Press release
Farmers National Banc Corp. Reports 2022 Second Quarter Results
Earnings per diluted share of $0.47 ($0.49 excluding certain items, non-GAAP) for the second quarter of 2022 Loan growth of $89.6 million for the quarter
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.47 ($0.49 excluding certain items, non-GAAP) for the second quarter of 2022\n\n\nLoan growth of $89.6 million for the quarter excluding PPP loans, or 15.7% on an annualized basis\n\n\n158 consecutive quarters of profitability\n\n\nEfficiency ratio, (excluding certain items, non-GAAP), of 48.5% for the second quarter of 2022\n\n\nReturn on average assets, (excluding certain items, non-GAAP), was 1.59% for the second quarter of 2022\n\n\nROAE and ROATE, (excluding certain items, non-GAAP), 18.6% and 26.1%, respectively, for second quarter of 2022\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today reported second quarter net income of $16.0 million for the three months ended June 30, 2022, compared to $15.6 million for the three months ended June 30, 2021. Diluted earnings per share were $0.47 for the second quarter of 2022 versus $0.55 for the second quarter of 2021. The results for the second quarter of 2022 included pretax items of $674,000 for merger related costs, security losses of $60,000, and a gain of $92,000 on the sale of assets. Excluding these items (non-GAAP), net income for the quarter ended June 30, 2022, would have been $16.5 million, or $0.49 per diluted share.\n\nKevin J. Helmick, President and CEO commented, “Our results for the second quarter were very solid and we are particularly pleased with the growth of our loan portfolio. Our lending teams have been working hard over the past several quarters and we are excited to see strong organic loan growth return to our balance sheet.”\n\nOn March 23, 2022, Farmers entered into an agreement and plan of merger (the “Merger Agreement”) with Emclaire Financial Corp. (NASDAQ: EMCF), a Pennsylvania corporation (“Emclaire”), and the parent company of The Farmers National Bank of Emlenton (“Emlenton”). On July 20, 2022, the transaction received the approval of Emclaire’s shareholders. The transaction is expected to be completed after the satisfaction or waiver of the remaining closing conditions set forth in the Merger Agreement, including the receipt of all required regulatory approvals. Emclaire operates 19 branches in ten counties throughout western Pennsylvania. As of June 30, 2022, Emclaire had total assets of $1.0 billion, gross loans of $810.7 million, deposits of...