Farmers Named Among Best-Performing Community Banks

CANFIELD, Ohio – S&P Global Market Intelligence has ranked Farmers National Bank among the nation’s best-performing community banks with assets between $3 billion and $10 billion for its performance in 2022.

Farmers is ranked No. 29 on S&P’s top 50 list of best-performing community banks. The ranking is the second-highest in the state.

“Being rated one of the top 50 community banks in America by a highly respected credit rating agency demonstrates the stability and strength of Farmers National Bank and the soundness of our fiscally conservative business model,” said Kevin J. Helmick, president and CEO of Farmers.

“Our ranking among our peers is also a reflection of our historical commitment to building and maintaining a strong and diverse deposit base and reflects well on the professionalism of our entire banking team, from our headquarters to every one of our local branches,” Helmick said.

S&P Global Market Intelligence assigned scores to every bank analyzed for key performance metrics, including pretax return on tangible common equity; efficiency ratio; cost of funds; five-year average operating revenue growth; five-year average net charge-offs to average loans and leases ratio; nonperforming assets and loans 90 days or more past due as a percentage of total assets; and leverage ratio.

In the first quarter of 2022, Farmers announced its acquisition of Farmers National Bank of Emlenton, with 19 locations in western and central Pennsylvania. The merger, completed in January 2023, increased Farmers’ assets to more than $5 billion and wealth assets to $2.9 billion. Farmers now operates 65 locations throughout Ohio and Pennsylvania.

Published by The Business Journal, Youngstown, Ohio.