Farmers National Q2 Profit Falls

(RTTNews) - Farmers National Banc Corp. (FMNB) on Wednesday announced a 21 percent decrease in second-quarter net income on a decline in revenue, compared to the prior year.

The company reported net income of $11.80 million for the period, down from $15.00 million last year.

On a per-share basis, earnings for the period were $0.31, down from $0.40 last year. Adjusted earnings were $12.2 million, or $0.33 per share. Total net interest income was $32.07 million, compared to $34.58 million a year ago. Non-interest income increased to $9.61 million from $9.45 million in the previous year. EBITDA decreased by 14.2% to $12.90 million from $15.03 million last year.

Kevin Helmick, president and CEO, noted that the second-quarter results showed solid loan growth and improved net interest income, with strong asset quality.

Currently, shares of Farmers are at $13.78, down $0.15 or 1.08%