Farmers reports loan growth in second quarter
YOUNGSTOWN — Farmers National Banc Corp., the holding company of Farmers National Bank, reported net income of $16 million in the second quarter, up from $15.6 million from the previous quarter.
The three-month period from April to June marks the 158th consecutive quarter the Canfield-based banking company has turned a profit.
The company in its latest quarterly results also reported gross loans, excluding loans for sale and Paycheck Protection Program loans, grew from $2.28 billion at the end of March to $2.37 billion on June 30. Farmers saw loan growth across all categories, excluding PPP, it reported.
“Our results for the second quarter were very solid and we are particularly pleased with the growth of our loan portfolio. Our lending teams have been working hard over the past several quarters, and we are excited to see strong organic loan growth return to our balance sheet,” Kevin J. Helmick, president / CEO, said.
Deposits declined $68.3 million from $3.69 billion at the end of the first quarter to $3.63 billion on June 30, but remain above the $3.55 billion in deposits reported at the end of 2021. The company attributes a large part of the decline to the seasonality of municipal deposits for the period.
The company, meanwhile, remains on track to close its $105 million cash and stock acquisition of Pennsylvania-based Emclaire Financial Corp., the parent company of The Farmers National Bank of Emlenton, in September.
When complete, the merger of Emclaire into Farmers will be the largest undertaken by the company when measured by banking assets.
Upon closing, it is estimated Farmers National Banc Corp. will have approximately $5.2 billion in assets and 66 locations in northeast Ohio and western Pennsylvania. It reported total assets were $4.1 billion at the end of the second quarter, down from $4.21 billion March 31.