Farmers National Banc Corp. Q3 Profit, Interest Income Decline

(RTTNews) - Farmers National Banc Corp. (FMNB) Wednesday reported net income of $8.54 million, or $0.23 per share, for the third quarter, lower than $13.31 million, or $0.36 per share in the same quarter a year ago, mainly impacted by a $12.5 million commercial credit.

Excluding one-time items, earnings declined to $8.5 million or $0.23 per share from $14.77 million or $0.40 per share in the prior year.

Net interest income for the quarter was $31.88 million, down from $33.77 million last year.

Non-interest income, however, increased to $12.34 million from $9.83 million a year ago.

The provision for credit losses and unfunded commitments was $7.0 million, higher than $243,000 last year.

The company's non-performing loans increased to $19.1 million at September 30, compared to $12.9 million at June 30.