First National Bank Is Top Performer on SNL List
ORRVILLE, Ohio – First National Bank of Orrville is on SNL Financial’s list of the Top 100 performing community banks in the United States that have assets of $500 million to $5 billion.
SNL, based in Charlottesville, Va., and a provider of financial information on more than 6,500 public companies and 50,000 private companies in the United States, made the announcement March 23.
First National Bank is the only Ohio-based bank to make the list – it ranks 98th – of the 3,921 SNL deemed eligible. It has 113 employees and 14 offices in northeastern Ohio including one in Salem.
To qualify for consideration in this category, the bank had to be well capitalized, have 60 or fewer offices, and a loan portfolio that accounts for at least one-third of total assets. The bank portfolio had to consist of less than 50% credit card loans and no more than half of its revenues could come from nontraditional banking activities.
At Dec. 31, First National Bank had $529.6 million in assets and net loans of $398.6 million.
”This is a defining moment for First National Bank, said Mark R. Witmer, president and CEO, in a prepared statement. “It’s a thrill to be listed among the best of your peers based on performance.”
For 2014, First National Bank reported record results, including loan growth of more than 22%. Its asset quality was among the best of any bank in the nation with net charge-offs of less than 0.003% of average loan volume.
“Loan growth and loan quality are very difficult to achieve and sustain [in tandem],” Witmer said. “But our employees have continued to excel at both, and this is well-deserved recognition for the way we go about our work every day.
Last Jan. 28, the parent of First National Bank, National Bancshares Inc., and Farmers National Banc Corp., Canfield, announced the latter would acquire the former and that the offices of First National Bank would be merged into Farmers National Bank and take its name.
Copyright 2023 The Business Journal, Youngstown, Ohio.