Tuesday, August 02, 2011 1:26:18 AM
07/27/2011
Farmers National Banc Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2011. For the quarter, the company reported net income of $2.1 million or $0.11 per basic and diluted share compared to $2.0 million or $0.15 per basic and diluted share for the second quarter of 2010. Income before income taxes was $2.68 million and net interest income of $9.16 million on total interest income of $11.19 million compared to income before income taxes was $2.65 million, net interest income of $9.18 million on total interest income of $12.09 million for the same period a year ago. Annualized return on average assets was 0.83% compared to 0.79% for the same period a year ago. Annualized return on average equity was 8.05% compared to 9.78% for the same period a year ago. For the six months, the company reported net income was $3.8 million or $0.21 per basic and diluted share compared to $2.9 million or $0.21 per basic and diluted share for the same six month period in 2010. Income before income taxes was $4.69 million and net interest income of $18.24 million on total interest income of $22.32 million compared to income before income taxes was $3.49 million, net interest income of $17.99 million on total interest income of $24.23 million for the same period a year ago. Annualized return on average assets was 0.76% compared to 0.57% for the same period a year ago. Annualized return on average equity was 7.69% compared to 6.89% for the same period a year ago. Book value per share was decreased 9.4% from $6.41 per share at June 30, 2010 to $5.81 per share at June 30, 2011. This decrease is mainly the result of the increase in shares outstanding, which includes the 5 million shares issued in the first quarter 2011 common share offering. The company's tangible book value per share also decreased 7.3% from $5.88 per share at June 30, 2010 to $5.45 per share at June 30, 2011. Net charge-offs for the quarter ending June 30, 2011 were $336,000 compared to $1.05 million and $1.6 million for the first quarter of 2011 and the second quarter of 2010, respectively.
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