Farmers Earns $8.5 million in 3Q
CANFIELD – Farmers National Banc Corp. announced a third-quarter net income of $8.5 million or $0.23 per diluted share, down from $13.3 million or $0.36 per diluted share a year ago.
The bank reported the third quarter was impacted by a single $12.5 million commercial credit backed by office space, which resulted in a $4.4 million charge-off along with the establishment of a specific reserve on credit in the amount of $1.2 million.
“Our third quarter performance was solid as we experienced strong loan and deposit growth, reflecting strengthening levels of underlying profitability,” said Kevin J. Helmick, president and CEO. “We produced outstanding loan growth for a second consecutive quarter along with great results from our fee-based business lines. Overall, we believe we are very well positioned to grow earnings in 2025, while navigating continued macro-level uncertainty.”
Farmers total assets were $5.24 billion at the end of the quarter, an increase from $5.16 billion at the end of the second quarter.
Some other highlights from the third quarter included:
- Strong commercial growth of $35.2 million or 7.2% annualized.
- Overall loan growth of $43.1 million or 5.3% annualized. With a second quarter of positive loan growth, Farmers anticipates total loans will increase by about 2.8% to 3% overall in 2024.
- Customer deposit growth of $81.1 million or 7.7% annualized. Total deposits increased to $4.36 billion.
- Growth of wealth management assets under management to a total of $4 billion.
- Net interest income was $31.9 million down from $33.8 million a year ago. Average interest earning assets increased to $4.89 billion compared to $4.82 billion a year ago.
- Noninterest income was $12.3 million for the quarter, compared to $9.8 million in the third quarter of 2023.
- Noninterest expense was down $600,000 from third quarter last year.
- This marks 167 consecutive quarters of profitability for Farmers, which is headquarter in Canfield.
The entire report can be found here.
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