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FNCB Bancorp has appointed three new members to its advisory board: Elizabeth Graham, Dr. Raymond Joseph, and Pat Rogan. This addition expands the advisory board to 21 members and aims to bolster strategic guidance for the bank, enhancing its ability to serve the Northeastern Pennsylvania market. Graham brings extensive experience in management and leadership roles, Joseph adds medical expertise as a nephrologist, and Rogan contributes insights from his background in real estate and local governance. Collectively, they enhance the bank's diverse expertise.
FNCB Bancorp, Inc. (NASDAQ: FNCB) has announced an asset purchase agreement between its investment arm, FNCB Wealth Management Services, and Chiaro Investment Services, LLC (CIS). Upon closing, FNCB Wealth will rebrand as 1st Investment Services, offering a comprehensive range of financial services including Investment Management and Brokerage Services. This transaction is poised to enhance growth opportunities across Pennsylvania and beyond, leveraging the expertise of both firms. James P. Chiaro will become Chief Investment Services Officer of the newly formed company.
FNCB Bancorp, Inc. (NASDAQ: FNCB) announced the election of William P. Conaboy to its Board of Directors, effective October 1, 2022. Conaboy, who brings extensive experience from his role as President and CEO of Allied Services Integrated Health System, will serve on the Audit and Risk Committees. Gerard Champi, President & CEO of FNCB Bank, expressed enthusiasm for Conaboy's contributions toward the bank's growth. FNCB Bancorp has been a prominent community bank in Northeastern Pennsylvania for over 112 years, offering various banking solutions.
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FNCB Bancorp reported a net income of $5.7 million for Q2 2022, a 9.7% increase from $5.2 million in Q2 2021. The earnings per share were $0.29, driven by higher net interest income and a lower provision for loan losses. However, year-to-date net income decreased 8.8% to $10.1 million. Key metrics include a 1.37% return on average assets and 17.57% return on average equity for Q2. Total assets rose 1.7% to $1.693 billion, while total deposits fell 1.9%. Non-performing loans improved to 0.26% of total loans.
FNCB Bancorp, Inc. declared a $0.090 dividend per share for Q3 2022, marking a 20% increase from the previous quarters. This dividend is payable on September 15, 2022 to shareholders recorded by September 1, 2022. Year-to-date, dividends amount to $0.240 per share, up 23.1% from $0.195 in 2021. FNCB continues to serve as a premier community bank in Northeastern Pennsylvania, operating 16 offices and providing a comprehensive range of banking solutions.
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FNCB Bancorp reported Q1 2022 net income of $4.4 million, down 25.4% from $5.8 million in Q1 2021. This decline was attributed to rising non-interest expenses and provisions for loan losses. Despite a 12.1% increase in net interest income to $13 million, net interest margin shrank to 3.35%. Total assets decreased by 0.9% to $1.650 billion, while loans rose by 5.8% to $1.023 billion. Dividends increased by 25% to $0.075 per share. Non-performing loans improved slightly to 0.37% of total loans. The company remains well-capitalized with robust risk-based capital ratios.
FNCB Bancorp, Inc. (NASDAQ:FNCB) announced a dividend increase of 25%, declaring $0.075 per share for Q2 2022, up from $0.060 in Q2 2021. This dividend, payable on June 15, 2022, to shareholders of record as of June 1, 2022, reflects confidence in financial stability. Year-to-date dividends for 2022 total $0.15, marking a 25% rise compared to $0.12 in 2021. The company has maintained operations for over 112 years, providing banking solutions in Northeastern Pennsylvania.
FNCB Bancorp, Inc. reported a net income of $21.4 million for 2021, a 39.3% increase from $15.3 million in 2020. The increase was primarily driven by an 21.9% boost in net interest income, reaching $49.9 million. However, fourth-quarter earnings fell by 23.2% to $4.0 million, mainly due to rising non-interest expenses. The company declared a $0.27 per share dividend, a 22.7% increase from 2020. FNCB authorized a new stock repurchase program for up to 750,000 shares. As of year-end, total assets grew to $1.664 billion, reflecting a 13.6% increase year-over-year.