Farmers reports 126 quarters of profitability

Staff report

CANFIELD

Farmers National Banc Corp. reported 126-consecutive quarters of profitability in its 2014 second-quarter financial results.

Net income for the three months that ended June 30 was $2.4 million, or $0.13 per diluted share, which compares with $1.9 million, or $0.10 per diluted share for the second quarter that ended June 30, 2013.

Net income for the six months ending June 30 was $4.5 million, a 17.3 percent increase compared with $3.9 million for the same period in 2013.

On a per-share basis, net income for the six months ending June 30 was $0.24, an increase of 14.3 percent compared with the six-month period that ended June 30, 2013.

“Our improvement in net income for the six months ended June 30, 2014, and the second quarter of 2014 is a result of our continued focus on increasing fee income and control of noninterest expenses,” Kevin J. Helmick, president and CEO, said in a statement.

Some of the highlights of the second quarter include loan growth with total loans at $637.8 million June 30, compared with $596.8 million June 30, 2013; loan-quality, net-interest margin, which ended the quarter at 3.54 percent; noninterest income, which was at $3.8 million for the second quarter of this year, a 17.7 percent improvement compared with the same quarter in 2013; noninterest expenses decreased to $9.4 million for the quarter ended compared with the $9.8 million reported in the second quarter in 2013.