Financial Services

Farmers Reports 2Q Income of $8.5M

CANFIELD, Ohio – Farmers National Banc Corp. reports second-quarter net income of $8.5 million, a 6% increase from the same period last year. 

In addition, the holding company of Farmers National Bank, reported loans have increased 8.6% since the midpoint of 2018, now totaling $1.78 billion.

“We continue to build on the momentum gained in the first quarter with another three months of pleasing performance,” said President and CEO Kevin Helmick in a 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.”

“We are also pleased to report a 29% increase in cash dividends paid to our shareholders, from $0.07 per share paid in the second quarter of 2018 to $0.09 paid for the same quarter in 2019,” he continued.

Key performance indicators for the quarters ended June 30, March 31 and June 30, 2018, include:

  • Return on average assets annualized: 1.45%, 1.45%, 1.47%.
  • Return on average equity annualized: 12.34%, 12.71%, 13.28%.
  • Net interest margin annualized: 3.84%, 3.81%, 3.93%.
  • Efficiency ratio tax equivalent basis: 58.28%, 57.83%, 57.31%.

Net interest income for the second quarter was $20.5 million, up from the first quarter total of $19.9 million and the year-ago quarter level of $19.5 million.

Noninterest income was $7 million, ahead of the $6.5 million reported in the first quarter and the $6.3 million in the second quarter of 2018.

Deposits at Farmers National Bank totaled $2 billion, up from $1.95 billion in the first quarter and $1.76 billion in the second quarter of last year.

Copyright 2019 The Business Journal, Youngstown, Ohio.