decrease of $1.7 million, or 38.8%, compared to $4.4 million, or $0.22 per share for the same period of 2022. Lower net interest income and non-interest income, coupled with increases in non-interest expense, were the primary factors leading to the reduction in first quarter 2023 earnings. For the three months ended March 31, 2023, the annualized return on average assets and return on average equity was 0.62% and 8.84%, respectively, compared to 1.08% and 11.31%, respectively, for the same period of 2022.  FNCB declared and paid dividends to shareholders of common stock of $0.090 per share for the first quarter of 2023, a 20.0% increase, compared to $0.075 per share for the first quarter of 2022.