Press release
Farmers National Banc Corp. Announces Earnings for Third Quarter of 2023
Earnings per diluted share of $0.36 ($0.40 excluding certain items, non-GAAP) for the third quarter of 2023 163 consecutive quarters of profitability
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.36 ($0.40 excluding certain items, non-GAAP) for the third quarter of 2023\n\n\n\n163 consecutive quarters of profitability\n\n\n\nPurchased hedges to improve asset sensitivity\n\n\n\nAdditional FHLB borrowing capacity of $892.6 million as of September 30, 2023\n\n\n\nAvailable for sale securities not pledged totaled $353.8 million at September 30, 2023\n\n\n\nStrong asset quality with non-performing asset to total assets of 0.58% as of September 30, 2023\n\n\n\nReturn on average assets of 1.06% for the third quarter of 2023\n\n\n\nROAE and ROATE (non-GAAP) of 14.5% and 30.3%, respectively, for the third 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 $13.3 million, or $0.36 per diluted share, for the three months ended September 30, 2023, compared to $15.4 million, or $0.46 per diluted share, for the three months ended September 30, 2022. Net income for the third quarter of 2023 included pretax items of $268,000 for acquisition related costs, $785,000 for the settlement of a lawsuit and combined net losses of $764,000 on the sale of securities and the sale of other assets. Excluding these items (non-GAAP), net income for the third quarter of 2023 would have been $14.8 million, or $0.40 per diluted share.\n\n\nKevin J. Helmick, President and CEO, stated “Despite the rapid increase in interest rates over the past year and a half, Farmers produced solid third quarter financial results reflecting the benefits of our diverse business model as well as our focus on maintaining strong asset quality and controlling operating expenses. These core banking principals create a solid foundation for Farmers to navigate an increasingly uncertain near-term economic environment, while supporting our long-term growth strategies.”\n\n\nBalance Sheet\n\n\nTotal assets at September 30, 2023, were $4.97 billion compared to $5.07 billion at June 30, 2023 and $4.08 billion at December 31, 2022. The increase from December was primarily due to the acquisition of Emclaire Financial Corp. (“Emclaire”) which added $1.05 billion in assets in the first quarter of 2023. Loans (excluding loans held for sale) have increased by $763.8 million since December 31, 2022 and $13.4 million, or 1.7% annualized, since June ...