Farmers National reports record 2021 net income of $51.8M; Cortland acquisition closed Nov 1, 2021

FARMERS NATIONAL BANC CORP /OH/

2021-FY EPS reported $1.77

GAAP net income $51.8M ($1.77/share) vs $41.9M ($1.47) in 2020; adjusted EPS $2.13.
Completed Cortland Bancorp merger in cash/stock valued at ~$128.5M; combined 48 branches.
Issued $75M of subordinated debt at 3.125%.
156 consecutive quarters of profitability; Q4 core ROATE 18.5% and efficiency ratio 47.4% (non-GAAP).
Allowance for credit losses 1.26% of loans; non-performing loans improved to 0.69%.

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