Farmers National Banc Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 26, 2017 at 02:35 am IST
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Farmers National Banc Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $17,291,000 against $16,458,000 a year ago. Income before income taxes was $7,377,000 against $4,023,000 a year ago. Net income was $5,363,000 or $0.20 per basic and diluted share against $3,175,000 or $0.12 per basic and diluted share a year ago. Return on average assets was 1.08% against 0.68% a year ago. Return on average equity was 9.74% against 6.51% a year ago. Return on average tangible assets was 1.11% against 0.70% a year ago. Return on average tangible equity was 12.34% against 8.44% a year ago. Adjusted income before income taxes was $7,396,000 against $5,759,000 a year ago. Net income adjusted was $5,378,000 or $0.20 per share against $4,325,000 or $0.16 per share a year ago.
For the year, the company reported net interest income of $68,120,000 against $49,737,000 a year ago. Income before income taxes was $28,042,000 against $10,554,000 a year ago. Net income was $20,557,000 or $0.76 per basic and diluted share against $8,055,000 or $0.36 per basic and diluted share a year ago. Return on average assets was 1.07% against 0.54% a year ago. Return on average equity was 9.72% against 4.97% a year ago. Return on average tangible assets was 1.09% against 0.55% a year ago. Return on average tangible equity was 12.30% against 5.92% a year ago. Book value per share was $7.88 against $7.35 per share a year ago. Tangible book value per share was $6.21 against $5.76 per share a year ago. Adjusted income before income taxes was $28,605,000 against $16,946,000 a year ago. Net income adjusted was $20,969,000 or $0.78 per share against $12,886,000 or $0.57 per share a year ago.
For the quarter, the company reported net charge-offs of $656,000 against $296,000 a year ago.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016