National Bancshares Corp., the parent of First National Bank, reported a record first-quarter income of $1.24 million, or 56 cents per share.
Those earnings were up from $946,000, or 43 cents per share, during the same quarter a year ago.
“We are pleased with our performance in 2014 and excited about the opportunities in our market.” Mark R. Witmer, president and CEO, said in a statement Monday. “Loans have increased 4.3 percent to $342.4 million at March 31, 2014, compared to $328.2 million at December 31, 2013. We continue to experience the robust loan growth we have enjoyed since 2010. The local economy, including agriculture and small business, continues to perform well.”
The bank’s net interest-income for the first three months of the year jumped to nearly $4 million, up 9.9 percent from $3.6 million during the first quarter of 2013. The bank attributed the growth primarily to increases in the average balances of loans and lower-cost deposits.
Loans secured by farmland and agriculture production loans totaled $52.5 million, a $37.1 million spike since the end of 2011.
Non-interest income fell by $45,000 to $726,000, and mortgage banking activities were down to $106,000 from $236,000 a year ago.
Noninterest expense for the same period was $2.88 million, a 4.9 percent decrease from $3.03 million in 2013.
Total assets were up 4.8 percent to $499.1 million from the $476.2 million during the first quarter of last year.