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)
		September 30, 2008		December 31, 2007		September 30, 2007
ASSETS		(Unaudited)		(Audited)		(Unaudited)
Cash and cash equivalents:
Cash and due from banks	$	19,954	$	24,735	$	19,818
Federal funds sold		0		0		0
Total cash and cash equivalents		19,954		24,735		19,818
Securities:
Available-for-sale, at fair value		232,234		295,727		292,113
Held-to-maturity, at cost (fair value $1,718, 1,847and $1,839)		1,786		1,722		1,701
Federal Reserve Bank and FHLB stock, at cost		10,732		9,081		8,509
Net loans		951,761		899,015		912,569
Bank premises and equipment		17,778		16,425		15,235
Intangible assets		9,914		9,847		9,861
Accrued interest receivable and other assets		50,375		41,001		35,471
TOTAL ASSETS	$	1,294,534	$	1,297,553	$	1,295,277
LIABILITIES
Deposits:
Demand	$	81,552	$	79,834	$	83,684
Interest-bearing demand		321,197		288,879		319,833
Savings		74,258		70,379		71,850
Time ($100,000 and over)		179,133		176,249		185,906
Other time		300,040		330,176		324,761
Total deposits		956,180		945,517		986,034
Borrowed funds		224,722		227,832		189,537
Accrued interest payable and other liabilities		15,384		17,062		15,241
Total liabilities		1,196,286		1,190,411		1,190,812
STOCKHOLDERS' EQUITY
Common Stock (par value $1.25 per share)
Authorized: 50,000,000 shares
Issued & outstanding: at September 30, 2008 - 15,955,796 shares, at December 31, 2007 - 15,746,250 shares, and at September 30, 2007 - 15,167,350 shares		19,945		19,683		18,959
Additional paid-in capital		58,700		56,490		55,128
Retained earnings		39,910		33,159		32,894
Accumulated other comprehensive income (loss)		(20,307)		(2,190)		(2,516)
Total stockholders' equity		98,248		107,142		104,465
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,294,534	$	1,297,553	$	1,295,277

FIRST NATIONAL COMMUNITY BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
		Year-to-Date		Quarter Ended
		September 30, 2008		September 30, 2008		June 30, 2008		September 30, 2007
INTEREST INCOME
Interest and fees on loans	$	44,465	$	14,436	$	14,538	$	17,595
Interest and dividends on securities		11,149		3,696		3,544		3,669
Interest on federal funds sold		12		7		5		5
TOTAL INTEREST INCOME		55,626		18,139		18,087		21,269
INTEREST EXPENSE
Interest-bearing demand		3,192		993		973		2,126
Savings		525		171		164		217
Time ($100,000 and over)		5,161		1,584		1,703		2,423
Other time		9,647		2,878		3,198		4,223
Interest on borrowed funds		7,346		2,379		2,267		2,296
TOTAL INTEREST EXPENSE		25,871		8,005		8,305		11,285
Net interest income before provision for credit losses		29,755		10,134		9,782		9,984
Provision for credit losses		1,150		300		550		300
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES		28,605		9,834		9,232		9,684
OTHER INCOME
Service charges		2,332		812		791		709
Net gain on asset sales		1,893		880		162		913
Other		1,914		633		654		614
TOTAL OTHER INCOME		6,139		2,325		1,607		2,236
OTHER EXPENSES
Salaries and employee benefits		9,459		3,236		3,134		2,982
Occupancy expense		1,679		546		535		466
Equipment expense		1,334		463		458		424
Advertising expense		720		240		240		210
Data processing expense		1,235		400		417		460
Other operating expenses		4,481		1,526		1,582		1,331
TOTAL OTHER EXPENSES		18,908		6,411		6,366		5,873

INCOME BEFORE INCOME TAXES		15,836		5,748		4,473		6,047
Provision for income taxes		3,809		1,421		964		1,639
NET INCOME	$	12,027	$	4,327	$	3,509	$	4,408
EARNINGS PER SHARE:
Basic	$	0.76	$	0.27	$	0.22	$	0.28
Diluted	$	0.74	$	0.27	$	0.22	$	0.28
Weighted Average Number of Shares
Basic		15,825,238		15,888,360		15,827,339		15,625,619
Diluted		16,166,444		16,218,396		16,167,453		15,943,649
These financial statements should be read in conjunction with the audited financial statements and related notes for  the year ended December 31, 2007.