Farmers reports rise in net income

Staff report

CANFIELD

Farmers National Banc Corp. released its second-quarter figures Wednesday and reported higher net income.

Net income totaled $2.1 million in the second quarter compared with $2 million in 2010.

“I think it’s right on target for where we were hoping we would be,” said John Gulas, president and CEO of Farmers.

“We’ve seen an improvement in the credit quality, and we haven’t had to make as many provisions as we budgeted for.”

Net interest income remained steady at $9.2 million.

Provisions for loan losses decreased from $4.4 million to $3 million thanks to a decline in net charge-offs, or loans that won’t be repaid.

Delinquencies also declined.

Net loans decreased from $605 million to $557.8 million because of slow economic growth, the bank said.

Farmers is the bank holding company for Farmers National Bank.