Farmers Reports 1Q Income of $8.6M
CANFIELD, Ohio – Farmers National Banc Corp., the parent company of Farmers National Bank, reports first-quarter net income of $8.6 million, up slightly from the $8.4 million reported in the same period of 2019.
“As we all experience the pressure that the COVID-19 pandemic has caused around the world, the people at Farmers remain actively engaged and are focused on helping our clients navigate through this challenging time,” said President and CEO Kevin J. Helmick in the bank’s quarterly report. “We arrive here uniquely prepared to address what’s ahead. At the end of 2019, the company had $264 million in total regulatory capital and strong tangible common equity. As a result of the economic uncertainty, the company has suspended its stock repurchase program in order to preserve capital.”
Through March 31, Farmers has processed 168 consumer payment deferral requests totaling $8.3 million, including 41 requests totaling $5.5 million for residential mortgages. On the business side, Farmers has processed 170 deferral requests totaling $89.1 million.
And as of April 24, the bank approved 726 loans through the Paycheck Protection Program totaling $145.6 million.
On Jan. 7, Farmers completed its merger with Maple Leaf Financial, the holding company of Geauga Savings Bank. As of the end of the third quarter of 2019, Maple Leaf had assets of $275.6 million, including gross loans of $183.5 million and deposits of $183.4 million.
Key performance ratios for the quarters ended March 31, Dec. 31 and March 31, 2019 include:
Net interest margin: 3.75%, 3.84%, 3.81%.
Efficient ratio: 59.72%, 54.51%, 57.83%
Return on average assets: 1.32%, 1.58%, 1.45%.
Return on average equity: 11.53%, 12.78%, 12.71%.
Loans totaled $1.96 billion in the first quarter, up from $1.79 billion at the end of 2019 and $1.72 billion in the year-ago quarter.
Noninterest income was $7.72 million, up from $7.65 million in the previous quarter and $6.52 million in the first quarter of 2019.
Deposits in the first quarter totaled $2.24 billion, up from $2 billion the previous quarter and $1.95 billion a year ago.
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