Banking & Finance

Year of Growth at Farmers, CEO Tells Shareholders

CANFIELD, Ohio ­– 2016 was a year of substantial growth and increased strength, the shareholders of Farmers National Banc Corp. were reminded at their annual meeting Thursday in St. Michael Church.

Farmers is the holding company of Farmers National Bank, Farmers Trust Co. and the Bowers Insurance Agency.

The statistics tell the story: 2016 net income of $20.5 million, 155% of the 2015 figure and more than double the record set in 2012.

“An exciting trend for shareholders is an increase in dividend over the past two years,” said Kevin J. Helmick, president and CEO. “We’ve been able to increase our dividend by a penny per share per quarter for both 2015 and 2016.”

Farmers reported a strong first-quarter performance Wednesday in its earnings release.

“From a quarterly perspective, the first quarter, we were able to announce 21 cents a share, which is also a quarterly record for us,” Helmick told shareholders.

The price of shares of Farmers rose 65% in 2016, the CEO said, and over 2015 and 2106, there was a 66% increase in the annual divided rate.

“We continue to experience double-digit loan growth in our loan portfolio,” Helmick said.

Four were elected to serve three years as class one directors on the board of directors: Gregory Bestic, Helmick, Terry Moore and Edward Muransky.

Crowe Horwath LLP was retained as Farmers’ outside auditor for the fiscal year ending Dec. 31.

Pictured: Kevin Helmick, CEO of Farmers National Banc Corp., addresses shareholders at Thursday’s annual meeting.

Published by The Business Journal, Youngstown, Ohio.