Press release
Farmers National Banc Corp. Announces 2020 First Quarter Financial Results
Farmers takes active steps to assist its associates, customers and communities during the COVID-19 crisis Net income of $8.6 million for the quarter is 3%
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nFarmers takes active steps to assist its associates, customers and communities during the COVID-19 crisis\n\n\nNet income of $8.6 million for the quarter is 3% higher than same quarter in 2019\n\n\n149 consecutive quarters of profitability \n\n\n18% noninterest income growth in the first quarter of 2020 compared to same quarter in 2019\n\n\n15% growth in customer non-brokered deposits compared to March 31, 2019\n\n\nLoan loss provision of $1.1 million for the quarter; Election made to delay implementation of Current Expected Credit Losses model (CECL) as permitted by the CARES Act.\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three months ended March 31, 2020.\n\n\nNet income for the three months ended March 31, 2020 was $8.6 million, or $0.30 per diluted share, which compares to $8.4 million, or $0.30 per diluted share, for the three months ended March 31, 2019 and $9.7 million or $0.35 per diluted share for the linked quarter. Net income excluding acquisition costs (non-GAAP) for the quarter ended March 31, 2020 was $9.7 million or $0.34 per share, compared to $8.4 million or $0.30 per share for the same quarter in 2019 and $9.8 million or $0.35 per share for the most recent quarter. Annualized return on average assets and annualized return on average equity were 1.32% and 11.53%, respectively, for the three month period ending March 31, 2020, compared to 1.45% and 12.71% for the same three month period in 2019, and 1.58% and 12.78% for the linked quarter. Excluding acquisition costs, annualized return on average assets and annualized return on equity (non-GAAP) would have been 1.48% and 12.95% respectively, for the quarter ended March 31, 2020. Farmers’ annualized return on average tangible equity (non-GAAP) was 13.81% for the quarter ended March 31, 2020 compared to 14.99% for the same quarter in 2019 and 15.03% for the linked quarter. Excluding acquisition costs, annualized return on average tangible equity (non-GAAP) would have been 15.50% for the quarter ended March 31, 2020.\n\n\nKevin J. Helmick, President and CEO, stated, “As we all experience the pressure that the COVID-19 pandemic has caused around the world, the people at Farmers remain actively engaged and are focused on helping our clients navigate through this challengin...