Profitability streak extended at Farmers
Canfield-based bank posts 157th-straight positive quarter
YOUNGSTOWN — The first quarter of 2022 was the 157th in a row that Farmers National Banc Corp. in Canfield turned a profit, the company announced along with other strong quarterly financial results.
Farmers, the holding company for Farmers National Bank, reported first-quarter net income of $15.8 million compared to $14.6 million in the same three-month period in 2021.
Deposits grew $146.6 million for the quarter due to “seasonability in public fund balances and continued growth in business and consumer deposits,” the results state.
Gross loans fells $26.1 million for the quarter, but excluding the run off in Paycheck Protection Program balances, the decline was $12.4 million. The loss of some loan originators affected the results, “but the pipelines are solid” heading into the second quarter and Farmers “expects to hit mid-single digit loan growth” for the year, the results state.
Total assets grew to $4.2 million at the end of quarter on March 31 compared to $4.1 billion at the end of 2021.
“We produced outstanding results again in the first quarter amidst an increasingly volatile economic landscape. Our loan pipelines are very strong as we enter the second quarter and, as always, we will continue to look for opportunities to effectively manage our balance sheet and expense levels while looking to expand our fee based businesses,” Kevin J. Helmick, Farmers’ president / CEO, said. “Our recently announced acquisition of Emclaire Financial Corp. opens up growth opportunities in Pennsylvania, including the attractive Pittsburgh markets …”
In March, Farmers announced its cash and stock acquisition of Emclaire Financial Corp., the holding company for The Farmers National Bank of Emlenton, Pa. The acquisition is the largest merger undertaken by Farmers of Canfield when measured by banking assets.