Farmers reports earnings increase in first quarter

Staff report

CANFIELD

Canfield-based Farmers National Banc Corp. reported net income of $4.8 million, or $0.18 per diluted share, for the first quarter of 2016 compared with $2.2 million, or $0.12 per diluted share in the first quarter of 2015.

In comparing the first-quarter’s results to the most-recent previous quarter, net income of $4.8 million increased 51 percent compared with $3.2 million for the quarter ended Dec. 31, 2015.

The bank has reported 133-consecutive quarters of profitability. Noninterest income increased 22.5 percent from the first quarter of 2015, and the bank saw 22 percent of annual loan growth.

Annualized return on average assets and return on average equity were 1.03 percent and 9.41 percent, respectively, for the three-month period ending March 31, 2016.

During 2015, Farmers completed the mergers of National Bancshares Corp., the holding company for the First National Bank of Orr-ville, and Tri-State 1st Banc Inc., the holding company for 1st National Community Bank of East Liverpool. These transactions resulted in the addition of $676 million in assets and 17 full-service branches in Northeast Ohio and one in Beaver County, Pa.

Total loans were $1.32 billion March 31 this year compared with $673.8 million at March 31, 2015. The increase in loans is a direct result of Farmers’ focus on loan growth using a talented lending and credit team, the bank said.

Most of the loan increase occurred in the commercial real estate, commercial and industrial and residential real-estate loan portfolios.