Farmers net income for 2011 up from 2010

Staff report

CANFIELD

Farmers National Banc Corp. reported a net income of $9.2 million in 2011, up from $9 million the previous year, and also reported a special bonus for shareholders.

Farmers’ board of directors declared a special one-time additional dividend of 3 cents per share, payable Feb. 28 to shareholders as of Feb. 13.

“Farmers has navigated through the great recession with positive earnings each quarter, and we felt it appropriate to share the earnings with our shareholders through this special additional dividend,” said John S. Gulas, president and CEO of Farmers.

The 3-cent additional dividend is 25 percent premium on the current 12-cent annual dividend.

Farmers’ total assets topped $1.1 billion to end 2011, up from $982.8 million at the end of 2010.

The provision for loan losses decreased from $8.1 million in 2010 to $3.7 million in 2011; net charge-offs also dropped from $6.2 million to $3.1 million.

Deposits increased $79.1 million, or 10.4 percent, from $761.1 million in 2010 to $840.1 million last year.

Net loans decreased from $581.1 million to $562.7 million. The company attributed the drop to “slow economic growth.”

Farmers National Banc Corp. is the bank holding company for Farmers National Bank of Canfield, Farmers National Insurance, LLC and Farmers Trust Co.