CANFIELD, Ohio (January 26, 2004) – Farmers
National Banc Corp, (OTC BB: FMNB), the parent holding company of Farmers
National Bank, today reported its net earnings for the fourth quarter
of 2003 and for the year-ending December 31, 2003.
For the three months ended December 31, 2003, Farmers National Banc Corp.
achieved net income of $2.4 million. This represented an increase of 7.3%
over the same three-month period a year ago. Earnings per diluted share
were $0.19 for the quarter ended December 31, 2003, up 5.6% over the $0.18
per diluted share in the same quarter in 2002.
For the year ended December 31, 2003, Farmers National Banc Corp. recorded
net income of $9.5 million, or $.75 per diluted share, an increase of
19.9% over the $7.9 million, and up 19.1% over the $.63 per diluted share
reported for 2002.
These results equate to a 1.20% Return on Average Assets and a 11.77%
Return on Average Equity, as compared to 1.12% and 10.27% for the same
period in 2002. The company’s efficiency ratio improved from 59.17%
for the year ending December 2002, to 56.15% for the same period in 2003.
As of December 31, 2003, total assets for the corporation are $812.8 million,
an increase of 8.7% over the $748.1 million recorded at December 31, 2002.
Net loans at December 31, 2003 were $465.5 million, an increase of 5.1%
over the $442.9 million in net loans reported on December 31, 2002. During
those same periods, the company has increased its Investment Securities
portfolio by 16.4% from $251.1 million on December 31, 2002 up to $292.2
million on December 31, 2003.
Farmers National Bank operates sixteen banking offices throughout Mahoning,
Trumbull and Columbiana Counties. The bank offers a wide range of banking
and investment services to companies and individuals, and maintains a
website at www.fnbcanfield.com.
This earnings announcement presents a brief analysis of the assets and
liability structure of the Corporation and a brief discussion of the results
of operations for each of the periods presented. Certain statements in
this announcement that relate to Farmers National Banc Corp.'s plans,
objectives, or future performance may be deemed to be forward-looking
statements within the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations. Actual
strategies and results in future periods may differ materially from those
currently expected because of various risks and uncertainties.
Among the important factors that could cause actual results to differ
materially are interest rates, changes in the mix of the company’s
business, competitive pressures, general economic conditions and the risk
factors detailed in the company’s other periodic reports and registration
statements filed with the Securities and Exchange Commission.
