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     209  0 Kommentare Farmers National Banc Corp. Announces 2019 Second Quarter Financial Results

    Farmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three months ended June 30, 2019.

    Net income for the three months ended June 30, 2019 was $8.5 million, or $0.31 per diluted share, which compares to $8.1 million, or $0.29 per diluted share, for the three months ended June 30, 2018 and $8.4 million or $0.30 per diluted share for the linked quarter. Annualized return on average assets and return on average equity were 1.45% and 12.34%, respectively, for the three month period ending June 30, 2019, compared to 1.47% and 13.28% for the same three month period in 2018, and 1.45% and 12.71% for the linked quarter. Farmers’ return on average tangible equity (Non-GAAP) was 14.59% for the quarter ended June 30, 2019 compared to 16.24% for the same quarter in 2018 and 14.99% for the linked quarter.

    Net income for the six months ended June 30, 2019 was $16.9 million, or $0.61 per diluted share, compared to $15.8 million or $0.57 per diluted share for the same six month period in 2018. Return on average assets and return on average equity were 1.45% and 12.54%, respectively, for the six months ended June 30, 2019, compared to 1.46% and 13.13% for the same period in 2018.

    Kevin J. Helmick, President and CEO, stated, “As a result of 9% loan growth over the past twelve months, 11% increase in noninterest income, careful management of our noninterest expenses and continued strong asset quality, we are pleased to report a 6% increase in net income compared to the same quarter one year ago. 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.”

    2019 Second Quarter Financial Highlights

    • Loan growth
      Total loans were $1.78 billion at June 30, 2019, compared to $1.64 billion at June 30, 2018, representing an increase of 8.6%. The increase in loans is a direct result of Farmers’ focus on loan growth utilizing talented lending and credit team, while adhering to a sound underwriting discipline. The increase in loans has occurred in the commercial, commercial real estate, residential real estate and agricultural loan portfolios. Loans now comprise 79.6% of the Bank's average earning assets for the quarter ended June 30, 2019, an improvement compared to 78.6% for the same period in 2018. This improvement, along with the growth in earning assets, has resulted in a 14.2% increase in tax equated loan income in the second quarter of 2019 compared to the same quarter in 2018.
    • Loan quality
      Non-performing assets to total assets remain at a low level, currently at 0.30%. Early stage delinquencies also continue to remain at low levels, at $10.2 million, or 0.57% of total loans, at June 30, 2019. Net charge-offs for the current quarter were $305 thousand, compared to $536 thousand in the same quarter in 2018 and total net charge-offs as a percentage of average net loans outstanding is only 0.07% for the quarter ended June 30, 2019.
    • Net interest margin
      The net interest margin for the three months ended June 30, 2019 was 3.84%, a 9 basis points decrease from the quarter ended June 30, 2018, but a 3 basis points increase from the linked quarter. In comparing the second quarter of 2019 to the same period in 2018, asset yields increased 25 basis points, while the cost of interest-bearing liabilities increased 47 basis points. Most of this increase was the result of higher rates paid on interest-bearing checking accounts and time deposits, consistent with increases in the federal funds sold rate. The net interest margin is impacted by the additional accretion as a result of the discounted loan portfolios acquired in the previous mergers, which increased the net interest margin by 5 basis points for the quarters ended June 30, 2019 and 2018.
    • Noninterest income
      Noninterest income increased 10.9% to $7.0 million for the quarter ended June 30, 2019 compared to $6.3 million in the same quarter in 2018. Gains on the sales of mortgage loans increased $449 thousand or 74%, other operating income increased $66 thousand or 18%, trust fees increased $81 thousand or 5% and service charges on deposit accounts increased $108 thousand or 11% in comparing the second quarter of 2019 to the same quarter in 2018. These increases were offset by a decrease of securities gains of $45 thousand or 166.7% and retirement plan consulting fees of $15 thousand or 3.2%.
    • Noninterest expenses
      Farmers has remained committed to managing the level of noninterest expenses. Total noninterest expenses for the second quarter of 2019 increased 8.1% to $16.7 million compared to $15.5 million in the same quarter in 2018, primarily as a result of an increase in salaries and employee benefits of $438 thousand, offset by a $140 thousand decrease in FDIC insurance expense. Included in other operating expenses in the second quarter of 2019 were $505 thousand in expenses that management does not expect to occur in future quarters. Annualized noninterest expenses measured as a percentage of quarterly average assets rose slightly from 2.82% in the second quarter of 2018 to 2.83% in the second quarter of 2019.
    • Efficiency ratio
      The efficiency ratio for the quarter ended June 30, 2019 increased slightly to 58.28% compared to 57.31% for the same quarter in 2018. The improvement in net interest income and noninterest income in the second quarter of 2019 was offset by a higher level of noninterest expenses as explained in the preceding paragraphs.

    2019 Outlook

    Mr. Helmick added, “We continue to build on the momentum gained in the first quarter with another three months of pleasing performance. 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.”

    Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $2.4 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 41 banking locations in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania, Farmers Trust Company, which operates four trust offices and offers services in the same geographic markets, and National Associates, Inc. Total wealth management assets under care at June 30, 2019 are $2.5 billion. Farmers National Insurance, LLC and Bowers Insurance Agency, Inc., wholly-owned subsidiaries of The Farmers National Bank of Canfield, offer a variety of insurance products.

    Non-GAAP Disclosure

    This press release includes disclosures of Farmers’ tangible common equity ratio, return on average tangible assets, return on average tangible equity and net income excluding costs related to acquisition activities, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the tables following Consolidated Financial Highlights below.

    Forward-Looking Statements

    This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in the forward-looking statements can be found in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2018, which has been filed with the Securities and Exchange Commission (SEC) and is available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

    Farmers National Banc Corp. and Subsidiaries

    Consolidated Financial Highlights

    (Amounts in thousands, except per share results) Unaudited

     

     

     

     

     

     

     

     

     

     

    Consolidated Statements of Income

    For the Three Months Ended

    For the Six Months Ended

    June 30,

    March 31,

    Dec. 31,

    Sept. 30,

    June 30,

    June 30,

    June 30,

    Percent

    2019

    2019

    2018

    2018

    2018

    2019

    2018

    Change

    Total interest income

    $25,529

    $24,679

    $24,447

    $23,563

    $22,474

    $50,208

    $43,756

    14.7%

    Total interest expense

    5,038

    4,714

    4,373

    3,644

    2,912

    9,752

    5,248

    85.8%

    Net interest income

    20,491

    19,965

    20,074

    19,919

    19,562

    40,456

    38,508

    5.1%

    Provision for loan losses

    750

    550

    525

    950

    750

    1,300

    1,525

    -14.8%

    Noninterest income

    6,994

    6,520

    6,705

    6,478

    6,306

    13,514

    12,316

    9.7%

    Acquisition related costs (income)

    (19)

    0

    (180)

    0

    0

    (19)

    25

    -176%

    Other expense

    16,723

    15,977

    16,163

    16,180

    15,458

    32,700

    30,529

    7.1%

    Income before income taxes

    10,031

    9,958

    10,271

    9,267

    9,660

    19,989

    18,745

    6.6%

    Income taxes

    1,488

    1,570

    1,585

    1,183

    1,587

    3,058

    2,946

    3.8%

    Net income

    $8,543

    $8,388

    $8,686

    $8,084

    $8,073

    $16,931

    $15,799

    7.2%

     

     

     

     

     

     

     

     

    Average diluted shares outstanding

    27,931

    27,983

    27,962

    28,002

    27,979

    27,950

    27,949

    Basic and diluted earnings per share

    0.31

    0.30

    0.31

    0.29

    0.29

    0.61

    0.57

    Cash dividends

    2,504

    2,500

    2,223

    2,222

    1,935

    5,004

    3,870

    Cash dividends per share

    0.09

    0.09

    0.08

    0.08

    0.07

    0.18

    0.14

    Performance Ratios

    Net Interest Margin (Annualized)

    3.84%

    3.81%

    3.80%

    3.86%

    3.93%

    3.83%

    3.92%

    Efficiency Ratio (Tax equivalent basis)

    58.28%

    57.83%

    57.73%

    58.70%

    57.31%

    58.06%

    57.64%

    Return on Average Assets (Annualized)

    1.45%

    1.45%

    1.50%

    1.42%

    1.47%

    1.45%

    1.46%

    Return on Average Equity (Annualized)

    12.34%

    12.71%

    13.65%

    12.80%

    13.28%

    12.54%

    13.13%

    Dividends to Net Income

    29.31%

    29.80%

    25.59%

    27.49%

    23.97%

    29.56%

    24.50%

    Other Performance Ratios (Non-GAAP)

    Return on Average Tangible Assets

    1.47%

    1.46%

    1.54%

    1.46%

    1.50%

    1.47%

    1.48%

    Return on Average Tangible Equity

    14.59%

    14.99%

    16.68%

    15.70%

    16.24%

    14.82%

    15.99%

    Return on Average Tangible Equity excluding acquisition costs

    14.55%

    14.99%

    16.34%

    15.70%

    16.24%

    14.80%

    16.01%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consolidated Statements of Financial Condition

    June 30,

    March 31,

    Dec. 31,

    Sept. 30,

    June 30,

    2019

    2019

    2018

    2018

    2018

    Assets

    Cash and cash equivalents

    $64,007

    $69,672

    $57,926

    $75,635

    $76,623

    Securities available for sale

    424,252

    403,770

    402,190

    389,996

    388,890

    Equity securities

    7,222

    7,460

    7,130

    6,892

    6,344

     

    Loans held for sale

    1,093

    2,360

    1,237

    1,428

    1,987

    Loans

    1,780,504

    1,743,651

    1,735,840

    1,691,532

    1,639,191

    Less allowance for loan losses

    14,222

    13,777

    13,592

    13,377

    12,764

    Net Loans

    1,766,282

    1,729,874

    1,722,248

    1,678,155

    1,626,427

     

    Other assets

    143,093

    142,938

    137,999

    140,572

    137,668

    Total Assets

    $2,405,949

    $2,356,074

    $2,328,730

    $2,292,678

    $2,237,939

     

    Liabilities and Stockholders' Equity

    Deposits

    Noninterest-bearing

    $415,935

    $415,131

    $421,950

    $426,689

    $420,991

    Interest-bearing

    1,584,700

    1,539,202

    1,377,770

    1,332,022

    1,229,346

    Total deposits

    2,000,635

    1,954,333

    1,799,720

    1,758,711

    1,650,337

    Other interest-bearing liabilities

    96,978

    109,348

    250,792

    270,273

    322,565

    Other liabilities

    23,511

    19,442

    15,898

    14,905

    17,527

    Total liabilities

    2,121,124

    2,083,123

    2,066,410

    2,043,889

    1,990,429

    Stockholders' Equity

    284,825

    272,951

    262,320

    248,789

    247,510

    Total Liabilities

     

     

     

     

     

    and Stockholders' Equity

    $2,405,949

    $2,356,074

    $2,328,730

    $2,292,678

    $2,237,939

     

    Period-end shares outstanding

    27,768

    27,777

    27,792

    27,777

    27,641

    Book value per share

    $10.26

    $9.83

    $9.44

    $8.96

    $8.95

    Tangible book value per share (Non-GAAP)*

    8.70

    8.26

    7.86

    7.36

    7.34

     

    * Tangible book value per share is calculated by dividing tangible common equity by average outstanding shares

     

    Capital and Liquidity

    Common Equity Tier 1 Capital Ratio (a)

    12.31%

    12.37%

    12.16%

    12.13%

    12.11%

    Total Risk Based Capital Ratio (a)

    13.06%

    13.24%

    13.03%

    13.00%

    12.97%

    Tier 1 Risk Based Capital Ratio (a)

    12.41%

    12.50%

    12.28%

    12.26%

    12.24%

    Tier 1 Leverage Ratio (a)

    10.00%

    10.07%

    9.91%

    9.87%

    9.81%

    Equity to Asset Ratio

    11.84%

    11.58%

    11.26%

    10.85%

    11.06%

    Tangible Common Equity Ratio (b)

    10.22%

    9.92%

    9.56%

    9.09%

    9.25%

    Net Loans to Assets

    73.41%

    73.42%

    73.96%

    73.20%

    72.68%

    Loans to Deposits

    89.00%

    89.22%

    96.45%

    96.18%

    99.32%

    Asset Quality

    Non-performing loans

    $7,252

    $7,578

    $7,731

    $9,222

    $8,406

    Other Real Estate Owned

    74

    208

    0

    0

    0

    Non-performing assets

    7,326

    7,786

    7,731

    9,222

    8,406

    Loans 30 - 89 days delinquent

    10,203

    9,082

    8,877

    10,626

    10,636

    Charged-off loans

    588

    566

    753

    544

    777

    Recoveries

    283

    201

    443

    207

    241

    Net Charge-offs

    305

    365

    310

    337

    536

    Annualized Net Charge-offs to

    Average Net Loans Outstanding

    0.07%

    0.08%

    0.07%

    0.08%

    0.13%

    Allowance for Loan Losses to Total Loans

    0.80%

    0.79%

    0.78%

    0.79%

    0.78%

    Non-performing Loans to Total Loans

    0.41%

    0.43%

    0.45%

    0.55%

    0.51%

    Allowance to Non-performing Loans

    196.11%

    181.80%

    175.81%

    145.06%

    151.84%

    Non-performing Assets to Total Assets

    0.30%

    0.33%

    0.33%

    0.40%

    0.38%

     

     

     

     

     

     

     

     

     

    (a) June 30, 2019 ratio is estimated

    (b) This is a non-GAAP financial measure. A reconciliation to GAAP is shown below

     
     

    For the Six Months Ended

    Reconciliation of Total Assets to Tangible Assets

    June 30,

    March 31,

    Dec. 31,

    Sept. 30,

    June 30,

    June 30,

    June 30,

    2019

    2019

    2018

    2018

    2018

    2019

    2018

    Total Assets

    $2,405,949

    $2,356,074

    $2,328,730

    $2,292,678

    $2,237,939

    $2,405,949

    $2,237,939

    Less Goodwill and other intangibles

    43,298

    43,625

    43,952

    44,305

    44,661

    43,298

    44,661

    Tangible Assets

    $2,362,651

    $2,312,449

    $2,284,778

    $2,248,373

    $2,193,278

    $2,362,651

    $2,193,278

    Average Assets

    2,369,388

    2,338,792

    2,301,847

    2,255,049

    2,199,960

    2,354,112

    2,181,431

    Less average Goodwill and other intangibles

    43,508

    43,840

    44,185

    44,541

    44,893

    43,674

    45,070

    Average Tangible Assets

    $2,325,880

    $2,294,952

    $2,257,662

    $2,210,508

    $2,155,067

    $2,310,438

    $2,136,361

     

     

    For the Six Months Ended

    Reconciliation of Common Stockholders' Equity to Tangible Common Equity

    June 30,

    March 31,

    Dec. 31,

    Sept. 30,

    June 30,

    June 30,

    June 30,

    2019

    2019

    2018

    2018

    2018

    2019

    2018

    Stockholders' Equity

    $284,825

    $272,951

    $262,320

    $248,789

    $247,510

    $284,825

    $247,510

    Less Goodwill and other intangibles

    43,298

    43,625

    43,952

    44,305

    44,661

    43,298

    44,661

    Tangible Common Equity

    $241,527

    $229,326

    $218,368

    $204,484

    $202,849

    $241,527

    $202,849

    Average Stockholders' Equity

    277,746

    267,736

    252,449

    250,503

    243,792

    272,218

    242,682

    Less average Goodwill and other intangibles

    43,508

    43,840

    44,185

    44,541

    44,893

    43,674

    45,070

    Average Tangible Common Equity

    $234,238

    $223,896

    $208,264

    $205,962

    $198,899

    $228,544

    $197,612

     
     

    Reconciliation of Net Income, Excluding Acquisition Related Costs

    For the Six Months Ended

    For the Three Months Ended

    June 30,

    March 31,

    Dec. 31,

    Sept. 30,

    June 30,

    June 30,

    June 30,

    2019

    2019

    2018

    2018

    2018

    2019

    2018

    Net income

    $8,543

    $8,388

    $8,686

    $8,084

    $8,073

    $16,931

    $15,799

    Acquisition related costs - tax equated

    (20)

    0

    (180)

    0

    0

    (20)

    22

    Net income - Adjusted

    $8,523

    $8,388

    $8,506

    $8,084

    $8,073

    $16,911

    $15,821

    Diluted EPS excluding acquisition costs

    $0.31

    $0.30

    $0.30

    $0.29

    $0.29

    $0.61

    $0.57

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    June 30,

    March 31,

    Dec. 31,

    Sept. 30,

    June 30,

    End of Period Loan Balances

    2019

    2019

    2018

    2018

    2018

    Commercial real estate

    $614,452

    $589,219

    $579,481

    $562,272

    $523,417

    Commercial

    256,657

    254,957

    245,172

    233,188

    232,672

    Residential real estate

    493,529

    488,854

    492,887

    489,851

    479,486

    Consumer

    207,417

    209,541

    216,284

    220,826

    219,138

    Agricultural loans

    205,544

    198,210

    199,013

    182,038

    181,173

    Total, excluding net deferred loan costs

    $1,777,599

    $1,740,781

    $1,732,837

    $1,688,175

    $1,635,886

     

    For the Three Months Ended

    June 30,

    March 31,

    Dec. 31,

    Sept. 30,

    June 30,

    Noninterest Income

    2019

    2019

    2018

    2018

    2018

    Service charges on deposit accounts

    $1,093

    $1,074

    $1,115

    $1,151

    $985

    Bank owned life insurance income

    208

    214

    221

    219

    219

    Trust fees

    1,821

    1,858

    1,752

    1,827

    1,740

    Insurance agency commissions

    739

    803

    642

    567

    713

    Security gains (losses)

    (18)

    10

    260

    (34)

    27

    Retirement plan consulting fees

    450

    358

    370

    470

    465

    Investment commissions

    327

    260

    259

    273

    315

    Net gains on sale of loans

    1,055

    671

    832

    804

    606

    Debit card and EFT fees

    887

    778

    861

    814

    870

    Other operating income

    432

    494

    393

    387

    366

    Total Noninterest Income

    $6,994

    $6,520

    $6,705

    $6,478

    $6,306

     

    For the Three Months Ended

    June 30,

    March 31,

    Dec. 31,

    Sept. 30,

    June 30,

    Noninterest Expense

    2019

    2019

    2018

    2018

    2018

    Salaries and employee benefits

    $9,266

    $9,356

    $9,444

    $8,966

    $8,828

    Occupancy and equipment

    1,650

    1,717

    1,566

    1,597

    1,611

    State and local taxes

    472

    470

    474

    475

    479

    Professional fees

    887

    794

    734

    687

    737

    Merger related costs (income)

    (19)

    0

    (180)

    0

    0

    Advertising

    442

    250

    416

    489

    379

    FDIC insurance

    85

    87

    234

    218

    225

    Intangible amortization

    326

    327

    355

    354

    355

    Core processing charges

    803

    791

    762

    778

    794

    Telephone and data

    217

    260

    288

    298

    238

    Other operating expenses

    2,575

    1,925

    1,890

    2,318

    1,812

    Total Noninterest Expense

    $16,704

    $15,977

    $15,983

    $16,180

    $15,458

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average Balance Sheets and Related Yields and Rates

    (Dollar Amounts in Thousands)

     

     

     

     

     

     

     

     

     

    Three Months Ended

    Three Months Ended

     

    June 30, 2019

    June 30, 2018

    AVERAGE

     

     

    AVERAGE

     

     

    BALANCE

    INTEREST (1)

    RATE (1)

    BALANCE

    INTEREST (1)

    RATE (1)

    EARNING ASSETS

    Loans (2)

    $1,749,828

    $22,431

    5.14%

    $1,606,993

    $19,636

    4.90%

    Taxable securities

    195,934

    1,238

    2.53

    202,588

    1,228

    2.43

    Tax-exempt securities (2)

    211,533

    2,065

    3.92

    190,494

    1,737

    3.66

    Equity securities

    12,055

    171

    5.69

    11,214

    154

    5.51

    Federal funds sold and other

    29,205

    158

    2.17

    33,541

    167

    2.00

    Total earning assets

    2,198,555

    26,063

    4.75

    2,044,830

    22,922

    4.50

    Nonearning assets

    170,833

    155,130

    Total assets

    $2,369,388

    $2,199,960

    INTEREST-BEARING LIABILITIES

    Time deposits

    $401,005

    $1,984

    1.98%

    $283,429

    $957

    1.35%

    Brokered time deposits

    94,463

    559

    2.35

    0

    0

    0

    Savings deposits

    416,024

    340

    0.33

    477,365

    256

    0.22

    Demand deposits

    631,436

    1,476

    0.94

    469,609

    510

    0.44

    Short term borrowings

    100,199

    631

    2.53

    298,802

    1,140

    1.53

    Long term borrowings

    5,724

    48

    3.36

    6,674

    49

    2.94

    Total interest-bearing liabilities

    $1,648,851

    5,038

    1.23

    $1,535,879

    2,912

    0.76

    NONINTEREST-BEARING LIABILITIES

    AND STOCKHOLDERS' EQUITY

    Demand deposits

    425,672

    408,567

    Other liabilities

    17,119

    11,722

    Stockholders' equity

    277,746

    243,792

    TOTAL LIABILITIES AND

    STOCKHOLDERS' EQUITY

    $2,369,388

     

    $2,199,960

     

    Net interest income and interest rate spread

    $21,025

    3.52%

    $20,010

    3.74%

    Net interest margin

    3.84%

    3.93%

     

    (1) Interest and yields are calculated on a tax-equivalent basis where applicable.

    (2) For 2019, adjustments of $107 thousand and $427 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2018, adjustments of $91 thousand and $357 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Six Months Ended

    Six Months Ended

    June 30, 2019

    June 30, 2018

    AVERAGE

     

     

    AVERAGE

     

     

    BALANCE

    INTEREST (1)

    RATE (1)

    BALANCE

    INTEREST (1)

    RATE (1)

    EARNING ASSETS

    Loans (2)

    $1,738,953

    $44,002

    5.10%

    $1,586,140

    $38,145

    4.85%

    Taxable securities

    195,871

    2,482

    2.56

    204,455

    2,461

    2.43

    Tax-exempt securities

    209,586

    4,076

    3.92

    188,041

    3,417

    3.66

    Equity securities (2)

    12,058

    346

    5.79

    11,051

    300

    5.47

    Federal funds sold and other

    31,712

    354

    2.25

    34,308

    312

    1.83

    Total earning assets

    2,188,180

    51,260

    4.72

    2,023,995

    44,635

    4.45

    Nonearning assets

    165,932

    157,436

    Total assets

    $2,354,112

    $2,181,431

    INTEREST-BEARING LIABILITIES

    Time deposits

    $384,643

    $3,642

    1.91%

    $277,408

    $1,770

    1.29%

    Brokered time deposits

    70,793

    825

    2.33

    0

    0

    0

    Savings deposits

    418,306

    648

    0.31

    479,870

    438

    0.18

    Demand deposits

    610,631

    2,679

    0.88

    460,503

    926

    0.41

    Short term borrowings

    148,723

    1,862

    2.52

    290,617

    2,021

    1.40

    Long term borrowings

    5,815

    96

    3.33

    6,768

    93

    2.77

    Total interest-bearing liabilities

    $1,638,911

    9,752

    1.20

    $1,515,166

    5,248

    0.70

    NONINTEREST-BEARING LIABILITIES

    AND STOCKHOLDERS' EQUITY

    Demand deposits

    $427,039

    $409,705

    Other liabilities

    15,944

    13,878

    Stockholders' equity

    272,218

    242,682

    TOTAL LIABILITIES AND

    STOCKHOLDERS' EQUITY

    $2,354,112

     

    $2,181,431

     

    Net interest income and interest rate spread

    $41,508

    3.52%

    $39,387

    3.75%

    Net interest margin

    3.83%

    3.92%

     

    (1) Interest and yields are calculated on a tax-equivalent basis where applicable.

    (2) For 2019, adjustments of $209 thousand and $843 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2018, adjustments of $173 thousand and $706 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances.

     



    Business Wire (engl.)
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    Farmers National Banc Corp. Announces 2019 Second Quarter Financial Results Farmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three months ended June 30, 2019. Net income for the three months ended June 30, 2019 was $8.5 million, or $0.31 per diluted share, which compares to $8.1 …