National Bancshares Corporation reports 53 percent increase in profit

Staff report

YOUNGSTOWN

National Bancshares Corp., the holding company for First National Bank, reported a 53 percent increase in its third-quarter earnings compared with the same period last year.

The Orrville-based bank made a profit of $1.59 million, or 72 cents per common share, for the third quarter, an increase from more than $1 million, or 47 cents per common share, for the same period in 2013.

“We are pleased to report our excellent results for the third quarter and first nine months of 2014,” Mark R. Witmer, president and CEO, said in a statement. “National Bancshares Corp. has experienced the strongest quarterly and year-to-date net income in its history. Total assets at Sept. 30 were a record $526.6 million compared with $476.2 million at Dec. 31, 2013. We continue to organically expand our portfolio of quality loans, which has contributed significantly to our growth and profitability in recent years.”

Average total loans for the third quarter increased 26 percent. Agricultural and small-business loans continue to be the fastest-growing part of the bank’s franchise, according to a press release.