Press release
Farmers National Banc Corp. Announces Strong Third Quarter 2021 Results
Record net income of $16.0 million for the quarter Earnings per diluted share of $0.56 ($0.58 excluding merger costs) up 47% per share from the third quarter
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nRecord net income of $16.0 million for the quarter\n\n\nEarnings per diluted share of $0.56 ($0.58 excluding merger costs) up 47% per share from the third quarter of 2020\n\n\n155 consecutive quarters of profitability\n\n\nAverage deposit costs were 19 basis points for third quarter of 2021 down 7 basis points from second quarter 2021\n\n\n3.2% growth in deposits in the current quarter compared to the second quarter 2021\n\n\nStrong net interest margin of 3.47%, or 3.37% excluding the impact of PPP loans and acquisition marks\n\n\nEfficiency ratio of 46.0% for the third quarter of 2021\n\n\nAllowance for credit losses ratio of 1.22%, or 1.26% excluding PPP loans for the third quarter of 2021\n\n\nReturn on average assets was 1.92% for the third quarter of 2021\n\n\nROAE and ROATE (non-GAAP) was 16.9% and 19.6%, respectively, for the third 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 nine months ended September 30, 2021.\n\nNet income for the third quarter of 2021 was $16.0 million, or $0.56 per diluted share, which compares to $10.9 million, or $0.38 per diluted share, for the three months ended September 30, 2020. The results for the quarter were positively impacted by a negative provision for credit losses totaling $948,000 pre-tax which was primarily due to a release of reserves for credit losses. Net income excluding acquisition costs (non-GAAP) for the quarter ended September 30, 2021 was $16.5 million or $0.58 per diluted share, compared to $10.9 million or $0.39 per diluted share for the same quarter in 2020.\n\nNet income for the nine months ended September 30, 2021, totaled $46.1 million, or $1.63 per diluted share, compared to $30.5 million, or $1.07 per diluted share for the nine months ended September 30, 2020. Net income excluding acquisition costs (non-GAAP) for the nine months ended September 30, 2021 was $46.6 million, or $1.65 per share, compared to $31.7 million, or $1.11 per share for the same period in 2020.\n\nOn June 22, 2021, Farmers entered into an agreement and plan of merger with Cortland Bancorp Inc. (“Cortland”), the parent company of Cortland Savings and Banking Company (“Cortland Bank”). The transaction has received the approval of Cortland’s shareholders and al...