Farmers Reports 3Q Record Net Income of $8.08M
CANFIELD, Ohio – Farmers National Banc Corp. Wednesday reported a record third-quarter net income of $8.08 million, or 29 cents per diluted share.
This compares to second-quarter net income of $8.07 million, or 29 cents a share, and is 35% higher than the third-quarter 2017 income of $5.98 million, or 22 cents a share.
This quarter brings Farmers to 143 consecutive quarters of profitability.
In a prepared statement, the president and CEO of the corporation and the bank, Kevin J. Helmick, said, “We are pleased to report another strong quarter which is the result of the successful execution of our strategic plan, continued strong loan growth, higher levels of noninterest income and a lower effective income tax rate.”
Key performance ratios for the quarters ended Sept. 30, June 30, and Sept. 30, 2017:
- Return on average assets (annualized), 1.42%, 1.47%, 1.12%.
- Return on average equity (annualized), 12.80%, 13.28%, 10.15%.
- Net interest margin (annualized), 3.86%, 3.93%, 3.96%.
- Efficiency ratio, 58.70%, 57.31%, 59.93%.
Net interest income for the quarter was $19.91 million, up from $19.56 million the second quarter and $18.67 million the year-ago quarter.
Noninterest income (such as fees from mortgage services, trust services and insurance commissions) was $6.47 million, an increase from $6.30 million the second quarter of 2018 and up from $6.05 million the year-ago quarter.
Net loans were $1.678 billion at Sept. 30 compared to $1.626 billion at June 30 and $1.539 billion at Sept. 30, 2017.
Total assets were at $2.292 billion the third quarter, compared to $2.237 billion the second quarter and $2.162 billion the year-ago quarter.
Nonperforming assets to total assets remained at low levels at 0.40%.
Noninterest expense (includes salaries and benefits, data processing, occupancy and rents, marketing and Federal Deposit Insurance Corp. premiums) was $16.18 million, up from $15.45 million the second quarter and $15.78 million the year-ago quarter.
Total loans grew 9% from the year-ago quarter. Loans for the third quarter were at $1.691 billion, compared to the second quarter of $1.639 billion and the year-ago quarter of $1.551 billion.
Total deposits rose to $1.758 billion, compared to $1.650 billion at June 30 and $1.609 billion at Sept. 30, 2017.
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