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Mar 31, 2021
Farmers National Q1 2021 Earnings Report
Farmers National reported record earnings for Q1 2021, driven by strong asset quality and diversified fee income streams.
Key Takeaways
Farmers National announced a record-setting first quarter with earnings increasing by 68% to $14.6 million, or $0.51 per diluted share. The company's performance was supported by strong asset quality and a diversified banking approach, with fee income contributing significantly to revenue.
Earnings increased 68% to a record $14.6 million in Q1 2021, or $0.51 per diluted share.
Farmers was awarded the Raymond James’ Community Bankers Cup for the fourth year in a row, ranking in the top 10% of community banks.
Fee income contributed to 27% of the company's first quarter revenue.
Noninterest income increased 34.5% to $10.6 million, driven by gains on mortgage loan sales.