Farmers National Banc Corp. reports net income increase

CANFIELD — A strategy to “earn its way through the ‘Great Recession’” is credited with a 54-percent increase in net income in 2010 compared to 2009 for Farmers National Banc Corp.

The strategy included “adding income producing assets and fee income and enhancing expense management and our loan-review process,” said John S.Gulas, president and chief executive officer.

For the 12 months ending Dec. 31, 2010, Farmers National reported net income of $9 million, a 54-percent increase from the $5.8 million net income for the same period in 2009.

Likewise, the fourth quarter of last year was more profitable than the same period in 2009 for the bank.

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