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CANFIELD -- Farmers National Banc Corp., the Canfield-based holding company of Farmers National Bank, reported net income of $60.6 million for 2022 and $13.4 million in the fourth quarter, the 160th in a row the company turned a profit.
For the year, Farmers' net income surpassed 2021, when it recorded $51.8 million. The quarter that ended Dec. 31 also surpassed the same three-month period last year, when the company reported $5.7 million in net income.
The record net income "drove strong returns on assets, equity and tangible equity," said Kevin J. Helmick, Farmers' president / CEO in the banking company's year-end financial results.
Farmers also successfully integrated Cortland Bancorp, which it acquired in 2021, and focused on completing its acquisition of Pennsylvania-based Emclaire Financial Corp., which finalized this month.
With the merger, Farmers grew to more than $5 billion in bank assets and $3 billion in wealth assets.
"I believe Farmers is well positioned to navigate an increasingly difficult economic and interest rate environment as a result of our strong asset quality and capital levels, experienced leadership team, and dedication to provide our communities with exceptional financial products and services," he said.
For the quarter, total assets fell to $4.08 billion from $4.1 billion the previous quarter and gross loans increased $5.2 million to $2.4 billion quarter-over-quarter.
Customer deposits fell to $3.4 billion from $3.5 billion Sept. 30, the end of the third quarter. Deposit balances were $3.5 billion at the end of 2021.
Driving the decline was "intense competition" from other banks and the treasury market, according to Farmers. Also, customers are dipping into their deposit balances to "counter the higher cost of living" because of inflation.