Farmers National reports net income in Q3 of $10.9M
CANFIELD — Farmers National Banc Corp., parent company for Farmers National Bank, reported net income of $10.9 million in the third quarter, a 19 percent increase over the same quarter in 2019 despite a $2.1 million increase in provisions for loan losses.
The quarter marked the 151st in a row the company showed a profit.
Other financial highlights Farmers reported include a 20.4 percent increase in loans from the third quarter 2019 to $2.1 billion. Excluding the $182 million in loans added from the acquisition of Maple Leaf, growth was 10 percent, largely driven by the federal Paycheck Protection Program.
Non-brokered deposits rose 29 percent from $1.9 billion at the end of September 2019 to $2.5 billion for the third quarter of 2020. Meanwhile, the loan-to-deposit ratio is 84.6 percent, down from 87.4 percent a year ago.