Press release
Farmers National Banc Corp. Announces 2020 Third Quarter Financial Results
Dedicated to assisting associates, customers and communities during the COVID-19 crisis Net income of $10.9 million for the quarter is 19% higher than same
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nDedicated to assisting associates, customers and communities during the COVID-19 crisis\n\n\nNet income of $10.9 million for the quarter is 19% higher than same quarter in 2019, despite a $2.1 million increase in the third quarter provision for loan losses \n\n\nNet interest income increased 16.4% 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 25% quarterly, year-over-year increase in noninterest income \n\n\n151 consecutive quarters of profitability \n\n\nReturn on average assets, annualized, was 1.46% for the third quarter\n\n\n29% growth in customer non-brokered deposits in the quarter compared to 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, 2020.\n\nNet income for the three months ended September 30, 2020 was $10.9 million, or $0.38 per diluted share, which compares to $9.2 million, or $0.33 per diluted share, for the three months ended September 30, 2019 and $11 million or $0.39 per diluted share for the linked quarter. Net income excluding acquisition costs (non-GAAP) for the quarter ended September 30, 2020 was $10.9 million or $0.39 per share, compared to $9.3 million or $0.33 per share for the same quarter in 2019 and $11.1 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 1.46% and 12.87%, respectively, for the three month period ending September 30, 2020, compared to 1.51% and 12.49% for the same three month period in 2019, and 1.56% and 14.02% for the linked quarter. Farmers’ annualized return on average tangible equity (non-GAAP) was 15.30% for the quarter ended September 30, 2020 compared to 14.80% for the same quarter in 2019 and 16.69% for the linked quarter.\n\nNet income for the nine months ended September 30, 2020 was $30.5 million, or $1.07 per diluted share, compared to $26.1 million or $0.94 per diluted share for the same nine month period in 2019. Annualized return on average assets and return on average equity were 1.45% and 12.84%, respectively, for the nine months ended September 30, 2020, compared to 1.47% and 12.52% for the same period in 2019....