Farmers announces third-quarter financial results


Staff report

CANFIELD

Farmers National Banc Corp. of Canfield reported net income for the third quarter of $1.9 million, or $0.07 per diluted share as of the end of September

The earnings, reported Wednesday, are compared with $2.3 million, or $0.12 per diluted share, for the three months that ended Sept. 30, 2014. Excluding expenses related to acquisition activities, net income would have been $3.7 million or $0.15 per diluted share, the bank said.

In comparing net income excluding acquisition activities for the third quarter to the most-recent quarter, net income excluding acquisition activities increased $1.4 million, or 59 percent.

“We are pleased to have completed our first full quarter after the merger with National Bancshares Corporation, and to have announced the completion of our merger with Tri-State 1st Banc Inc. at the beginning of the fourth quarter,” said Kevin J. Helmick, president and CEO, in a statement. “We are also delighted to report that organic loan growth has increased 16 percent during the past 12 months, and that our level of noninterest income continues to improve.”

Net income for the nine months that ended Sept. 30 was $4.9 million, or $0.23 per diluted share, compared with $6.8 million or $0.36 per diluted share for the same period in 2014. Excluding expenses related to acquisition activities, net income for the current nine-month period would have been $8.4 million, or $0.40 per share.

Farmers completed its merger with East Liverpool-based Tri-State, the holding company for 1st National Community Bank, in October. This transaction resulted in the addition of $135 million in assets and four full-service branches in Columbiana County and Beaver County in Pennsylvania.

The bank completed another merger in June with First National Bank of Orrville.

Farmers has about $1.8 billion in banking assets and $1 billion in trust assets. Farmers’ wholly owned subsidiaries comprise Farmers National Bank, a full-service national bank engaged in commercial and retail banking with 38 locations in seven Ohio counties and Beaver County in Pennsylvania.

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