Press release
Farmers National Banc Corp. Announces 2021 Second Quarter Financial Results
Record net income of $15.6 million for the quarter is 41% higher than same quarter in 2020 Net interest income increased 10.7% for the quarter compared to
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nRecord net income of $15.6 million for the quarter is 41% higher than same quarter in 2020 \n\n\nNet interest income increased 10.7% for the quarter compared to the same period a year ago, primarily as a result of a higher level of interest earning assets\n\n\nIncreases in fee income from wealth management businesses contributed to an 8% increase in total noninterest income compared to the second quarter in 2020 \n\n\n154 consecutive quarters of profitability \n\n\nReturn on average assets, annualized, was 1.90% for the second quarter\n\n\n17% growth in customer non-brokered deposits in the current quarter compared to June 30, 2020\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three months ended June 30, 2021.\n\nNet income for the three months ended June 30, 2021 was $15.6 million, or $0.55 per diluted share, which compares to $11.0 million, or $0.39 per diluted share, for the three months ended June 30, 2020 and $14.6 million or $0.51 per diluted share for the linked quarter. Net income excluding acquisition costs (non-GAAP) for the quarter ended June 30, 2021 was $15.7 million or $0.55 per share, compared to $11.1 million or $0.39 per share for the same quarter in 2020 and $14.6 million or $0.51 per share for the most recent prior quarter.\n\nAnnualized return on average assets and annualized return on average equity were 1.90% and 17.17%, respectively, for the three month period ended June 30, 2021, compared to 1.56% and 14.02% for the same three month period in 2020, and 1.87% and 16.81% for the linked quarter. Farmers’ annualized return on average tangible equity excluding acquisition costs (non-GAAP) was 19.91% for the quarter ended June 30, 2021 compared to 16.75% for the same quarter in 2020 and 19.31% for the linked quarter.\n\nOn June 22, 2021, Farmers entered into an agreement and plan of merger with Cortland Bancorp Inc. (“Cortland”), the parent company of Cortland Savings and Banking Company (“Cortland Bank”). This transaction is subject to receipt of Cortland shareholder approval and customary regulatory approvals and is expected to close during the fourth quarter of 2021. Farmers expects that the transaction will increase Farmers’ market share in Trumbull, Mahoning and Cuyahoga Counties and enables Farmers to continue bui...