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Mar 31, 2023
Farmers National Q1 2023 Earnings Report
Farmers National Banc Corp. reported net income for Q1 2023.
Key Takeaways
Farmers National Banc Corp. announced a net income of $7.1 million for the first quarter of 2023, with diluted earnings per share at $0.19. The quarter's results included pretax items for acquisition-related expenses and net gains on the sale of securities and other assets. Excluding these items, net income would have been $16.5 million, or $0.44 per diluted share.
Earnings per diluted share were $0.19 ($0.44 excluding certain items, non-GAAP) for Q1 2023.
The acquisition and systems integration of Emclaire Financial Corp. was completed.
The company achieved 161 consecutive quarters of profitability.
850,799 shares of FMNB common stock were repurchased during the quarter, representing 2.2% of shares outstanding.
Forward Guidance
Farmers National Banc Corp. is closely monitoring its deposit base, balance sheet composition, and access to liquidity amidst the banking industry's volatility. The company is confident in its ability to handle future liquidity stress due to its modest loan-to-deposit ratio, low ratio of uninsured deposits, and access to additional funding capacity.
Positive Outlook
- Experienced leadership team.
- Diverse revenue streams.
- Enhanced scale.
- Legendary customer service.
- Modest loan to customer deposit ratio of approximately 73.1%.
Challenges Ahead
- 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
- Farmers’ failure to integrate Emclaire and Emlenton with Farmers in accordance with expectations
- Deviations from performance expectations related to Emclaire and Emlenton
Historical Earnings Impact
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Avg. Return Before/After Earnings
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