CANFIELD - Farmers National Banc Corp. this week reported first quarter financial results that dipped when compared to the same period last year.
The corporation's net income for the three months ending March 31 was reported at $2 million, compared to $2.5 million for the same three month period in 2012. On a per share basis, net income was $0.11, compared to $0.13 in 2012.
Still, the corporation reported that its tangible book value increased to $6.10 per share, compared to $5.81 per share March 31, 2012, mainly as a result of retained net income. Farmers' total assets also increased to $1.14 billion, a 3.3 percent increase compared to $1.11 billion in total assets March 31, 2012.
"Although net income decreased in the current quarter compared to the same quarter last year, we are encouraged by the 5.7 percent improvement in non-interest income which is consistent with our strategy to diversify revenue streams and increase fee income," said John S. Gulas, president and CEO. "We are also encouraged that asset quality continues to improve, as we have seen non-performing loans decrease 33 percent, or $3.7 million, during the past twelve months."
He added that loan growth was slow for most of the first quarter, but improved toward the end of the quarter with commercial loan and commercial real estate loan growth.
Net loans increased $17.8 million, or 3 percent, compared to first quarter of 2012.