Press release
Farmers National Banc Corp. Announces 2022 Third Quarter Results
Earnings per diluted share of $0.46 ($0.48 excluding certain items, non-GAAP) for the third quarter of 2022 Loan growth of $27.3 million for the quarter
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.46 ($0.48 excluding certain items, non-GAAP) for the third quarter of 2022\n\n\nLoan growth of $27.3 million for the quarter excluding PPP loans, or 4.6% on an annualized basis\n\n\n159 consecutive quarters of profitability\n\n\nEfficiency ratio, (excluding certain items, non-GAAP), of 48.5% for the third quarter of 2022\n\n\nReturn on average assets, (excluding certain items, non-GAAP), was 1.55% for the third quarter of 2022\n\n\nROAE and ROATE, (excluding certain items, non-GAAP), 19.6% and 28.3%, respectively, for third quarter of 2022\n\n\n \n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced third quarter net income of $15.4 million for the three months ended September 30, 2022. This compares to $16.0 million for the three months ended September 30, 2021. Diluted earnings per share were $0.46 for the third quarter of 2022 versus $0.56 for the third quarter of 2021. The third quarter of 2022 results included pretax items of $872,000 for merger related costs and combined net losses of $6,000 on the sale of securities and the sale of other assets. Excluding these items (non-GAAP), net income for the quarter ended September 30, 2022, would have been $16.2 million, or $0.48 per diluted share.\n\n“We’re extremely pleased with another quarter of solid loan growth and continue to see good lending opportunities in the market”, said Kevin J. Helmick, President and CEO. “Our quarterly earnings were strong, we opened a new lab branch in Canton during the quarter and we look forward to receiving regulatory approval for our acquisition of Emclaire Financial Corp.”\n\nOn March 23, 2022, Farmers entered into an agreement and plan of merger (the “Merger Agreement”) with Emclaire Financial Corp. (NASDAQ: EMCF), a Pennsylvania corporation (“Emclaire”), and the parent company of The Farmers National Bank of Emlenton (“Emlenton”). On July 20, 2022, the transaction received the approval of Emclaire’s shareholders. The transaction is expected to be completed after the satisfaction or waiver of the remaining closing conditions set forth in the Merger Agreement, including the receipt of all required regulatory approvals. Emclaire operates 19 branches in ten counties throughout western Pennsylvania. As of September 30, 2022, Emclaire had ...