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Farmers reports strong Q4 results.



Published: Fri, February 1, 2013 @ 12:00 a.m.

Staff report

CANFIELD

Farmers National Bank reported a $9.9 million profit for 2012 on Thursday, an increase of about 8 percent compared with its earnings a year earlier.

That means 120 consecutive quarters of positive earnings for the bank, which said its fourth-quarter profit was $2.6 million, or 14 cents per share.

Last year’s growth was aided by a 9 percent increase in customer deposits, while stockholders’ equity increased by 6 percent between 2011 and 2012 when it reached 53 cents per share.

Farmers recorded a 3 percent year-over-year increase in its loans, driven mainly by growth in its commercial and industrial portfolio in the fourth quarter, when its provision for loan losses also decreased by $2.9 million compared with 2011.

The bank said its deposits were being affected positively by developments in the Marcellus and Utica shale activity throughout the area, with customers who have received royalties or lease bonuses from energy-exploration companies depositing $58 million at the bank.

Farmers earned greater exposure in December when it was added to the MSCI Micro Cap Index, which is watched closely by pension plans and hedge funds, among others.

The bank has continued growth, and it was named to American Banker Magazine’s list of the 200 best community banks last year.


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