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Farmers National Bank Corp. Reports Decrease in Net Income for Q3 2022

Canfield-based Farmers National Bank Corp., the parent company of Farmers National Bank, announced a net income of $13.3 million in the third quarter of 2022. Although this is a decline from the $15.4 million earned in the same period last year, the bank remains optimistic about their financial performance.

The net income for the quarter includes several pretax items, including $268,000 for acquisition-related costs and $785,000 to settle a lawsuit. The bank also experienced combined net losses of $764,000 on the sale of securities and other assets.

As of September 30, Farmers National Bank Corp. reported total assets of $4.97 billion, a slight decrease from the $5.07 billion reported at the end of the second quarter. However, the company’s assets have significantly increased since the end of 2022, primarily due to the acquisition of Emclaire Financial Corp., which added $1.05 billion in assets in the first quarter of this year.

The bank’s loan portfolio has also seen a substantial increase, with a growth of $763.8 million since the end of last year and an additional $13.4 million since the end of the second quarter. The acquisition of Emclaire Financial Corp. accounts for $740.7 million of this increase.

Customer deposits have also grown, reaching $4.26 billion at the end of the third quarter, compared to $4.25 billion at the end of the second quarter. This is primarily due to the $875.8 million in deposits assumed during the acquisition of Emclaire.

Stockholder’s equity for the bank was reported at $316 million as of September 30, $367 million as of June 30, and $292.3 million as of December 31 of the previous year.

Despite the challenges posed by the rapid increase in interest rates, Kevin J. Helmick, the President and CEO of Farmers National Bank, expressed confidence in their financial results. He attributed their solid performance to their diverse business model, strong asset quality, and effective expense management.

In navigating the uncertain economic landscape, Helmick believes that Farmers National Bank can rely on their core banking principles to maintain stability while pursuing long-term growth strategies.

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