Press release
Farmers National Banc Corp. Reports Solid Results for Fourth Quarter of 2023
Earnings per diluted share of $0.39 ($0.41 excluding certain items, non-GAAP) for the fourth quarter of 2023 164 consecutive quarters of profitability
About this update from Farmers National Banc Corp.
[{"type":"text","content":"\n\nEarnings per diluted share of $0.39 ($0.41 excluding certain items, non-GAAP) for the fourth quarter of 2023\n\n\n\n164 consecutive quarters of profitability\n\n\n\nRecorded a $915,000 gain during the quarter by selling $5.8 million of nonaccrual/troubled commercial loans\n\n\n\nLoan growth of $29.6 million, or 3.7% annualized, for the fourth quarter of 2023\n\n\n\nExcluding impact of commercial loan sale - loan growth of $37.7 million, or 4.8% annualized, for fourth quarter 2023\n\n\n\nContinued strong asset quality with non-performing assets to total assets of 0.30% as of December 31, 2023\n\n\n\nReturn on average assets of 1.17% for the fourth quarter of 2023\n\n\n\nROAE and ROATE (non-GAAP) of 18.0% and 43.8%, respectively, for the fourth quarter of 2023\n\n\n\n CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced net income of $14.6 million, or $0.39 per diluted share, for the three months ended December 31, 2023, compared to $13.4 million, or $0.39 per diluted share, for the three months ended December 31, 2022. Net income for the fourth quarter of 2023 included pretax items of $452,000 for acquisition related costs, a gain of $915,000 on the sale of commercial loans, $1.0 million in expense for severance/contract payouts for staff resignations, and combined net losses of $217,000 on the sale of securities and the sale of other assets. Excluding these items (non-GAAP), net income for the fourth quarter of 2023 increased 7.8% to $15.2 million from $14.1 million for the same period last year. Net income per diluted share excluding these items (non-GAAP), was $0.41 for the fourth quarter of 2023, compared to $0.42 per diluted share for the fourth quarter of 2022.\n\n\nKevin J. Helmick, President and CEO, stated “Our solid fourth quarter results demonstrate our success enhancing profitability throughout an extremely challenging operating environment. This is a testament to our team’s focus on supporting our customers, maintaining excellent asset quality, and controlling operating costs. We expect the economic environment will remain fluid in 2024, but we believe Farmers is well positioned to navigate this period as a result of the value our team members provide our Ohio and Pennsylvania communities, as well as our continued focus on maintaining strong as...