Earnings up at Farmers National Banc

CANFIELD — Farmers National Banc Corp. today reported it has had 130 consecutive quarters of profitability.

The bank reported its second quarter financial results for the three-month period ending June 30 and its six-month results ending June 30.

Net income for the three months ended was $812 thousand, or $0.04 per diluted share, which compares to $2.4 million, or $0.13 per diluted share for the second quarter ended June 30, 2014. Excluding one-time expenses related to acquisition activities, net income would have been $2.4 million or $0.12 per share. In comparing the second quarter’s results to the most recent previous quarter, net income excluding acquisition activities increased $140 thousand or 6 percent.

On June 19, 2015, Farmers announced that it completed the merger of National Bancshares Corp., the holding company for the First National Bank of Orrville, Ohio.

This transaction resulted in the addition of $540 million in assets and 14 branch locations in Wayne, Medina and Stark counties in Ohio.

On June 23, Farmers entered into a merger agreement with Tri-State and Tri-State's wholly-owned bank subsidiary, First National Community Bank, which operates five banking locations in Columbiana County in Ohio and Western Pennsylvania.

The transaction is expected to close during the fourth quarter of 2015.

“We are pleased to have closed our merger with National Bancshares Corporation (NBOH), and to have announced our proposed merger with Tri-State 1st Banc, Inc. (Tri-State) during the second quarter," said Kevin J. Helmick, Farmers President and chief executive officer. "We are also delighted to report that organic loan growth has increased 10 percent over the past twelve months, and that our level of non-interest income continues to improve.”