Farmers National Banc Corp Stock Price, News & Analysis

Farmers National Banc Corp (FMNB) reported earnings of $0.19 per diluted share for Q1 2023, down from $0.47 per share in Q1 2022. Net income of $7.1 million reflects a decline from $15.8 million year-over-year. Excluding acquisition-related charges, earnings would have been $0.44 per share. The company successfully integrated Emclaire Financial Corp with total assets increasing to $5.11 billion. Farmers repurchased 850,799 shares, representing 2.2% of outstanding stock. The efficiency ratio was 53.5%, while return on average assets was 1.30%. The increase in customer deposits to $4.31 billion was driven by the Emlenton acquisition and organic growth. However, the company faces heightened competition and rising funding costs amidst a volatile interest rate environment.

Farmers National Banc Corp. (NASDAQ: FMNB) announced a new share repurchase program allowing the company to repurchase up to 1,000,000 shares of its common stock. This decision reflects the company's financial strength and commitment to enhancing shareholder value. Since the start of 2023, approximately $5.0 million worth of shares have already been repurchased. Additionally, annual dividends per share have increased from $0.38 to $0.68 since 2018, demonstrating a robust capital allocation strategy. The repurchase program replaces the previous one from 2019, which had approximately 198,336 shares remaining as of February 28, 2023.

Farmers National Banc Corp. (NASDAQ: FMNB) declared a quarterly cash dividend of $0.17 per share, marking a 6.25% increase year-over-year. The record date for the dividend is March 10, 2023, and it will be payable on March 31, 2023. Founded in 1887, Farmers National Banc Corp. has $4.1 billion in banking assets and operates through its wholly-owned subsidiaries, including The Farmers National Bank of Canfield and Farmers Trust Company, which offers comprehensive banking and wealth management services.

Farmers National Banc Corp. (FMNB) reported net income of $13.4 million for Q4 2022, compared to $5.7 million in Q4 2021, with diluted earnings per share reaching $0.39 ($0.42 excluding certain items). Total assets decreased to $4.08 billion from $4.12 billion in the previous quarter. The Company experienced loan growth of $5.2 million, driven by non-PPP loans. Despite a decline in customer deposits, total stockholders' equity rose to $292.3 million. The efficiency ratio improved to 51.1%. The recent acquisition of Emclaire Financial Corp. is expected to enhance market presence, increasing total bank assets to over $5 billion.

Farmers National Banc Corp. (NASDAQ: FMNB) has successfully completed the merger with Emclaire Financial Corp. (formerly NASDAQ: EMCF), enhancing its presence in Pennsylvania. This merger, part of Farmers' ongoing strategy, integrates Emlenton Bank into Farmers National Bank, expanding its banking assets to over $5 billion and wealth management assets to $2.9 billion. Key personnel from Emclaire, including William C. Marsh, have been integrated into Farmers’ management. The merger is expected to broaden Farmers’ service offerings in the region.