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Mar 31, 2020
Farmers National Q1 2020 Earnings Report
Farmers National managed the COVID-19 pandemic's impact and maintained strong financial performance.
Key Takeaways
Farmers National reported solid first-quarter performance, demonstrating resilience amidst the COVID-19 pandemic. The company focused on supporting customers and communities while ensuring the health and well-being of its stakeholders. Their responsiveness to the Paycheck Protection Program was particularly noteworthy.
Farmers National team remained actively engaged and focused on helping customers during the first quarter.
The company's first-quarter numbers reflected a legacy of strong and consistent financial performance.
Farmers National balanced the needs of customers and communities with the health and well-being of employees, customers, and vendors.
The company focused on processing Payroll Protection Program (PPP) applications/SBA Loans for local small businesses.
Farmers National
Farmers National
Forward Guidance
Farmers National aims to emerge from the challenges of the current crisis as a stronger organization, building on its experience from the 2008-09 financial crisis.
Positive Outlook
- The company has learned it is agile and can be great even when working remotely.
- Farmers has further proof that it has a model for managing through difficult times.
- The Farmers team responded to the federal government’s Paycheck Protection Program remarkably.
- The company believes its nimble response will position Farmers as having led the way among community banks.
- Farmers intends to protect its market share by communicating the value it provides to its customers and communities.