We believe these challenging times present tremendous opportunities for well-run organizations such as ours.
Bucyrus, Ohio (PRWEB) July 17, 2012
The Board of Directors of Farmers Citizens Bank and FC Banc Corp. announced a 36.4-percent increase in net earnings for the six-month period ended June 30, 2012, compared with the same 2011 period. The Board also announced its 18th consecutive quarterly dividend. Other financial highlights include:
- Total assets as of June 30, 2012, were $354.5 million, a slight decrease of approximately $1.3 million over June 30, 2011.
- Total loans increased almost $43.4 million, or 23 percent over the same period in 2011, to $232.2 million as of June 30, 2012.
- Total deposits increased $9.6 million over the same period in 2011, to $311.6 million, an increase of 3.2 percent.
- Net income for the six months ended June 30, 2012, was $1,545,000, an increase of 36.4 percent compared with the same period of 2011. Net interest income increased $653,000, and noninterest income increased by $361,000. Noninterest expenses increased $783,000 over the same period in 2011.
- Provision for loan losses was $275,000 for the six months ended June 30, 2012, a decrease of $310,000 when compared to the same period in 2011. Key asset quality ratios remained very strong, and the allowance for loan loss reserve as a percentage of total loans stood at 1.40 percent.
The Board also announced its quarterly common stock cash dividend of 26 cents per share, and is payable on August 15, 2012, to shareholders of record as of August 1, 2012. The Board further announced its Preferred Stock Dividend of $5.25 per share payable on July 31, 2012, to shareholders of record on June 30, 2012.
“We are very proud of the continued success of the company and our results for the six months ended June 30, 2012,” stated R. Duane Hord, Board Chairman. “In spite of a very weak economy, we remain focused on credit quality, shareholder value and the communities we serve.”
Coleman J. Clougherty, President and CEO of Farmers Citizens Bank and President of FC Banc Corp., noted that the favorable earnings and financial results were achieved during an economic and regulatory climate that presents significant challenges for banks both regionally and nationwide.
“Our positive financial performance is attributable to our dedicated team of directors, officers and employees who are committed to a strategic growth plan that is built upon a foundation of prudent banking practices and the highest quality customer service,” Clougherty said. “We believe these challenging times present tremendous opportunities for well-run organizations such as ours. We will continue to focus on the critical momentum builders in all aspects of our business while remaining true to our community banking roots.”
Additionally, Clougherty said, FC Bank is encouraged by its expanded mortgage lending division, which opened a new residential loan office in Dublin, Ohio, in June 2012 to better serve customers throughout Central Ohio, and the growth of its overall loan portfolio fueled by sound commercial lending practices.
Since 1907, Farmers Citizens Bank has had a tradition of being a locally owned bank and a tradition of proudly serving its customers. With offices in Bucyrus, Cardington, Fredericktown, Upper Arlington, Shiloh and Worthington, Farmers Citizens Bank is a wholly owned subsidiary of FC Banc Corp. and is a member of FDIC and an Equal Housing Lender.