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Farmers posts record income

WARREN — Canfield-based Farmers National Banc Corp. posted record annual net income of $41.9 million in 2020, up from $35.8 million in 2019, the company reported.

The holding company for Farmers Bank also marked for the quarter ending Dec. 31 its 152nd consecutive quarter of profitability.

Loans were $2.08 billion for the year, compared with $1.8 billion for 2019, representing an increase of 14.7 percent. Excluding $182.1 million of loans added from the acquisition of Maple Leaf, loan growth was 4.7 percent.

Deposits grew 34 percent to $2.6 billion for the year, giving the company a loan to deposit ratio of 79.6 percent, down from 90.2 percent a year ago.

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