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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. (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.
Farmers National Banc Corp. (FMNB) and Emclaire Financial Corp. (EMCF) have received necessary regulatory approvals for their merger. This merger will integrate Emclaire into Farmers National Banc Corp. through FMNB Merger Subsidiary V, LLC, and Emlenton Bank will merge with Farmers National Bank. The merger is aimed at enhancing operational efficiency and expanding market reach, with completion expected in January 2023.
Farmers National Banc Corp. (FMNB) and Emclaire Financial Corp. (EMCF) announced regulatory approvals for their merger, expected to finalize in January 2023. The merger consolidates Emclaire’s Farmers National Bank of Emlenton into Farmers National Bank. The deal, initiated on March 23, 2023, aims to enhance market presence and operational efficiency. Farmers National Banc Corp. has $4.1 billion in banking assets and a wealth management portfolio worth $2.9 billion as of September 30, 2022.
On November 16, 2022, Emclaire Financial Corp (NASDAQ: EMCF) declared a quarterly cash dividend of $0.31 per common share, payable on December 16, 2022, to shareholders of record on December 1, 2022. This dividend reflects an annualized yield of 3.7% based on the stock's closing price of $33.87 on November 15, 2022. Chairman William C. Marsh noted that this dividend is a sign of the corporation's strong financial performance and growth over recent quarters.
Farmers National Banc Corp. (NASDAQ: FMNB) reported third quarter 2022 net income of $15.4 million, down from $16.0 million in 2021. Diluted earnings per share fell to $0.46 from $0.56 YoY. Excluding certain items, EPS would be $0.48. Loan growth was $27.3 million, or 4.6% annualized. The company experienced lower noninterest income, totaling $8.8 million, and increased expenses due to acquisitions and merger costs. Net interest income rose to $31.8 million. Regulatory approval for the pending acquisition of Emclaire Financial Corp. is expected soon.
The Board of Directors of Emclaire Financial Corp (NASDAQ: EMCF) declared a quarterly cash dividend of $0.31 per common share on August 17, 2022, payable on September 23, 2022, to shareholders of record on September 1, 2022. This reflects an annualized dividend yield of 3.7% based on the closing price of $33.80 on August 16, 2022. CEO William C. Marsh noted that this dividend demonstrates the Corporation’s ongoing growth and strong financial performance.
Farmers National Banc Corp. (NASDAQ: FMNB) reported a net income of $16.0 million for Q2 2022, up from $15.6 million year-over-year. Diluted earnings per share were $0.47, down from $0.55 in Q2 2021. Excluding certain items, EPS would be $0.49. Loan growth reached $89.6 million, or 15.7% annually, while the efficiency ratio improved to 48.5%. However, total stockholders' equity fell to $321.4 million, influenced by declines in available-for-sale securities due to rising U.S. treasury rates, impacting tangible book value.
Farmers National Banc Corp. and Emclaire Financial Corp. announced shareholder approval for their merger, with over 98% voting in favor. The merger will see Emclaire merge into Farmers' subsidiary. Shareholders can choose either 2.15 shares of Farmers stock or $40 cash for each Emclaire share, with 70% expected to opt for stock. Completion is anticipated in Q3 2022, pending regulatory approval. This strategic merger aims to enhance community banking strength and provide stability for customers.
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