Farmers reports record net income
CANFIELD — Farmers National Banc Corp. set a record for net income in the first quarter of 2021 with $14.6 million, an amount 68 percent higher than the same three-month period last year.
The company in its first quarter financial report Wednesday said the annualized return on average assets and return on average equity were 1.8 percent and 16.8 percent, compared to 1.3 percent and 11.5 percent in the first quarter of 2020.
Loans grew 3 percent to $2 billion for the quarter, largely due to the Paycheck Protection Program, under which the bank processed loans worth $136.8 million. Deposits grew 32 percent to $2.8 billion.
The firm, the holding company for Farmers National Bank, also reported the quarter was the 153rd in a row it recorded a profit.