First National Community Bancorp (FNCB) has finally caught up on its financial reports for 2011 - now on to 2012.
The Dunmore, Pa., company has filed its annual and quarterly reports for last year with the Securities and Exchange Commission, it said Friday. It expects in the "near future" to file its quarterly reports for the first and second quarters of this year.
"Filing our annual and quarterly results for 2011 is an important step toward achieving full regulatory reporting compliance, enabling our leadership team to fully focus on building additional capital strength and refining our strategy for growing our institution," Steven R. Tokach, president and chief executive, said in a news release.
First National, which had $1.1 billion of assets at Dec. 31, also had to restate its financial results for 2009 and part of 2010 after an internal audit uncovered inaccuracies in its accounting for loan losses.
For 2011, the company reported a loss of $335,000, compared with a loss of $31.7 million in 2010. The improved results mostly stemmed from reducing its problem credits and liquidating its impaired assets, First National said.
Its provision for loan and lease losses fell roughly 98% last year, to $500,000, from the previous year. Expenses related to valuation impairments on other real estate owned and costs incurred to manage such properties dropped more than 50%, to $3.7 million.
First National recorded gains of $5.1 million on the sale of certain securities, compared with a net loss of $1.7 million on securities sales in 2010.
These gains were partially offset by higher consulting and legal expenses from the company's need for outside expertise in filing its financial statements and from elevated audit and regulatory compliance costs. It expects these costs to decline in the coming quarters as it brings its regulatory filings up to date.