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Mar 31, 2024
Farmers National Q1 2024 Earnings Report
Reported strong results for the first quarter of 2024.
Key Takeaways
Farmers National Banc Corp. reported a solid start to 2024, with net income of $11.2 million, or $0.30 per diluted share. Excluding a pretax item for the loss on the sale of investment securities, net income was $12.9 million, or $0.34 per diluted share. The company strategically restructured investment securities, improved asset quality, and experienced deposit growth.
Earnings per diluted share were $0.30, or $0.34 excluding certain items (non-GAAP).
The company achieved 165 consecutive quarters of profitability.
A strategic restructuring of $44.3 million in investment securities improved the yield by almost 200 basis points, incurring a $2.1 million loss on the sale.
Deposit growth of $20.7 million, or 2.0% annualized, was achieved during the quarter.
Forward Guidance
The Company anticipates loan growth of 1-2% in 2024, reflecting a challenging economic and interest rate environment. Bond market volatility is expected to continue, and the Company anticipates allowing the securities portfolio to shrink via runoff to optimize profitability and liquidity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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