Farmers reports income gains for 3, 9 months ending Sept. 30
CANFIELD — Farmers National Banc Corp. reported net income gains for the three and nine months that ended Sept. 30.
In its earnings reported Thursday, the Canfield-based company said net income for the year’s third quarter was $5.4 million, or 20 cents per diluted share, compared with $1.9 million, or 7 cents per diluted share, for the three months that ended Sept. 30, 2015. In comparing the third quarter’s results with the most recent previous quarter, net income increased 7 percent over the $5 million reported for the quarter that ended June 30.
Net income for the nine months ended Sept. 30 was $15.2 million, or 56 cents per diluted share, compared with $4.9 million or 23 cents per diluted share, for same nine-month period in 2015.
During 2015, Farmers completed the mergers of National Bancshares Corp., the holding company for the First National Bank of Orrville, and Tri-State 1st Banc Inc., the holding company for 1st National Community Bank of East Liverpool. These transactions resulted in the addition of $676 million in assets and 17 full-service branches in northeastern Ohio and one in Beaver County, Pa.
On June 1, Farmers completed the acquisition of Bowers Insurance Agency Inc. The Bowers Group will continue to operate under its name from its current location in Cortland as part of Farmers’ wholly owned insurance agency subsidiary Farmers National Insurance LLC. The strategic acquisition is expected to enhance Farmers’ current company and product lineup, and offer broader options of commercial, farm, home and auto property / casualty insurance carriers.
“We are happy to report a record quarter in net income, which has been achieved through the successful integration of our recent mergers, our 12 percent organic loan growth and our continued focus on increasing noninterest income and careful management of noninterest expenses,” stated Kevin J. Helmick, Farmer’s president / CEO.