FNCB Bancorp (FNCB) 8-K Financial Statements and Exhibits

FIRST NATIONAL COMMUNITY BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
		June 30, 2008		December 31, 2007		June 30,  2007
ASSETS		(Unaudited)		(Audited)		(Unaudited)
Cash and cash equivalents:
Cash and due from banks	$	27,703	$	24,735	$	19,408
Federal funds sold		0		0		0
Total cash and cash equivalents		27,703		24,735		19,408
Securities:
Available-for-sale, at fair value		260,164		295,727		259,990
Held-to-maturity, at cost (fair value $1,764, $1,847 and $1,785)		1,764		1,722		1,680
Federal Reserve Bank and FHLB stock, at cost		10,807		9,081		7,608
Net loans		939,187		899,015		900,000
Bank premises and equipment		17,858		16,425		14,976
Intangible assets		9,878		9,847		9,875
Accrued interest receivable and other assets		44,124		41,001		34,836
TOTAL ASSETS	$	1,311,485	$	1,297,553	$	1,248,373
LIABILITIES
Deposits:
Demand	$	81,498	$	79,834	$	76,863
Interest-bearing demand		277,856		288,879		279,894
Savings		74,194		70,379		71,802
Time ($100,000 and over)		185,556		176,249		193,309
Other time		300,609		330,176		335,393
Total deposits		919,713		945,517		957,261
Borrowed funds		271,214		227,832		176,804
Accrued interest payable and other liabilities		14,807		17,062		14,008
Total liabilities		1,205,734		1,190,411		1,148,073
STOCKHOLDERS' EQUITY
Common Stock (par value $1.25 per share)
Authorized: 50,000,000 shares
Issued & outstanding: at June 30, 2008 – 15,873,863 shares, at December 31, 2007 – 15,746,250 shares and at June 30, 2007 – 15,612,725 shares		19,842		19,683		19,516
Additional paid-in capital		57,866		56,490		54,256
Retained earnings		37,330		33,159		29,493
Accumulated other comprehensive income (loss)		(9,287)		(2,190)		(2,965)
Total stockholders' equity		105,751		107,142		100,300
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,311,485	$	1,297,553	$	1,248,373

FIRST NATIONAL COMMUNITY BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
		Year-to-Date		Quarter Ended
		June 30,  2008		June 30,  2008		March 31,  2008		June 30,  2007
INTEREST INCOME
Interest and fees on loans	$	30,029	$	14,538	$	15,491	$	16,775
Interest and dividends on securities		7,453		3,544		3,909		3,481
Interest on federal funds sold		5		5		0		2
TOTAL INTEREST INCOME		37,487		18,087		19,400		20,258
INTEREST EXPENSE
Interest-bearing demand		2,199		973		1,226		2,103
Savings		354		164		190		218
Time ($100,000 and over)		3,577		1,703		1,874		2,353
Other time		6,769		3,198		3,571		3,807
Interest on borrowed funds		4,967		2,267		2,700		2,067
TOTAL INTEREST EXPENSE		17,866		8,305		9,561		10,548
Net interest income before provision  for credit losses		19,621		9,782		9,839		9,710
Provision for credit losses		850		550		300		300
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		18,771		9,232		9,539		9,410
OTHER INCOME
Service charges		1,520		791		729		710
Net gain (loss) on asset sales		1,013		162		851		56
Other		1,281		654		627		602
TOTAL OTHER INCOME		3,814		1,607		2,207		1,368
OTHER EXPENSES
Salaries and employee benefits		6,223		3,134		3,089		2,897
Occupancy expense		1,133		535		598		509
Equipment expense		871		458		413		393
Advertising expense		480		240		240		210
Data processing expense		835		417		418		389
Other operating expenses		2,955		1,582		1,373		1,482
TOTAL OTHER EXPENSES		12,497		6,366		6,131		5,880

INCOME BEFORE INCOME TAXES		10,088		4,473		5,615		4,898
Provision for income taxes		2,388		964		1,424		1,150
NET INCOME	$	7,700	$	3,509	$	4,191	$	3,748
EARNINGS PER SHARE:
Basic	$	0.49	$	0.22	$	0.27	$	0.24
Diluted	$	0.48	$	0.22	$	0.26	$	0.24
Weighted Average Number of Shares
Basic		15,793,330		15,827,339		15,759,321		15,571,876
Diluted		16,140,183		16,167,453		16,112,913		15,897,398
These financial statements should be read in conjunction with the audited financial statements and related notes for the year  ended December 31, 2007.