Farmers National earnings increase

Staff report

Canfield

Farmers National Banc Corp. net income increased 49 percent in the first quarter of 2012 compared with the previous year.

This is the 117 consecutive quarter of positive earnings for the bank.

“Our net income increased to $2.5 million for the three months ended March 31, 2012, which represents a 49 percent increase over the $1.7 million reported for the same period in 2011. Noninterest income increased 4 percent during the same three-month period,” said John S. Gulas, president and CEO of Farmers. “This increase reflects the continued benefit from our strategy to diversify income streams.”

Deposits for Farmers increased 16 percent from March 31, 2011. Stockholders’ equity totaled $115.4 million, or 10.4 percent of total assets, on March 31, 2012, an increase of $12.3 million, or 11.9 percent, compared with $103.1 million at March 31, 2011, according to the report.

Net interest-income was $9.2 million for the first quarter of 2012, which was up slightly from the $9.1 million in the first quarter of 2011.

Total interest income for Farmers is down from $11.129 million in the first quarter of 2011 to $10.896 million after the first three months of 2012.

In addition income residential real-estate loans increased to $65,000 in the quarter.