Press release
Farmers National Banc Corp. Announces Earnings for First Quarter of 2023
Earnings per diluted share of $0.19 ($0.44 excluding certain items, non-GAAP) for the first quarter of 2023 Completed the acquisition and systems integration
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.19 ($0.44 excluding certain items, non-GAAP) for the first quarter of 2023\n\n\n\nCompleted the acquisition and systems integration of Emclaire Financial Corp.\n\n\n\n161 consecutive quarters of profitability\n\n\n\nRepurchased 850,799 shares of FMNB common stock during the quarter, or 2.2% of shares outstanding\n\n\n\nAdditional FHLB borrowing capacity of $656.1 million as of March 31, 2023\n\n\n\nUninsured deposits are approximately 19.2% of customer deposit base\n\n\n\nAvailable for sale securities not pledged totaled $539.9 million at March 31, 2023\n\n\n\nEfficiency ratio, (excluding certain items, non-GAAP), of 53.5% for the first quarter of 2023\n\n\n\nReturn on average assets, (excluding certain items, non-GAAP), was 1.30% for the first quarter of 2023\n\n\n\nROAE and ROATE (excluding certain items, non-GAAP) 18.0% and 38.1%, respectively, for first quarter of 2023\n\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced net income of $7.1 million for the three months ended March 31, 2023 compared to $15.8 million for the three months ended March 31, 2022. Diluted earnings per share were $0.19 for the first quarter of 2023 compared to $0.47 for the first quarter of 2022. The results for the first quarter of 2023 included pretax items for acquisition related provision for credit loss expense of $7.7 million, $4.3 million for acquisition related costs and combined net gains of $91,000 on the sale of securities and the sale of other assets. Excluding these items (non-GAAP), net income for the first quarter of 2023 would have been $16.5 million, or $0.44 per diluted share.\n\n\nKevin J. Helmick, President and CEO, commented, “For over 136 years, Farmers has been dedicated to serving its local communities, while adhering to safe and sound banking principals. This has driven our legacy of financial success, allowing us to continually support our customers during both good and bad economic periods. As volatility within the macro-economic environment has increased, we have remained focused on serving our retail, commercial and wealth customers, controlling expenses, and managing capital levels. In addition, we continue to allocate capital to support our dividend policy and share repurchase program.”\n\n\n“We remain well...