CANFIELD — Farmers National Banc Corp. posted its 154th consecutive profitable quarter in the second quarter of 2021, reporting a net income of $15.6 million.

The Canfield-based corporation, the holding company for Farmers National Bank, reported in its latest financial results the $15.6 million represents a 41 percent increase from the same three-month period in 2020. In the first quarter, the company recorded a net income of $14.6 million.

Loans were $1.96 billion, down 8.8 percent from $2.15 billion at June 30, 2020, primary due to, according to Farmers, a decrease in loans through the Paycheck Protection Program, a federal program created to help business stay afloat during the viral outbreak.

Also, nonbrokered deposits increased 17 percent from $2.4 billion to $2.8 billion year-over-year for the quarter.

In June, Farmers announced an agreement to acquire Cortland Bancorp Inc., the holding company for Cortland Bank. When the transaction finalizes, which is expected to be in fourth quarter, it increase Farmers’ market shared in Trumbull, Mahoning and Cuyahoga counties and means continued growth in northeast Ohio. The transaction is worth about $124 million.