Farmers 1Q profit
Farmers National Bank reported a first quarter profit of $2 million, or 11 cents per share, on Wednesday.
Profits were down slightly in the first three months of this year when compared with last. First-quarter 2012 profit was $2.5 million, or 13 cents per share. Still, Wednesday’s report represented 121-consecutive quarters of positive earnings growth at the bank.
Nonperforming loans decreased from $11 million last year to $7.4 million at the end of the first quarter. Noninterest income increased by 5.7 percent year-over-year and net interest income was down slightly at $9 million from $9.2 last year. Net loans increased $17.8 mililon, or 3 percent versus last year.
Stockholders’ equity totaled $120.6 million, or 10.6 percent of total assets at the end of the first quarter, an increase of $5.2 million, or 4.5 percent, compared with $115.4 million at the same time last year. The increase is mainly the result of net income, offset by cash dividends paid to stockholders, during the past 12 months.
YSU debit cards
The Home Savings and Loan Co. announced Wednesday that it will offer debit cards with Youngstown State University images.
The new option starts this week. Home Savings will give customers a choice of debit cards – either a standard Home Savings card, one with the customer’s favorite photo on it or a YSU debit card.
While a standard Home Savings debit card is free, custom-image cards usually have a $10 cost. This fee will be waived through the end of May. For more information, visit homesavings.com/mycard.
Fed: Redesigned $100 bill ready by October
The Federal Reserve announced Wednesday that it will begin circulating a redesigned $100 bill this fall, more than two years after its initial target.
The Fed has set a new target date of Oct. 8. The redesigned note incorporates added security features, such as a blue, 3-D security ribbon and a disappearing Liberty Bell in an inkwell. The features are designed to thwart counterfeiters.
The revamped bill had been expected to go into circulation in February 2011. But in December 2010, officials announced an indefinite delay. They said they needed more time to fix production issues that left unwanted creases in many of the notes.
Source: Fiat mulls IPO after buying Chrysler
Italian automaker Fiat is considering a plan to hold a public stock offering after the company buys 100 percent of Chrysler, according to a person briefed on the matter.
The plan to sell shares of a combined company is among several options being evaluated by Sergio Marchionne, who serves as CEO of both automakers, said the person, who requested anonymity because no decision has been made.
Vindicator staff/wire reports
Selected local stocks
Aqua America, .70, 32.12 —.16
Clear Channel, .33 32.57 —.01
Cortland Bancorp, 10.00—.09
Farmers Nat., .126.59 .01
First Energy, 2.20, 46.17.26
FirstMerit Corp., .64,16.76 .48
First Niles Financial, .32,7.00.00
First Place Fin., .0018—.00
FNB Corp., .48,11.375—.10
General Electric, .76,21.96.46
Motors Liquidation, .0422.00
Huntington Bank, .16, 7.095.03
JP Morgan Chase, 1.52,48.72.55
Key Corp, .20,9.73.14
LaFarge, 15.57 .16
Macy’s, .80, 43.89—.06
Parker Hannifin, 1.72, 89.371.69
RTI Intl. Metals,28.41.83
Simon Prop. Grp.,4.60,176.84.80
Stoneridge 7.18 —.11
United Community Fin. 4.29.01
Selected prices at 4 p.m. Wednesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.