CANFIELD, Ohio -- Farmers National Banc Corp., parent of Farmers National Bank and Farmers Trust Co., Wednesday reported first-quarter net income of $2.19 million, or 12 cents per diluted and basic share.
This compares to fourth-quarter net income of $2.30 million, or 12 cents a share, and first-quarter 2013 income of $2.01 million, or 11 cents a share.
In a prepared statement, the president and CEO of Farmers, Kelvin J. Helmick, said, “Net income for the first quarter increased 9.28% to $2.2 million compared to the first quarter of 2013, and our efficiency ratio improved to 69.78% from 72.57% during the same time period. The improvement in our efficiency ratio is consistent with our strategy to increase fee income and decrease noninterest expenses. It is important to note that noninterest income has increased 19.4% comparing the first quarter to the first quarter of 2013, while noninterest expenses increased only 0.58%. We are also pleased to report that loans increased 5.7% in the past 12 months.”
Highlights Farmers cited in its earnings release:
Key performance ratios for the quarters ended March 31 and Dec. 31 and March 31, 2013:
Net interest income was $8.57 million compared to $9.04 million three months earlier and $8.97 million the quarter ended March 31, 2013.
Noninterest income, primarily from the trust company, was $3.43 million compared to $3.64 million for the quarter ended Dec. 31 and $2.88 million the quarter ended March 31, 2013.
Noninterest expense -- includes salaries and benefits, rents, data processing, advertising and Federal Deposit Insurance Corp. premiums -- was $9.14 million compared to $9.22 million the preceding quarter and $9.09 million the first quarter a year ago.
Deposits grew slightly to $923.03 million, up from $915.22 million at Dec. 31 and $915.86 million at March 31, 2013.
Asset quality showed improvement with nonperforming loans (those 90-plus days past due) falling to $8.49 million from $9.09 million three months earlier but up from $7.37 million a year earlier.
Other real estate owned (repossessed properties) fell to $174,000 from $410,000 a year earlier but was $$3,000 higher than at Dec. 31.
Nonperforming loans were 1.36% of total loans where that figure stood at 1.44% Dec. 31 and 1.24% a year ago.
The provision set aside for loan losses was 86.97% of nonperforming loans. This ratio compares to 83.25% at Dec. 31 and 101.90% at March 31, 2013.
Through its subsidiaries in Mahoning, Trumbull, Columbiana, Cuyahoga and Stark counties, Farmers National Banc Corp. engages in commercial, retail and mortgage banking and provides trust, insurance and investment banking services.
SOURCE: Farmers National Banc Corp.
Published by The Business Journal, Youngstown, Ohio.
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