Farmers’ 3Q income declines

CANFIELD – Farmers National Banc Corp. on Wednesday announced a drop in third quarter earnings and year-to-date numbers when compared to the same period last year.

Net income for the three months ended Sept. 30 was $1.6 million, down from $2.5 million in third quarter of 2012. Per share, the loss meant a drop to 9 cents per diluted share, compared to 13 cents last year at this time and 10 cents per share for second quarter this year.

Company officials attributed the decline in income to a $1.3 million in severance paid to terminated employees in 2013. The bank did not outline details of those severance payments; however, earlier this month the company terminated Farmers President and CEO John Gulas.

Net income in the third quarter would have increased $0.4 million.”

Officials said the company is encouraged by a 24 percent improvement in non-interest income, and noted the July 1 acquisition of National Associates Inc., a Cleveland retirement plan consulting firm, expected to grow the company’s fee income.