CANFIELD, Ohio – Farmers National Banc Corp. on Wednesday reported net income of $13.6 million, or 36 cents per diluted share, for the first quarter of 2025, compared with $11.2 million, or 30 cents per diluted share, for the first quarter of 2024. 

Net income for the first quarter included pretax losses on the sale of investments securities and other assets totaling $1.3 million. Excluding these items (non-GAAP), net income for the first quarter was $14.6 million, or 39 cents per diluted share.

“We entered 2025 from a position of strength with a legacy of profitability, strong asset quality and robust liquidity levels,” said Kevin J. Helmick, Farmers president and CEO. “As near-term economic uncertainty has picked up recently, we are well positioned to support our Ohio and Pennsylvania communities, while making strategic investments across our business and adding proven bankers to our team. The most recent of those strategic investments is the company’s exciting entrance into the growth market of greater Columbus.”

Total assets increased by $38.1 million in the first quarter to $5.16 billion, from $5.12 billion on Dec. 31, 2024. Loans declined slightly to $3.25 billion on March 31, from $3.27 billion on Dec. 31, 2024. The decrease from the prior quarter was primarily due to declines in C&I and CRE lending as rising business uncertainty has reduced origination activity, Farmers reported. The pipeline for the second quarter currently shows improvement, but the introduction of tariffs adds more uncertainty to the decision-making of borrowers.

Other highlights include:

  • Total assets increased by $38.1 million in the first quarter to $5.16 billion, from $5.12 billion on Dec. 31, 2024. 
  • Loans declined slightly to $3.25 billion on March 31, from $3.27 billion on Dec. 31, 2024.
  • The company had securities available for sale totaling $1.28 billion as of March 31, compared with $1.27 billion on Dec. 31, 2024.
  • Total deposits increased to $4.48 billion on March 31, from $4.27 billion on Dec. 31, 2024.
  • Nonperforming loans declined to $20.7 million on March 31, compared with $22.8 million on Dec. 31, 2024. 
  • The company recorded $34.2 million in net interest income in the first quarter, compared with $31.7 million in the first quarter of 2024.
  • Noninterest income increased from $8.4 million in the first quarter of 2024 to $10.5 million in the first quarter of 2025.

The full report can be viewed HERE.