Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Top Links You Must Click On


First National Community Bancorp, Inc. Reports Third Quarter 2012 Results

DUNMORE, Pa., Nov. 14,  2012 /PRNewswire/ -- First National Community Bancorp, Inc. (OTCQB: FNCB), the parent company of Dunmore-based First National Community Bank, today announced its operating results for the quarter and nine months ended September 30, 2012. The Company reported a net loss of $6.5 million or ($0.40) per diluted share for the quarter ended September 30, 2012, and a net loss of $8.7 million or ($0.53) per diluted share for the nine months ended September 30, 2012. The Company's operating results for the third quarter include a provision for loan and lease losses of $3.8 million, and also include above-normal legal and professional fees, both of which are expected to decrease in subsequent reporting periods.  

Performance Highlights:

  • The Company returned to current SEC reporting status
  • Non-performing loans decreased 33% from December 31, 2011
  • Non-performing loans to total loans were 2.11% at September 30, 2012, an improvement of 82 basis points or 28%, compared to 2.93% at December 31, 2011
  • Other real estate owned [OREO] was down 27.1% compared to December 31, 2011
  • The Bank's total risk-based capital at September 30, 2012 was $84.2 million, or 10.87% of risk-weighted assets

"It was a very productive quarter as the Company successfully completed the financial statement restatement process and is now current with its SEC filings, continued to make substantial progress at reducing non-performing loans and improving our asset quality metrics, as well as filling key positions within our management group," said Steven R. Tokach, President and Chief Executive Officer. "Our financial results for the quarter include significant professional and consulting resources required to return to current SEC filing status and respond to litigation claims, as well as the expenses associated with reducing OREO and working to resolve other non-performing loans. We believe that the operational improvements achieved over the last two years will begin to become more apparent in our future financial results as we move beyond the SEC filing restatement process and the extraordinary expenses associated with that work. Our Company has much strength to build upon, including a well-credentialed and experienced management team, a sizable deposit market share, a very loyal customer base, and dedicated employees that remain committed to FNCB's success. We are also pleased to note that FNCB shares are once again being quoted and trading on the OTCQB, as a result of the Company's return to current SEC reporting compliance." 

Summary Results for the Nine Months Ended September 30, 2012

Net interest income before provision for loan and lease losses was $21.0 million for the first nine months of 2012, compared to $22.2 million for the same period in 2011, resulting from a $106.5 million reduction in average interest-earning assets less a reduction of $145.1 million in average interest-bearing liabilities. Net interest margin for the nine months ended September 30, 2012 was 3.27%, an increase of nine basis points over the same period in 2011. Interest expense for the nine months ended September 30, 2012 decreased $3.9 million, or 35.6%, compared to the same period in 2011, resulting from lower average balances of interest-bearing liabilities along with a 36 basis-point decline in the Bank's average rate for interest-bearing liabilities.

Non-interest income was $4.7 million for the nine months ended September 30, 2012, compared to $9.8 million for the same period in 2011. The reduction in non-interest income was primarily the result of lower net gains on the sale of securities, which total $96,000 for the nine months ended 2012, compared to $3.2 million for the comparable prior year period, and lower net gains on the sale of OREO, from $2.5 million in 2011 to $260,000 in 2012.

Non-interest expense for the nine months ended September 30, 2012 was $31.0 million, an increase of $245,000 in comparison to the same period in 2011. Although professional fees, consisting of accounting and consulting expenses, decreased from $4.7 million for the nine-month period ended September 30, 2011 to $3.8 million for the same period in 2012, legal fees increased, from $1.8 million for the nine-month period ended September 30, 2011, to $3.2 million for the same period in 2012. Professional fees are expected to continue to decline to normalized levels in coming quarters, reflecting completion of the process to return the Company to current SEC reporting status. Legal fees will continue to be at a heightened level until certain litigation matters are resolved.

Improved Asset Quality

As a result of aggressive problem credit resolutions, the Company's asset quality ratios continued to improve through the end of the 2012 third quarter.

The Company's total non-performing loans were $13.4 million at September 30, 2012, a decrease of $6.6 million or 33%, from December 31, 2011. The ratio of non-performing loans to total loans improved to 2.11% at September 30, 2012, compared to 2.93% at December 31, 2011, representing a decrease of 82 basis points or 28%. (The FDIC peer group average at June 30, 2012, the most current FDIC statistical data, was 2.79%). The allowance for loan and lease losses as a percentage of non-performing loans was 154% at September 30, 2012, up from 105% at the end of 2011. (The FDIC peer group average was 69.3% at June 30, 2012). The Company's ratio of net charge-offs to average loans outstanding for the nine months ended September 30, 2012 was 0.56%. (The average for the FDIC peer group at June 30, 2012 quarter was 0.60%).  

Financial Condition

The Company's total assets at September 30, 2012 were $1.0 billion, a decrease of $89,000 as compared to December 31, 2011.  Total deposits at September 30, 2012 were $856.4 million, a decrease of $100.7 million from December 31, 2011. Total borrowed funds of $67.9 million at September 30, 2012 were down $15.6 million from December 31, 2011.

At September 30, 2012, First National Community Bank's capital ratios were as follows: total risk-based capital ratio of 10.87%, Tier 1 risk-based capital ratio of 9.60%, and Tier 1 leverage ratio of 7.52%. 

Availability of Filings

A copy of the Company's Form 10-Q for the period ended September 30, 2012 will be provided upon request from: Shareholder Relations, First National Community Bancorp, Inc., 102 East Drinker Street, Dunmore, PA 18512 or by calling (570) 348-6419. The Company's September 30, 2012 Form 10-Q is also available on the Investor Relations page of the Company's website, www.fncb.com, and on the SEC website at:

http://www.sec.gov/edgar/searchedgar/companysearch.html

About First National Community Bank:

First National Community Bancorp, Inc. is the bank holding company of First National Community Bank, which provides personal, small business and commercial banking services to individuals and businesses throughout Lackawanna, Luzerne, Monroe and Wayne Counties in Northeastern Pennsylvania.  The institution was established as a National Banking Association in 1910 as The First National Bank of Dunmore, and has been operating under its current name since 1988. For more information about FNCB, visit www.fncb.com.

MEDIA CONTACT:

INVESTOR CONTACT:



Joseph J. Earyes, CPA

James M. Bone, Jr., CPA 

First Senior Vice President and

Executive Vice President and  

Retail Banking Officer

Chief Financial Officer 

First National Community Bank 

First National Community Bank 

(570) 558-6701 

(570) 348-6419  

joseph.earyes@fncb.com  

james.bone@fncb.com 

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors (some of which are beyond the Company's control). The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar expressions are intended to identify forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in the Company's markets; the effects of, and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of and acceptance of new products and services; the impact of the Company's ability to comply with its regulatory agreements and orders; the effectiveness of the Company's revised system of internal controls; the ability of the Company to attract additional capital investment; the impact of changes in financial services' laws and regulations (including laws concerning taxes, banking, securities and insurance); technological changes; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms, and the success of the Company at managing the risks involved in the foregoing and other risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to update any forward looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company to reflect events or circumstances occurring after the date of this release.

 

SOURCE First National Community Bancorp, Inc.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Enterprise Open Source Magazine Latest Stories . . .
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefi...
The Eclipse IoT community is growing community of open source projects focused on providing the building blocks for the IoT industry. The goal of the community is to provide open source implementations of important IoT standards, frameworks that implement key services for IoT applicati...
In his session at 15th Cloud Expo, Mark Hinkle, Senior Director, Open Source Solutions at Citrix Systems Inc., will provide overview of the open source software that can be used to deploy and manage a cloud computing environment. He will include information on storage, networking(e.g.,...
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and ma...
In a very real way, everything they do at iXsystems helps the cause of open source. From the engineers who write code they contribute back to FreeBSD, to the testers who give feedback on open source drivers back to vendors, to the marketers who travel around the world to promote FreeBS...
More and more Web sites and applications are being moved from Apache to nginx. While Apache is still the number one HTTP server with more than 60% on active Web sites, nginx has now taken over the 2nd place in the ranking and relegated Microsoft’s IIS to 3rd place. Among the top 10.000...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE