Farmers National Q3 EPS $0.46, adjusted $0.48; loan growth 4.6% annualized

FARMERS NATIONAL BANC CORP /OH/

2022-Q3 EPS reported $1.39

Net income $15.4M vs $16.0M year ago; diluted EPS $0.46 vs $0.56. Adjusted EPS $0.48 excluding merger costs.
Gross loans (ex-PPP) grew $27.3M in quarter, 4.6% annualized; deposits declined to $3.57B from $3.63B in Q2.
Net interest margin 3.21% vs 3.49% a year ago; noninterest income down $188K to $8.8M on lower mortgage gains.
Pending Emclaire merger (EMCF) valued at $1.0B assets; expected to close after regulatory approvals.
Credit quality improved: NPL ratio 0.54%, NPAs/assets 0.32%; provision for credit losses $448K vs credit of $948K in Q3 2021.

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