Farmers reports a solid 3Q

Staff report

CANFIELD

Canfield-based Farmers National Banc Corp. reported net income of $5.4 million in the third quarter of 2016 compared with $1.9 million in the third quarter of 2015.

Excluding expenses related to acquisition activities, net income for the two periods was $5.4 million and $3.7 million, respectively.

“We are happy to report a record quarter in net income, which has been achieved through the successful integration of our recent mergers, our 12 percent organic loan growth, and our continued focus on increasing noninterest income and careful management of noninterest expenses,” said Kevin J. Helmick, president and chief executive officer of Farmers, in a statement.

Total loans were $1.4 billion at the end of the third quarter of 2016 compared with $1.2 billion reported in the third quarter of 2015.

Loans now comprise 76.5 percent of the bank’s third- quarter average earning assets, an improvement compared with 73.8 percent at the same time in 2015.

Deposits were $1.5 billion in the third quarter compared with $1.3 billion reported in the third quarter of 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 Pennsylvania.

On June 1, Farmers completed the acquisition of Bowers Insurance Agency Inc. of Cortland.