Farmers National Banc Corp. reports recurring developments in community banking, trust services, wealth management and insurance through its financial holding company structure. The company operates through The Farmers National Bank of Canfield, Farmers Trust Company and Farmers National Insurance, serving commercial and retail customers across Ohio and Pennsylvania.
Company news commonly covers quarterly earnings, net interest income and margin trends, loan and deposit activity, cash dividends, executive and board governance, and integration activity following the completed Middlefield Banc Corp. merger. Updates also address the branch franchise and the company’s trust and wealth management services.
Farmers National Banc Corp. (NASDAQ: FMNB) reported net income of $11.8 million, or $0.31 per diluted share, for Q2 2024. Excluding certain items, adjusted earnings were $12.2 million, or $0.33 per diluted share. The company experienced strong loan growth of $56.1 million (7.0% annualized) and sequential improvement in net interest income. Total assets reached $5.16 billion, with loans increasing to $3.24 billion. Asset quality remained strong with non-performing loans to total loans at 0.40%. The net interest margin declined to 2.71% due to increased funding costs. Noninterest income slightly increased to $9.6 million, while noninterest expense remained stable at $26.4 million. The company maintains a strong liquidity position with a loan-to-deposit ratio of 77.0%.
Farmers National Banc Corp. (NASDAQ: FMNB) announced a quarterly cash dividend of $0.17 per share on May 21, 2024.
The dividend will have a record date of June 14, 2024, and will be payable to shareholders on June 28, 2024.
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