Press release
Farmers National Banc Corp. Announces Record 2021 Results
Earnings per diluted share of $0.18 ($0.50 excluding one-time items, non-GAAP) for 4th quarter of 2021 Completed the acquisition of Cortland Bancorp Issued
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.18 ($0.50 excluding one-time items, non-GAAP) for 4th quarter of 2021\n\n\nCompleted the acquisition of Cortland Bancorp\n\n\nIssued $75.0 million of subordinated debt at a rate of 3.125%\n\n\n156 consecutive quarters of profitability\n\n\nEfficiency ratio, (excluding one-time items, non-GAAP), of 47.4% for the fourth quarter of 2021\n\n\nAllowance for credit losses ratio of 1.26% at December 31, 2021\n\n\nReturn on average assets, (excluding one-time items, non-GAAP), was 1.65% for the fourth quarter of 2021\n\n\nROAE and ROATE, (excluding one-time items, non-GAAP), 14.8% and 18.5%, respectively, for fourth quarter of 2021\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced financial results for the three and twelve months ended December 31, 2021.\n\nOn a GAAP basis, net income for the fourth quarter of 2021 was $5.7 million, or $0.18 per diluted share, compared to $11.4 million, or $0.40 per diluted share, for the three months ended December 31, 2020. The results for the quarter included pretax items for acquisition related provision for credit loss expense of $4.9 million, $6.5 million for acquisition costs, $1.8 million for a prepayment penalty on an FHLB advance, security gains of $25,000, a loss of $195,000 on the sale of assets, and a one-time gain of $239,000 for the sale of Farmers’ credit card portfolio. Excluding these items (non-GAAP), core net income for the quarter ended December 31, 2021, would have been $16.2 million, or $0.50 per diluted share.\n\nNet income for the twelve months ended December 31, 2021, totaled $51.8 million, or $1.77 per diluted share, compared to $41.9 million, or $1.47 per diluted share for the twelve months ended December 31, 2020. Results for the year ended December 31, 2021, included pre-tax items for acquisition related provision for credit loss expense of $4.9 million, acquisition costs of $7.1 million, prepayment penalties on FHLB advances of $2.1 million, security gains of $1.0 million, a loss of $247,000 on the sale of assets, and the one-time gain of $239,000 on the sale of the credit card portfolio. Net income for the twelve months ended December 31, 2021, excluding these items (non-GAAP), was $62.3 million, or $2.13 per share.\n\nOn November 1, 2021, Farmers and Cortla...