Farmers posts increase in earnings
Staff report
CANFIELD
Farmers National Banc Corp. reported a significant year-over-year increase in second-quarter earnings.
On Wednesday, the Canfield-based bank reported net income for the second quarter of $5 million compared with $812,000 generated in the second quarter of 2015 for an increase of more than 80 percent.
For the first quarter of 2015, the bank reported net income of $4.8 million.
Net income for the six months that ended June 30 was $9.8 million compared with $3 million for same six-month period in 2015.
During 2015, Farmers completed the mergers of National Bancshares Corp., the holding company for the First National Bank of Orrville, 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 in western Pennsylvania.
“We are pleased to report that our earnings have increased through the successful integration of both bank mergers, and we are encouraged by the early results of our merger with The Bowers Group,” said Kevin J. Helmick, president and chief executive officer of Farmers, in a statement.
On June 1, Farmers completed the acquisition of Bowers Insurance Agency Inc. The Bowers Group will continue to operate under its name from its current location in Cortland, but is expected to merge with Farmers National Insurance, LLC, Farmers’ wholly-owned insurance agency subsidiary.
Farmers’ total loans were $1.36 billion for the second quarter of 2016. That’s compared with $1.30 billion Dec. 31, 2015, representing an annualized growth of 9.5 percent.
Net interest income for the second quarter was $16.8 million, up from $9.7 million reported in the second quarter of 2015.
Deposits were $1.4 million compared with $1.3 million reported in the second quarter of 2015.