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Interior of a Farmers National Bank Lab Branch in Canfield.
Farmers National Bank will open a new office in Canton later this year that also will mark the community bank s second tech-enabled Lab Branch.
Parent company Farmers National Banc Corp. said the branch, located at 5443 Whipple Ave. NW near I-77 and the Belden Village Mall, is slated to open in the fourth quarter of this year.
While there are always some exceptions, community banks are more likely to add brick-and-mortar locations to their branch networks compared with their larger regional bank counterparts, many of which are working to shrink their branch footprints as customers increasingly shift toward digital banking options. The pandemic accelerated that digital shift by several years.
Apr 29, 2021
Farmers reports record net incomeCANFIELD 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.
CANFIELD Farmers National Banc Corp. on Wednesday reported financial results for the three months ended March 31.
Net income for the three months was $14.6 million, or $0.51 per diluted share, which compares with $8.6 million, or $0.30 per diluted share, for the three months ended March 31, 2020, and $11.4 million, or $0.40 per diluted share, for the linked quarter.
Net income excluding acquisition costs for the quarter ended March 31 was $14.6 million, or $0.51 per share, compared with $9.7 million, or $0.34 per share, for the same quarter in 2020, and $12.8 million, or $0.45 per share, for the most recent prior quarter.
“Our record first quarter financial results reflect the power of our diversified business model, our culture of strong asset quality and our focus on providing our communities with local and individualized financial services,” Kevin J. Helmick, Farmers’ president and CEO, said in a news release. “Record quarterly earnings are especially encouraging as
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