FMNB reports third quarter increase

Staff report

canfield

Farmers National Banc Corp., the parent of Farmers National Bank, reports 127 consecutive quarters of strong profitability along with the release of its third quarter earnings for this year.

The bank reported a profit of $2.3 million, or $0.12 per share, for the third quarter of 2014 compared to $1.6 million, or $0.09 per share, from the same period a year ago.

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

Loans increased by 5.8 percent since the third quarter of 2013. Noninterest income was $3.9 million for the third quarter of 2014, an 8.4 percent increase compared to the same quarter in 2013, after excluding security gains.

“We look forward to the ensuing quarters as the economic outlook improves. We also continue our discipline of closely monitoring levels of non-interest expense while growing noninterest revenues,” Hemlick said.