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CANFIELD -- Farmers National Bank Corp., the holding company of Farmers National Bank, reported net income of $13.3 million in the third quarter, a decrease from $15.4 million for the same three-month period in 2022.
The quarter's net income included pretax items of $268,000 for acquisition-related costs, $785,000 to settle a lawsuit and combined net losses of $764,000 on the sale of securities and other assets, according to Farmers.
At the end of the quarter Sept. 30, the company had total assets of $4.97 billion, compared with $5.07 billion at the end of the second quarter June 30 and $4.08 billion at the end of 2022. The increase from December, the company reported, is primarily due to its acquisition of Pennsylvania-based Emclaire Financial Corp. that added $1.05 billion in assets in the first quarter.
Loans increased $763.8 million since Dec. 31 and $13.4 million since June 30. Emclaire was responsible for $740.7 million of the increase in loans.
Customer deposits were $4.26 billion at the end of the third quarter, compared with $4.25 billion June 30 and $3.42 billion Dec. 31. The increase from December mostly is due to $875.8 million in deposits assumed in the acquisition of Emclaire.
Stockholder's equity was $316 million Sept. 30; $367 million June 30; and $292.3 million Dec. 31.
"Despite the rapid increase in interest rates over the past year and a half, Farmers produced solid third-quarter financial results reflecting the benefits of our diverse business model as well as our focus on maintaining strong asset quality and controlling operating expenses," Kevin J. Helmick, Farmers president / CEO, said.
"These core banking principles create a solid foundation for Farmers to navigate an increasingly uncertain near-term economic environment, while supporting our long-term growth strategies."