Press release
Farmers National Banc Corp. Announces Strong Results for First Quarter of 2024
Earnings per diluted share of $0.30 ($0.34 excluding certain items, non-GAAP) for the first quarter of 2024 165 consecutive quarters of profitability
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.30 ($0.34 excluding certain items, non-GAAP) for the first quarter of 2024\n\n\n\n165 consecutive quarters of profitability\n\n\n\nStrategically restructured $44.3 million of investment securities improving the yield by almost 200 basis points – incurred a $2.1 million loss on the sale\n\n\n\nDeposit growth of $20.7 million, or 2.0% annualized, for the first quarter of 2024\n\n\n\nExcellent asset quality as non-performing loans to total loans improved to 0.38% at March 31, 2024 from 0.47% at December 31, 2023\n\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) reported net income of $11.2 million, or $0.30 per diluted share, for the three months ended March 31, 2024, compared to $7.1 million, or $0.19 per diluted share, for the three months ended March 31, 2023. Net income for the first quarter of 2024 included a pretax item of $2.1 million for the loss on the sale of investment securities. Excluding this item (non-GAAP), net income for the first quarter of 2024 was $12.9 million, or $0.34 per diluted share.\n\n\nKevin J. Helmick, President and CEO, stated, “I am encouraged by the solid start to 2024 as we focus on leveraging the investments we made over the past year, pursuing actions to strategically improve our balance sheet, and maintaining the Company’s longstanding commitment to strong asset quality. While we expect the economic and interest rate environment to remain fluid in 2024, we believe we are well positioned to help our local communities build a better future by continuing to provide our customers with leading financial services.”\n\n\nBalance Sheet\n\n\nTotal assets were $5.08 billion at March 31, 2024, unchanged from December 31, 2023. Loans decreased slightly to $3.18 billion at March 31, 2024 compared to $3.20 billion at December 31, 2023. The Company anticipates loan growth of 1 - 2%, in 2024 reflecting a more challenging economic and interest rate environment, as well as the Company’s focus on maintaining excellent asset quality.\n\n\nThe Company had securities available for sale of $1.27 billion at March 31, 2024, compared to $1.30 billion at December 31, 2023. Gross unrealized losses on the portfolio totaled $234.2 million at March 31, 2024, compared to gross unrealized losses of $217.1 million at December 31...