Farmers National reportslower quarter income
CANFIELD -- Farmers National Banc Corp. reported its net second-quarter income totaled $1.995 million for the three-month period ending June 30, down from $2.295 million net income for the second quarter of 2004.
The company's assets as of June 30 totaled $832.5 million, a 3.4 percent increase over the June 2004 figure of $805 million.
The company's expenses increased over a one-year period, totaling $5.165 million for 2005's second quarter, compared with $4.736 million for the second quarter of 2004.
President and CEO Frank L. Paden said the company was disappointed with the second quarter results while still optimistic for the second half of 2005.
"Basically, we have not generated the net interest income we anticipated due to the ongoing flat yield curve that continues to put pressure on the net interest margin and the lack of any substantial growth in the loan portfolio," Paden said.
He also cited expense increases in employee medical group insurance as a profit margin factor.
UPMC board adds 2
GREENVILLE, Pa. -- The UPMC Horizon board of trustees recently added two new members, Joseph D. Simko and Joseph P. Walton.
Simko, of Sharon, is president and general manager of Hodge Foundry Inc., Greenville.
Walton, of Greenville, is chief executive officer of Jamestown Paint Co., which he co-owns with his brother, and is a partner in JM Investments, also in Jamestown.
Small businesses continueto feel the fuel-cost burn
BUFFALO GROVE, Ill. -- Small businesses continue to feel the increasing impact of higher fuel costs according to the latest International Profit Associates Small Business Research Board poll.
Nearly three-quarters of the small businesses responding to the nationwide poll said they are feeling the impact of rising fuel costs.
This increased from 64 percent who indicated their businesses were being hurt by fuel prices in an IPA SBRB poll which came out in April.
However, small business owners and managers remain split on whether to pass on the increase to their customers with 49 percent saying they are passing on part or all of the increase and 51 percent indicating they are not, according to the poll.