Press release
Farmers National Banc Corp. Announces 2020 Fourth Quarter and Annual Financial Results
Dedicated to assisting associates, customers and communities during the COVID-19 crisis Record annual net income of $41.9 million for 2020 Net income of
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\n Dedicated to assisting associates, customers and communities during the COVID-19 crisis\n\n\nRecord annual net income of $41.9 million for 2020\n\n\nNet income of $11.4 million for the quarter is 17% higher than same quarter in 2019, despite a $2.4 million increase in the fourth quarter provision for loan losses \n\n\nNet interest income increased 21.9% for the quarter compared to the same period a year ago as a result of higher interest income and lower interest expense\n\n\nSignificant mortgage loan activity drives a 35% quarterly increase, from the same period a year ago, in noninterest income \n\n\n152 consecutive quarters of profitability \n\n\nReturn on average assets, annualized, was 1.49% for the fourth quarter\n\n\n34% growth in customer non-brokered deposits in the quarter compared to 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, 2020.\n\nNet income for the three months ended December 31, 2020 was $11.4 million, or $0.40 per diluted share, which compares to $9.7 million, or $0.35 per diluted share, for the three months ended December 31, 2019 and $10.9 million or $0.38 per diluted share for the linked quarter. Net income excluding acquisition costs (non-GAAP) for the quarter ended December 31, 2020 was $12.8 million or $0.45 per share, compared to $9.8 million or $0.35 per share for the same quarter in 2019 and $10.9 million or $0.39 per share for the most recent prior quarter.\n\nAnnualized return on average assets and annualized return on average equity were 1.49% and 13.10%, respectively, for the three month period ending December 31, 2020, compared to 1.58% and 12.78% for the same three month period in 2019, and 1.46% and 12.87% for the linked quarter. Farmers’ annualized return on average tangible equity (non-GAAP) was 15.48% for the quarter ended December 31, 2020 compared to 15.03% for the same quarter in 2019 and 15.30% for the linked quarter.\n\nNet income for the twelve months ended December 31, 2020 was $41.9 million, or $1.47 per diluted share, compared to $35.8 million or $1.28 per diluted share for the same twelve month period in 2019. Return on average assets and return on average equity were 1.46% and 12.80%, respectively, for the twelve months ended De...