Press release
Farmers National Banc Corp. Reports Results for Second Quarter of 2023
Earnings per diluted share of $0.40 ($0.41 excluding certain items, non-GAAP) for the second quarter of 2023 162 consecutive quarters of profitability
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.40 ($0.41 excluding certain items, non-GAAP) for the second quarter of 2023\n\n\n\n162 consecutive quarters of profitability\n\n\n\nAdditional FHLB borrowing capacity of $707.8 million as of June 30, 2023\n\n\n\nUninsured deposits (excluding collateralized deposits) are approximately 15.0% of customer deposit base\n\n\n\nAvailable for sale securities not pledged totaled $290.0 million at June 30, 2023\n\n\n\nEfficiency ratio of 56.3%, or 55.3% excluding certain items, non-GAAP, for the second quarter of 2023\n\n\n\nReturn on average assets of 1.18% for the second quarter of 2023\n\n\n\nROAE and ROATE (non-GAAP) of 16.1% and 33.6%, respectively, for the second quarter of 2023\n\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) reported today net income of $15.0 million, or $0.40 per diluted share, for the three months ended June 30, 2023, compared to $16.0 million, or $0.47 per diluted share, for the three months ended June 30, 2022. Net income for the second quarter of 2023 included pretax items of $442,000 for acquisition related costs and combined net gains of $6,000 on the sale of securities and the sale of other assets. Excluding these items (non-GAAP), net income for the second quarter of 2023 would have been $15.3 million, or $0.41 per diluted share.\n\n\nKevin J. Helmick, President and CEO, stated “As we navigate an extremely fluid banking landscape, we will continue to focus on prudent expense management, growing revenue, and maintaining a strong balance sheet, while supporting our communities and investing in our growth strategies. We believe this approach will drive long-term shareholder value as we emerge from this challenging period a stronger and more profitable company,” concluded Mr. Helmick.\n\n\nBalance Sheet\n\n\nThe Company’s total assets were $5.07 billion at June 30, 2023 compared to $5.11 billion at March 31, 2023 and $4.08 billion at December 31, 2022. The increase from December was primarily due to the acquisition of Emclaire Financial Corp. (“Emclaire”) which added $1.05 billion in assets in the first quarter of 2023. Gross loans (excluding loans held for sale) have increased by $750.5 million since December 31, 2022 and $2.9 million since March 31, 2023. Emclaire was responsible for $740.7 million of the ...