Farmers reports year-end earnings
CANFIELD – Farmers National Banc Corp. reported fourth-quarter and year-end earnings that dipped compared to figures from a year earlier, but still marked its 124th consecutive quarter of profitability, the company announced Wednesday in its regular earnings report.
Net income for the three months ended Dec. 31 was $2.3 million, or 12 cents per share. That was down from the $2.6 million, or 14 cents per share for the same period one year earlier.
For the year, the company reported net income of $7.8 million, or 41 cents per share. That also was down compared to $9.9 million or 53 cents per share for 2012.
During the 2013 third quarter, the Company recorded charges of $1.3 million related to severance costs for terminated employees. Excluding these severance expenses, net income for 2013 would have been $8.6 million, or $0.46 per share.