Press release
Farmers National Banc Corp. Announces 2019 Fourth Quarter Financial Results
Record net income of $9.7 million for the quarter is 11% higher than same quarter in 2018 148 consecutive quarters of profitability Annualized return on
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nRecord net income of $9.7 million for the quarter is 11% higher than same quarter in 2018\n\n\n148 consecutive quarters of profitability \n\n\nAnnualized return on average assets was 1.58% and annualized return on average equity 12.78% for the quarter ended December 31, 2019\n\n\n14% noninterest income growth in the fourth quarter of 2019 compared to same quarter in 2018\n\n\n8.5% growth in customer non-brokered deposits compared to December 31, 2018\n\n\nNon-performing assets to total assets remain at low levels, 0.26% at December 31, 2019\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three months and year ended December 31, 2019.\n\n\nNet income for the three months ended December 31, 2019 was $9.7 million, or $0.35 per diluted share, which compares to $8.7 million, or $0.31 per diluted share, for the three months ended December 31, 2018 and $9.2 million or $0.33 per diluted share for the linked quarter. Annualized return on average assets and annualized return on average equity were 1.58% and 12.78%, respectively, for the three month period ending December 31, 2019, compared to 1.50% and 13.65% for the same three month period in 2018, and 1.51% and 12.49% for the linked quarter. Farmers’ return on average tangible equity (non-GAAP) was 15.03% for the quarter ended December 31, 2019 compared to 16.68% for the same quarter in 2018 and 14.80% for the linked quarter.\n\n\nNet income for the twelve months ended December 31, 2019 was $35.8 million, or $1.28 per diluted share, compared to $32.6 million or $1.16 per diluted share for the same twelve month period in 2018. Return on average assets and return on average equity were 1.50% and 12.56%, respectively, for the twelve months ended December 31, 2019, compared to 1.46% and 13.13% for the same period in 2018.\n\n\nOn January 7, 2020, Farmers announced it completed the merger of Maple Leaf Financial (“Maple Leaf”), the holding company for Geauga Savings Bank, with branches located in Cuyahoga and Geauga Counties in Ohio. The transaction increases Farmers’ market share in Cuyahoga and Geauga Counties and enables Farmers to continue building local scale throughout Northeast Ohio. As of September 30, 2019, Maple Leaf had total assets of $275.6 million, which included gross loans of $183.5 mil...