FNCB Bancorp, Inc. Announces First Quarter 2020 Earnings
FNCB Bancorp Inc. (FNCB)
NASDAQ:AMEX Investor Relations:
investors.fncb.com
Company Research
Source: GlobeNewswire
DUNMORE, Pa., April 27, 2020 (GLOBE NEWSWIRE) -- FNCB Bancorp, Inc. (NASDAQ: FNCB; www.fncb.com), the parent company of Dunmore-based FNCB Bank (the “Bank”), today reported net income of $2.1 million, or $0.10 per basic and diluted share, for the three months ended March 31, 2020, a decrease of $0.5 million, or 21.7% from $2.6 million, or $0.14 per basic and diluted share, for the comparable period of 2019. Return on average assets and return on average shareholders’ equity were 0.69% and 6.06%, respectively, in 2020, compared to 0.86% and 9.70%, respectively in 2019. The decline in first quarter 2020 earnings was primarily caused by a $1.3 million increase in the provision for loan and lease losses which reflected deteriorating economic conditions brought on by the COVID-19 global pandemic. FNCB declared and paid dividends in the first quarter of 2020 of $0.055 per share, an increase of $0.005 per share, or 10.0%, compared to $0.05 per share for the same quarter of 2019. The firs
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