Press release
Farmers National Banc Corp. Reports Earnings for Second Quarter of 2024
Earnings per diluted share of $0.31 ($0.33 excluding certain items, non-GAAP) for the second quarter of 2024 166 consecutive quarters of profitability
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.31 ($0.33 excluding certain items, non-GAAP) for the second quarter of 2024\n\n\n\n166 consecutive quarters of profitability\n\n\n\nSequential net interest margin stabilization and expansion\n\n\n\nLoan growth of $56.1 million, or 7.0% annualized, for the second quarter of 2024\n\n\n\nStrong asset quality as non-performing loans to total loans were 0.40% at June 30, 2024\n\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced net income of $11.8 million, or $0.31 per diluted share, for the three months ended June 30, 2024, compared to $15.0 million, or $0.40 per diluted share, for the three months ended June 30, 2023. Net income for the second quarter of 2024 included pretax items of $515,000 for the loss on the sale of investment securities and write downs on certain other assets held for sale. Excluding these items (non-GAAP), net income for the second quarter of 2024 was $12.2 million, or $0.33 per diluted share.\n\n\nKevin J. Helmick, President and CEO, stated, “Our second quarter financial results are encouraging as we experienced strong loan growth along with sequential improvement in net interest income. We are pleased that asset quality also continues to be a source of strength. Over the near term, we remain focused on supporting the financial needs of our communities, while ensuring the Company is well positioned to create long-term value for our shareholders.”\n\n\nBalance Sheet\n\n\nTotal assets were $5.16 billion at June 30, 2024, up from $5.08 billion at March 31, 2024, and $5.08 billion at December 31, 2023. Loans increased to $3.24 billion at June 30, 2024 compared to $3.18 billion at March 31, 2024 and $3.20 billion at December 31, 2023. While loan growth accelerated sharply in the second quarter of 2024, the Company still anticipates total loan growth of approximately 1.5% - 2% in 2024, reflecting the 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 $1.25 billion at June 30, 2024, compared to $1.27 billion at March 31, 2024, and $1.30 billion at December 31, 2023. Gross unrealized losses on the portfolio totaled $242.3 million at June 30, 2024, an increase from $234.2 million ...