CANFIELD, Ohio – Farmers National Banc Corp. reported a net income of $14.4 million, or 38 cents per diluted share, for the fourth quarter of 2024.

While profitable, that figure was down from $14.6 million, or 39 cents per diluted share, for the fourth quarter of 2023.

Excluding certain pretax items, net income in the fourth quarter of 2024 was $14.5 million, or 39 cents per diluted share.

“Our team has done an outstanding job navigating a dynamic economic and interstate rate cycle in 2024,” said Kevin J. Helmick, president and CEO of Farmers. “We are proud to provide our Ohio and Pennsylvania communities with diverse, personalized and market-leading financial solutions and are excited about expanding our fee business into the greater Columbus market with the acquisition of Crest Retirement. Our fourth quarter performance highlights the positive momentum underway in our business, and we continue to believe Farmers is very well positioned to grow earnings in 2025.”

The addition of Crest Retirement Advisors LLC of Dublin, Ohio, increased Farmer’s wealth management assets under management to $4.2 billion as of the end of 2024.

Farmers’ total assets were $5.12 billion on Dec. 31, 2024, down from $5.24 billion at the end of the third quarter and up from $5.08 billion from the end of 2023.

Fourth quarter loans declined slightly to $3.27 billion from $3.28 billion after the third quarter but increased $70.2 million from the end of 2023.

Securities available for sale at the end of 2024 totaled $1.27 billion, compared with $1.29 billion at the end of the third quarter.

As interest rates rose sharply in the fourth quarter, the gross unrealized losses on the portfolio rose from $189.4 million at the end of the third quarter and $217.1 million at the end of 2023 to $244.1 million at the end of 2024.

Total deposits decreased to $4.27 billion at the end of 2024 from the third quarter’s $4.36 billion but increased by $89.4 million from the end of 2023. The increase was credited to the acquisition of $75 million in brokered deposits in the third quarter and a $14.4 million growth in nonbrokered customer deposits.

Net interest income for the fourth quarter was $32.7 million, compared with $32.8 million in the same quarter a year ago. Net interest margin improved from 2.66% in the third quarter to 2.72% in the fourth quarter.

Noninterest income decreased from $12.2 million in the fourth quarter of 2023 to $11.4 million in the same quarter of 2024.

The full report can be viewed HERE.