Farmers reports increase in the first quarter of 2018
Farmers National Banc Corp. reported net income of $7.7 million during the first quarter of 2018, which compared with $5.8 million reported during the first quarter of 2017.
Total loans were $1.60 billion for the first quarter of this year, which compared with $1.46 billion during the first quarter of 2017 for an increase of 9.4 percent.
The increase in loans is a direct result of Farmers’ focus on loan growth, bank officials said.
“We are pleased to report record earnings, which are a result of the successful integration of previous mergers, continued strong loan growth, higher levels of noninterest income and a lower effective income tax rate,” Kevin J. Helmick, president and CEO, said in a statement Wednesday.
In December 2017, the Tax Cuts and Jobs Act was signed into law and reduced the corporate income-tax rate to 21 percent effective in January. As a result of passage of the new tax law, Farmers’ effective tax rate decreased from 25.43 percent for the quarter ended March 31, 2017, to 14.96 percent for the quarter ended March 31, 2018.