FNCB Bancorp, Inc.(FNCB) and Subsidiaries releas ed their consolidated financial statements for the first quarter of 2023, showcasing a net income of $2.66 million and total revenue of $18.68 million.
Assets and Liabilities Overview
FNCB Bancorp, Inc. and Subsidiaries reported total assets of $1.81 billion as of March 31, 2023, compared to $1.75 billion on December 31, 2022. Cash and cash equivalents increased to $69.57 million from $41.92 million over the same period, indicating improved liquidity.
The company's total liabilities stood at $1.68 billion at the end of Q1 2023, compared to $1.63 billion at the end of Q4 2022. Deposits, including both demand and interest-bearing deposits, rose to $1.46 billion, reflecting increased customer confidence in the bank's services.
Net Income Highlights
FNCB Bancorp's net income for the three months ended March 31, 2023, amounted to $2.66 million. This represents a decrease from the net income of $4.35 million reported for the same period in the previous year. The decrease in net income was influenced by various factors, including changes in interest income and expenses, and non-interest income and expenses.
Revenue Highlights
Total revenue for the first quarter of 2023 reached $18.68 million, compared to $13.19 million for the same period in 2022. The increase in revenue was primarily attributed to growth in interest and fees on loans and leases, as well as higher interest and dividends on securities.
FNCB Bancorp's non-interest income for Q1 2023 was $1.67 million, slightly lower than the $1.79 million reported for Q1 2022. Non-interest expenses for the first quarter of 2023 amounted to $8.92 million, compared to $8.54 million for the same period last year. The increase in non-interest expenses was driven by higher salaries and employee benefits, data processing expenses, and other operating expenses.
The comprehensive income for the three months ended March 31, 2023, was $8.11 million. This substantial increase compared to the comprehensive loss of $19.69 million reported for the same period in 2022 was primarily due to the positive impact of unrealized gains on available-for-sale debt securities.
Shareholders' Equity
As of March 31, 2023, FNCB Bancorp's shareholders' equity stood at $126.49 million, compared to $118.95 million at the end of December 2022. The increase in shareholders' equity was influenced by factors such as net income for the period and the issuance of common shares.
FNCB Bancorp, Inc. and Subsidiaries' financial statements for the first quarter of 2023 demonstrate steady growth in revenue and shareholders' equity. Despite a slight decline in net income, the bank remains in a stable financial position. The management's ability to navigate the evolving economic landscape will play a crucial role in determining the company's performance in the coming quarters.