FC Banc Corp Announces 2nd Quarter 2011 Increase in Earnings
Posted on Thu, Jul 21, 2011 @ 11:00 AM
The Board of Directors of Farmers Citizens Bank and FC Banc Corp. announced their second quarter ended June 30, 2011 earnings highlighted by an increase in net income of 65.2% over the 2nd quarter of 2010 and an increase of 42.5% for the six months ended June 30, 2011 over that same period in 2010. The Board also declared their quarterly dividend. Other financial highlights include the following:
- Total assets increased to $355.8 million as of June 30, 2011. This represents an increase of approximately $3.3 million, or 0.9% over June 30, 2010.
- Total loans increased slightly to $188.7 million as of June 30, 2011 and credit quality remained one of the bank’s strongest traits.
- As of June 30, 2011, total deposits decreased slightly to $302.0 million dollars, a decrease of 1.1% over June 30, 2010.
- Net Income for the second quarter of 2011 was $652,000, an increase of 65.2% over the same period of 2010. Net Income for the Six (6) Months ended June 30, 2011 was $1,133,000, an increase of 42.5% over the same period in 2010. Net interest income increased $1,095,000, and non-interest income decreased by $100,000, for the Six (6) Months ended June 30, 2011 when compared to the same period in 2010. Non-interest expenses increased by $432,000 over the same period in 2010.
- Provision for Loan Losses was $585,000 for the Six (6) Months ended June 30, 2011, an increase of $35,000 when compared to the provision for the same period in 2010. Key asset quality ratios remained strong in the second quarter of 2011 and as of June 30, 2011, our Allowance for Loan Loss Reserve as a percentage of total loans has increased to 1.36%, an increase of 9 basis points over the same date in 2010. The Board also announced its Quarterly Common Stock Cash Dividend of $.18 cents per share payable on August 17, 2011 to shareholders of record as of August 3, 2011. This represents an increase of 12.5% over the previous quarter. The Board further announced its Preferred Stock Dividend of $5.25 per share payable on July 29, 2011 to shareholders of record on June 30, 2011.
The Board also announced the appointment of Richard Thut of Orrville, OH and Julian F. Barnwell of Mason Neck, VA to the Board of Directors of FC Banc Corp. Both of these outstanding businessmen will serve as Class I directors and serve until the Annual Meeting in 2014.
“We are very pleased with the positive direction of the company and our results for the 2nd quarter ended June 30, 2011,” stated R. Duane Hord, Board Chairman. “FC Bank continues to be focused on our progress, credit quality, shareholder value and the communities we serve. We are further excited to have both Richard Thut and Julian (Jay) Barnwell join the Board of Directors as their keen insight into both business and banking will be very beneficial to FC Banc Corp both today and in the future.”
Coleman J. Clougherty, President and CEO of Farmers Citizens Bank and President of FC Banc Corp commented: “The second quarter ended June 30, 2011 continued to be very positive for FC Bank as the increases in profitability are the direct result of a focus by the bank in building on its very solid foundation. Our dedicated team of Directors, Officers and Employees continue to remain focused on our goals and objectives while maintaining the highest quality of both customer service and prudent banking practices. 2011 will not be without many challenges including significant changes to the regulatory environment and an economy that is still lackluster in its recovery. This will require an even stronger dedication by our team to meet these challenges, while remaining focused on our mission, goals and objectives. We continue to believe that these times can present opportunities for a well-run organization focused on a strategic objective and plan. We are very proud to report these positive results and continue to have a positive outlook on the future for FC Bank.”
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 member FDIC and an Equal Housing Lender.