Loading...
•
Mar 31, 2022
Farmers National Q1 2022 Earnings Report
Farmers National Banc Corp. reported first quarter results, which included completed systems integration with Cortland Bancorp and continued profitability.
Key Takeaways
Farmers National Banc Corp. announced a net income of $15.8 million, or $0.47 per diluted share, for the first quarter of 2022. The results included several one-time items, such as merger-related costs and a legal settlement. The company also announced an agreement to merge with Emclaire Financial Corp.
Earnings per diluted share were $0.47 ($0.51 excluding certain items, non-GAAP).
Completed the systems integration with previously acquired Cortland Bancorp.
Efficiency ratio, (excluding one-time items, non-GAAP), was 48.2%.
Return on average assets, (excluding certain items, non-GAAP), was 1.65%.
Forward Guidance
Farmers National Banc Corp. anticipates strong loan pipelines entering the second quarter and expects to hit mid-single digit loan growth for fiscal year 2022.
Positive Outlook
- Strong loan pipelines entering the second quarter.
- Opportunity to effectively manage balance sheet and expense levels.
- Expansion of fee based businesses.
- Acquisition of Emclaire Financial Corp. opens up growth opportunities in Pennsylvania, including the attractive Pittsburgh markets.
- Continued commitment to the communities
Challenges Ahead
- Increasingly volatile economic landscape.
- Loss of some commercial loan originators hurt results in the first quarter.
- Volatility in the bond market is expected to continue in 2022, which may result in increased volatility in the fair value of the Company’s available for sale securities.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...