Farmers National Q1 net income $11.2M, EPS $0.30 vs $0.19 YoY; restructures $44.3M securities

FARMERS NATIONAL BANC CORP /OH/

2024-Q1 EPS reported $0.30 revenue$63,411,000

Net income $11.2M ($0.30 diluted EPS) vs $7.1M ($0.19) YoY; non-GAAP EPS $0.34 excluding securities sale loss.
Restructured $44.3M of securities, incurring $2.1M loss, improving yield ~200 bps with about 2.5-year earnback.
Deposit growth $20.7M (2% annualized); non-performing loans ratio improved to 0.38% from 0.47%.
Net interest margin declined to 2.70% from 3.07% due to higher funding costs; provision recovery of $449,000.
Noninterest expense down to $27.0M from $30.7M as no merger charges; 165th consecutive profitable quarter.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FARMERS NATIONAL BANC CORP /OH/ reported the three months ended March 31, 2024 results: net income $11.2 million, EPS $0.30 per diluted share.

Period: the three months ended March 31, 2024
Net income: $11.2 million
EPS: $0.30 per diluted share
Result: reported results

Exact text from the filing

Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) reported net income of $11.2 million, or $0.30 per diluted share, for the three months ended March 31, 2024, compared to $7.1 million, or $0.19 per diluted share, for the three months ended March 31, 2023.

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Source: SEC EDGAR

accession 0001193125-24-108542

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