The bank reported Wednesday its total 2017 first-quarter net income of $5.8 million, up from $4.8 million reported in the first quarter of 2016.
The bank reported loan growth at $1.46 billion, up from $1.32 billion reported the previous year. The loan increase was seen across all major categories, the bank said.
Total deposits were up to $1.54 billion from $1.45 reported in the first quarter of 2016.
During the first quarter, Farmers entered into an agreement to merge with Monitor Bancorp Inc., the parent company of The Monitor Bank of Holmes County in Ohio. The transaction is expected to close during the third quarter. As of December, Monitor had total assets of $43.3 million, which included net loans of $22.3 million and deposits of $37.2 million.
“We are excited to announce our fourth acquisition in the past two years, which further enhances Farmers’ brand and delivers long-term value for our shareholders,” said Kevin J. Helmick, president and CEO of Farmers, in a statement. “We have stayed focused on our strategic growth plan, which has paved the way for the company to reach over $2 billion in assets at the end of the first quarter.”
Farmers currently has 38 banking locations in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina and Cuyahoga counties in Ohio and Beaver County in Pennsylvania.
©2017 Vindicator (Youngstown, Ohio)
Visit Vindicator (Youngstown, Ohio) at www.vindy.com
Distributed by Tribune Content Agency, LLC.