First National in Pa. Reports Bigger Loss

First National Community Bancorp (FNCB) in Dunmore, Pa., reported a bigger loss for the first six months of the year compared with 2011, largely because of lower noninterest income.

The $970 million-asset company completed filing late financial results with the Securities and Exchange Commission and is now in compliance with reporting requirements.

For the six months that ended June 30, First National reported a loss of $2.1 million, versus a loss of $337,000 a year earlier.

First National had also been late in filing its annual and quarterly reports with SEC for last year but completed those earlier this month. It also had to restate its financial results for 2009 and part of 2010 after an internal audit uncovered inaccuracies in its accounting for loan losses.

Noninterest income fell about 59% in the first half of this year from a year earlier, to $3 million, because of lower gains on the sale of other real estate owned and the sale of securities. Net interest income rose roughly 19% from a year earlier, to $14.7 million; the company benefited from a $416,000 credit to its loan-loss provision.

"With today's return to current SEC reporting status, we are committed to improving operational efficiency and focusing our organization's full efforts on rebuilding our financial strength and growing our customer-driven northeastern Pennsylvania franchise," Steven Tokach, First National's president and chief executive, said in a press release Friday. "We are committed to leveraging the operational improvements achieved over the last two years to make us a stronger and more competitive bank in northeastern Pennsylvania.  We also intend now to evaluate our stock listing options with the objective of increasing the liquidity of our common shares."