FNCB Bancorp, Inc. Announces First Quarter 2022 Net Income

DUNMORE, Pa., April 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 $4.4 million, or $0.22 per basic and diluted share, for the three months ended March 31, 2022, a decrease of $1.4 million, or 25.4%, compared to $5.8 million, or $0.29 per share for the same period of 2021. The reduction in earnings was largely due to increases in non-interest expense and the provision for loan and lease losses, coupled with a decrease in non-interest income. These reductions to earnings were partially mitigated by an increase in net interest income. For the three months ended March 31, 2022, the annualized return on average assets and return on average equity was 1.08% and 11.31%, respectively, compared to 1.61% and 15.27%, respectively, for the same period of 2021.  FNCB declared and paid dividends to shareholders of common stock of $0.075 per share for the first quarter of 2022, a 25% increase, compared to $0.060 per share for the same period of 2021.