Farmers National Banc Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Special Dividend, Payable on February 28, 2012
January 31, 2012 at 09:05 pm
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Farmers National Banc Corp. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company has reported net interest income of $9,122,000 compared to $9,762,000 for the same period a year ago. Income before income taxes was $4,009,000 compared to $4,148,000 for the same period a year ago. Net income was $3,040,000 compared to $3,256,000 for the same period a year ago. Basic and diluted earnings per share was $0.16 compared to $0.24 for the same period a year ago. Return on average assets was 1.13% compared to 1.26% for the same period a year ago. Return on average equity was 11.37% compared to 14.29% for the same period a year ago.
For the full year, the company has reported net interest income of $36,597,000 compared to $37,367,000 for the same period a year ago. Income before income taxes was $11,758,000 compared to $11,535,000 for the same period a year ago. Net income was $9,218,000 compared to $8,991,000 for the same period a year ago. Basic and diluted earnings per share was $0.50 compared to $0.66 for the same period a year ago. Return on average assets was 0.89% compared to 0.87% for the same period a year ago. Return on average equity was 8.76% compared to 10.46% for the same period a year ago. Book value per share as at December 31, 2011 was $5.52 compared to $6.45 for the same period a year ago. Tangible book value per share as at December 31, 2011 was $5.16 compared to $5.95 for the same period a year ago.
The board of directors declared a special one-time additional dividend of $0.03 per share special cash dividend, payable on February 28, 2012 to common shareholders of record as of February 13, 2012. This special one-time additional $0.03 cash dividend represents a 25% premium on the current $0.12 annual cash dividend.
Farmers National Banc Corp. is a diversified financial services company. The Company provides full banking services through its nationally chartered subsidiary, The Farmers National Bank of Canfield (Bank). Its segment includes Bank segment and the Trust segment. It provides trust and retirement consulting services through its subsidiary, Farmers Trust Company (Trust), and insurance services through the Bank's subsidiary, Farmers National Insurance, LLC. Farmers National Captive, Inc. (Captive) is a wholly owned insurance subsidiary of the Company that provides property and casualty insurance coverage to the Company and its subsidiaries. It is a full-service national banking association engaged in commercial and retail banking mainly in the northeastern region of Ohio and the western region of Pennsylvania. Its commercial and retail banking services include checking accounts, savings accounts, time deposit accounts, commercial, mortgage and installment loans, and home equity loans.
Farmers National Banc Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Special Dividend, Payable on February 28, 2012