- Earnings per diluted share increased
to $0.21 for the quarter ended June 30, 2017 compared to $0.19 for
same quarter in 2016
- 138 consecutive quarters of
profitability
- 11% organic loan growth since June
30, 2016
- Annualized return on average assets
was 1.11% and annualized return on average equity 10.25% for the
quarter ended June 30, 2017
- Noninterest income increased 6%
compared to same quarter in 2016
- Non-performing assets to total
assets remain at low levels, 0.32% at June 30, 2017
Farmers National Banc Corp. (Farmers) (NASDAQ:FMNB) today
reported financial results for the three months ended June 30,
2017.
Net income for the three months ended June 30, 2017 was $5.7
million, or $0.21 per diluted share, which compares to $5.0
million, or $0.19 per diluted share, for the three months ended
June 30, 2016 and $5.8 million or $0.21 per diluted share for the
linked quarter. Excluding acquisition expenses net income for the
three month period ended June 30, 2017 would have been $5.8
million. Annualized return on average assets and return on average
equity were 1.11% and 10.25%, respectively, for the three month
period ending June 30, 2017, compared to 1.06% and 9.69% for the
same three month period in 2016, and 1.17% and 10.87% for the
linked quarter. Farmers’ return on average tangible equity
(Non-GAAP) also improved to 12.77% for the quarter ended June 30,
2017 compared to 12.22% for the same quarter in 2016 and 13.54% for
the linked quarter.
Net income for the six months ended June 30, 2017 was $11.5
million, or $0.42 per diluted share, compared to $9.8 million or
$0.36 per diluted share for the same six month period in 2016.
Return on average assets and return on average equity were 1.14%
and 10.52%, respectively, for the six months ended June 30, 2017,
compared to 1.05% and 9.61% for the same period in 2016. Excluding
expenses related to acquisition activities net income for the six
month period ended June 30, 2017 would have been $11.6 million or
$0.43 per diluted share.
On March 13, 2017, Farmers entered into an agreement and plan of
merger with Monitor Bancorp, Inc. (Monitor), the holding company
for The Monitor Bank, located in Holmes County in Ohio. This
transaction has obtained all regulatory approvals and is expected
to close during the third quarter of 2017. This transaction will
serve as an entrance into the attractive Holmes County market for
Farmers. Monitor has an excellent core deposit base and has been a
solid earner with strong asset quality. This transaction will help
Farmers continue to grow its market share, balance sheet and
earnings. As of December 31, 2016, Monitor had total assets of
$43.3 million, which included net loans of $22.3 million and
deposits of $37.2 million. For the year ended December 31, 2016,
Monitor’s return on average assets and return on average equity
were 0.74% and 5.44%, respectively.
Kevin J. Helmick, President and CEO, stated, “ We are
looking forward to close our fourth acquisition in the past two
years, which further enhances Farmers’ brand and delivers long-term
value for our shareholders. We remain focused on our strategic
growth plan which has paved the way for the company to reach over
$2 billion in assets in 2017. This growth enhances profitability by
creating significant economies of scale and improved operational
efficiencies. We continue to be encouraged by our organic loan
growth, which has increased 11% during the past twelve months, and
improvements in our level of noninterest income.”
2017 Second Quarter Financial Highlights
- Loan growthTotal loans were
$1.51 billion at June 30, 2017, compared to $1.36 billion at June
30, 2016, representing an increase of 10.8%. The increase in loans
is a direct result of Farmers’ focus on loan growth utilizing a
talented lending and credit team, while adhering to a sound
underwriting discipline. The increase in loans has occurred across
each of the major loan categories. Loans now comprise 77.6% of the
Bank's average earning assets for the quarter ended June 30, 2017,
an improvement compared to 76.2% for the same period in 2016. This
improvement, along with the growth in earning assets, has resulted
in an 11% increase in tax equated loan income in the second quarter
of 2017 compared to the same quarter in 2016.
- Loan qualityNon-performing
assets to total assets remain at a low level, currently at 0.32%.
Early stage delinquencies also continue to remain at low levels, at
$7.1 million, or 0.47% of total loans, at June 30, 2017. Net
charge-offs for the current quarter were $523 thousand, compared to
$660 thousand in the same quarter in 2016 and total net charge-offs
as a percentage of average net loans outstanding is only 0.14% for
the quarter ended June 30, 2017. Lending to the energy sector is
insignificant and less than 1% of the loan portfolio.
- Net interest marginThe net
interest margin for the three months ended June 30, 2017 was 4.05%,
a 1 basis point decrease from the quarter ended June 30, 2016. In
comparing the first quarter of 2017 to the same period in 2016,
asset yields increased 11 basis points, while the cost of
interest-bearing liabilities increased 14 basis points. The net
interest margin is impacted by the additional accretion as a result
of the discounted loan portfolios acquired in the NBOH and
Tri-State mergers, which increased the net interest margin by 2 and
9 basis points for the quarters ended June 30, 2017 and 2016,
respectively.
- Noninterest incomeNoninterest
income increased 5.5% to $6.1 million for the quarter ended June
30, 2017 compared to $5.7 million in 2016. Gains on the sale of
mortgage loans increased $351 thousand, or 65% in the current
year’s quarter compared to the same quarter in 2016. Insurance
agency commissions increased $379 thousand in comparing the same
two quarters due mainly to the acquisition of the Bowers Group that
closed on June 1, 2016. Debit card interchange fees increased $179
thousand or 27.3% in comparing the second quarter of 2017 to the
same quarter in 2016. Other operating income is down $286 thousand
in June 30, 2017 compared to the same quarter in 2016, mainly as a
result of a $262 thousand gain on the sale of land that was
recognized during the second quarter of 2016.
- Noninterest expensesFarmers has
remained committed to managing the level of noninterest expenses.
Total noninterest expenses for the second quarter of 2017 increased
to $15.8 million compared to $14.8 million in the same quarter in
2016, primarily as a result of an increase in salaries and employee
benefits of $1.1 million, offset by a $156 thousand decrease in
other operating expenses and a $120 thousand decrease in merger
related costs. There were also $155 thousand of litigation
settlement expense in the current quarter ended June 30, 2017
compared to none in the same quarter in 2016. It is important to
note that annualized noninterest expenses measured as a percentage
of quarterly average assets decreased from 3.13% in the second
quarter of 2016 to 3.08% in the second quarter of 2017.
- Efficiency ratioThe efficiency
ratio for the quarter ended June 30, 2017 improved to 60.8%
compared to 62.6% for the same quarter in 2016. The main factors
leading to this improvement were the increase in net interest
income and noninterest income, the decrease in merger related
costs, along with the stabilized level of noninterest expenses
relative to average assets as explained in the preceding
paragraphs.
2017 Outlook
Mr. Helmick added, “We are encouraged by the promising start to
2017 in our financial results. We will focus our energy on the
seamless integration of our newly acquired bank and customers and
we remain committed to the businesses and families we serve and to
our community banking approach and culture.”
Founded in 1887, Farmers National Banc Corp. is a diversified
financial services company headquartered in Canfield, Ohio, with $2
billion in banking assets and $1 billion in trust
assets. Farmers National Banc Corp.’s wholly-owned
subsidiaries are comprised of The Farmers National Bank of
Canfield, a full-service national bank engaged in commercial and
retail banking with 38 banking locations in Mahoning, Trumbull,
Columbiana, Stark, Wayne, Medina and Cuyahoga Counties in Ohio and
Beaver County in Pennsylvania, Farmers Trust Company, which
operates three trust offices and offers services in the same
geographic markets, and National Associates, Inc. Farmers National
Insurance, LLC and Bowers Insurance Agency, Inc., wholly-owned
subsidiaries of The Farmers National Bank of Canfield, offer a
variety of insurance products.
Non-GAAP Disclosure
This press release includes disclosures of Farmers’ tangible
common equity ratio, return on average tangible assets, return on
average tangible equity and net income excluding costs related to
acquisition activities and litigation settlement expenses, which
are financial measures not prepared in accordance with generally
accepted accounting principles in the United States (GAAP). A
non-GAAP financial measure is a numerical measure of historical or
future financial performance, financial position or cash flows that
excludes or includes amounts that are required to be disclosed by
GAAP. Farmers believes that these non-GAAP financial measures
provide both management and investors a more complete understanding
of the underlying operational results and trends and Farmers’
marketplace performance. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for the numbers prepared in accordance with GAAP. The
reconciliations of non-GAAP financial measures are included in the
tables following Consolidated Financial Highlights below.
Forward-Looking Statements
This earnings release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements about Farmers’ financial condition,
results of operations, asset quality trends and profitability.
Forward-looking statements are not historical facts but instead
represent only management’s current expectations and forecasts
regarding future events, many of which, by their nature, are
inherently uncertain and outside of Farmers’ control.
Forward-looking statements are preceded by terms such as “expects,”
“believes,” “anticipates,” “intends” and similar expressions, as
well as any statements related to future expectations of
performance or conditional verbs, such as “will,” “would,”
“should,” “could” or “may.” Farmers’ actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements. Factors that could cause Farmers’ actual results to
differ materially from those described in the forward-looking
statements can be found in Farmers’ Annual Report on Form 10-K for
the year ended December 31, 2016, which has been filed with the
Securities and Exchange Commission (SEC) and is available on
Farmers’ website (www.farmersbankgroup.com) and on the SEC’s
website (www.sec.gov). Forward-looking statements are not
guarantees of future performance and should not be relied upon as
representing management’s views as of any subsequent date. Farmers
does not undertake any obligation to update the forward-looking
statements to reflect the impact of circumstances or events that
may arise after the date of the forward-looking statements.
Farmers
National Banc Corp. and Subsidiaries Consolidated Financial
Highlights (Amounts in thousands, except per
share results) Unaudited
Consolidated Statements of
Income For the Three Months Ended For the Six Months
Ended June 30, March 31, Dec. 31, Sept.
30, June 30, June 30, June 30,
Percent 2017 2017 2016
2016 2016 2017
2016 Change Total interest income $ 20,042 $
18,850 $ 18,469 $ 18,332 $ 17,950 $ 38,892 $ 35,697 9.0 % Total
interest expense 1,669 1,319
1,178 1,139
1,061 2,988 2,061
45.0 %
Net interest income 18,373 17,531 17,291
17,193 16,889 35,904 33,636 6.7 % Provision for loan losses 950
1,050 990 1,110 990 2,000 1,770 13.0 % Noninterest income 6,055
5,887 6,076 6,485 5,737 11,942 10,683 11.8 % Merger related costs
104 62 19 31 224 166 513 -67.6 % Other expense 15,660
14,551 14,981
15,194 14,559
30,211 28,714 5.2 %
Income
before income taxes 7,714 7,755 7,377 7,343 6,853 15,469 13,322
16.1 % Income taxes 2,004 1,972
2,014 1,967
1,833 3,976 3,504
13.5 %
Net income $ 5,710 $ 5,783
$ 5,363 $ 5,376 $ 5,020
$ 11,493 $ 9,818 17.1 %
Average shares outstanding 27,067 27,054 27,048 27,048
26,965 27,061 26,951 Basic and diluted earnings per share 0.21 0.21
0.20 0.20 0.19 0.42 0.36 Cash dividends 1,353 1,353 1,082 1,082
1,083 2,707 2,160 Cash dividends per share 0.05 0.05 0.04 0.04 0.04
0.10 0.08
Performance Ratios Net Interest Margin
(Annualized) 4.05 % 4.01 % 3.95 % 3.97 % 4.06 % 4.03 % 4.07 %
Efficiency Ratio (Tax equivalent basis) 60.79 % 58.79 % 60.37 %
60.85 % 62.60 % 59.81 % 62.63 % Return on Average Assets
(Annualized) 1.11 % 1.17 % 1.08 % 1.10 % 1.06 % 1.14 % 1.05 %
Return on Average Equity (Annualized) 10.25 % 10.87 % 9.74 % 9.97 %
9.69 % 10.52 % 9.61 % Dividends to Net Income 23.70 % 23.40 % 20.18
% 20.13 % 21.57 % 23.55 % 22.00 %
Other Performance Ratios
(Non-GAAP) Return on Average Tangible Assets 1.14 % 1.18 % 1.11
% 1.13 % 1.08 % 1.16 % 1.06 % Return on Average Tangible Equity
12.77 % 13.54 % 12.34 % 12.73 % 12.22 % 13.10 % 12.10 %
Consolidated Statements of Financial Condition
June 30, March 31, Dec.
31, Sept. 30, June 30, 2017
2017 2016 2016
2016 Assets Cash and cash equivalents $ 64,640 $
61,251 $ 41,778 $ 67,372 $ 62,184 Securities available for sale
391,628 377,072 369,995 368,729 378,432 Loans held for sale
583 1,098 355 2,148 1,737 Loans 1,505,273 1,461,461 1,427,635
1,395,620 1,358,484 Less allowance for loan losses 11,746
11,319 10,852
10,518 9,720 Net Loans
1,493,527 1,450,142
1,416,783 1,385,102
1,348,764 Other assets 135,286
136,924 137,202
137,657 134,002
Total
Assets $ 2,085,664 $ 2,026,487 $
1,966,113 $ 1,961,008 $ 1,925,119
Liabilities and Stockholders' Equity Deposits
Noninterest-bearing $ 387,596 $ 374,399 $ 366,870 $ 352,441 $
339,364 Interest-bearing 1,153,407
1,165,821 1,157,886
1,139,724 1,108,078 Total deposits
1,541,003 1,540,220 1,524,756 1,492,165 1,447,442 Other
interest-bearing liabilities 298,827 245,069 213,496 235,757
247,934 Other liabilities 19,147 23,136
14,645 17,649
17,252 Total liabilities 1,858,977 1,808,425
1,752,897 1,745,571 1,712,628 Stockholders' Equity 226,687
218,062 213,216
215,437 212,491
Total
Liabilities and Stockholders' Equity $ 2,085,664
$ 2,026,487 $ 1,966,113 $
1,961,008 $ 1,925,119 Period-end shares
outstanding 27,067 27,067 27,048 27,048 27,048 Book value per share
$ 8.38 $ 8.06 $ 7.88 $ 7.96 $ 7.86 Tangible book value per share
(Non-GAAP)* 6.73 6.40 6.21 6.29 6.17 * Tangible book value
per share is calculated by dividing tangible common equity by
average outstanding shares
Capital and Liquidity
Common Equity Tier 1 Capital Ratio (a) 11.79 % 11.75 % 11.69 %
11.67 % 11.61 % Total Risk Based Capital Ratio (a) 12.52 % 12.61 %
12.53 % 12.51 % 12.41 % Tier 1 Risk Based Capital Ratio (a) 11.79 %
11.89 % 11.83 % 11.81 % 11.75 % Tier 1 Leverage Ratio (a) 9.38 %
9.47 % 9.41 % 9.35 % 9.37 % Equity to Asset Ratio 10.87 % 10.76 %
10.84 % 10.99 % 11.04 % Tangible Common Equity Ratio 8.93 % 8.74 %
8.75 % 8.88 % 8.87 % Net Loans to Assets 71.61 % 71.56 % 72.06 %
70.63 % 70.06 % Loans to Deposits 97.68 % 94.89 % 93.63 % 93.53 %
93.85 %
Asset Quality Non-performing loans $ 6,355 $ 6,553 $
8,170 $ 8,003 $ 8,360 Other Real Estate Owned 236 318 482 506 572
Non-performing assets 6,591 6,871 8,652 8,509 8,932 Loans 30 - 89
days delinquent 7,052 8,258 12,747 10,986 11,371 Charged-off loans
725 943 841 562 820 Recoveries 202 360 185 250 160 Net Charge-offs
523 583 656 312 660 Annualized Net Charge-offs to Average Net Loans
Outstanding 0.14 % 0.16 % 0.20 % 0.09 % 0.20 % Allowance for Loan
Losses to Total Loans 0.78 % 0.77 % 0.76 % 0.75 % 0.72 %
Non-performing Loans to Total Loans 0.42 % 0.45 % 0.57 % 0.57 %
0.62 % Allowance to Non-performing Loans 184.83 % 172.73 % 132.83 %
131.43 % 116.27 % Non-performing Assets to Total Assets 0.32 % 0.34
% 0.44 % 0.43 % 0.46 %
(a) June 30, 2017 ratio
is estimated
For the Six MonthsEnded
Reconciliation of Common Stockholders' Equity to Tangible Common
Equity June 30, March 31, Dec. 31,
Sept. 30, June 30, June 30, June 30,
2017 2017
2016 2016
2016 2017
2016 Stockholders' Equity $ 226,687 $ 218,062
$ 213,216 $ 215,437 $ 212,491 $ 226,687 $ 212,491 Less Goodwill and
other intangibles 44,425 44,789
45,154 45,299
45,718 44,425
45,718 Tangible Common Equity $ 182,262 $
173,273 $ 168,062 $ 170,138
$ 166,773 $ 182,262 $ 166,773
Average Stockholders' Equity 223,544 215,819 219,028 214,484
207,776 220,308 205,407 Less Average Goodwill and other intangibles
44,665 45,028
45,173 45,575 43,475
44,845 43,137
Average Tangible Common Equity $ 178,879 $ 170,791
$ 173,855 $ 168,909 $
164,301 $ 175,463 $ 162,270
For the Six MonthsEnded
Reconciliation of Total Assets to Tangible Assets June
30, March 31, Dec. 31, Sept. 30, June
30, June 30, June 30, 2017
2017 2016
2016 2016
2017 2016
Total Assets $ 2,085,664 $ 2,026,487 $ 1,966,113 $ 1,961,008 $
1,925,119 $ 2,085,664 $ 1,925,119 Less Goodwill and other
intangibles 44,425 44,789
45,154 45,299
45,718 44,425 45,718
Tangible Assets $ 2,041,239 $ 1,981,698
$ 1,920,959 $ 1,915,709 $
1,879,401 $ 2,041,239 $ 1,879,401
Average Assets 2,055,758 2,001,084 1,977,589 1,949,204
1,897,068 2,025,939 1,889,308 Less average Goodwill and other
intangibles 44,665 45,028
45,173 45,575
43,475 44,845 43,137
Average Tangible Assets $ 2,011,093 $
1,956,056 $ 1,932,416 $ 1,903,629
$ 1,853,593 $ 1,981,094 $
1,846,171
Reconciliation of Net Income, Excluding
Costs Related to Acquisition Activities
For the Six MonthsEnded
For the Three Months Ended June 30, March 31,
Dec. 31, Sept. 30, June 30, June 30,
June 30, 2017 2017
2016 2016
2016 2017
2016 Income before income taxes
- Reported $ 7,714 $ 7,755 $ 7,377 $ 7,343 $ 6,853 $ 15,469 $
13,322 Acquisition Costs 104 62
19 31 224
166 513 Income
before income taxes - Adjusted 7,818 7,817 7,396 7,374 7,077 15,635
13,835 Income tax expense (b) 2,014
1,987 2,018 1,973
1,899 4,001
3,645 Net income - Adjusted $ 5,804 $ 5,830
$ 5,378 $ 5,401 $ 5,178
$ 11,634 $ 10,190 Average shares
outstanding 27,067 27,054 27,048 27,048 26,965 27,061 26,951 EPS
excluding acquisition costs $ 0.21 $ 0.22
$ 0.20 $ 0.20 $ 0.19
$ 0.43 $ 0.38 (b) The income tax
expense change from actual income tax expense relates to the
deductibility of certain acquisition costs
Reconciliation of Return on Average Assets and Average Equity,
Excluding Acquisition Costs
For the Six MonthsEnded
For the Three Months Ended June 30, March 31,
Dec. 31, Sept. 30, June 30, June 30,
June 30, 2017 2017
2016 2016
2016 2017
2016 ROA excluding acquisition
costs (c) 1.13 % 1.17 % 1.09 % 1.11 % 1.09 % 1.15 % 1.08 % ROE
excluding acquisition costs (d) 10.39 % 10.81 % 9.82 % 10.07 % 9.97
% 10.56 % 9.92 % (c) Net income -adjusted divided by average
assets (d) Net income - adjusted divided by average equity
For the Three Months Ended June 30, March 31,
Dec. 31, Sept. 30, June 30, End of Period
Loan Balances 2017
2017 2016
2016 2016 Commercial real
estate $ 476,844 $ 456,917 $ 446,975 $ 426,657 $ 418,269 Commercial
215,676 208,913 204,771 207,228 201,796 Residential real estate
445,991 441,593 430,674 423,009 418,693 Consumer 220,454 216,648
212,836 205,466 192,232 Agricultural loans 142,687
133,868 128,981
129,959 124,551 Total, excluding
net deferred loan costs $ 1,501,652 $ 1,457,939
$ 1,424,237 $ 1,392,319 $
1,355,541
For the Three Months Ended June
30, March 31, Dec. 31, Sept. 30, June
30, Noninterest Income 2017
2017 2016
2016 2016 Service
charges on deposit accounts $ 989 $ 951 $ 1,031 $ 1,057 $ 987 Bank
owned life insurance income 191 201 208 194 201 Trust fees 1,523
1,678 1,482 1,693 1,564 Insurance agency commissions 672 674 559
569 293 Security gains (14 ) 13 1 31 41 Retirement plan consulting
fees 399 513 444 561 496 Investment commissions 253 222 310 308 356
Net gains on sale of loans 891 607 838 1,063 540 Debit card and EFT
fees 836 653 722 656 657 Other operating income 315
375 481 353
602 Total Noninterest Income $ 6,055
$ 5,887 $ 6,076 $ 6,485
$ 5,737
For the Three Months
Ended June 30, March 31, Dec. 31, Sept.
30, June 30, Noninterest Expense
2017 2017
2016 2016
2016 Salaries and employee benefits $ 8,853 $ 8,287 $
8,248 $ 8,366 $ 7,740 Occupancy and equipment 1,631 1,587 1,748
1,587 1,616 State and local taxes 424 417 363 394 394 Professional
fees 775 747 803 671 754 Merger related costs 104 62 19 31 224
Litigation settlement expense 155 0 0 0 0 Advertising 317 244 241
383 363 FDIC insurance 234 235 199 287 286 Intangible amortization
365 365 368 421 335 Core processing charges 717 655 743 738 580
Telephone and data 242 241 275 206 233 Other operating expenses
1,947 1,773 1,993
2,141 2,258 Total
Noninterest Expense $ 15,764 $ 14,613 $
15,000 $ 15,225 $ 14,783
Average Balance Sheets and Related Yields and Rates
(Dollar Amounts in Thousands)
Three Months Ended Three Months Ended
June 30, 2017 June 30, 2016 AVERAGE AVERAGE
BALANCE
INTEREST(1)
RATE (1) BALANCE
INTEREST(1)
RATE (1) EARNING ASSETS Loans (2) $1,472,575 $17,572 4.79%
$1,320,777 $15,787 4.79% Taxable securities 216,414 1,265 2.34
246,590 1,288 2.10 Tax-exempt securities (2) 164,369 1,791 4.37
129,772 1,377 4.26 Equity securities 10,216 123 4.83 9,637 113 4.70
Federal funds sold and other 33,053 82 1.00 26,137 27
0.41 Total earning assets 1,896,627 20,833 4.41 1,732,913 18,592
4.30 Nonearning assets 159,131 164,155 Total assets $2,055,758
$1,897,068 INTEREST-BEARING LIABILITIES Time deposits $234,952 $652
1.11% $249,491 $472 0.76% Savings deposits 526,398 183 0.14 540,251
159 0.12 Demand deposits 399,413 281 0.28 323,869 162 0.20 Short
term borrowings 271,313 501 0.74 208,660 144 0.28 Long term
borrowings 9,705 52 2.15 20,746 124 2.40 Total
interest-bearing liabilities $1,441,781 1,669 0.46 $1,343,017 1,061
0.32 NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits 378,499 334,007 Other liabilities 11,934 12,268
Stockholders' equity 223,544 207,776 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,055,758 $1,897,068
Net interest income and interest rate spread $19,164
3.95% $17,531 3.98% Net interest margin 4.05% 4.06%
(1) Interest and yields are calculated on a tax-equivalent
basis where applicable. (2) For 2017, adjustments of $170 thousand
and $621 thousand, respectively, were made to tax equate income on
tax exempt loans and tax exempt securities. For 2016, adjustments
of $164 thousand and $478 thousand, respectively, were made to tax
equate income on tax exempt loans and tax exempt securities. These
adjustments were based on a marginal federal income tax rate of
35%, less disallowances.
Six Months
Ended Six Months Ended June 30, 2017
June 30, 2016 AVERAGE AVERAGE
BALANCE
INTEREST(1)
RATE (1) BALANCE
INTEREST(1)
RATE (1) EARNING ASSETS Loans (2) $1,454,599 $34,210 4.74%
$1,306,617 $31,217 4.80% Taxable securities 214,076 2,383 2.24
253,635 2,725 2.16 Tax-exempt securities 158,674 3,430 4.36 129,149
2,733 4.26 Equity securities (2) 10,071 238 4.77 9,599 226 4.73
Federal funds sold and other 33,637 145 0.87 27,340
65 0.48 Total earning assets 1,871,057 40,406 4.35 1,726,340 36,966
4.31 Nonearning assets 154,882 162,968 Total assets $2,025,939
$1,889,308 INTEREST-BEARING LIABILITIES Time deposits $235,036
$1,152 0.99% $246,219 $881 0.72% Savings deposits 523,257 353 0.14
536,543 310 0.12 Demand deposits 392,049 525 0.27 320,691 309 0.19
Short term borrowings 260,469 828 0.64 212,068 319 0.30 Long term
borrowings 10,991 130 2.39 21,384 242 2.28 Total
interest-bearing liabilities $1,421,802 2,988 0.42 $1,336,905 2,061
0.31 NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits $370,790 $334,296 Other liabilities 13,039 12,700
Stockholders' equity 220,308 205,407 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,025,939 $1,889,308
Net interest income and interest rate spread $37,418
3.93% $34,905 4.00% Net interest margin 4.03% 4.07%
(1) Interest and yields are calculated on a tax-equivalent
basis where applicable. (2) For 2017, adjustments of $325 thousand
and $1.2 million, respectively, were made to tax equate income on
tax exempt loans and tax exempt securities. For 2016, adjustments
of $324 thousand and $945 thousand, respectively, were made to tax
equate income on tax exempt loans and tax exempt securities. These
adjustments were based on a marginal federal income tax rate of
35%, less disallowances.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170726005964/en/
Farmers National Banc Corp.Kevin J. Helmick,
330-533-3341President and CEOexec@farmersbankgroup.com
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