National Bancshares Reports Record 3Q Net Income
ORRVILLE, Ohio -- National Bancshares, the holding company of First National Bank of Orrville, reports third-quarter net income of $1.59 million, or 72 cents per basic share, a record.
This compares to net income of $1.43 million, or 64 cents per basic share, the preceding quarter, and $1.04 million, or 47 cents, per basic share, the quarter ended June 30, 2013.
First National Bank has an office in Salem, one of 14 in northeastern Ohio.
In a prepared statement, the president and CEO of the holding company and the bank, Mark R. Witmer, said, “We are pleased to report our excellent results for the third quarter and first nine months of 2014. National Bancshares Corp. has experienced the strongest quarterly and year-to-date net income in its history. Total assets at Sept. 30 were a record $526.63 million compared to $476.24 at Dec. 31. We continue to organically expand our portfolio of quality loans. … Agricultural and small-business loans continue to be the fastest-growing part of our franchise.”
Net income for the first nine months was $4.26 million, or $1.91 per basic share, compared to $3.01 million, or $1.35 per basic share, the same period a year ago.
Third-quarter net interest margin was 3.78% compared to 3.57% the same quarter in 2013.
Net interest income was $4.4 million, up 18.7% from the $3.74 million reported for the third quarter a year ago.
The adjusted efficiency ratio fell to 58.0% from 66.3% a year ago, the bank reported.
Noninterest expense -- such as salaries and benefits, data processing, rents and Federal Deposit Insurance Corp. premiums -- was $3.05 million compared to $2.99 million the quarter ended Sept. 30, 2013.
Average total loans in the quarter were $354.4 million, the bank reported, an increase of 23.5% compared to the same quarter in 2013.
Asset quality remained high. No provision for loan losses was recorded for the quarter and allowance is only $38,000 higher than to $3.9 million reported last Dec. 31, the bank said. Total nonperforming loans -- those 90 days or more past due -- were $782,000 and total loan delinquencies to total loans were 0.52%.
Published by The Business Journal, Youngstown, Ohio.
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