Farmers reports increased quarterly earnings
CANFIELD - Farmers National Banc Corp. reported an half-million dollar increase in net income to $2.4 million compared to the same period last year.
It is the 126th consecutive quarter of profitability for the company.
Farmers National President and CEO Kevin J. Helmick attributed the improvement to continued focus on increasing fee income and control of noninterest expenses.
"It is important to note that noninterest income has increased 17.7 percent in comparing the second quarter of 2014 to the second quarter of 2013, while noninterest expenses decreased 4.5 percent," Helmick said. "We are also pleased to report that loans increased 6.9 percent in the past 12 months."
Farmers National Banc Corp. is the bank holding company for the Farmers National Bank of Canfield, Farmers National Insurance, LLC, Farmers Trust Company and National Associates, Inc.
First Niles Financial announces earnings
NILES - First Niles Financial, Inc., the holding company for Home Federal Savings and Loan Association of Niles reported improved net income results for the three months ended June 30.
The company recorded net income of $122,000 for the quarter, compared to a loss of $79,000 for the same period in 2013, for an increase of $201,000.
The increase in net income in the current three-month and six-month periods as compared to the same periods one year ago came primarily due to the increased net interest income and non-interest income.
Net interest income improved due to an increase in market interest rates, the company said.
Dollar Tree steps up fight, buys Family Dollar
NEW YORK - The fight for penny pinchers is intensifying.
Dollar Tree said Monday it is buying rival discounter Family Dollar for $8.5 billion, significantly broadening its reach as it looks to fend off Wal-Mart, which has been stepping up its courtship of lower-income customers
The deal makes Dollar Tree the biggest player in the dollar store segment, with its more than 13,000 combined locations eclipsing current leader Dollar General Corp., which has about 11,300.
Dollar stores grew during the recession as people across income groups searched for cheaper options. To attract a broader array of customers, they also expanded their offerings to include more groceries and brand-name products.
EPA reports big fish kill from well fire
HANNIBAL - Water samples of runoff taken shortly after a June 28 fire at a Monroe County natural gas drilling site show the presence of many fracking chemicals and resulted in roughly 70,000 dead fish and other aquatic life.
Regulators counted roughly 70,000 dead fish, frogs, crayfish, salamanders and other aquatic after the accident at the Statoil Eisenbarth well pad. Ohio Environmental Protection Agency documents state tests show the presence of benzene, ethylbenzene, xylenes, toluene and pyrene, all chemicals commonly used during well fracking.
Local bank stocks reported
First Niles Financial shares remained unchanged in trading Monday, closing at $9. Cortland Bancorp rose 68 cents to close at $12.98 a share.
Staff, wire reports