Farmers National Banc Corp. Announces 2019 Third Quarter Financial Results

  • Record net income of $9.2 million for the quarter is 13% higher than same quarter in 2018
  • 147 consecutive quarters of profitability
  • Annualized return on average assets was 1.51% and annualized return on average equity 12.49% for the quarter ended September 30, 2019
  • 5.5% loan growth since September 30, 2018
  • Non-performing assets to total assets remain at low levels, 0.28% at September 30, 2019

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

Net income for the three months ended September 30, 2019 was $9.2 million, or $0.33 per diluted share, which compares to $8.1 million, or $0.29 per diluted share, for the three months ended September 30, 2018 and $8.5 million or $0.31 per diluted share for the linked quarter. Annualized return on average assets and return on average equity were 1.51% and 12.49%, respectively, for the three month period ending September 30, 2019, compared to 1.42% and 12.80% for the same three month period in 2018, and 1.45% and 12.34% for the linked quarter. Farmers’ return on average tangible equity (Non-GAAP) was 14.80% for the quarter ended September 30, 2019 compared to 15.70% for the same quarter in 2018 and 14.59% for the linked quarter.

Net income for the nine months ended September 30, 2019 was $26.1 million, or $0.94 per diluted share, compared to $23.9 million or $0.85 per diluted share for the same nine month period in 2018. Return on average assets and return on average equity were 1.47% and 12.52%, respectively, for the nine months ended September 30, 2019, compared to 1.45% and 13.00% for the same period in 2018.

On August 30, 2019, Farmers entered into an agreement and plan of merger with Maple Leaf Financial (“Maple Leaf”), the holding company for Geauga Savings Bank, with branches located in Cuyahoga and Geauga Counties in Ohio. This transaction is subject to receipt of Maple Leaf shareholder approval and customary regulatory approvals and is expected to close during the first quarter of 2020. The transaction increases Farmers’ market share in Cuyahoga and Geauga Counties and enables Farmers to continue building local scale throughout Northeast Ohio. As of June 30, 2019, Maple Leaf had total assets of $277.8 million, which included gross loans of $186.4 million, deposits of $191.0 million and equity of $32.9 million.

Kevin J. Helmick, President and CEO, stated, “As a result of solid loan growth over the past twelve months, 15% increase in noninterest income, careful management of our noninterest expenses and continued strong asset quality, we are pleased to report a 13% increase in net income compared to the same quarter one year ago. We are also pleased to report a 25% increase in cash dividends paid to our shareholders, from $0.08 per share paid in the third quarter of 2018 to $0.10 paid for the same quarter in 2019.”

2019 Third Quarter Financial Highlights

  • Loan growth
    Total loans were $1.78 billion at September 30, 2019, compared to $1.69 billion at September 30, 2018, representing an increase of 5.5%. 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 79.3% of the Bank's average earning assets for the quarter ended September 30, 2019, an improvement compared to 78.8% for the same period in 2018. This improvement, along with the growth in earning assets, has resulted in a 10.5% increase in tax equated loan income in the third 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 0.28%. Early stage delinquencies also continue to remain at low levels, at $9.1 million, or 0.51% of total loans, at September 30, 2019. Net charge-offs for the current quarter were $511 thousand, compared to $337 thousand in the same quarter in 2018 and total net charge-offs as a percentage of average net loans outstanding is only 0.12% for the quarter ended September 30, 2019.
  • Net interest margin
    The net interest margin for the three months ended September 30, 2019 was 3.79%, a 7 basis points decrease from the quarter ended September 30, 2018, and compares to 3.84% for the linked quarter. In comparing the third quarter of 2019 to the same period in 2018, asset yields increased 16 basis points, while the cost of interest-bearing liabilities increased 30 basis points. Most of this increase in the cost of funds was the result of higher rates paid on interest-bearing checking accounts and time deposits. 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 4 basis points for the quarters ended September 30, 2019 and 2018.
  • Noninterest income
    Noninterest income increased 14.9% to $7.4 million for the quarter ended September 30, 2019 compared to $6.5 million in the same quarter in 2018. Gains on the sales of mortgage loans increased $339 thousand or 42%, other operating income increased $234 thousand or 60%, insurance agency commissions grew $114 thousand or 20%, investment commissions increased $111 thousand or 41% and trust fees increased $78 thousand or 4% in comparing the third quarter of 2019 to the same quarter in 2018. These increases were offset by a decrease of retirement plan consulting fees of $132 thousand or 28%.
  • Noninterest expenses
    Farmers has remained committed to managing the level of noninterest expenses. Total noninterest expenses for the third quarter of 2019 increased 1.5% to $16.4 million compared to $16.2 million in the same quarter in 2018, primarily as a result of an increase in salaries and employee benefits of $456 thousand, offset by a $138 thousand decrease in FDIC insurance expense and a $145 thousand decrease in other operating expenses. Annualized noninterest expenses measured as a percentage of quarterly average assets decreased from 2.85% in the third quarter of 2018 to 2.70% in the third quarter of 2019.
  • Efficiency ratio
    The efficiency ratio for the quarter ended September 30, 2019 decreased to 55.90% compared to 58.70% for the same quarter in 2018. The improvement in net interest income and noninterest income in the third quarter of 2019 was offset by a slightly higher level of noninterest expenses as explained in the preceding paragraphs.

2019 Outlook

Mr. Helmick added, “With the announcement of our acquisition of Geauga Savings Bank and our continued strong financial performance during the first three quarters of the year, we look forward to the last three months of 2019 and to finalizing the acquisition at the beginning of 2020. We remain 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 September 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 Nine Months Ended

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

 

Sept. 30,

 

Sept. 30,

 

Percent

2019

 

2019

 

2019

 

2018

 

2018

 

2019

 

2018

 

Change

Total interest income

$25,931

$25,529

$24,679

$24,447

$23,563

$76,139

$67,319

13.1%

Total interest expense

5,174

5,038

4,714

4,373

3,644

14,926

8,892

67.9%

Net interest income

20,757

20,491

19,965

20,074

19,919

61,213

58,427

4.8%

Provision for loan losses

550

750

550

525

950

1,850

2,475

-25.3%

Noninterest income

7,441

6,994

6,520

6,705

6,478

20,955

18,794

11.5%

Acquisition related costs (income)

112

(19)

0

(180)

0

93

25

272.0%

Other expense

16,311

16,723

15,977

16,163

16,180

49,011

46,709

4.9%

Income before income taxes

11,225

10,031

9,958

10,271

9,267

31,214

28,012

11.4%

Income taxes

2,071

1,488

1,570

1,585

1,183

5,129

4,129

24.2%

Net income

$9,154

$8,543

$8,388

$8,686

$8,084

$26,085

$23,883

9.2%

 

 

 

 

 

 

 

 

Average diluted shares outstanding

27,819

27,931

27,983

27,962

28,002

27,898

27,944

Basic earnings per share

0.33

0.31

0.30

0.31

0.29

0.94

0.86

Diluted earnings per share

0.33

0.31

0.30

0.31

0.29

0.94

0.85

Cash dividends

2,767

2,504

2,500

2,223

2,222

7,771

6,092

Cash dividends per share

0.10

0.09

0.09

0.08

0.08

0.28

0.22

Performance Ratios

Net Interest Margin (Annualized)

3.79%

3.84%

3.81%

3.80%

3.86%

3.81%

3.90%

Efficiency Ratio (Tax equivalent basis)

55.90%

58.28%

57.83%

57.73%

58.70%

57.32%

58.00%

Return on Average Assets (Annualized)

1.51%

1.45%

1.45%

1.50%

1.42%

1.47%

1.45%

Return on Average Equity (Annualized)

12.49%

12.34%

12.71%

13.65%

12.80%

12.52%

13.00%

Dividends to Net Income

30.23%

29.31%

29.80%

25.59%

27.49%

29.79%

25.51%

Other Performance Ratios (Non-GAAP)

Return on Average Tangible Assets

1.55%

1.47%

1.46%

1.54%

1.46%

1.49%

1.47%

Return on Average Tangible Equity

14.80%

14.59%

14.99%

16.68%

15.70%

14.79%

15.86%

Return on Average Tangible Equity excluding acquisition costs

14.95%

14.55%

14.99%

16.34%

15.70%

14.83%

15.87%

Consolidated Statements of Financial Condition

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

2019

 

2019

 

2019

 

2018

 

2018

Assets

Cash and cash equivalents

$85,675

$64,007

$69,672

$57,926

$75,635

Securities available for sale

423,193

424,252

403,770

402,190

389,996

Equity securities

7,856

7,222

7,460

7,130

6,892

 

Loans held for sale

2,079

1,093

2,360

1,237

1,428

Loans

1,784,125

1,780,504

1,743,651

1,735,840

1,691,532

Less allowance for loan losses

14,261

14,222

13,777

13,592

13,377

Net Loans

1,769,864

1,766,282

1,729,874

1,722,248

1,678,155

 

Other assets

144,543

143,093

142,938

137,999

140,572

Total Assets

$2,433,210

$2,405,949

$2,356,074

$2,328,730

$2,292,678

 

Liabilities and Stockholders' Equity

Deposits

Noninterest-bearing

$432,609

$415,935

$415,131

$421,950

$426,689

Interest-bearing

1,608,043

1,584,700

1,539,202

1,377,770

1,332,022

Total deposits

2,040,652

2,000,635

1,954,333

1,799,720

1,758,711

Other interest-bearing liabilities

76,324

96,978

109,348

250,792

270,273

Other liabilities

23,011

23,511

19,442

15,898

14,905

Total liabilities

2,139,987

2,121,124

2,083,123

2,066,410

2,043,889

Stockholders' Equity

293,223

284,825

272,951

262,320

248,789

Total Liabilities Liabilities and Stockholders' Equity

$2,433,210

$2,405,949

$2,356,074

$2,328,730

$2,292,678

 

Period-end shares outstanding

27,669

27,768

27,777

27,792

27,777

Book value per share

$10.60

$10.26

$9.83

$9.44

$8.96

Tangible book value per share (Non-GAAP)*

9.04

8.70

8.26

7.86

7.36

 

* 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)

12.53%

12.47%

12.37%

12.16%

12.13%

Total Risk Based Capital Ratio (a)

13.28%

13.34%

13.24%

13.03%

13.00%

Tier 1 Risk Based Capital Ratio (a)

12.63%

12.59%

12.50%

12.28%

12.26%

Tier 1 Leverage Ratio (a)

10.08%

10.27%

10.07%

9.91%

9.87%

Equity to Asset Ratio

12.05%

11.84%

11.58%

11.26%

10.85%

Tangible Common Equity Ratio (b)

10.47%

10.22%

9.92%

9.56%

9.09%

Net Loans to Assets

72.74%

73.41%

73.42%

73.96%

73.20%

Loans to Deposits

87.43%

89.00%

89.22%

96.45%

96.18%

Asset Quality

Non-performing loans

$6,749

$7,252

$7,578

$7,731

$9,222

Other Real Estate Owned

74

74

208

0

0

Non-performing assets

6,823

7,326

7,786

7,731

9,222

Loans 30 - 89 days delinquent

9,076

10,203

9,082

8,877

10,626

Charged-off loans

674

588

566

753

544

Recoveries

163

283

201

443

207

Net Charge-offs

511

305

365

310

337

Annualized Net Charge-offs to Average Net Loans Outstanding

0.12%

0.07%

0.08%

0.07%

0.08%

Allowance for Loan Losses to Total Loans

0.80%

0.80%

0.79%

0.78%

0.79%

Non-performing Loans to Total Loans

0.38%

0.41%

0.43%

0.45%

0.55%

Allowance to Non-performing Loans

211.31%

196.11%

181.80%

175.81%

145.06%

Non-performing Assets to Total Assets

0.28%

0.30%

0.33%

0.33%

0.40%

(a)

September 30, 2019 ratio is estimated

(b)

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

For the Nine Months
Ended

Reconciliation of Total Assets to Tangible Assets

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

 

Sept. 30,

 

Sept. 30,

2019

 

2019

 

2019

 

2018

 

2018

 

2019

 

2018

Total Assets

$2,433,210

$2,405,949

$2,356,074

$2,328,730

$2,292,678

$2,433,210

$2,292,678

Less Goodwill and other intangibles

42,973

43,298

43,625

43,952

44,305

42,973

44,305

Tangible Assets

$2,390,237

$2,362,651

$2,312,449

$2,284,778

$2,248,373

$2,390,237

$2,248,373

Average Assets

2,409,010

2,369,388

2,338,792

2,301,847

2,255,049

2,372,697

2,206,379

Less average Goodwill and other intangibles

43,187

43,508

43,840

44,185

44,541

43,510

44,891

Average Tangible Assets

$2,365,823

$2,325,880

$2,294,952

$2,257,662

$2,210,508

$2,329,187

$2,161,488

 

 

For the Nine Months
Ended

Reconciliation of Common Stockholders' Equity to Tangible Common Equity

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

 

Sept. 30,

 

Sept. 30,

2019

 

2019

 

2019

 

2018

 

2018

 

2019

 

2018

Stockholders' Equity

$293,223

$284,825

$272,951

$262,320

$248,789

$293,223

$248,789

Less Goodwill and other intangibles

42,973

43,298

43,625

43,952

44,305

42,973

44,305

Tangible Common Equity

$250,250

$241,527

$229,326

$218,368

$204,484

$250,250

$204,484

Average Stockholders' Equity

290,673

277,746

267,736

252,449

250,503

278,657

245,691

Less average Goodwill and other intangibles

43,187

43,508

43,840

44,185

44,541

43,510

44,891

Average Tangible Common Equity

$247,486

$234,238

$223,896

$208,264

$205,962

$235,147

$200,800

 

Reconciliation of Net Income, Excluding Acquisition Related Costs

For the Nine Months
Ended

For the Three Months Ended

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

Sept. 30,

 

Sept. 30,

2019

 

2019

 

2019

 

2018

 

2018

2019

 

2018

Net income

$9,154

$8,543

$8,388

$8,686

$8,084

$26,085

$23,883

Acquisition related costs - tax equated

97

(20)

0

(180)

0

77

22

Net income - Adjusted

$9,251

$8,523

$8,388

$8,506

$8,084

$26,162

$23,905

Diluted EPS excluding acquisition costs

$0.33

$0.31

$0.30

$0.30

$0.29

$0.94

$0.86

 
 

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

End of Period Loan Balances

2019

 

2019

 

2019

 

2018

 

2018

Commercial real estate

$602,580

$614,452

$589,219

$579,481

$562,272

Commercial

251,613

256,657

254,957

245,172

233,188

Residential real estate

499,996

493,529

488,854

492,887

489,851

Consumer

207,319

207,417

209,541

216,284

220,826

Agricultural loans

219,487

205,544

198,210

199,013

182,038

Total, excluding net deferred loan costs

$1,780,995

$1,777,599

$1,740,781

$1,732,837

$1,688,175

 

For the Three Months Ended

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

Noninterest Income

2019

 

2019

 

2019

 

2018

 

2018

Service charges on deposit accounts

$1,208

$1,093

$1,074

$1,115

$1,151

Bank owned life insurance income

204

208

214

221

219

Trust fees

1,905

1,821

1,858

1,752

1,827

Insurance agency commissions

681

739

803

642

567

Security gains (losses)

22

(18)

10

260

(34)

Retirement plan consulting fees

338

450

358

370

470

Investment commissions

384

327

260

259

273

Net gains on sale of loans

1,143

1,055

671

832

804

Debit card and EFT fees

935

887

778

861

814

Other operating income

621

432

494

393

387

Total Noninterest Income

$7,441

$6,994

$6,520

$6,705

$6,478

 

For the Three Months Ended

Sept. 30,

 

June 30,

 

March 31,

 

Dec. 31,

 

Sept. 30,

Noninterest Expense

2019

 

2019

 

2019

 

2018

 

2018

Salaries and employee benefits

$9,422

$9,266

$9,356

$9,444

$8,966

Occupancy and equipment

1,615

1,650

1,717

1,566

1,597

State and local taxes

468

472

470

474

475

Professional fees

654

887

794

734

687

Merger related costs (income)

112

(19)

0

(180)

0

Advertising

437

442

250

416

489

FDIC insurance

80

85

87

234

218

Intangible amortization

326

327

327

355

354

Core processing charges

900

803

791

762

778

Telephone and data

236

217

260

288

298

Other operating expenses

2,173

2,574

1,925

1,890

2,318

Total Noninterest Expense

$16,423

$16,704

$15,977

$15,983

$16,180

Average Balance Sheets and Related Yields and Rates

(Dollar Amounts in Thousands)

 

Three Months Ended

 

Three Months Ended

September 30, 2019

 

September 30, 2018

AVERAGE

AVERAGE

BALANCE

INTEREST (1)

RATE (1)

BALANCE

INTEREST (1)

RATE (1)

EARNING ASSETS

Loans (2)

$1,768,205

$22,790

5.11%

$1,650,128

$20,623

4.96%

Taxable securities

190,044

1,196

2.50

200,765

1,226

2.42

Tax-exempt securities (2)

219,686

2,137

3.86

198,683

1,842

3.68

Equity securities

12,057

151

4.97

11,594

167

5.71

Federal funds sold and other

38,451

205

2.12

33,936

178

2.08

Total earning assets

2,228,443

26,479

4.71

2,095,106

24,036

4.55

Nonearning assets

180,567

159,943

Total assets

$2,409,010

$2,255,049

INTEREST-BEARING LIABILITIES

Time deposits

$418,551

$2,116

2.01%

$293,719

$1,091

1.47%

Brokered time deposits

105,276

650

2.35

0

0

0

Savings deposits

403,863

317

0.31

463,859

293

0.25

Demand deposits

660,433

1,622

0.97

523,433

858

0.65

Short term borrowings

53,009

289

2.16

278,884

1,353

1.92

Long term borrowings

35,870

180

1.99

6,344

49

3.06

Total interest-bearing liabilities

$1,677,002

5,174

1.22

$1,566,239

3,644

0.92

NONINTEREST-BEARING LIABILITIES

AND STOCKHOLDERS' EQUITY

Demand deposits

429,539

424,936

Other liabilities

11,796

13,371

Stockholders' equity

290,673

250,503

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY

$2,409,010

 

$2,255,049

 

Net interest income and interest rate spread

$21,305

3.49%

$20,392

3.63%

Net interest margin

3.79%

3.86%

 

 

(1)

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

(2)

 

For 2019, adjustments of $106 thousand and $442 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2018, adjustments of $92 thousand and $381 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.

   

Nine Months Ended

 

Nine Months Ended

September 30, 2019

 

September 30, 2018

AVERAGE

AVERAGE

 

BALANCE

INTEREST (1)

RATE (1)

BALANCE

 

INTEREST (1)

RATE (1)

EARNING ASSETS

 

Loans (2)

$1,748,828

$66,792

5.11%

$1,607,753

 

$58,768

4.89%

Taxable securities

193,992

3,678

2.53

203,213

 

3,687

2.43

Tax-exempt securities

212,989

6,213

3.90

191,627

 

5,259

3.67

Equity securities (2)

12,057

497

5.51

11,234

 

467

5.56

Federal funds sold and other

33,918

559

2.20

35,499

 

490

1.85

Total earning assets

2,201,784

77,739

4.72

2,049,326

 

68,671

4.48

Nonearning assets

170,913

157,053

 

Total assets

$2,372,697

$2,206,379

 

INTEREST-BEARING LIABILITIES

 

Time deposits

$395,932

$5,758

1.94%

$283,018

 

$2,861

1.35%

Brokered time deposits

82,414

1,475

2.39

0

 

0

0

Savings deposits

413,438

965

0.31

474,474

 

731

0.21

Demand deposits

627,414

4,301

0.92

481,709

 

1,784

0.50

Short term borrowings

116,468

2,151

2.47

286,689

 

3,374

1.57

Long term borrowings

15,943

276

2.31

6,626

 

142

2.87

Total interest-bearing liabilities

$1,651,609

14,926

1.21

$1,532,516

 

8,892

0.78

NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY

 

Demand deposits

$427,808

$414,450

 

Other liabilities

14,623

13,722

 

Stockholders' equity

278,657

245,691

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$2,372,697

 

$2,206,379

 

 

Net interest income and interest rate spread

$62,813

3.51%

 

$59,779

3.70%

Net interest margin

3.81%

 

3.90%

(1)

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

(2)

For 2019, adjustments of $315 thousand and $1.3 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2018, adjustments of $265 thousand and $1.1 million, 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

Kevin J. Helmick, President and CEO

330.533.3341
Email: exec@farmersbankgroup.com

Contacts

Kevin J. Helmick, President and CEO

330.533.3341
Email: exec@farmersbankgroup.com