-----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, COmW8hASt8ToH9hPDoW5PZZi2aryFd4cHwZ5jDjHGvrXK0R3K1tJfWv7CXIWVQb8 fXQ5Lw/wzIzHUP4PpVhHeA== 0000950152-04-000468.txt : 20040126 0000950152-04-000468.hdr.sgml : 20040126 20040126114822 ACCESSION NUMBER: 0000950152-04-000468 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040126 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040126 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: 04542590 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 l05257ae8vk.txt FARMERS NATIONAL BANK 8-K ================================================================================ 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 January 26, 2004 ---------------- 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 January 26, 2004, Farmers National Banc Corp. issued the press release attached as Exhibit 99.1, reporting on its earnings for the quarter ended December 31, 2003. Item 7. Financial Statements and Exhibits (c) Exhibits: Exhibit 99.1 January 26, 2004 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: January 26, 2004 By: /s/ Frank L. Paden ---------------------- ---------------------------------- Frank L. Paden, President and Secretary 2 EX-99.1 3 l05257aexv99w1.txt EXHIBIT 99.1 Exhibit 99.1 Monday, January 26, 2004 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 FOURTH QUARTER AND YEAR-END 2003 RESULTS 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. FINANCIAL HIGHLIGHTS FARMERS NATIONAL BANC CORP. AND SUBSIDIARY (Amounts in thousands, except per share data)
FOR THE YEAR ENDED DEC. 31, 2003 DEC. 31, 2002 - ------------------------------------------------------------------------------ Net Income $9,515 $7,934 Per share * 0.75 0.63 Cash dividends paid 7,602 6,924 Per share * 0.60 0.55 - ------------------------------------------------------------------------------ AT THE END OF TWELVE MONTHS - ------------------------------------------------------------------------------ Total Assets $812,815 $748,098 Net Loans 465,453 442,914 Total Deposits 627,926 588,254 Investment Securities 292,181 251,089 Stockholders' Equity 80,214 80,952 Book Value Per Share * 6.31 6.38 Shares Outstanding 12,705 12,436 - ------------------------------------------------------------------------------ RATIOS - ------------------------------------------------------------------------------ Return on Average Assets 1.20% 1.12% Return on Average Equity 11.77 10.27 Efficiency Ratio 56.15 59.17 Equity to Asset Ratio 9.87 10.82 Dividends to Net Income 79.89 87.27 Loans to Assets 58.08 60.11 Net Loans to Deposits 74.13 75.29 Allowance for Loan Losses to Total Loans 1.41 1.51 Non-performing Loans to Total Loans 0.32 0.38 - ------------------------------------------------------------------------------
* Per share amounts have been restated to reflect the 2% stock dividend paid in 2003 and 2002. -----END PRIVACY-ENHANCED MESSAGE-----