Farmers income up for year- to-date

Staff report

CANFIELD

Farmers National Banc Corp.’s net income fell $500,000 during the third quarter compared with the same quarter a year ago, but the company’s year-to-date net income is up $500,000, climbing from $5.7 million to $6.2 million.

On a per-share basis, Farmers’ net income fell from 21 cents to 13 cents during the third quarter.

John Gulas, president and CEO, said the slow economy, fear factor and low interest rates made it difficult to generate additional net income but that the first six months of the year — along with an expected rebound during the fourth quarter — will provide the company with solid numbers.

“We’ve still been able to increase earnings,” he said. “All in all, it’s just another positive quarter.”

Pre-tax income rose 12 percent compared with 2010’s third quarter, investment commissions rose 63 percent, and trust fees rose 8 percent.

The provision for loan losses decreased $800,000 during the quarter and has dropped by $5.9 million this year, a 38 percent decrease.

“That’s mainly because of the processes we put in place in 2009 and 2010,” Gulas said. “We made sure we identified all the potential issues and improved credit quality.”