Farmers reports second-quarter earnings

Staff report

CANFIELD

Canfield-based Farmers National Banc Corp. saw a year-over-year increase in its second-quarter earnings.

Net income was $5.7 million, up from $5 million reported in the second quarter of 2016 in a report released Wednesday.

Excluding acquisition expenses, net income for the three-month period would have been $5.8 million.

On March 13, Farmers entered into an agreement and merger plan with Monitor Bancorp Inc. in Holmes County, Ohio. This transaction is expected to close during the third quarter of this year. It will serve as an entrance into the Holmes County market for Farmers.

As of Dec. 31, 2016, Monitor had total assets of $43.3 million, which included net loans of $22.3 million and deposits of $37.2 million.

“We are looking forward to close our fourth acquisition in the past two years, which further enhances Farmers’ brand and delivers long-term value for our shareholders,” said Kevin J. Helmick, president and chief executive officer of Farmers, in a statement. “We remain focused on our strategic-growth plan, which has paved the way for the company to reach over $2 billion in assets in 2017.”

Total loans were $1.51 billion compared with $1.36 billion during the second quarter of 2016.