National Bancshares Corp. Posts Record Earnings
ORRVILLE, Ohio -- National Bancshares Corp., holding company of First National Bank of Orrville, reports record second-quarter net income of $1.018 million, or 46 cents a share (basic and diluted.
This compares to first-quarter net income of $946,000, or 42 cents a share, and second-quarter 2012 net income of $857,000, or 14 cents a share.
For the first six months, net income was a record $1.964 million, or 88 cents a share, compared to $1.017 million, or 46 cents a share, the same period a year ago.
Total assets were $454.53 million at June 30 compared to $481.28 million at March 31 and $436.15 million a year ago.
In a prepared statement, the president and CEO, Mark Witmer, said, “We are pleased to report outstanding results for the second quarter with quarterly net income topping $1 million for the first time. Our operating results have been steadily building over the pat few years. Agriculture and small-business lending have been instrumental in improving our profitability.”
Highlights National Bancshares cited:
- Net interest income climbed to $3.676 million, up $193,000, or 5.5% above the same quarter a year ago.
- Mortgage banking generated $192,000, an increase of 43.3% compared to $134,000 the same period a year ago.
- Total loans increased to $288.7 million, up $19.8 million or 7.4% at Dec. 31. The loan to asset ratio stood at 63.6%.
- Loans secured by farmland and agriculture production stood at $41.4 million at June 30, up from $35.3 million at Dec. 31 and up from $15.3 million at Dec. 31, 2011.
- Total deposits stood at $378.6 million at June 30, up $11.5 million or 3.1% from Dec. 31.
- The provision for loan losses was 150,000, same as the first quarter, and down from $981,000 the same quarter a year ago.
Noninterest income – fees and service charges – was $723,000 compared to $636,000 the first quarter and $862,000 the last quarter of 2012.
Noninterest expense (salaries and benefits, FDIC premiums, rents, marketing) was just under $3 million compared to $3.03 million the first quarter and just under $3 million the quarter ended June 30, 2012.
Total nonperforming loans – those 90 and more days past due – stood at $638,000 at June 30, falling from $1.2 million at Dec. 31.
Key ratios at June 30, March 31, and June 30, 2012:
- Return on average assets, 0.88%, 0.83%, 0.30%
- Return on average equity, 9.06%, 8.29%, 4.65%
- Efficiency ratio, 67.05% 68.86%, 72.98%.
First National Bank has 13 full-service offices in northeastern Ohio and a loan production office in Salem.
Published by The Business Journal, Youngstown, Ohio.
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