- 168 consecutive quarters of profitability
- Net interest margin improved from 2.66% in the third quarter
of 2024 to 2.72% in the fourth quarter of 2024
- Efficiency ratio declined to 56.4% for the fourth quarter of
2024
- Continued strong performance in fee-based
businesses
- Completed acquisition of Crest Retirement Advisors LLC based
in Dublin, OH
- Wealth management assets under management increased to $4.2
billion at December 31, 2024 including the Crest addition
Farmers National Banc Corp. (“Farmers” or the “Company”)
(NASDAQ: FMNB) today reported net income of $14.4 million, or $0.38
per diluted share, for the quarter ended December 31, 2024,
compared to $14.6 million, or $0.39 per diluted share, for the
quarter ended December 31, 2023. Net income for the fourth quarter
of 2024 included certain pretax items. Excluding these items
(non-GAAP), net income for the fourth quarter of 2024 was $14.5
million, or $0.39 per diluted share.
Kevin J. Helmick, President and CEO, stated “Our team has done
an outstanding job navigating a dynamic economic and interest rate
cycle in 2024. 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.”
Balance Sheet
Total assets were $5.12 billion at December 31, 2024, compared
to $5.24 billion at September 30, 2024, and $5.08 billion at
December 31, 2023. Loans declined slightly to $3.27 billion at
December 31, 2024 from $3.28 billion at September 30, 2024, but
increased $70.2 million from December 31, 2023. The decrease from
the prior quarter was primarily due to declines in residential real
estate and indirect lending, while the increase from December 31,
2023, was driven by increased commercial real estate balances along
with increased HELOC balances.
Securities available for sale totaled $1.27 billion at December
31, 2024, compared to $1.29 billion at September 30, 2024 and $1.30
billion at December 31, 2023. Gross unrealized losses on the
portfolio totaled $244.1 million at December 31, 2024 compared to
$189.4 million at September 30, 2024 and $217.1 million at December
31, 2023. Interest rates rose sharply in the fourth quarter of 2024
from the third quarter of 2024 driving the increase in gross
unrealized losses during the quarter. Volatility in the bond market
is expected to continue in 2025.
Total deposits declined to $4.27 billion at December 31, 2024
from $4.36 billion at September 30, 2024, but increased $89.4
million from $4.18 billion at December 31, 2023. The increase since
December 31, 2023, was driven by the acquisition of $75.0 million
in brokered deposits in the third quarter of 2024 and growth in
customer deposits (non-brokered) of $14.4 million. The decline
since September 30, 2024 was driven by the seasonal decline in
public funds which totaled approximately $113.2 million.
Total stockholders’ equity declined to $406.0 million at
December 31, 2024, compared to $439.7 million at September 30, 2024
and $404.4 million at December 31, 2023. The decrease from
September 30, 2024 was primarily driven by an increase in the
unrealized losses on investment securities. The increase since
December 31, 2023 was primarily driven by an increase in retained
earnings offset by an increase in unrealized losses on investment
securities.
Credit Quality
Non-performing loans increased to $22.8 million at December 31,
2024, compared to $19.1 million at September 30, 2024 and $15.1
million at December 31, 2023. The increase since September 30, 2024
was primarily driven by the addition of a single commercial credit
with a balance of $2.6 million. The increase from December 31, 2023
resulted from the addition of a single commercial real estate
credit with a remaining balance of $8.1 million and the $2.6
million commercial credit mentioned above offset by declines in the
balances of other non-performing loans. The Company expects that a
single non-performing loan with a balance of $1.2 million will be
paid off in the first quarter of 2025 and two other non-performing
loans totaling $1.6 million will be sold in the first quarter of
2025 at par. Non-performing loans to total loans were 0.70% at
December 31, 2024 compared to 0.58% at September 30, 2024 and 0.47%
at December 31, 2023. The Company’s loans which were 30-89 days
delinquent were $13.0 million at December 31, 2024, or 0.40% of
total loans. This is down from $15.6 million at September 30, 2024
and $16.7 million at December 31, 2023.
The Company’s provision for credit losses and unfunded
commitments totaled $295,000 for the quarter ended December 31,
2024, compared to $286,000 for the quarter ended December 31, 2023.
Annualized net charge-offs as a percentage of average loans were
0.08% for the fourth quarter of 2024, compared to 0.10% for the
fourth quarter of 2023. The allowance for credit losses to total
loans was 1.10% at December 31, 2024, compared to 1.10% at
September 30 2024, and 1.08% at December 31, 2023.
Net Interest Income
The Company recorded $32.7 million of net interest income in the
fourth quarter of 2024 compared to $32.8 million in the fourth
quarter of 2023. Average interest earning assets increased to $4.91
billion in the fourth quarter of 2024 compared to $4.82 billion for
the fourth quarter of 2023. The increase was driven by an increase
in average loan balances of $82.2 million and an increase in
federal funds sold and other earning assets of $39.1 million. These
increases were offset by a decline in the average balance of
investment securities. The net interest margin declined to 2.72% in
the fourth quarter of 2024 compared to 2.78% in the fourth quarter
of 2023 but was up sharply from the 2.66% margin reported in the
third quarter of 2024. The year-over-year decline in net interest
margin was due to higher funding costs outstripping the increase in
yields on earning assets. The current rate cutting cycle by the
Federal Reserve that began in September of 2024 had a significant
impact on funding costs in the fourth quarter of 2024 and was the
primary reason for the net interest margin increasing during the
fourth quarter. The yield on interest bearing liabilities declined
from 2.84% in the third quarter of 2024 to 2.72% in the fourth
quarter of 2024. The Company expects its net interest margin will
continue to expand in 2025 as funding costs reprice lower.
Excluding acquisition marks and PPP interest, non-GAAP, the
Company’s net interest margin was 2.56% in the fourth quarter of
2024 compared to 2.48% in the third quarter of 2024 and 2.58% in
the fourth quarter of 2023.
Noninterest Income
Noninterest income declined from $12.2 million in the fourth
quarter of 2023 to $11.4 million in the fourth quarter of 2024
primarily due to a decline of $1.0 million in the net gain on sale
of loans. During the fourth quarter of 2023, the Company recognized
a gain on the sale of commercial loans totaling $915,000. No gain
was recognized on commercial loan sales in 2024.
Income from service charges on deposit accounts increased
$213,000 to $1.9 million for the fourth quarter of 2024 compared to
$1.7 million for the fourth quarter in 2023. The Company undertook
a review of all service charges in late 2023 and early 2024 and
implemented fee increases across deposit product lines in the
second quarter of 2024. Trust fees in the fourth quarter of 2024
increased by $318,000 to $2.7 million compared to $2.4 million in
the fourth quarter of 2023. The increase was due to continued
growth in the business unit. Insurance agency commissions declined
to $1.3 million in the fourth quarter of 2024 from $1.5 million in
the fourth quarter of 2023. The fourth quarter of 2023 included an
accrual adjustment that did not occur in 2024. Retirement plan
consulting fees increased from $631,000 in the fourth quarter of
2023 to $719,000 in the fourth quarter of 2024. The increase was
due to increased business in the division. The acquisition of Crest
Retirement Advisors LLC in late December of 2024 is expected to
further bolster this unit in 2025. Other mortgage banking fee
income increased to $285,000 during the fourth quarter of 2024 from
$139,000 in the fourth quarter of 2023. The increase was driven by
a recovery on the Company’s mortgage servicing rights in the fourth
quarter of 2024. Debit card income grew to $2.2 million in the
fourth quarter of 2024 from $1.7 million in the fourth quarter of
2023 as better volumes were realized in the current period. Other
noninterest income declined to $856,000 in the fourth quarter of
2024 from $1.6 million in the fourth quarter of 2023. The Company
recorded $1.1 million in SBIC income in the fourth quarter of 2023
compared to $527,000 in the fourth quarter of 2024. SBIC
investments continue to generate solid returns but income can
fluctuate wildly quarter to quarter.
Noninterest Expense
Noninterest expense declined to $26.2 million for the fourth
quarter of 2024 compared to $27.0 million for the fourth quarter of
2023. Salaries and employee benefits were $14.4 million for the
fourth quarter of 2024 compared to $14.9 million for the fourth
quarter of 2023. The decrease was primarily driven by lower
healthcare expenses. FDIC and state and local taxes were lower by
$465,000 in the fourth quarter of 2024 compared to the fourth
quarter of 2023. The decrease was primarily driven by a decrease in
FDIC premiums. Professional fees declined to $785,000 for the
period ended December 31, 2024, compared to $1.0 million for the
period ended December 31, 2023 due to lower legal and consulting
expense in the fourth quarter of 2024. The fourth quarter of 2024
included $92,000 of merger related charges for the Crest
acquisition compared to $452,000 of merger related charges in the
fourth quarter of 2023 for the Emclaire acquisition. Advertising
expense declined to $191,000 in the fourth quarter of 2024 compared
to $414,000 in the fourth quarter of 2023. The decline was due to
an over accrual for advertising expense that was not recognized.
Intangible amortization increased to $914,000 in the fourth quarter
of 2024 from $578,000 for the fourth quarter of 2023. This increase
was driven by acceleration in the amortization from the Cortland
acquisition. Other noninterest expense increased to $3.5 million in
the fourth quarter of 2024 up from the $3.2 million recognized in
the fourth quarter of 2023. The increase was primarily due to
$208,000 of operational losses during the fourth quarter of 2024
compared to operational recoveries of $102,000 in the fourth
quarter of 2024.
Liquidity
At December 31, 2024, the Company had access to an additional
$549.7 million of FHLB borrowing capacity, along with $414.0
million in available for sale securities that are available for
additional pledging. The Company’s loan to deposit ratio was 76.6%
at December 31, 2024 while the Company’s average deposit balance
per account (excluding collateralized deposits) was $25,188 for the
same period.
About Farmers National Banc Corp.
Founded in 1887, Farmers National Banc Corp. is a diversified
financial services company headquartered in Canfield, Ohio, with
$5.1 billion in banking assets. Farmers National Banc Corp.’s
wholly-owned subsidiaries are comprised of The Farmers National
Bank of Canfield, a full-service national bank engaged in
commercial and retail banking with 62 banking locations in
Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina,
Geauga and Cuyahoga Counties in Ohio and Beaver, Butler, Allegheny,
Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford
Counties in Pennsylvania, and Farmers Trust Company, which operates
five trust offices and offers services in the same geographic
markets. Total wealth management assets under care at December 31,
2024 are $4.2 billion. Farmers National Insurance, LLC, a
wholly-owned subsidiary of The Farmers National Bank of Canfield,
offers a variety of insurance products.
Non-GAAP Disclosure
This press release includes disclosures of Farmers’ tangible
common equity ratio, return on average tangible assets, return on
average tangible equity, net income excluding costs related to
acquisition activities and certain items, return on average assets
excluding merger costs and certain items, return on average equity
excluding merger costs and certain items, net interest margin
excluding acquisition marks and related accretion and PPP interest
and fees and efficiency ratio less certain items, which are
financial measures not prepared in accordance with generally
accepted accounting principles in the United States (GAAP). A
non-GAAP financial measure is a numerical measure of historical or
future financial performance, financial position or cash flows that
excludes or includes amounts that are required to be disclosed by
GAAP. Farmers believes that these non-GAAP financial measures
provide both management and investors a more complete understanding
of the underlying operational results and trends and Farmers’
marketplace performance. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for the numbers prepared in accordance with GAAP. The
reconciliations of non-GAAP financial measures to their GAAP
equivalents are included in the tables following Consolidated
Financial Highlights below.
Cautionary Statements Regarding Forward-Looking
Statements
We make statements in this news release and our related investor
conference call, and we may from time to time make other
statements, that are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements about Farmers’ financial condition, results of
operations, asset quality trends and profitability. Forward-looking
statements are not historical facts but instead represent only
management’s current expectations and forecasts regarding future
events, many of which, by their nature, are inherently uncertain
and outside of Farmers’ control. Forward-looking statements are
preceded by terms such as “expects,” “believes,” “anticipates,”
“intends” and similar expressions, as well as any statements
related to future expectations of performance or conditional verbs,
such as “will,” “would,” “should,” “could” or “may.” Farmers’
actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. Factors that could
cause Farmers’ actual results to differ materially from those
described in certain forward-looking statements include significant
changes in near-term local, regional, and U.S. economic conditions
including those resulting from continued high rates of inflation,
tightening monetary policy of the Board of Governors of the Federal
Reserve, and possibility of a recession; and the other factors
contained in Farmers’ Annual Report on Form 10-K for the year ended
December 31, 2023 and subsequent Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission (SEC) and
available on Farmers’ website (www.farmersbankgroup.com) and on the
SEC’s website (www.sec.gov). Forward-looking statements are not
guarantees of future performance and should not be relied upon as
representing management’s views as of any subsequent date. Farmers
does not undertake any obligation to update the forward-looking
statements to reflect the impact of circumstances or events that
may arise after the date of the forward-looking statements.
Farmers National Banc Corp. and Subsidiaries Consolidated
Financial Highlights (Amounts in thousands, except per share
results) Unaudited
Consolidated Statements of
Income For the Three Months Ended For the Twelve
Months Ended Dec. 31, Sept. 30, June 30,
March 31, Dec. 31, Dec. 31, Dec. 31,
Percent
2024
2024
2024
2024
2023
2024
2023
Change Total interest income
$
57,909
$
57,923
$
56,846
$
55,054
$
55,069
$
227,732
$
213,335
6.7
%
Total interest expense
25,170
26,047
24,780
23,367
22,239
99,364
75,549
31.5
%
Net interest income
32,739
31,876
32,066
31,687
32,830
128,368
137,786
-6.8
%
Provision (credit) for credit losses
295
7,008
1,112
(449
)
286
7,966
9,153
-13.0
%
Noninterest income
11,413
12,340
9,606
8,357
12,156
41,716
41,861
-0.3
%
Acquisition related costs
92
0
0
0
452
92
5,475
-98.3
%
Other expense
26,082
27,075
26,403
27,039
26,520
106,599
106,321
0.3
%
Income before income taxes
17,683
10,133
14,157
13,454
17,728
55,427
58,698
-5.6
%
Income taxes
3,292
1,598
2,374
2,214
3,151
9,478
8,766
8.1
%
Net income
$
14,391
$
8,535
$
11,783
$
11,240
$
14,577
$
45,949
$
49,932
-8.0
%
Average diluted shares outstanding
37,616
37,567
37,487
37,479
37,426
37,512
37,498
Basic earnings per share
0.38
0.23
0.32
0.30
0.39
1.23
1.34
Diluted earnings per share
0.38
0.23
0.31
0.30
0.39
1.22
1.33
Cash dividends per share
0.17
0.17
0.17
0.17
0.17
0.68
0.68
Performance Ratios Net Interest Margin (Annualized)
2.72
%
2.66
%
2.71
%
2.70
%
2.78
%
2.69
%
2.91
%
Efficiency Ratio (Tax equivalent basis)
56.42
%
58.47
%
60.80
%
61.54
%
57.84
%
59.26
%
59.24
%
Return on Average Assets (Annualized)
1.12
%
0.66
%
0.93
%
0.90
%
1.17
%
0.90
%
0.99
%
Return on Average Equity (Annualized)
13.43
%
8.18
%
12.15
%
11.47
%
17.98
%
11.28
%
13.97
%
Other Performance Ratios (Non-GAAP) Return on Average
Tangible Assets
1.16
%
0.69
%
0.97
%
0.93
%
1.22
%
0.94
%
1.03
%
Return on Average Tangible Equity
23.95
%
14.94
%
23.74
%
21.88
%
43.77
%
21.05
%
30.23
%
Consolidated Statements of Financial Condition
Dec. 31, Sept. 30, June 30, March 31,
Dec. 31,
2024
2024
2024
2024
2023
Assets Cash and cash equivalents
$
85,738
$
189,136
$
180,987
$
148,630
$
103,658
Debt securities available for sale
1,266,553
1,293,350
1,246,730
1,270,149
1,299,701
Other investments
45,405
33,617
37,594
34,619
35,311
Loans held for sale
5,005
2,852
2,577
1,854
3,711
Loans
3,268,346
3,280,517
3,237,369
3,181,318
3,198,127
Less allowance for credit losses
35,863
36,186
33,991
33,159
34,440
Net Loans
3,232,483
3,244,331
3,203,378
3,148,159
3,163,687
Other assets
483,740
473,217
485,587
476,599
472,282
Total Assets
$
5,118,924
$
5,236,503
$
5,156,853
$
5,080,010
$
5,078,350
Liabilities and Stockholders' Equity Deposits
Noninterest-bearing
$
965,507
$
969,682
$
968,693
$
977,475
$
1,026,630
Interest-bearing
3,226,321
3,317,223
3,237,142
3,220,650
3,150,756
Brokered time deposits
74,951
74,932
0
0
0
Total deposits
4,266,779
4,361,837
4,205,835
4,198,125
4,177,386
Other interest-bearing liabilities
391,150
371,038
494,890
433,777
443,663
Other liabilities
54,967
63,950
59,434
51,082
52,886
Total liabilities
4,712,896
4,796,825
4,760,159
4,682,984
4,673,935
Stockholders' Equity
406,028
439,678
396,694
397,026
404,415
Total Liabilities and Stockholders' Equity
$
5,118,924
$
5,236,503
$
5,156,853
$
5,080,010
$
5,078,350
Period-end shares outstanding
37,586
37,574
37,575
37,546
37,503
Book value per share
$
10.80
$
11.70
$
10.56
$
10.57
$
10.78
Tangible book value per share (Non-GAAP)*
5.80
6.69
5.53
5.52
5.71
* Tangible book value per share is calculated by dividing
tangible common equity by outstanding shares
For the
Three Months Ended For the Twelve MonthsEnded Dec.
31, Sept. 30, June 30, March 31, Dec.
31, Dec. 31, Dec. 31, Capital and
Liquidity
2024
2024
2024
2024
2023
2024
2023
Common Equity Tier 1 Capital Ratio (a)
11.26
%
10.91
%
10.94
%
10.88
%
10.61
%
Total Risk Based Capital Ratio (a)
14.67
%
14.34
%
14.42
%
14.38
%
14.06
%
Tier 1 Risk Based Capital Ratio (a)
11.75
%
11.39
%
11.43
%
11.37
%
11.10
%
Tier 1 Leverage Ratio (a)
8.37
%
8.20
%
8.26
%
8.19
%
8.02
%
Equity to Asset Ratio
7.93
%
8.40
%
7.69
%
7.82
%
7.96
%
Tangible Common Equity Ratio (b)
4.42
%
4.98
%
4.18
%
4.24
%
4.38
%
Net Loans to Assets
63.15
%
61.96
%
62.12
%
61.97
%
62.30
%
Loans to Deposits
76.60
%
75.21
%
76.97
%
75.78
%
76.56
%
Asset Quality Non-performing loans
$
22,818
$
19,076
$
12,870
$
11,951
$
15,063
Non-performing assets
22,903
19,137
12,975
12,215
15,321
Loans 30 - 89 days delinquent
13,032
15,562
18,546
14,069
16,705
Charged-off loans
928
5,116
661
1,282
972
7,987
2,937
Recoveries
293
504
98
271
172
1,166
681
Net Charge-offs
635
4,612
563
1,011
800
6,821
2,256
Annualized Net Charge-offs to Average Net Loans
0.08
%
0.58
%
0.07
%
0.13
%
0.10
%
0.21
%
0.07
%
Allowance for Credit Losses to Total Loans
1.10
%
1.10
%
1.05
%
1.04
%
1.08
%
Non-performing Loans to Total Loans
0.70
%
0.58
%
0.40
%
0.38
%
0.47
%
Loans 30 - 89 Days Delinquent to Total Loans
0.40
%
0.47
%
0.57
%
0.44
%
0.52
%
Allowance to Non-performing Loans
157.17
%
189.69
%
264.11
%
277.46
%
228.64
%
Non-performing Assets to Total Assets
0.45
%
0.37
%
0.25
%
0.24
%
0.30
%
(a) December 31, 2024 ratio is estimated (b) This is a
non-GAAP financial measure. A reconciliation to GAAP is shown below
For the Three Months Ended Dec. 31, Sept.
30, June 30, March 31, Dec. 31, End of
Period Loan Balances
2024
2024
2024
2024
2023
Commercial real estate
$
1,382,714
$
1,372,374
$
1,348,675
$
1,339,372
$
1,335,806
Commercial
349,966
358,247
343,694
335,747
346,354
Residential real estate
845,081
852,444
849,561
836,252
843,697
HELOC
158,014
155,967
151,511
143,696
142,441
Consumer
259,954
269,231
268,606
256,846
259,784
Agricultural loans
262,392
261,773
265,035
260,425
261,288
Total, excluding net deferred loan costs
$
3,258,121
$
3,270,036
$
3,227,082
$
3,172,338
$
3,189,370
For the Three Months Ended Dec. 31,
Sept. 30, June 30, March 31, Dec. 31,
End of Period Customer Deposit Balances
2024
2024
2024
2024
2023
Noninterest-bearing demand
$
965,507
$
969,682
$
968,693
$
977,474
$
1,026,630
Interest-bearing demand
1,366,255
1,453,288
1,380,266
1,381,383
1,362,609
Money market
682,558
676,664
677,058
646,308
593,975
Savings
414,796
418,771
433,166
452,949
468,890
Certificate of deposit
762,712
768,500
746,652
740,011
725,282
Total customer deposits
$
4,191,828
$
4,286,905
$
4,205,835
$
4,198,125
$
4,177,386
For the Three Months Ended For the Twelve
MonthsEnded Dec. 31, Sept. 30, June 30,
March 31, Dec. 31, Dec. 31, Dec. 31,
Noninterest Income
2024
2024
2024
2024
2023
2024
2023
Service charges on deposit accounts
$
1,890
$
1,992
$
1,846
$
1,583
$
1,677
$
7,311
$
6,322
Bank owned life insurance income, including death benefits
613
688
652
707
617
2,659
2,442
Trust fees
2,700
2,544
2,345
2,510
2,382
10,099
9,047
Insurance agency commissions
1,273
1,416
1,255
1,528
1,540
5,472
5,444
Security gains (losses), including fair value changes for equity
securities
10
(403
)
(124
)
(2,120
)
19
(2,638
)
(471
)
Retirement plan consulting fees
719
677
623
617
631
2,637
2,467
Investment commissions
621
476
478
432
589
2,007
1,978
Net gains on sale of loans
282
506
417
297
1,280
1,502
2,391
Other mortgage banking fee income (loss), net
285
(168
)
192
125
139
435
711
Debit card and EFT fees
2,164
1,993
1,760
1,567
1,697
7,484
7,059
Other noninterest income
856
2,619
162
1,111
1,585
4,748
4,471
Total Noninterest Income
$
11,413
$
12,340
$
9,606
$
8,357
$
12,156
$
41,716
$
41,861
For the Three Months Ended For the Twelve
MonthsEnded Dec. 31, Sept. 30, June 30,
March 31, Dec. 31, Dec. 31, Dec. 31,
Noninterest Expense
2024
2024
2024
2024
2023
2024
2023
Salaries and employee benefits
$
14,424
$
14,874
$
14,558
$
15,069
$
14,871
$
58,925
$
57,374
Occupancy and equipment
4,075
3,968
3,815
3,730
3,896
15,588
15,434
FDIC insurance and state and local taxes
1,019
1,480
1,185
1,345
1,484
5,029
5,848
Professional fees
785
1,084
1,194
1,254
1,004
4,317
4,351
Merger related costs
92
0
0
0
452
92
5,475
Advertising
191
435
445
431
414
1,503
1,793
Intangible amortization
914
629
630
688
578
2,861
3,434
Core processing charges
1,201
1,186
1,099
1,135
1,057
4,622
4,639
Other noninterest expenses
3,471
3,419
3,477
3,387
3,216
13,754
13,448
Total Noninterest Expense
$
26,172
$
27,075
$
26,403
$
27,039
$
26,972
$
106,691
$
111,796
Average Balance Sheets and Related Yields and Rates (Dollar
Amounts in Thousands)
Three Months Ended Three
Months Ended December 31, 2024 December 31, 2023
AVERAGE YIELD/ AVERAGE YIELD/ BALANCE INTEREST (1) RATE (1) BALANCE
INTEREST (1) RATE (1) EARNING ASSETS Loans (2)
$3,270,825
$47,286
5.78%
$3,188,581
$44,868
5.63%
Taxable securities
1,119,391
6,850
2.45
1,113,107
6,536
2.35
Tax-exempt securities (2)
379,342
2,991
3.15
411,860
3,235
3.14
Other investments
38,855
420
4.32
37,625
529
5.62
Federal funds sold and other
104,289
987
3.79
65,236
564
3.46
Total earning assets
4,912,702
58,534
4.77
4,816,409
55,732
4.63
Nonearning assets
247,199
163,905
Total assets
$5,159,901
$4,980,314
INTEREST-BEARING LIABILITIES Time deposits
$765,674
$7,463
3.90%
$712,485
$6,291
3.53%
Brokered time deposits
74,941
822
4.39
96,634
1,315
5.44
Savings deposits
1,091,547
4,056
1.49
1,068,465
2,918
1.09
Demand deposits - interest bearing
1,419,048
8,731
2.46
1,393,252
7,922
2.27
Total interest-bearing deposits
3,351,210
21,072
2.52
3,270,836
18,446
2.26
Short term borrowings
260,369
3,105
4.77
206,826
2,749
5.32
Long term borrowings
86,096
993
4.61
88,609
1,043
4.71
Total borrowed funds
346,465
4,098
4.73
295,435
3,792
5.13
Total interest-bearing liabilities
3,697,675
25,170
2.72
3,566,271
22,238
2.49
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits - noninterest bearing
973,788
1,035,405
Other liabilities
59,792
54,306
Stockholders' equity
428,646
324,332
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$5,159,901
$4,980,314
Net interest income and interest rate spread
$33,364
2.05%
$33,494
2.14%
Net interest margin
2.72%
2.78%
(1) Interest and yields are calculated on a tax-equivalent
basis where applicable. (2) For 2024, adjustments of $94 thousand
and $530 thousand, respectively, were made to tax equate income on
tax exempt loans and tax exempt securities. For 2023, adjustments
of $86 thousand and $577 thousand, respectively, were made to tax
equate income on tax exempt loans and tax exempt securities. These
adjustments were based on a marginal federal income tax rate of
21%, less disallowances.
Twelve Months Ended
Twelve Months Ended December 31, 2024 December 31,
2023 AVERAGE YIELD/ AVERAGE YIELD/ BALANCE INTEREST (1) RATE
(1) BALANCE INTEREST (1) RATE (1) EARNING ASSETS Loans (2)
$3,227,384
$186,032
5.76%
$3,155,858
$172,161
5.46%
Taxable securities
1,110,905
26,838
2.42
1,143,547
26,231
2.29
Tax-exempt securities (2)
386,643
12,165
3.15
419,557
13,283
3.17
Other investments
35,402
1,450
4.10
39,559
1,986
5.02
Federal funds sold and other
96,288
3,727
3.87
74,950
2,476
3.30
Total earning assets
4,856,622
230,212
4.74
4,833,471
216,137
4.47
Nonearning assets
234,297
205,683
Total assets
$5,090,919
$5,039,154
INTEREST-BEARING LIABILITIES Time deposits
$745,945
$29,329
3.93%
$654,717
$19,462
2.97%
Brokered time deposits
25,389
1,108
4.36
132,895
6,204
4.67
Savings deposits
1,095,470
16,144
1.47
1,113,561
9,899
0.89
Demand deposits - interest bearing
1,396,193
34,588
2.48
1,415,425
27,541
1.95
Total interest-bearing deposits
3,262,997
81,169
2.49
3,316,598
63,106
1.90
Short term borrowings
293,488
14,105
4.81
160,964
8,357
5.19
Long term borrowings
87,749
4,090
4.66
88,439
4,086
4.62
Total borrowed funds
381,237
18,195
4.77
249,403
12,443
4.99
Total interest-bearing liabilities
3,644,234
99,364
2.73
3,566,001
75,549
2.12
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits - noninterest bearing
$981,115
$1,065,389
Other liabilities
58,134
50,302
Stockholders' equity
407,436
357,462
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$5,090,919
$5,039,154
Net interest income and interest rate spread
$130,848
2.01%
$140,588
2.35%
Net interest margin
2.69%
2.91%
(1) Interest and yields are calculated on a tax-equivalent
basis where applicable. (2) For 2024, adjustments of $322 thousand
and $2.2 million, respectively, were made to tax equate income on
tax exempt loans and tax exempt securities. For 2023, adjustments
of $268 thousand and $1.9 million, respectively, were made to tax
equate income on tax exempt loans and tax exempt securities. These
adjustments were based on a marginal federal income tax rate of
21%, less disallowances.
Reconciliation of Total Assets
to Tangible Assets For the Three Months Ended For the
Twelve MonthsEnded Dec. 31, Sept. 30, June
30, March 31, Dec. 31, Dec. 31, Dec.
31,
2024
2024
2024
2024
2023
2024
2023
Total Assets
$
5,118,924
$
5,236,503
$
5,156,853
$
5,080,010
$
5,078,350
$
5,118,924
$
5,078,350
Less Goodwill and other intangibles
188,200
188,340
188,970
189,599
190,288
188,200
190,288
Tangible Assets
$
4,930,724
$
5,048,163
$
4,967,883
$
4,890,411
$
4,888,062
$
4,930,724
$
4,888,062
Average Assets
5,159,901
5,134,062
5,044,516
5,023,966
4,980,314
5,090,919
5,039,154
Less average Goodwill and other intangibles
188,256
188,755
189,382
190,040
191,108
189,105
192,306
Average Tangible Assets
$
4,971,645
$
4,945,307
$
4,855,134
$
4,833,926
$
4,789,206
$
4,901,814
$
4,846,848
Reconciliation of Common Stockholders' Equity to
Tangible Common Equity For the Three Months Ended For
the Twelve MonthsEnded Dec. 31, Sept. 30, June
30, March 31, Dec. 31, Dec. 31, Dec.
31,
2024
2024
2024
2024
2023
2024
2023
Stockholders' Equity
$
406,028
$
439,678
$
396,694
$
397,026
$
404,415
$
406,028
$
404,415
Less Goodwill and other intangibles
188,200
188,340
188,970
189,599
190,288
188,200
190,288
Tangible Common Equity
$
217,828
$
251,338
$
207,724
$
207,427
$
214,127
$
217,828
$
214,127
Average Stockholders' Equity
428,646
417,327
387,881
395,549
324,332
407,436
357,462
Less average Goodwill and other intangibles
188,256
188,755
189,382
190,040
191,108
189,105
192,306
Average Tangible Common Equity
$
240,390
$
228,572
$
198,499
$
205,509
$
133,224
$
218,331
$
165,156
Reconciliation of Net Income, Less Merger and
Certain Items For the Three Months Ended For the
Twelve MonthsEnded Dec. 31, Sept. 30, June
30, March 31, Dec. 31, Dec. 31, Dec.
31,
2024
2024
2024
2024
2023
2024
2023
Net income
$
14,391
$
8,535
$
11,783
$
11,240
$
14,577
$
45,949
$
49,932
Acquisition related costs - after tax
82
0
0
0
358
82
4,395
Acquisition related provision - after tax
0
0
0
0
0
0
6,077
Employee severence - after tax
0
0
0
0
798
0
798
Lawsuit settlement expense - after tax
0
0
0
0
0
0
620
Net (gain) on loan sale - after tax
0
0
0
0
(723
)
0
(723
)
Net loss (gain) on asset/security sales - after tax
70
(32
)
407
1,675
171
2,120
698
Net income - Adjusted
$
14,543
$
8,503
$
12,190
$
12,915
$
15,181
$
48,151
$
61,797
Diluted EPS excluding merger and certain items
$
0.39
$
0.23
$
0.33
$
0.34
$
0.41
$
1.28
$
1.65
Return on Average Assets excluding merger and certain items
(Annualized)
1.13
%
0.66
%
0.97
%
1.03
%
1.22
%
0.95
%
1.23
%
Return on Average Equity excluding merger and certain items
(Annualized)
13.57
%
8.15
%
12.57
%
13.06
%
18.72
%
11.82
%
17.29
%
Return on Average Tangible Equity excluding acquisition costs and
certain items (Annualized)
24.20
%
14.88
%
24.56
%
25.14
%
45.58
%
22.05
%
37.42
%
Efficiency ratio excluding certain items
For the Three Months Ended For the Twelve MonthsEnded
Dec. 31, Sept. 30, June 30, March 31,
Dec. 31, Dec. 31, Dec. 31,
2024
2024
2024
2024
2023
2024
2023
Net interest income, tax equated
$
33,364
$
32,483
$
32,661
$
32,341
$
33,494
$
130,848
$
140,588
Noninterest income
11,413
12,340
9,606
8,357
12,156
41,716
41,861
Net (gain) on loan sale
0
0
0
0
(915
)
0
(915
)
Net loss (gain) on asset/security sales
89
(41
)
515
2,120
217
2,684
883
Net interest income and noninterest income adjusted
44,866
44,782
42,782
42,818
44,952
175,248
182,417
Noninterest expense less intangible amortization
25,260
26,446
25,773
26,351
26,394
103,830
108,361
Legal settlement expense
0
0
0
0
0
0
785
Employee severence
0
0
0
0
1,010
0
1,010
Acquisition related costs
92
0
0
0
452
92
5,475
Noninterest expense adjusted
25,168
26,446
25,773
26,351
24,932
103,738
101,091
Efficiency ratio excluding certain items
56.10
%
59.05
%
60.24
%
61.54
%
55.46
%
59.19
%
55.42
%
Net interest margin excluding acquisition marks
and PPP interest and fees For the Three Months Ended
For the Twelve MonthsEnded Dec. 31, Sept. 30,
June 30, March 31, Dec. 31, Dec. 31,
Dec. 31,
2024
2024
2024
2024
2023
2024
2023
Net interest income, tax equated
$
33,364
$
32,483
$
32,661
$
32,341
$
33,494
$
130,848
$
140,588
Acquisition marks
1,953
2,123
2,391
2,370
2,475
8,837
10,946
PPP interest and fees
0
0
1
1
1
2
5
Adjusted and annualized net interest income
125,644
121,440
121,076
119,880
124,072
122,009
129,637
Average earning assets
4,912,702
4,890,344
4,825,532
4,796,922
4,816,409
4,856,622
4,833,471
Less PPP average balances
112
118
171
213
229
153
254
Adjusted average earning assets
4,912,590
4,890,226
4,825,361
4,796,709
4,816,180
4,856,469
4,833,217
Net interest margin excluding marks and PPP interest and fees
2.56
%
2.48
%
2.51
%
2.50
%
2.58
%
2.51
%
2.68
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250127544471/en/
Kevin J. Helmick, President and CEO 20 South Broad Street, P.O.
Box 555 Canfield, OH 44406 330.533.3341 Email:
exec@farmersbankgroup.com
Farmers National Banc (NASDAQ:FMNB)
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