Community banking

In Brief: 4Q Earnings Plunged at Farmers of Ohio

Published February 18, 2005, 2:00 a.m. EST

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Updated February 17, 2005, 7:22 p.m. EST

1 Min Read

Farmers National Banc Corp.'s fourth-quarter earnings dropped 94% from a year earlier, to $134,000.

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Full-year earnings fell 24%, to $7.2 million, the $817 million-asset Canfield, Ohio, company said Thursday.

The dramatic drop in fourth-quarter earnings was caused by a $2.1 million impairment charge Farmers took on Fannie Mac and Freddie Mac preferred stock it held in its investment portfolio.Fourth-quarter interest income fell 2%, to $30.2 million, in part because deposits dropped slightly, to $622 million.

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