-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PcPiwsX7r3uKRJFEUZcsTtKL9V13W/aHFXsCC2zk9yYaX67W3iuwzLUgybnf1W2E iMehYkcx0JWFHWNZ5H6DKw== 0000950152-03-008909.txt : 20031017 0000950152-03-008909.hdr.sgml : 20031017 20031017140510 ACCESSION NUMBER: 0000950152-03-008909 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031017 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FARMERS NATIONAL BANC CORP /OH/ CENTRAL INDEX KEY: 0000709337 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 341371693 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12055 FILM NUMBER: 03945563 BUSINESS ADDRESS: STREET 1: 20 S BROAD STREET STREET 2: P O BOX 555 CITY: CANFIELD STATE: OH ZIP: 44406 BUSINESS PHONE: 3305333341 8-K 1 l03590ae8vk.txt FARMERS NATIONAL BANC CORP. ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report October 17, 2003 ---------------------------- FARMERS NATIONAL BANC CORP. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) OHIO 2-80339 34-1371693 (STATE OR OTHER JURISDICTION OF (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBER) 20 SOUTH BROAD STREET CANFIELD, OH 44406 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (330)533-3341 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) Item 5. Other Events and Regulation FD Disclosure On October 17, 2003, Farmers National Banc Corp. issued the press release attached as Exhibit 99.1, reporting on its earnings for the quarter ended September 30, 2003. Item 7. Financial Statements and Exhibits (c) Exhibits: Exhibit 99.1 October 17, 2003 Press Release Item 12. Disclosure of Results of Operations and Financial Condition The registrant has elected to file this information under Item 5. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FARMERS NATIONAL BANC CORP. Dated: October 17, 2003 By: /s/ Frank L. Paden ---------------------- ------------------------------------ Frank L. Paden, President and Secretary 2 EX-99 3 l03590aexv99.txt EXHIBIT 99 PRESS RELEASE Exhibit 99.1 Friday, October 17, 2003 PRESS RELEASE Source: Farmers National Banc Corp. Frank L. Paden, President 20 South Broad St. P.O. Box 555 Canfield, OH 44406 330-533-3341 330-533-0451 (FAX) Email: exec@fnbcanfield.com FARMERS NATIONAL BANC CORP. REPORTS EARNINGS FOR THIRD QUARTER 2003 AND DECLARES STOCK DIVIDEND CANFIELD, Ohio (October 17, 2003) - Farmers National Banc Corp, (OTC BB: FMNB), the parent holding company of Farmers National Bank, today reported its net earnings for the third quarter of 2003. For the three months ended September 30, 2003, Farmers National Banc Corp. achieved net income of $2.442 million. This represented an increase of 9% over the same three-month period a year ago. Earnings per diluted share were $0.19 for the quarter ended September 30, 2003, up 6% over the $0.18 per diluted share in the same quarter in 2002. For the nine months ended September 30, 2003, Farmers National Banc Corp. recorded net income of $7.071 million, or $.56 per diluted share, an increase of 25% over the $5.656 million, and up 24% over the $.45 per diluted share reported for the same nine months in 2002. Net interest income increased 14% during the nine months ended September 30, 2003, as compared to the same nine-month period in 2002, while non-interest expenses increased only 5% during these same periods. These results equate to a 1.20% Annualized Return on Average Assets and a 11.52% Annualized Return on Average Equity, as compared to 1.08% and 10.37% for the same period in 2002. The company's efficiency ratio improved from 60.46% for the nine-month period ending September 2002, to 56.14% for the same period in 2003. As of September 30, 2003, total assets for the corporation are $802.822 million, an increase of 7% over the $750.828 million recorded at September 30, 2002. Total loans at September 30, 2003 were $463.611 million, an increase of 3% over the $448.069 million in total loans reported on September 30, 2002. During those same periods, the company has increased its Investment Securities portfolio by 22% from $238.148 million on September 30, 2002 up to $291.729 million on September 30, 2003. On October 14, 2003, the Board of Directors declared a 2% stock dividend, payable on November 28, 2003 to shareholders of record on November 14, 2003. This stock dividend marks the twenty-eighth consecutive year that the corporation paid this type of dividend. 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. FINANCIAL HIGHLIGHTS FARMERS NATIONAL BANC CORP. AND SUBSIDIARY
(Amounts in thousands, except per share data) FOR THE NINE MONTHS ENDED SEPT. 30, 2003 SEPT. 30, 2002 - ------------------------------------------------------------------------------------ Net Income $7,071 $5,656 Per share * 0.56 0.45 Cash dividends paid 5,578 5,070 Per share 0.45 0.42 - ------------------------------------------------------------------------------------ AT THE END OF NINE MONTHS - ------------------------------------------------------------------------------------ Total Assets $802,822 $750,828 Loans 463,611 448,069 Total Deposits 624,368 581,954 Investment Securities 291,729 238,148 Stockholders' Equity 79,402 79,788 Book Value Per Share 6.39 6.56 Shares Outstanding 12,422 12,158 - ------------------------------------------------------------------------------------ RATIOS - ------------------------------------------------------------------------------------ Return on Average Assets 1.20% 1.08% Return on Average Equity 11.52 10.37 Efficiency Ratio 56.14 60.46 Equity to Asset Ratio 9.89 10.63 Dividends to Net Income 78.89 89.64 Loans to Assets 57.75 59.68 Net Loans to Deposits 73.16 75.83 Allowance for Loan Losses to Total Loans 1.47 1.51 Non-performing Loans to Total Loans 0.36 0.34 - ------------------------------------------------------------------------------------
* Net income per share amounts have been adjusted for the recently announced 2% stock dividend. -----END PRIVACY-ENHANCED MESSAGE-----