Farmers reports earnings increase in 4Q, year

Staff report

CANFIELD

Canfield-based Farmers National Banc Corp. reported net income for the fourth quarter of 2016 of $5.4 million, which compares with $3.2 million reported in the fourth quarter of 2015.

Excluding expenses related to acquisition activities, net income for the two periods was $5.4 million and $4.3 million, respectively.

Net income for the year was $20.6 million compared with $8.1 million for 2015. Excluding expenses related to acquisition activities, net income for the two years was $21 million and $12.9 million, respectively.

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 as part of Farmers’ wholly-owned insurance agency subsidiary Farmers National Insurance LLC.

The strategic acquisition is expected to enhance Farmers’ current company and product lineup and offer broader options of commercial, farm, home and auto property/casualty insurance.

“We are happy to report a record year in net income, which has been achieved through the successful integration of our recent mergers, our 10 percent organic loan growth, and our continued focus on increasing noninterest income and careful management of noninterest expenses,” said Kevin J. Helmick, president and CEO of Farmers, in a statement.

Total loans were $1.43 billion at Dec. 31 compared with $1.30 billion at Dec. 31, 2015, representing an increase of 10.1 percent.

Total noninterest expenses for the fourth quarter of 2016 decreased to $15 million compared with $16.6 million in the same quarter in 2015, primarily as a result of a $1.7 million decrease in merger-related costs.