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FNCB Bancorp , Inc. Press Release FOR IMMEDIATE RELEASE Exhibit 99.1 FNCB Bancorp , Inc. Announces First Quarter 2021 Net Income Dunmore , Pa . , April 30 , 2021 / Globe Newswire / -FNCB Bancorp , Inc. ( NASDAQ : FNCB ; www.fncb.com ) , the parent company of Dunmore - based FNCB Bank ( the " Bank " ) , ( collectively , ( " FNCB " ) today reported net income of $ 5.8 million , or $ 0.29 per basic and diluted share , for the three months ended March 31 , 2021 , an increase of $ 3.7 million , or 182.7 % from $ 2.1 million , or $ 0.10 per basic and diluted share , for the same three months of 2020. The increase in earnings comparing the first quarters of 2021 and 2020 was primarily due to a $ 2.2 million , or 24.2 % , increase in net interest income , a $ 1.1 million , or 63.8 % , increase in non - interest income , and a $ 1.0 million , or 83.8 % , reduction in the provision for loan and lease losses . These positive factors were partially offset by an $ 0.5 million , or 117.0 % , increase in income tax expense , which was due to the higher level of pre - tax net income . Annualized return on average assets and annualized return on average equity for the three months ended March 31 , 2021 was 1.61 % and 15.27 % , respectively , compared to 0.69 % and 6.06 % , respectively , for the three months ended March 31 , 2020. Dividends declared and paid were $ 0.060 per share for the first quarter of 2021 , a 9.1 % increase compared to $ 0.055 per share for the same period of 2020. Year - to - date 2021 dividends equated to an annualized dividend yield of approximately 3.2 % based on the closing stock price of $ 7.54 per share at March 31 , 2021 . First quarter 2021 performance • First quarter net income increased $ 3.7 million , or 182.7 % , to $ 5.8 million , or $ 0.29 per share in 2021 compared to $ 2.1 million , or $ 0.10 per share in 2020 ; • Yield on earnings assets ( FTE ) decreased 21 basis points to 3.85 % in 2021 from 4.06 % in 2020 ; • Cost of funds decreased 55 basis points to 0.34 % in 2021 from 0.89 % in 2020 ; • Net interest margin ( FTE ) increased 24 basis points to 3.59 % in 2021 , compared to 3.35 % in 2020 ; • Provision for loan and lease losses decreased $ 1.0 million , or 83.8 % ; • Non - interest income increased $ 1.1 million , or 63.8 % ; • Non - interest expense decreased $ 34 thousand , or 0.47 % ; and • Efficiency ratio improved to 51.87 % in 2021 compared to 66.46 % in 2020 . Summary financial position at March 31 , 2021 as compared to December 31 , 2020 : • Total assets grew $ 34.4 million , or 2.3 % , to $ 1.500 billion at March 31 , 2021 from $ 1.466 billion at December 31 , 2020 ; • Loans , net of deferred loan fees and cost and unearned income , increased $ 30.8 million , or 3.4 % , to $ 931.9 million at March 31 , 2021 from $ 901.1 million at December 31 , 2020 ; • Included in net loans were PPP loans outstanding , net of loan origination fees and costs , of $ 103.5 million at March 31 , 2021 ; • Total deposits increased $ 35.4 million , or 2.7 % to $ 1.323 billion at March 31 , 2021 from $ 1.287 billion at December 31 , 2020 ; • Non - performing loans as a percentage of total loans improved to 0.52 % at March 31 , 2021 from 0.62 % at December 31 , 2020 ; and • The Bank's total risk - based capital and leverage ratios improved to 16.26 % and 9.88 % , respectively , at March 31 , 2021 , compared to 15.79 % and 9.57 % , respectively , at December 31 , 2020 . 1