Press release
Farmers National Banc Corp. Announces 2019 Third Quarter Financial Results
Record net income of $9.2 million for the quarter is 13% higher than same quarter in 2018 147 consecutive quarters of profitability Annualized return on
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nRecord net income of $9.2 million for the quarter is 13% higher than same quarter in 2018\n\n\n147 consecutive quarters of profitability \n\n\nAnnualized return on average assets was 1.51% and annualized return on average equity 12.49% for the quarter ended September 30, 2019\n\n\n5.5% loan growth since September 30, 2018\n\n\nNon-performing assets to total assets remain at low levels, 0.28% at September 30, 2019\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three months ended September 30, 2019.\n\n\nNet income for the three months ended September 30, 2019 was $9.2 million, or $0.33 per diluted share, which compares to $8.1 million, or $0.29 per diluted share, for the three months ended September 30, 2018 and $8.5 million or $0.31 per diluted share for the linked quarter. Annualized return on average assets and return on average equity were 1.51% and 12.49%, respectively, for the three month period ending September 30, 2019, compared to 1.42% and 12.80% for the same three month period in 2018, and 1.45% and 12.34% for the linked quarter. Farmers’ return on average tangible equity (Non-GAAP) was 14.80% for the quarter ended September 30, 2019 compared to 15.70% for the same quarter in 2018 and 14.59% for the linked quarter.\n\n\nNet income for the nine months ended September 30, 2019 was $26.1 million, or $0.94 per diluted share, compared to $23.9 million or $0.85 per diluted share for the same nine month period in 2018. Return on average assets and return on average equity were 1.47% and 12.52%, respectively, for the nine months ended September 30, 2019, compared to 1.45% and 13.00% for the same period in 2018.\n\n\nOn August 30, 2019, Farmers entered into an agreement and plan of merger with Maple Leaf Financial (“Maple Leaf”), the holding company for Geauga Savings Bank, with branches located in Cuyahoga and Geauga Counties in Ohio. This transaction is subject to receipt of Maple Leaf shareholder approval and customary regulatory approvals and is expected to close during the first quarter of 2020. The transaction increases Farmers’ market share in Cuyahoga and Geauga Counties and enables Farmers to continue building local scale throughout Northeast Ohio. As of June 30, 2019, Maple Leaf had total assets of $277.8 million, which include...