Farmers Posts Net Income of $8.4M in Q1

CANFIELD, Ohio – Farmers National Banc Corp., the holding company of Farmers National Bank and Farmers Trust Co., reported net income of $8.4 million, or 30 cents per diluted share, for the first quarter of 2019.

That is ahead of the $7.7 million, or 28 cents per share, recorded in the first quarter last year, though down from the fourth quarter of 2018, when income was $8.7 million, or 31 cents per share.

“Coming off an historic 2018, this is an encouraging start to 2019,” said Farmers President and CEO Kevin Helmick in a prepared statement. “We are extremely proud of our committed employees that continue to deliver strong results for our stakeholders and remain committed to our community banking approach and culture.”

In its quarterly financial results report, Farmers National reported 9% loan growth since the first quarter of 2018, 145 consecutive quarters of profitability and nonperforming assets remaining at a low level, 0.33%.

Key performance ratios for the quarters ended March 31, Dec. 31 and March 31, 2018, include:

• • Return on average assets annualized, 1.45%, 1.5%, 1.45%.
• • Return on average equity annualized, 12.71%, 13.65%, 13.03%.
• • Net Interest margin annualized, 3.81%, 3.8%, 3.92%.
• • Efficiency ratio tax equivalent basis, 57.83%, 57.73%, 57.98%.

Loans totaled $1.74 billion, up from both the $1.75 billion reported for the final quarter of 2018 and the year-ago quarter’s mark of $1.59 billion. 

Net interest income in the first quarter of this year was $19.96 million, down from the previous quarter’s $20.07 million, though up from the first quarter of 2018’s $18.94 million.

Noninterest income was $6.52 million, down from the $6.7 million reported in the final quarter of 2018 and up from the $6.01 first quarter of last year.

Noninterest expenses, including salaries and benefits, taxes, fees and advertising, totaled $15.97 million. That’s down slightly from the $15.98 reported in the quarter ended Dec. 31, 2018, and up from the year-ago quarter, when it was $15.1 million.

Deposits totaled $1.95 billion, ahead of both the previous quarter mark of $1.8 billion and the year-ago quarter tally of $1.63 billion.

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