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Dec 31, 2023
Farmers National Q4 2023 Earnings Report
Farmers National Banc Corp. reported solid results
Key Takeaways
Farmers National Banc Corp. announced a net income of $14.6 million, or $0.39 per diluted share, for Q4 2023. The company's total assets reached $5.08 billion, with loan growth of $29.6 million. Asset quality remained strong, with non-performing assets to total assets at 0.30%.
Earnings per diluted share were $0.39 ($0.41 excluding certain items, non-GAAP).
The company achieved 164 consecutive quarters of profitability.
A gain of $915,000 was recorded from selling $5.8 million of nonaccrual/troubled commercial loans.
Loan growth reached $29.6 million, or 3.7% annualized.
Forward Guidance
Farmers expects the economic environment will remain fluid in 2024 but believes they are well positioned to navigate this period.
Positive Outlook
- Team's focus on supporting customers
- Maintaining excellent asset quality
- Controlling operating costs
- Value team members provide to communities
- Continued focus on maintaining strong asset quality and profitability
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
- Possibility of a recession
- Farmers’ failure to integrate Emclaire with Farmers in accordance with expectations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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