Loading...
•
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.
Farmers National
Farmers National
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.