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First National Community Bancorp in Dunmore, Pa., reported a bigger loss for the first six months of the year compared with 2011 largely because of lower noninterest income.
August 27 -
First National Community Bancorp (FNCB) has finally caught up on its financial reports for 2011 — now on to 2012.
August 10
First National Community Bancorp (FNCB) in Dunmore, Pa., swung to a quarterly profit thanks to cost cuts and securities sales.
The $938 million-asset company reported a profit of $720,000 in the second quarter, compared with a loss of $967,000 in the second quarter of 2012. Operating expenses fell 20%, to $7.9 million, as consulting and legal fees declined.
First National "continued to take large strides forward during the second quarter of 2013, illustrated by significant loan growth, a sizable reduction in noninterest expense and continued improvement to our asset quality," Steven Tokach, First National Community's chief executive, said in a news release Tuesday.
Noninterest income rose 48%, to $2.3 million, as the company gained $899,000 on the sale of securities, compared with no gain in the second quarter of 2012.
Net interest income fell 14%, to $6.3 million, as First National Community's net interest margin tightened by 8 basis points, to 3.24%. The company's asset quality improved, as nonperforming loans fell to $8.3 million, a 14% decrease from the end of 2012.
