- Earnings per diluted share of $0.30 ($0.34 excluding certain
items, non-GAAP) for the first quarter of 2024
- 165 consecutive quarters of profitability
- Strategically restructured $44.3 million of investment
securities improving the yield by almost 200 basis points –
incurred a $2.1 million loss on the sale
- Deposit growth of $20.7 million, or 2.0% annualized, for the
first quarter of 2024
- Excellent asset quality as non-performing loans to total
loans improved to 0.38% at March 31, 2024 from 0.47% at December
31, 2023
Farmers National Banc Corp. (“Farmers” or the “Company”)
(NASDAQ: FMNB) reported net income of $11.2 million, or $0.30 per
diluted share, for the three months ended March 31, 2024, compared
to $7.1 million, or $0.19 per diluted share, for the three months
ended March 31, 2023. Net income for the first quarter of 2024
included a pretax item of $2.1 million for the loss on the sale of
investment securities. Excluding this item (non-GAAP), net income
for the first quarter of 2024 was $12.9 million, or $0.34 per
diluted share.
Kevin J. Helmick, President and CEO, stated, “I am encouraged by
the solid start to 2024 as we focus on leveraging the investments
we made over the past year, pursuing actions to strategically
improve our balance sheet, and maintaining the Company’s
longstanding commitment to strong asset quality. While we expect
the economic and interest rate environment to remain fluid in 2024,
we believe we are well positioned to help our local communities
build a better future by continuing to provide our customers with
leading financial services.”
Balance Sheet
Total assets were $5.08 billion at March 31, 2024, unchanged
from December 31, 2023. Loans decreased slightly to $3.18 billion
at March 31, 2024 compared to $3.20 billion at December 31, 2023.
The Company anticipates loan growth of 1 - 2%, in 2024 reflecting a
more challenging economic and interest rate environment, as well as
the Company’s focus on maintaining excellent asset quality.
The Company had securities available for sale of $1.27 billion
at March 31, 2024, compared to $1.30 billion at December 31, 2023.
Gross unrealized losses on the portfolio totaled $234.2 million at
March 31, 2024, compared to gross unrealized losses of $217.1
million at December 31, 2023. The Company also completed a security
restructure during the quarter, which involved selling
approximately $44.3 million of securities and reinvesting the
proceeds into securities with yields 200 basis points higher than
those sold. The earn back on the $2.1 million loss that was
incurred on the sale is approximately 2.5 years. The Company
expects bond market volatility to continue in 2024 and anticipates
that it will continue to allow the size of the securities portfolio
to shrink via runoff to optimize profitability and provide
liquidity.
Total deposits increased to $4.20 billion at March 31, 2024,
compared to $4.18 billion at December 31, 2023. Noninterest bearing
deposits declined $49.2 million during the first quarter of 2024
even as interest bearing deposits increased $69.9 million.
Customers continue to seek higher rates on their deposit balances
but the pace of activity has slowed somewhat.
Total stockholders’ equity was $397.0 million at March 31, 2024
compared to $404.4 million at December 31, 2023. The decline was
driven by an increase in the unrealized losses on investment
securities of $12.4 million offset by earnings net of dividend
payments to shareholders.
Credit Quality
The Company’s non-performing loans dropped to $12.0 million at
March 31, 2024, from $15.1 million at December 31, 2023.
Non-performing loans to total loans was 0.38% at March 31, 2024,
compared to 0.47% at December 31, 2023. Non-performing assets to
total assets were 0.24% at March 31, 2024, compared to 0.30% at
December 31, 2023. The Company’s loans which were 30-89 days
delinquent were $14.1 million at March 31, 2024, or 0.44% of total
loans.
The provision for credit losses and unfunded commitments was a
recovery of $449,000 in the first quarter of 2024 compared to
provision expense for credit losses and unfunded commitments of
$8.6 million for the first quarter of 2023. On January 1, 2023, the
Company completed its acquisition of Emclaire Financial Corp. As a
result of this acquisition, the Company incurred a day one
provision expense for credit losses and unfunded commitments of
$7.7 million. The recovery of provision expense in the first
quarter of 2024 was due to shrinkage in the loan portfolio and
continued improvements in the Company’s credit metrics. Annualized
net charge-offs as a percentage of average loans were 0.13% for the
three months ended March 31, 2024, compared to 0.03% for the three
months ended March 31, 2023. The allowance for credit losses to
total loans was 1.04% at March 31, 2024, compared to 1.08% at
December 31, 2023.
Net Interest Income
The Company’s net interest income for the three months ended
March 31, 2024, totaled $31.7 million compared to $36.6 million in
the first quarter of 2023. Average earning assets have declined
$69.3 million when comparing the first quarter of 2024 to the first
quarter of 2023 due to the runoff in investment securities
exceeding the growth in loan balances. In addition, the net
interest margin has declined from 3.07% in the first quarter of
2023 to 2.70% in the first quarter of 2024. The decline in net
interest margin between the first quarter of 2024 and the first
quarter of 2023 was due to increased funding costs outstripping the
increase in yields on earning assets. This increase in funding
costs has been due to the rapid increase in deposit rates due to
intense competition for deposits, the Federal Reserve’s rate hiking
cycle, and runoff of deposit balances which are being replaced with
more costly wholesale funding.
Noninterest Income
The Company reported noninterest income of $8.4 million during
the first quarter of 2024 compared to $10.4 million for the first
quarter of 2023. This decrease is primarily due to the Company
completing the securities restructure in the first quarter of 2024,
which resulted in a $2.1 million loss on the sale of the
securities. In the first quarter of 2023, the Company recognized
$121,000 in securities gains.
Service charges on deposit accounts were $1.6 million for the
first quarter of 2024 compared to $1.4 million for the same period
in 2023 due to increased activity. Bank owned life insurance income
increased to $707,000 in the first quarter from $547,000 in the
first quarter of 2023. A death benefit of $83,000 in 2024 and
higher earnings credit on the policies drove the increase. Trust
fees increased by $206,000 in the first quarter of 2024 compared to
the same period in 2023 due to continued strong growth in this line
of business. Likewise, insurance commissions, retirement consulting
fees and investment commissions all exhibited solid growth in the
first quarter of 2024 compared to the first quarter of 2023. Debit
card income declined $222,000 to $1.6 million in the first quarter
of 2024 compared to $1.8 million for the first quarter of 2023
reflecting a year-over-year decline in average customer spend per
transaction. Other noninterest income declined to $1.1 million for
the first three months of 2024 compared to $1.3 million for the
first three months of 2023 as the Company received less SBIC income
from its investments in 2024 compared to 2023.
Noninterest Expense
Noninterest expense was $27.0 million for the first three months
of 2024 compared to $30.7 million for the first three months of
2023. This decrease was primarily driven by the Company recording
$4.3 million in merger related charges in 2023. There were no
merger related charges recorded in 2024. Salaries and employee
benefits were $15.1 million in the first quarter of 2024 compared
to $14.6 million in the first quarter of 2023. The increase was
primarily driven by higher salaries associated with employee
raises. Occupancy and equipment expense decreased by $139,000 in
the first quarter of 2024 compared to the first quarter of 2023
primarily due to several branch closures. FDIC and state and local
taxes increased $123,000 to $1.3 million for the first three months
of 2024 compared to $1.2 million for the first three months of 2023
due to an increase in the FDIC assessment rate. Professional fees
increased $140,000 for the three months ended March 31, 2024,
compared to the first quarter of 2023 primarily due to increased
legal fees. Intangible amortization declined $220,000 in the first
three months of 2024 to $688,000 compared to $909,000 for the first
three months of 2023 primarily due to the amortization from a prior
acquisition running off. Other noninterest expense increased
$309,000 in the first quarter of 2024 compared to the first quarter
of 2023.
Liquidity
At March 31, 2024, the Company’s loan to deposit ratio was 75.8%
and the Company’s average deposit balance per account (excluding
collateralized deposits) was $22,748. The Company has access to an
additional $739.9 million of FHLB borrowing capacity at March 31,
2024, along with $274.6 million of available for sale securities
that are not pledged.
About Farmers National Banc Corp.
Founded in 1887, Farmers National Banc Corp. is a diversified
financial services company headquartered in Canfield, Ohio, with
$5.1 billion in banking assets. Farmers National Banc Corp.’s
wholly-owned subsidiaries are comprised of The Farmers National
Bank of Canfield, a full-service national bank engaged in
commercial and retail banking with 62 banking locations in
Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina,
Geauga and Cuyahoga Counties in Ohio and Beaver, Butler, Allegheny,
Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford
Counties in Pennsylvania, and Farmers Trust Company, which operates
five trust offices and offers services in the same geographic
markets. Total wealth management assets under care at March 31,
2024 are $3.8 billion. Farmers National Insurance, LLC, a
wholly-owned subsidiary of The Farmers National Bank of Canfield,
offers a variety of insurance products.
Non-GAAP Disclosure
This press release includes disclosures of Farmers’ tangible
common equity ratio, return on average tangible assets, return on
average tangible equity, net income excluding costs related to
acquisition activities and certain items, return on average assets
excluding merger costs and certain items, return on average equity
excluding merger costs and certain items, net interest margin
excluding acquisition marks and related accretion and PPP interest
and fees and efficiency ratio less certain items, which are
financial measures not prepared in accordance with generally
accepted accounting principles in the United States (GAAP). A
non-GAAP financial measure is a numerical measure of historical or
future financial performance, financial position or cash flows that
excludes or includes amounts that are required to be disclosed by
GAAP. Farmers believes that these non-GAAP financial measures
provide both management and investors a more complete understanding
of the underlying operational results and trends and Farmers’
marketplace performance. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for the numbers prepared in accordance with GAAP. The
reconciliations of non-GAAP financial measures to their GAAP
equivalents are included in the tables following Consolidated
Financial Highlights below.
Cautionary Statements Regarding Forward-Looking
Statements
We make statements in this news release and our related investor
conference call, and we may from time to time make other
statements, that are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements about Farmers’ financial condition, results of
operations, asset quality trends and profitability. Forward-looking
statements are not historical facts but instead represent only
management’s current expectations and forecasts regarding future
events, many of which, by their nature, are inherently uncertain
and outside of Farmers’ control. Forward-looking statements are
preceded by terms such as “expects,” “believes,” “anticipates,”
“intends” and similar expressions, as well as any statements
related to future expectations of performance or conditional verbs,
such as “will,” “would,” “should,” “could” or “may.” Farmers’
actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. Factors that could
cause Farmers’ actual results to differ materially from those
described in certain forward-looking statements include significant
changes in near-term local, regional, and U.S. economic conditions
including those resulting from continued high rates of inflation,
tightening monetary policy of the Board of Governors of the Federal
Reserve, and possibility of a recession; and the other factors
contained in Farmers’ Annual Report on Form 10-K for the year ended
December 31, 2023 and subsequent Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission (SEC) and
available on Farmers’ website (www.farmersbankgroup.com) and on the
SEC’s website (www.sec.gov). Forward-looking statements are not
guarantees of future performance and should not be relied upon as
representing management’s views as of any subsequent date. Farmers
does not undertake any obligation to update the forward-looking
statements to reflect the impact of circumstances or events that
may arise after the date of the forward-looking statements.
Farmers National Banc Corp. and Subsidiaries Consolidated
Financial Highlights (Amounts in thousands, except per share
results) Unaudited
Consolidated Statements of
Income For the Three Months Ended March 31,
Dec. 31,
Sept. 30,
June 30, March 31,
2024
2023
2023
2023
2023
Total interest income
$
55,054
$
55,069
$
54,229
$
52,804
$
51,233
Total interest expense
23,367
22,239
20,461
18,226
14,623
Net interest income
31,687
32,830
33,768
34,578
36,610
Provision (credit) for credit losses
(449
)
286
243
25
8,599
Noninterest income
8,357
12,156
9,831
9,449
10,425
Acquisition related costs
0
452
268
442
4,313
Other expense
27,039
26,520
27,448
25,944
26,409
Income before income taxes
13,454
17,728
15,640
17,616
7,714
Income taxes
2,214
3,151
2,326
2,650
639
Net income
$
11,240
$
14,577
$
13,314
$
14,966
$
7,075
Average diluted shares outstanding
37,479
37,426
37,379
37,320
37,933
Basic earnings per share
0.30
0.39
0.36
0.40
0.19
Diluted earnings per share
0.30
0.39
0.36
0.40
0.19
Cash dividends per share
0.17
0.17
0.17
0.17
0.17
Performance Ratios Net Interest Margin (Annualized)
2.70
%
2.78
%
2.86
%
2.92
%
3.07
%
Efficiency Ratio (Tax equivalent basis)
61.54
%
57.84
%
60.11
%
56.28
%
62.53
%
Return on Average Assets (Annualized)
0.90
%
1.17
%
1.06
%
1.18
%
0.56
%
Return on Average Equity (Annualized)
11.47
%
17.98
%
14.49
%
16.12
%
7.71
%
Dividends to Net Income
56.65
%
43.68
%
47.82
%
42.54
%
90.50
%
Other Performance Ratios (Non-GAAP) Return on Average
Tangible Assets
0.93
%
1.22
%
1.09
%
1.23
%
0.58
%
Return on Average Tangible Equity
21.88
%
43.77
%
30.29
%
33.55
%
16.31
%
Consolidated Statements of Financial Condition
March 31, Dec. 31, Sept. 30, June 30,
March 31,
2024
2023
2023
2023
2023
Assets Cash and cash equivalents
$
148,630
$
103,658
$
93,923
$
116,063
$
128,001
Debt securities available for sale
1,270,149
1,299,701
1,210,736
1,316,878
1,355,449
Other investments
34,619
35,311
35,342
44,975
39,670
Loans held for sale
1,854
3,711
1,910
2,197
1,703
Loans
3,181,318
3,198,127
3,168,554
3,155,200
3,152,339
Less allowance for credit losses
33,159
34,440
34,753
34,957
36,011
Net Loans
3,148,159
3,163,687
3,133,801
3,120,243
3,116,328
Other assets
476,599
472,282
495,451
473,098
468,735
Total Assets
$
5,080,010
$
5,078,350
$
4,971,163
$
5,073,454
$
5,109,886
Liabilities and Stockholders' Equity Deposits
Noninterest-bearing
$
977,475
$
1,026,630
$
1,039,524
$
1,084,232
$
1,106,870
Interest-bearing
3,220,650
3,150,756
3,217,869
3,165,381
3,207,121
Brokered time deposits
0
0
254,257
21,135
82,169
Total deposits
4,198,125
4,177,386
4,511,650
4,270,748
4,396,160
Other interest-bearing liabilities
433,777
443,663
88,550
388,437
292,324
Other liabilities
51,082
52,886
54,981
47,278
46,760
Total liabilities
4,682,984
4,673,935
4,655,181
4,706,463
4,735,244
Stockholders' Equity
397,026
404,415
315,982
366,991
374,642
Total Liabilities and Stockholders' Equity
$
5,080,010
$
5,078,350
$
4,971,163
$
5,073,454
$
5,109,886
Period-end shares outstanding
37,546
37,503
37,489
37,457
37,439
Book value per share
$
10.57
$
10.78
$
8.43
$
9.80
$
10.01
Tangible book value per share (Non-GAAP)*
5.52
5.71
3.33
4.67
4.84
* Tangible book value per share is calculated by dividing
tangible common equity by outstanding shares
For the Three
Months Ended March 31, Dec. 31, Sept. 30,
June 30, March 31, Capital and Liquidity
2024
2023
2023
2023
2023
Common Equity Tier 1 Capital Ratio (a)
10.88
%
10.61
%
10.37
%
10.25
%
10.04
%
Total Risk Based Capital Ratio (a)
14.33
%
14.06
%
13.83
%
13.76
%
13.60
%
Tier 1 Risk Based Capital Ratio (a)
11.38
%
11.10
%
10.86
%
10.74
%
10.54
%
Tier 1 Leverage Ratio (a)
8.19
%
8.02
%
7.84
%
7.68
%
7.43
%
Equity to Asset Ratio
7.82
%
7.96
%
6.36
%
7.23
%
7.33
%
Tangible Common Equity Ratio (b)
4.24
%
4.38
%
2.61
%
3.58
%
3.69
%
Net Loans to Assets
61.97
%
62.30
%
63.04
%
61.50
%
60.99
%
Loans to Deposits
75.78
%
76.56
%
70.23
%
73.88
%
71.71
%
Asset Quality Non-performing loans
$
11,951
$
15,063
$
18,368
$
17,956
$
17,959
Non-performing assets
12,215
15,321
18,522
18,167
18,053
Loans 30 - 89 days delinquent
14,069
16,705
13,314
12,321
10,219
Charged-off loans
1,282
972
525
971
469
Recoveries
271
172
139
172
198
Net Charge-offs
1,011
800
386
799
271
Annualized Net Charge-offs to Average Net Loans
0.13
%
0.10
%
0.05
%
0.10
%
0.03
%
Allowance for Credit Losses to Total Loans
1.04
%
1.08
%
1.10
%
1.11
%
1.14
%
Non-performing Loans to Total Loans
0.38
%
0.47
%
0.58
%
0.57
%
0.57
%
Loans 30 - 89 Days Delinquent to Total Loans
0.44
%
0.52
%
0.42
%
0.39
%
0.32
%
Allowance to Non-performing Loans
277.46
%
228.64
%
189.20
%
194.68
%
200.52
%
Non-performing Assets to Total Assets
0.24
%
0.30
%
0.37
%
0.36
%
0.35
%
(a) March 31, 2024 ratio is estimated (b) This is a non-GAAP
financial measure. A reconciliation to GAAP is shown below
For the Three Months Ended March 31, Dec. 31,
Sept. 30, June 30, March 31, End of Period
Loan Balances
2024
2023
2023
2023
2023
Commercial real estate
$
1,339,372
$
1,335,806
$
1,295,847
$
1,284,974
$
1,286,830
Commercial
335,747
346,354
357,691
362,664
361,845
Residential real estate
836,252
843,697
842,729
849,533
853,074
HELOC
143,696
142,441
140,772
138,535
137,319
Consumer
256,846
259,784
261,136
260,326
260,596
Agricultural loans
260,425
261,288
261,738
250,807
244,938
Total, excluding net deferred loan costs
$
3,172,338
$
3,189,370
$
3,159,913
$
3,146,839
$
3,144,602
For the Three Months Ended March 31, Dec.
31, Sept. 30, June 30, March 31, End of
Period Customer Deposit Balances
2024
2023
2023
2023
2023
Noninterest-bearing demand
$
977,474
$
1,026,630
$
1,039,524
$
1,084,232
$
1,106,870
Interest-bearing demand
1,381,383
1,362,609
1,426,349
1,383,326
1,473,001
Money market
646,308
593,975
588,043
610,051
599,037
Savings
452,949
468,890
488,991
511,642
535,321
Certificate of deposit
740,011
725,282
714,486
660,362
599,762
Total customer deposits
$
4,198,125
$
4,177,386
$
4,257,393
$
4,249,613
$
4,313,991
For the Three Months Ended March 31,
Dec. 31, Sept. 30, June 30, March 31,
Noninterest Income
2024
2023
2023
2023
2023
Service charges on deposit accounts
$
1,583
$
1,677
$
1,712
$
1,501
$
1,432
Bank owned life insurance income, including death benefits
707
617
694
584
547
Trust fees
2,793
2,656
2,617
2,248
2,587
Insurance agency commissions
1,528
1,540
1,116
1,332
1,456
Security gains (losses), including fair value changes for equity
securities
(2,120
)
19
(624
)
13
121
Retirement plan consulting fees
334
357
360
382
307
Investment commissions
432
589
520
476
393
Net gains on sale of loans
297
1,280
395
406
310
Other mortgage banking fee income (loss), net
125
139
185
234
153
Debit card and EFT fees
1,567
1,697
1,763
1,810
1,789
Other noninterest income
1,111
1,585
1,093
463
1,330
Total Noninterest Income
$
8,357
$
12,156
$
9,831
$
9,449
$
10,425
For the Three Months Ended March 31,
Dec. 31, Sept. 30, June 30, March 31,
Noninterest Expense
2024
2023
2023
2023
2023
Salaries and employee benefits
$
15,069
$
14,871
$
14,233
$
13,625
$
14,645
Occupancy and equipment
3,730
3,896
3,810
3,859
3,869
FDIC insurance and state and local taxes
1,345
1,484
1,648
1,494
1,222
Professional fees
1,254
1,004
1,043
1,190
1,114
Merger related costs
0
452
268
442
4,313
Advertising
431
414
492
478
409
Intangible amortization
688
578
725
1,222
909
Core processing charges
1,135
1,057
1,274
1,144
1,164
Other noninterest expenses
3,387
3,216
4,223
2,932
3,077
Total Noninterest Expense
$
27,039
$
26,972
$
27,716
$
26,386
$
30,722
Average Balance Sheets and Related Yields and Rates
(Dollar Amounts in Thousands)
Three Months Ended
Three Months Ended March 31, 2024 March 31,
2023 AVERAGE YIELD/ AVERAGE YIELD/ BALANCE INTEREST (1) RATE
(1) BALANCE INTEREST (1) RATE (1) EARNING ASSETS Loans (2)
$
3,181,337
$
45,096
5.67
%
$
3,136,494
$
40,942
5.22
%
Taxable securities
1,101,347
6,415
2.33
1,171,596
6,550
2.24
Tax-exempt securities (2)
408,075
3,208
3.14
438,614
3,519
3.21
Other investments
34,406
362
4.21
36,564
376
4.11
Federal funds sold and other
71,757
626
3.49
82,995
610
2.94
Total earning assets
4,796,922
55,707
4.65
4,866,263
51,997
4.27
Nonearning assets
227,044
218,746
Total assets
$
5,023,966
$
5,085,009
INTEREST-BEARING LIABILITIES Time deposits
$
736,932
$
7,048
3.83
%
$
590,412
$
3,339
2.26
%
Brokered time deposits
0
0
0.00
231,040
2,321
4.02
Savings deposits
1,084,579
3,598
1.33
1,153,588
1,954
0.68
Demand deposits - interest bearing
1,345,311
7,743
2.30
1,417,955
5,093
1.44
Total interest-bearing deposits
3,166,822
18,389
2.32
3,392,995
12,707
1.50
Short term borrowings
324,791
3,939
4.85
80,589
921
4.57
Long term borrowings
88,721
1,038
4.68
88,269
995
4.51
Total borrowed funds
413,512
4,977
4.81
168,858
1,916
4.54
Total interest-bearing liabilities
3,580,334
23,366
2.61
3,561,853
14,623
1.64
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits - noninterest bearing
995,168
1,107,422
Other liabilities
52,915
48,883
Stockholders' equity
395,549
366,851
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
5,023,966
$
5,085,009
Net interest income and interest rate spread
$
32,341
2.04
%
$
37,374
2.63
%
Net interest margin
2.70
%
3.07
%
(1) Interest and yields are calculated on a tax-equivalent
basis where applicable. (2) For 2024, adjustments of $80 thousand
and $573 thousand, respectively, were made to tax equate income on
tax exempt loans and tax exempt securities. For 2023, adjustments
of $86 thousand and $678 thousand, respectively, were made to tax
equate income on tax exempt loans and tax exempt securities. These
adjustments were based on a marginal federal income tax rate of
21%, less disallowances.
Reconciliation of Total Assets to
Tangible Assets For the Three Months Ended March
31, Dec. 31, Sept. 30, June 30, March
31,
2024
2023
2023
2023
2023
Total Assets
$
5,080,010
$
5,078,350
$
4,971,163
$
5,073,454
$
5,109,886
Less Goodwill and other intangibles
189,599
190,288
191,326
192,052
193,273
Tangible Assets
$
4,890,411
$
4,888,062
$
4,779,837
$
4,881,402
$
4,916,613
Average Assets
5,023,966
4,980,314
5,058,969
5,070,444
5,085,009
Less average Goodwill and other intangibles
190,040
191,108
191,804
192,972
193,368
Average Tangible Assets
$
4,833,926
$
4,789,206
$
4,867,165
$
4,877,472
$
4,891,641
Reconciliation of Common Stockholders' Equity to Tangible
Common Equity For the Three Months Ended March
31, Dec. 31, Sept. 30, June 30, March
31,
2024
2023
2023
2023
2023
Stockholders' Equity
$
397,026
$
404,415
$
315,982
$
366,991
$
374,642
Less Goodwill and other intangibles
189,599
190,288
191,326
192,052
193,273
Tangible Common Equity
$
207,427
$
214,127
$
124,656
$
174,939
$
181,369
Average Stockholders' Equity
395,549
324,332
367,600
371,421
366,851
Less average Goodwill and other intangibles
190,040
191,108
191,804
192,972
193,368
Average Tangible Common Equity
$
205,509
$
133,224
$
175,796
$
178,449
$
173,483
Reconciliation of Net Income, Less Merger and
Certain Items For the Three Months Ended March
31, Dec. 31, Sept. 30, June 30, March
31,
2024
2023
2023
2023
2023
Net income
$
11,240
$
14,577
$
13,314
$
14,966
$
7,075
Acquisition related costs - after tax
0
358
234
354
3,449
Acquisition related provision - after tax
0
0
0
0
6,077
Employee severence - after tax
0
798
0
0
0
Lawsuit settlement expense - after tax
0
0
620
0
0
Net (gain) on loan sale - after tax
0
(723
)
0
0
0
Net loss (gain) on security sales - after tax
1,675
171
604
(5
)
(72
)
Net income - Adjusted
$
12,915
$
15,181
$
14,772
$
15,315
$
16,529
Diluted EPS excluding merger and certain items
$
0.34
$
0.41
$
0.40
$
0.41
$
0.44
Return on Average Assets excluding merger and certain items
(Annualized)
1.03
%
1.22
%
1.17
%
1.21
%
1.30
%
Return on Average Equity excluding merger and certain items
(Annualized)
13.06
%
18.72
%
16.07
%
16.49
%
18.02
%
Return on Average Tangible Equity excluding acquisition costs and
certain items (Annualized)
25.14
%
45.58
%
33.61
%
34.33
%
38.11
%
Efficiency ratio excluding certain items
For the Three Months Ended March 31, Dec. 31,
Sept. 30, June 30, March 31,
2024
2023
2023
2023
2023
Net interest income, tax equated
$
32,341
$
33,494
$
34,448
$
35,273
$
37,374
Noninterest income
8,357
12,156
9,831
9,449
10,425
Net (gain) on loan sale
0
(915
)
0
0
0
Net loss (gain) on security sales
2,120
217
764
(6
)
(91
)
Net interest income and noninterest income adjusted
42,818
44,952
45,043
44,716
47,708
Noninterest expense less intangible amortization
26,351
26,394
26,991
25,163
29,813
Legal settlement expense
0
0
785
0
0
Employee severence
0
1,010
0
0
0
Acquisition related costs
0
452
268
442
4,313
Noninterest expense adjusted
26,351
24,932
25,938
24,721
25,500
Efficiency ratio excluding certain items
61.54
%
55.46
%
57.58
%
55.28
%
53.45
%
Net interest margin excluding acquisition marks
and PPP interest and fees For the Three Months Ended
March 31, Dec. 31, Sept. 30, June 30,
March 31,
2024
2023
2023
2023
2023
Net interest income, tax equated
$
32,341
$
33,494
$
34,448
$
35,273
$
37,374
Acquisition marks
2,370
2,475
2,959
2,884
2,628
PPP interest and fees
0
1
1
3
0
Adjusted and annualized net interest income
119,884
124,072
125,952
129,544
138,984
Average earning assets
4,796,922
4,816,409
4,820,888
4,830,910
4,866,263
Less PPP average balances
213
229
247
277
310
Adjusted average earning assets
4,796,709
4,816,180
4,820,641
4,830,633
4,865,953
Net interest margin excluding marks and PPP interest and fees
2.50
%
2.58
%
2.61
%
2.68
%
2.86
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240423844566/en/
Kevin J. Helmick, President and CEO 330.533.3341 Email:
exec@farmersbankgroup.com
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