Farmers National Banc Corp. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Full Year of 2014
October 23, 2014 at 01:35 am IST
Share
Farmers National Banc Corp. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2014. Net income for the three months ended September 30, 2014 was $2.3 million or $0.12 basic and diluted per share, which compares favorably to $1.6 million or $0.09 basic and diluted per share for the third quarter ended September 30, 2013. Total interest income was $10.413 million against $10.122 million a year ago. Net interest income was $9.285 million against $8.848 million a year ago. Income before income taxes was $2.964 million against $1.755 million a year ago. Return on average assets (annualized) was 0.79% against 0.56% a year ago. Return on average equity (annualized) was 7.37% against 5.60% a year ago.
Net income for the nine months ended September 30, 2014 was $6.8 million, a 24.3% increase compared to $5.5 million for the same period in 2013. On a basic and diluted per share basis, net income for the nine months ended September 30, 2014 was $0.36, an increase of 24.1% compared to the nine month period ended September 30, 2013. Improvement in net income for the nine months ended September 30, 2014 and the third quarter of 2014 is a result of its continued focus on increasing noninterest income and control of noninterest expenses. Total interest income was $30.594 million against $30.661 million a year ago. Net interest income was $27.093 million against $26.855 million a year ago. Income before income taxes was $8.853 million against $6.527 million a year ago. Return on average assets (annualized) was 0.80% against 0.64% a year ago. Return on average equity (annualized) was 7.61% against 6.26% a year ago. Book value per share was $6.54 as at September 30, 2014 against $5.99 per share as on September 30, 2013. Tangible book value per share was $6.02 as at September 30, 2014 against $5.43 per share as on September 30, 2013.
The company provided earnings guidance for the full year of 2014. The company continues to experience increases in noninterest income and growth in its loan portfolio which has resulted in higher total revenue. The company looks forward to the ensuing quarters as the economic outlook improves. The company also continues its discipline of closely monitoring levels of non-interest expense while growing non-interest revenues.
Farmers National Banc Corp. is a diversified financial services company. The Company provides full banking services through its nationally chartered subsidiary, The Farmers National Bank of Canfield (Bank). Its segment includes Bank segment and the Trust segment. It provides trust and retirement consulting services through its subsidiary, Farmers Trust Company (Trust), and insurance services through the Bank's subsidiary, Farmers National Insurance, LLC. Farmers National Captive, Inc. (Captive) is a wholly owned insurance subsidiary of the Company that provides property and casualty insurance coverage to the Company and its subsidiaries. It is a full-service national banking association engaged in commercial and retail banking mainly in the northeastern region of Ohio and the western region of Pennsylvania. Its commercial and retail banking services include checking accounts, savings accounts, time deposit accounts, commercial, mortgage and installment loans, and home equity loans.
Farmers National Banc Corp. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Full Year of 2014