Farmers National Banc Corp. Announces 2019 Second Quarter Financial Results

  • Net income is 6% higher than same quarter in 2018
  • 146 consecutive quarters of profitability
  • Annualized return on average assets was 1.45% and annualized return on average equity 12.34% for the quarter ended June 30, 2019
  • 8.6% loan growth since June 30, 2018
  • Non-performing assets to total assets remain at low levels, 0.30% at June 30, 2019

CANFIELD, Ohio--()--Farmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three months ended June 30, 2019.

Net income for the three months ended June 30, 2019 was $8.5 million, or $0.31 per diluted share, which compares to $8.1 million, or $0.29 per diluted share, for the three months ended June 30, 2018 and $8.4 million or $0.30 per diluted share for the linked quarter. Annualized return on average assets and return on average equity were 1.45% and 12.34%, respectively, for the three month period ending June 30, 2019, compared to 1.47% and 13.28% for the same three month period in 2018, and 1.45% and 12.71% for the linked quarter. Farmers’ return on average tangible equity (Non-GAAP) was 14.59% for the quarter ended June 30, 2019 compared to 16.24% for the same quarter in 2018 and 14.99% for the linked quarter.

Net income for the six months ended June 30, 2019 was $16.9 million, or $0.61 per diluted share, compared to $15.8 million or $0.57 per diluted share for the same six month period in 2018. Return on average assets and return on average equity were 1.45% and 12.54%, respectively, for the six months ended June 30, 2019, compared to 1.46% and 13.13% for the same period in 2018.

Kevin J. Helmick, President and CEO, stated, “As a result of 9% loan growth over the past twelve months, 11% increase in noninterest income, careful management of our noninterest expenses and continued strong asset quality, we are pleased to report a 6% increase in net income compared to the same quarter one year ago. We are also pleased to report a 29% increase in cash dividends paid to our shareholders, from $0.07 per share paid in the second quarter of 2018 to $0.09 paid for the same quarter in 2019.”

2019 Second Quarter Financial Highlights

  • Loan growth
    Total loans were $1.78 billion at June 30, 2019, compared to $1.64 billion at June 30, 2018, representing an increase of 8.6%. The increase in loans is a direct result of Farmers’ focus on loan growth utilizing talented lending and credit team, while adhering to a sound underwriting discipline. The increase in loans has occurred in the commercial, commercial real estate, residential real estate and agricultural loan portfolios. Loans now comprise 79.6% of the Bank's average earning assets for the quarter ended June 30, 2019, an improvement compared to 78.6% for the same period in 2018. This improvement, along with the growth in earning assets, has resulted in a 14.2% increase in tax equated loan income in the second quarter of 2019 compared to the same quarter in 2018.
  • Loan quality
    Non-performing assets to total assets remain at a low level, currently at 0.30%. Early stage delinquencies also continue to remain at low levels, at $10.2 million, or 0.57% of total loans, at June 30, 2019. Net charge-offs for the current quarter were $305 thousand, compared to $536 thousand in the same quarter in 2018 and total net charge-offs as a percentage of average net loans outstanding is only 0.07% for the quarter ended June 30, 2019.
  • Net interest margin
    The net interest margin for the three months ended June 30, 2019 was 3.84%, a 9 basis points decrease from the quarter ended June 30, 2018, but a 3 basis points increase from the linked quarter. In comparing the second quarter of 2019 to the same period in 2018, asset yields increased 25 basis points, while the cost of interest-bearing liabilities increased 47 basis points. Most of this increase was the result of higher rates paid on interest-bearing checking accounts and time deposits, consistent with increases in the federal funds sold rate. The net interest margin is impacted by the additional accretion as a result of the discounted loan portfolios acquired in the previous mergers, which increased the net interest margin by 5 basis points for the quarters ended June 30, 2019 and 2018.
  • Noninterest income
    Noninterest income increased 10.9% to $7.0 million for the quarter ended June 30, 2019 compared to $6.3 million in the same quarter in 2018. Gains on the sales of mortgage loans increased $449 thousand or 74%, other operating income increased $66 thousand or 18%, trust fees increased $81 thousand or 5% and service charges on deposit accounts increased $108 thousand or 11% in comparing the second quarter of 2019 to the same quarter in 2018. These increases were offset by a decrease of securities gains of $45 thousand or 166.7% and retirement plan consulting fees of $15 thousand or 3.2%.
  • Noninterest expenses
    Farmers has remained committed to managing the level of noninterest expenses. Total noninterest expenses for the second quarter of 2019 increased 8.1% to $16.7 million compared to $15.5 million in the same quarter in 2018, primarily as a result of an increase in salaries and employee benefits of $438 thousand, offset by a $140 thousand decrease in FDIC insurance expense. Included in other operating expenses in the second quarter of 2019 were $505 thousand in expenses that management does not expect to occur in future quarters. Annualized noninterest expenses measured as a percentage of quarterly average assets rose slightly from 2.82% in the second quarter of 2018 to 2.83% in the second quarter of 2019.
  • Efficiency ratio
    The efficiency ratio for the quarter ended June 30, 2019 increased slightly to 58.28% compared to 57.31% for the same quarter in 2018. The improvement in net interest income and noninterest income in the second quarter of 2019 was offset by a higher level of noninterest expenses as explained in the preceding paragraphs.

2019 Outlook

Mr. Helmick added, “We continue to build on the momentum gained in the first quarter with another three months of pleasing performance. We are extremely proud of our committed employees that continue to deliver strong results for our stakeholders and remain committed 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 $2.4 billion in banking 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 41 banking locations in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania, Farmers Trust Company, which operates four trust offices and offers services in the same geographic markets, and National Associates, Inc. Total wealth management assets under care at June 30, 2019 are $2.5 billion. 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, 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, 2018, 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

2019

2019

2018

2018

2018

2019

2018

Change

Total interest income

$25,529

$24,679

$24,447

$23,563

$22,474

$50,208

$43,756

14.7%

Total interest expense

5,038

4,714

4,373

3,644

2,912

9,752

5,248

85.8%

Net interest income

20,491

19,965

20,074

19,919

19,562

40,456

38,508

5.1%

Provision for loan losses

750

550

525

950

750

1,300

1,525

-14.8%

Noninterest income

6,994

6,520

6,705

6,478

6,306

13,514

12,316

9.7%

Acquisition related costs (income)

(19)

0

(180)

0

0

(19)

25

-176%

Other expense

16,723

15,977

16,163

16,180

15,458

32,700

30,529

7.1%

Income before income taxes

10,031

9,958

10,271

9,267

9,660

19,989

18,745

6.6%

Income taxes

1,488

1,570

1,585

1,183

1,587

3,058

2,946

3.8%

Net income

$8,543

$8,388

$8,686

$8,084

$8,073

$16,931

$15,799

7.2%

 

 

 

 

 

 

 

 

Average diluted shares outstanding

27,931

27,983

27,962

28,002

27,979

27,950

27,949

Basic and diluted earnings per share

0.31

0.30

0.31

0.29

0.29

0.61

0.57

Cash dividends

2,504

2,500

2,223

2,222

1,935

5,004

3,870

Cash dividends per share

0.09

0.09

0.08

0.08

0.07

0.18

0.14

Performance Ratios

Net Interest Margin (Annualized)

3.84%

3.81%

3.80%

3.86%

3.93%

3.83%

3.92%

Efficiency Ratio (Tax equivalent basis)

58.28%

57.83%

57.73%

58.70%

57.31%

58.06%

57.64%

Return on Average Assets (Annualized)

1.45%

1.45%

1.50%

1.42%

1.47%

1.45%

1.46%

Return on Average Equity (Annualized)

12.34%

12.71%

13.65%

12.80%

13.28%

12.54%

13.13%

Dividends to Net Income

29.31%

29.80%

25.59%

27.49%

23.97%

29.56%

24.50%

Other Performance Ratios (Non-GAAP)

Return on Average Tangible Assets

1.47%

1.46%

1.54%

1.46%

1.50%

1.47%

1.48%

Return on Average Tangible Equity

14.59%

14.99%

16.68%

15.70%

16.24%

14.82%

15.99%

Return on Average Tangible Equity excluding acquisition costs

14.55%

14.99%

16.34%

15.70%

16.24%

14.80%

16.01%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

2019

2019

2018

2018

2018

Assets

Cash and cash equivalents

$64,007

$69,672

$57,926

$75,635

$76,623

Securities available for sale

424,252

403,770

402,190

389,996

388,890

Equity securities

7,222

7,460

7,130

6,892

6,344

 

Loans held for sale

1,093

2,360

1,237

1,428

1,987

Loans

1,780,504

1,743,651

1,735,840

1,691,532

1,639,191

Less allowance for loan losses

14,222

13,777

13,592

13,377

12,764

Net Loans

1,766,282

1,729,874

1,722,248

1,678,155

1,626,427

 

Other assets

143,093

142,938

137,999

140,572

137,668

Total Assets

$2,405,949

$2,356,074

$2,328,730

$2,292,678

$2,237,939

 

Liabilities and Stockholders' Equity

Deposits

Noninterest-bearing

$415,935

$415,131

$421,950

$426,689

$420,991

Interest-bearing

1,584,700

1,539,202

1,377,770

1,332,022

1,229,346

Total deposits

2,000,635

1,954,333

1,799,720

1,758,711

1,650,337

Other interest-bearing liabilities

96,978

109,348

250,792

270,273

322,565

Other liabilities

23,511

19,442

15,898

14,905

17,527

Total liabilities

2,121,124

2,083,123

2,066,410

2,043,889

1,990,429

Stockholders' Equity

284,825

272,951

262,320

248,789

247,510

Total Liabilities

 

 

 

 

 

and Stockholders' Equity

$2,405,949

$2,356,074

$2,328,730

$2,292,678

$2,237,939

 

Period-end shares outstanding

27,768

27,777

27,792

27,777

27,641

Book value per share

$10.26

$9.83

$9.44

$8.96

$8.95

Tangible book value per share (Non-GAAP)*

8.70

8.26

7.86

7.36

7.34

 

* 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)

12.31%

12.37%

12.16%

12.13%

12.11%

Total Risk Based Capital Ratio (a)

13.06%

13.24%

13.03%

13.00%

12.97%

Tier 1 Risk Based Capital Ratio (a)

12.41%

12.50%

12.28%

12.26%

12.24%

Tier 1 Leverage Ratio (a)

10.00%

10.07%

9.91%

9.87%

9.81%

Equity to Asset Ratio

11.84%

11.58%

11.26%

10.85%

11.06%

Tangible Common Equity Ratio (b)

10.22%

9.92%

9.56%

9.09%

9.25%

Net Loans to Assets

73.41%

73.42%

73.96%

73.20%

72.68%

Loans to Deposits

89.00%

89.22%

96.45%

96.18%

99.32%

Asset Quality

Non-performing loans

$7,252

$7,578

$7,731

$9,222

$8,406

Other Real Estate Owned

74

208

0

0

0

Non-performing assets

7,326

7,786

7,731

9,222

8,406

Loans 30 - 89 days delinquent

10,203

9,082

8,877

10,626

10,636

Charged-off loans

588

566

753

544

777

Recoveries

283

201

443

207

241

Net Charge-offs

305

365

310

337

536

Annualized Net Charge-offs to

Average Net Loans Outstanding

0.07%

0.08%

0.07%

0.08%

0.13%

Allowance for Loan Losses to Total Loans

0.80%

0.79%

0.78%

0.79%

0.78%

Non-performing Loans to Total Loans

0.41%

0.43%

0.45%

0.55%

0.51%

Allowance to Non-performing Loans

196.11%

181.80%

175.81%

145.06%

151.84%

Non-performing Assets to Total Assets

0.30%

0.33%

0.33%

0.40%

0.38%

 

 

 

 

 

 

 

 

 

(a) June 30, 2019 ratio is estimated

(b) This is a non-GAAP financial measure. A reconciliation to GAAP is shown below

 
 

For the Six Months Ended

Reconciliation of Total Assets to Tangible Assets

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

June 30,

June 30,

2019

2019

2018

2018

2018

2019

2018

Total Assets

$2,405,949

$2,356,074

$2,328,730

$2,292,678

$2,237,939

$2,405,949

$2,237,939

Less Goodwill and other intangibles

43,298

43,625

43,952

44,305

44,661

43,298

44,661

Tangible Assets

$2,362,651

$2,312,449

$2,284,778

$2,248,373

$2,193,278

$2,362,651

$2,193,278

Average Assets

2,369,388

2,338,792

2,301,847

2,255,049

2,199,960

2,354,112

2,181,431

Less average Goodwill and other intangibles

43,508

43,840

44,185

44,541

44,893

43,674

45,070

Average Tangible Assets

$2,325,880

$2,294,952

$2,257,662

$2,210,508

$2,155,067

$2,310,438

$2,136,361

 

 

For the Six Months Ended

Reconciliation of Common Stockholders' Equity to Tangible Common Equity

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

June 30,

June 30,

2019

2019

2018

2018

2018

2019

2018

Stockholders' Equity

$284,825

$272,951

$262,320

$248,789

$247,510

$284,825

$247,510

Less Goodwill and other intangibles

43,298

43,625

43,952

44,305

44,661

43,298

44,661

Tangible Common Equity

$241,527

$229,326

$218,368

$204,484

$202,849

$241,527

$202,849

Average Stockholders' Equity

277,746

267,736

252,449

250,503

243,792

272,218

242,682

Less average Goodwill and other intangibles

43,508

43,840

44,185

44,541

44,893

43,674

45,070

Average Tangible Common Equity

$234,238

$223,896

$208,264

$205,962

$198,899

$228,544

$197,612

 
 

Reconciliation of Net Income, Excluding Acquisition Related Costs

For the Six Months Ended

For the Three Months Ended

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

June 30,

June 30,

2019

2019

2018

2018

2018

2019

2018

Net income

$8,543

$8,388

$8,686

$8,084

$8,073

$16,931

$15,799

Acquisition related costs - tax equated

(20)

0

(180)

0

0

(20)

22

Net income - Adjusted

$8,523

$8,388

$8,506

$8,084

$8,073

$16,911

$15,821

Diluted EPS excluding acquisition costs

$0.31

$0.30

$0.30

$0.29

$0.29

$0.61

$0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

End of Period Loan Balances

2019

2019

2018

2018

2018

Commercial real estate

$614,452

$589,219

$579,481

$562,272

$523,417

Commercial

256,657

254,957

245,172

233,188

232,672

Residential real estate

493,529

488,854

492,887

489,851

479,486

Consumer

207,417

209,541

216,284

220,826

219,138

Agricultural loans

205,544

198,210

199,013

182,038

181,173

Total, excluding net deferred loan costs

$1,777,599

$1,740,781

$1,732,837

$1,688,175

$1,635,886

 

For the Three Months Ended

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

Noninterest Income

2019

2019

2018

2018

2018

Service charges on deposit accounts

$1,093

$1,074

$1,115

$1,151

$985

Bank owned life insurance income

208

214

221

219

219

Trust fees

1,821

1,858

1,752

1,827

1,740

Insurance agency commissions

739

803

642

567

713

Security gains (losses)

(18)

10

260

(34)

27

Retirement plan consulting fees

450

358

370

470

465

Investment commissions

327

260

259

273

315

Net gains on sale of loans

1,055

671

832

804

606

Debit card and EFT fees

887

778

861

814

870

Other operating income

432

494

393

387

366

Total Noninterest Income

$6,994

$6,520

$6,705

$6,478

$6,306

 

For the Three Months Ended

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

Noninterest Expense

2019

2019

2018

2018

2018

Salaries and employee benefits

$9,266

$9,356

$9,444

$8,966

$8,828

Occupancy and equipment

1,650

1,717

1,566

1,597

1,611

State and local taxes

472

470

474

475

479

Professional fees

887

794

734

687

737

Merger related costs (income)

(19)

0

(180)

0

0

Advertising

442

250

416

489

379

FDIC insurance

85

87

234

218

225

Intangible amortization

326

327

355

354

355

Core processing charges

803

791

762

778

794

Telephone and data

217

260

288

298

238

Other operating expenses

2,575

1,925

1,890

2,318

1,812

Total Noninterest Expense

$16,704

$15,977

$15,983

$16,180

$15,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balance Sheets and Related Yields and Rates

(Dollar Amounts in Thousands)

 

 

 

 

 

 

 

 

 

Three Months Ended

Three Months Ended

 

June 30, 2019

June 30, 2018

AVERAGE

 

 

AVERAGE

 

 

BALANCE

INTEREST (1)

RATE (1)

BALANCE

INTEREST (1)

RATE (1)

EARNING ASSETS

Loans (2)

$1,749,828

$22,431

5.14%

$1,606,993

$19,636

4.90%

Taxable securities

195,934

1,238

2.53

202,588

1,228

2.43

Tax-exempt securities (2)

211,533

2,065

3.92

190,494

1,737

3.66

Equity securities

12,055

171

5.69

11,214

154

5.51

Federal funds sold and other

29,205

158

2.17

33,541

167

2.00

Total earning assets

2,198,555

26,063

4.75

2,044,830

22,922

4.50

Nonearning assets

170,833

155,130

Total assets

$2,369,388

$2,199,960

INTEREST-BEARING LIABILITIES

Time deposits

$401,005

$1,984

1.98%

$283,429

$957

1.35%

Brokered time deposits

94,463

559

2.35

0

0

0

Savings deposits

416,024

340

0.33

477,365

256

0.22

Demand deposits

631,436

1,476

0.94

469,609

510

0.44

Short term borrowings

100,199

631

2.53

298,802

1,140

1.53

Long term borrowings

5,724

48

3.36

6,674

49

2.94

Total interest-bearing liabilities

$1,648,851

5,038

1.23

$1,535,879

2,912

0.76

NONINTEREST-BEARING LIABILITIES

AND STOCKHOLDERS' EQUITY

Demand deposits

425,672

408,567

Other liabilities

17,119

11,722

Stockholders' equity

277,746

243,792

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY

$2,369,388

 

$2,199,960

 

Net interest income and interest rate spread

$21,025

3.52%

$20,010

3.74%

Net interest margin

3.84%

3.93%

 

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.

(2) For 2019, adjustments of $107 thousand and $427 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2018, adjustments of $91 thousand and $357 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 21%, less disallowances.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

Six Months Ended

June 30, 2019

June 30, 2018

AVERAGE

 

 

AVERAGE

 

 

BALANCE

INTEREST (1)

RATE (1)

BALANCE

INTEREST (1)

RATE (1)

EARNING ASSETS

Loans (2)

$1,738,953

$44,002

5.10%

$1,586,140

$38,145

4.85%

Taxable securities

195,871

2,482

2.56

204,455

2,461

2.43

Tax-exempt securities

209,586

4,076

3.92

188,041

3,417

3.66

Equity securities (2)

12,058

346

5.79

11,051

300

5.47

Federal funds sold and other

31,712

354

2.25

34,308

312

1.83

Total earning assets

2,188,180

51,260

4.72

2,023,995

44,635

4.45

Nonearning assets

165,932

157,436

Total assets

$2,354,112

$2,181,431

INTEREST-BEARING LIABILITIES

Time deposits

$384,643

$3,642

1.91%

$277,408

$1,770

1.29%

Brokered time deposits

70,793

825

2.33

0

0

0

Savings deposits

418,306

648

0.31

479,870

438

0.18

Demand deposits

610,631

2,679

0.88

460,503

926

0.41

Short term borrowings

148,723

1,862

2.52

290,617

2,021

1.40

Long term borrowings

5,815

96

3.33

6,768

93

2.77

Total interest-bearing liabilities

$1,638,911

9,752

1.20

$1,515,166

5,248

0.70

NONINTEREST-BEARING LIABILITIES

AND STOCKHOLDERS' EQUITY

Demand deposits

$427,039

$409,705

Other liabilities

15,944

13,878

Stockholders' equity

272,218

242,682

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY

$2,354,112

 

$2,181,431

 

Net interest income and interest rate spread

$41,508

3.52%

$39,387

3.75%

Net interest margin

3.83%

3.92%

 

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.

(2) For 2019, adjustments of $209 thousand and $843 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2018, adjustments of $173 thousand and $706 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 21%, less disallowances.

 

Contacts

Farmers National Banc Corp.
Kevin J. Helmick, President and CEO
330.533.3341
Email: exec@farmersbankgroup.com

Contacts

Farmers National Banc Corp.
Kevin J. Helmick, President and CEO
330.533.3341
Email: exec@farmersbankgroup.com