Farmers reports fourth quarter, full year earnings
Staff report
CANFIELD
Canfield-based Farmers National Banc Corp. reported net income of $3.2 million in the fourth quarter of 2015, or $0.12 per diluted share, compared with $2.1 million or $0.12 per diluted share reported for the same quarter of 2014.
Excluding expenses related to acquisition activities, net income would have been $4.3 million or $0.16 per diluted share for the for the fourth quarter 2015.
For the year, Farmers reported net income of $8.1 million, or $0.36 per diluted share, compared with $9 million, or $0.48 per diluted share, reported in 2014.
Excluding expenses from acquisitions, the bank’s net income would have been $12.9 million, or $0.57 per diluted share.
This year, Farmers acquired two parent companies of banks to expand its footprint across eight counties.
The Canfield bank merged with Orrville-based National Bancshares, the parent company of First National Bank, then announced a merger with East Liverpool-based Tri State 1st Banc Inc., parent company of 1st National Community Bank.
The $74 million merger with First National moved Farmers up to $1.6 billion in assets, about 425 employees and 33 offices in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina and Cuyahoga counties.
The $14.2 million merger between Farmers and 1st National Community Bank moved Farmers up to $1.8 billion in banking assets, more than 450 employees and 38 offices, including a presence in Beaver County, Pa.
“2015 was an exciting year for our company. We are very pleased that we have completed the acquisitions of National Bancshares Corporation [NBOH] and Tri-State, and that these acquisitions have improved our level of profitability,” Kevin Helmick, president and chief executive officer of Farmers.