Farmers’ 2010 net income is 54% increase from 2009

By William K. Alcorn | February 2, 2011 at 12:00a.m.

CANFIELD

A strategy to “earn its way through the ‘Great Recession’” is credited with a 54 percent increase in net income in 2010 compared with 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.

Farmers National reported net income of $3.3 million the last three months of last year compared with $1 million for the fourth quarter of 2009. Pre-tax, pre-provision income for the fourth quarter of 2010 increased 41 percent from the fourth quarter of 2009, excluding gains on sales of securities. Net interest income and other income for the fourth quarter of 2010 increased 10 percent and 48 percent, respectively, from the fourth quarter of 2009.

Farmers National’s total assets as of Dec. 31, 2010, were $982.8 million, a decrease of 3.16 percent compared with the $1.01 billion in total assets recorded Dec. 31, 2009.

Net loans were reported at $581.1 million at the end of 2010, compared with $602 million at the same time in 2009, a decrease of $20.9 million, or 3.5 percent. Over the same period, deposits decreased $16.5 million, or 2.1 percent, from $777.6 million at the end of 2009.

“The decrease in loan and deposit levels is a result of Farmers’ efforts to carefully monitor and achieve appropriate capital-to-asset ratios in this economy,” Gulas added.

Farmers National Banc Corp. is the bank holding company for Farmers National Bank of Canfield, Farmers National Insurance, LLC and Farmers Trust Co. Farmers operates 16 banking offices in Mahoning, Trumbull and Columbiana counties and two trust offices in Youngstown and Howland.