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Sep 30, 2023
Farmers National Q3 2023 Earnings Report
Farmers National Banc Corp. reported earnings for Q3 2023.
Key Takeaways
Farmers National Banc Corp. announced a net income of $13.3 million, or $0.36 per diluted share, for the third quarter of 2023. The results reflect the benefits of a diverse business model and a focus on maintaining strong asset quality and controlling operating expenses, despite the rapid increase in interest rates.
Earnings per diluted share were $0.36 ($0.40 excluding certain items, non-GAAP) for Q3 2023.
The company has maintained 163 consecutive quarters of profitability.
Hedges were purchased to improve asset sensitivity.
Strong asset quality was reported with non-performing assets to total assets at 0.58% as of September 30, 2023.
Forward Guidance
The company expects bond market volatility to continue through 2023 and will allow the size of the securities portfolio to shrink to optimize profitability. Competition for deposits remains high and the company expects this will continue to place pressure on funding costs and deposit volumes.
Positive Outlook
- Farmers produced solid third quarter financial results reflecting the benefits of our diverse business model.
- Farmers focused on maintaining strong asset quality.
- Farmers focused on controlling operating expenses.
- Core banking principals create a solid foundation for Farmers to navigate an increasingly uncertain near-term economic environment.
- Farmers is supporting our long-term growth strategies.
Challenges Ahead
- The rapid increase in interest rates over the past year and a half.
- The company expects bond market volatility to continue through 2023.
- The company expects that it will continue to allow the size of the securities portfolio to shrink to optimize profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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