Press release
Farmers National Banc Corp. Announces First Quarter Results
Earnings per diluted share of $0.47 ($0.51 excluding certain items, non-GAAP) for the first quarter of 2022 Completed the systems integration with previously
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.47 ($0.51 excluding certain items, non-GAAP) for the first quarter of 2022\n\n\nCompleted the systems integration with previously acquired Cortland Bancorp\n\n\n157 consecutive quarters of profitability\n\n\nEfficiency ratio, (excluding one-time items, non-GAAP), of 48.2% for the first quarter of 2022\n\n\nReturn on average assets, (excluding certain items, non-GAAP), was 1.65% for the first quarter of 2022\n\n\nROAE and ROATE, (excluding certain items, non-GAAP), 15.1% and 19.5%, respectively, for first quarter of 2022\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced financial results for the three months ended March 31, 2022.\n\nNet income for the first quarter of 2022 was $15.8 million, or $0.47 per diluted share, compared to $14.6 million, or $0.51 per diluted share, for the first quarter of 2021. The results for the first quarter of 2022 included pretax items of $1.9 million for merger related costs, $8.4 million in other noninterest income for the net proceeds of a legal settlement, a $6.0 million charitable contribution to the Farmers Charitable Foundation, $2.1 million in legal expenses associated with the legal settlement, security losses of $11,000, and a loss of $112,000 on the sale of assets. The Company determined to use the legal settlement funds to make the large contribution to the charitable foundation so that the foundation can increase the scale of its commitments to the communities the Company serves. Excluding these items (non-GAAP), net income for the quarter ended March 31, 2022, would have been $17.2 million, or $0.51 per diluted share.\n\nOn March 23, 2022, Farmers entered into an agreement and plan of merger with Emclaire Financial Corp. (NASDAQ: EMCF), a Pennsylvania corporation (“Emclaire”), and the parent company of The Farmers National Bank of Emlenton (“Emlenton”). The transaction is subject to receipt of Emclaire shareholder approval and customary regulatory approvals and is expected to close in the second half of 2022. The transaction will mark the Company’s expansion into Pennsylvania including the attractive Pittsburgh market. Emclaire operates 19 branches in ten counties throughout western Pennsylvania. As of March 31, 2022, Emclaire had total assets of $1.1 billion, gross loans...