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

DUNMORE, Pa., Oct. 28, 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 $5.4 million, or $0.28 per basic and diluted share, for the three months ended September 30, 2022, a decrease of $1.0 million, or 14.4%, compared to $6.4 million, or $0.31 per share for the same period of 2021. Higher non-interest expense, coupled with an increase in the provision for loan and lease losses, were the primary factors leading to the reduction in third quarter 2022 earnings. These reductions were partially offset by an increase in net interest income and non-interest income. For the nine months ended September 30, 2022, net income totaled $15.5 million, or $0.79 per basic and diluted share, a decrease of $1.9 million, or 10.8%, from $17.4 million, or $0.86 per basic or diluted share, for the same nine 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 coupled with a decrease in non-interest income, which were partially mitigated by an increase in net interest income.