Farmers Reports Net Income of $11.8M in Second Quarter

CANFIELD, Ohio – Farmers National Banc Corp. on Wednesday announced net income of $11.8 million, or 31 cents per diluted share, for the second quarter of 2024.

That’s down from $15 million, or 40 cents per diluted share, during the same period in 2023.

Net income for the second quarter of 2024 included pretax items of $515,000 for the loss on the sale of investment securities and write-downs on other assets held for sale. Excluding these items (non-GAAP), net income for the second quarter was $12.2 million, or 33 cents per diluted share.

“Our second quarter financial results are encouraging as we experienced strong loan growth along with sequential improvement in net interest income,” Kevin J. Helmick, Farmers president and CEO, said in a news release. “We are pleased that asset quality also continues to be a source of strength. Over the near term, we remain focused on supporting the financial needs of our communities, while ensuring the company is well positioned to create long-term value for our shareholders.”

Total assets were $5.16 billion June 30, up from $5.08 billion March 31 and $5.08 billion Dec. 31, 2023. Loans increased to $3.24 billion June 30, compared with $3.18 billion March 31 and $3.2 billion Dec. 31, 2023. 

While loan growth accelerated sharply in the second quarter, Farmers still anticipates total loan growth of approximately 1.5% to 2% this year.

Other highlights:

• Securities available for sale totaled $1.25 billion June 30, compared with $1.27 billion March 31 and $1.3 billion Dec. 31, 2023.

• Gross unrealized losses on the portfolio totaled $242.3 million June 30, an increase from $234.2 million March 31 and $217.1 million Dec. 31, 2023. 

• Total deposits increased to $4.21 billion June 30, up slightly from $4.2 billion March 31 and $4.18 billion Dec. 31, 2023. 

• Noninterest bearing deposits declined to $968.7 million June 30, from $977.5 million March 31 and $1.03 billion Dec. 31, 2023.

• Nonperforming loans increased slightly to $12.9 million June 30, compared with $12 million March 31, but were down from $15.1 million Dec. 31, 2023. 

• Nonperforming loans to total loans were 0.4% June 30, compared with 0.38% March 31 and 0.47% Dec. 31, 2023.

• Net interest income for the second quarter of 2024 was $32.1 million, compared with $34.6 million in the second quarter of 2023.

The full report can be found HERE.

Published by The Business Journal, Youngstown, Ohio.