Farmers National Banc Corp. Reports Solid Earnings and Improving Margin for the Fourth Quarter of 2024
Farmers National Banc Corp. (FMNB) reported Q4 2024 net income of $14.4 million, or $0.38 per diluted share, compared to $14.6 million, or $0.39 per diluted share in Q4 2023. The company's net interest margin improved to 2.72% from 2.66% in Q3 2024, though down from 2.78% in Q4 2023.
Total assets stood at $5.12 billion, with loans at $3.27 billion and deposits at $4.27 billion. The company completed the acquisition of Crest Retirement Advisors in Dublin, OH, with wealth management assets reaching $4.2 billion. Non-performing loans increased to $22.8 million (0.70% of total loans), up from $19.1 million in Q3 2024.
The efficiency ratio improved to 56.4%, and the company maintained strong performance in fee-based businesses. Management expects continued net interest margin expansion in 2025 as funding costs decrease.
Farmers National Banc Corp. (FMNB) ha riportato un utile netto nel quarto trimestre 2024 di 14,4 milioni di dollari, ossia 0,38 dollari per azione diluita, rispetto a 14,6 milioni di dollari, o 0,39 dollari per azione diluita nel quarto trimestre 2023. Il margine di interesse netto dell'azienda è migliorato al 2,72% dal 2,66% nel terzo trimestre 2024, anche se in calo rispetto al 2,78% nel quarto trimestre 2023.
Il totale degli attivi si attestava a 5,12 miliardi di dollari, con prestiti pari a 3,27 miliardi di dollari e depositi a 4,27 miliardi di dollari. L'azienda ha completato l'acquisizione di Crest Retirement Advisors a Dublino, OH, con attivi nella gestione patrimoniale che raggiungono 4,2 miliardi di dollari. I prestiti in sofferenza sono aumentati a 22,8 milioni di dollari (0,70% del totale prestiti), in aumento rispetto ai 19,1 milioni di dollari nel terzo trimestre 2024.
Il rapporto di efficienza è migliorato al 56,4%, e l'azienda ha mantenuto una forte performance nelle attività basate su commissioni. La direzione prevede un ulteriore ampliamento del margine di interesse netto nel 2025 con la diminuzione dei costi di finanziamento.
Farmers National Banc Corp. (FMNB) reportó un ingreso neto de $14.4 millones en el cuarto trimestre de 2024, o $0.38 por acción diluida, en comparación con $14.6 millones, o $0.39 por acción diluida en el cuarto trimestre de 2023. El margen de interés neto de la compañía mejoró al 2.72% desde el 2.66% en el tercer trimestre de 2024, aunque cayó del 2.78% en el cuarto trimestre de 2023.
Los activos totales se situaron en $5.12 mil millones, con préstamos de $3.27 mil millones y depósitos de $4.27 mil millones. La compañía completó la adquisición de Crest Retirement Advisors en Dublín, OH, con activos en gestión patrimonial que alcanzan $4.2 mil millones. Los préstamos no rentables aumentaron a $22.8 millones (0.70% del total de préstamos), en comparación con $19.1 millones en el tercer trimestre de 2024.
El ratio de eficiencia mejoró al 56.4%, y la compañía mantuvo un sólido rendimiento en negocios basados en comisiones. La gestión espera continuar con la expansión del margen de interés neto en 2025 a medida que los costos de financiamiento disminuyan.
Farmers National Banc Corp. (FMNB)는 2024년 4분기 순이익이 1,440만 달러, 즉 희석 주당 0.38달러에 달했다고 보고했습니다. 이는 2023년 4분기 1,460만 달러, 즉 희석 주당 0.39달러와 비교됩니다. 회사의 순이자 마진은 2024년 3분기의 2.66%에서 2.72%로 개선되었지만, 2023년 4분기의 2.78%에 비해 하락했습니다.
총 자산은 51.2억 달러로, 대출은 32.7억 달러, 예금은 42.7억 달러에 달했습니다. 회사는 OH 주 더블린에 있는 Crest Retirement Advisors의 인수를 완료했으며, 자산 관리 규모는 42억 달러에 달합니다. 부실 대출은 2,280만 달러(총 대출의 0.70%)로 증가하였으며, 이는 2024년 3분기 1,910만 달러에서 증가한 수치입니다.
효율성 비율은 56.4%로 개선되었으며, 회사는 수수료 기반 사업에서도 강력한 실적을 유지했습니다. 경영진은 자금 조달 비용이 감소함에 따라 2025년에도 순이자 마진이 지속적으로 확대될 것으로 예상하고 있습니다.
Farmers National Banc Corp. (FMNB) a annoncé un bénéfice net de 14,4 millions de dollars pour le quatrième trimestre 2024, soit 0,38 dollars par action diluée, contre 14,6 millions de dollars, soit 0,39 dollars par action diluée au quatrième trimestre 2023. La marge d'intérêt nette de l'entreprise s'est améliorée à 2,72 % contre 2,66 % au troisième trimestre 2024, bien qu'elle soit en baisse par rapport à 2,78 % au quatrième trimestre 2023.
Les actifs totaux s'élevaient à 5,12 milliards de dollars, avec des prêts de 3,27 milliards de dollars et des dépôts de 4,27 milliards de dollars. L'entreprise a finalisé l'acquisition de Crest Retirement Advisors à Dublin, OH, avec des actifs en gestion de patrimoine atteignant 4,2 milliards de dollars. Les prêts non performants ont augmenté à 22,8 millions de dollars (0,70 % du total des prêts), contre 19,1 millions de dollars au troisième trimestre 2024.
Le ratio d'efficacité s'est amélioré à 56,4 %, et l'entreprise a maintenu une forte performance dans les activités basées sur les frais. La direction s'attend à une poursuite de l'expansion de la marge d'intérêt nette en 2025 à mesure que les coûts de financement diminuent.
Farmers National Banc Corp. (FMNB) meldete im 4. Quartal 2024 einen Nettoertrag von 14,4 Millionen Dollar, oder 0,38 Dollar pro verwässertem Anteil, verglichen mit 14,6 Millionen Dollar, oder 0,39 Dollar pro verwässertem Anteil im 4. Quartal 2023. Die Nettozinsspanne des Unternehmens verbesserte sich auf 2,72 % von 2,66 % im 3. Quartal 2024, fiel jedoch im Vergleich zu 2,78 % im 4. Quartal 2023.
Die Gesamtsumme der Vermögenswerte betrug 5,12 Milliarden Dollar, wobei die Kredite bei 3,27 Milliarden Dollar und die Einlagen bei 4,27 Milliarden Dollar lagen. Das Unternehmen hat die Übernahme von Crest Retirement Advisors in Dublin, OH, abgeschlossen, wobei die Vermögensverwaltung auf 4,2 Milliarden Dollar angewachsen ist. Die notleidenden Kredite stiegen auf 22,8 Millionen Dollar (0,70 % der Gesamtkredite), verglichen mit 19,1 Millionen Dollar im 3. Quartal 2024.
Die Effizienzquote verbesserte sich auf 56,4 %, und das Unternehmen erwies sich in den gebührenbasierten Geschäften als stark. Das Management erwartet, dass sich der Nettozinssatz im Jahr 2025 weiter ausdehnt, da die Finanzierungskosten sinken.
- Net interest margin improved to 2.72% from 2.66% in Q3 2024
- Efficiency ratio improved to 56.4%
- Wealth management assets increased to $4.2 billion
- 168 consecutive quarters of profitability
- Debit card income grew to $2.2 million from $1.7 million YoY
- Net income declined to $14.4 million from $14.6 million YoY
- Non-performing loans increased to $22.8 million from $19.1 million in Q3 2024
- Total deposits declined to $4.27 billion from $4.36 billion QoQ
- Noninterest income declined to $11.4 million from $12.2 million YoY
Insights
The Q4 2024 results showcase Farmers National's resilience in a challenging rate environment, with several key positive indicators:
- The improvement in net interest margin to
2.72% signals successful balance sheet management amid the Federal Reserve's rate-cutting cycle, with further expansion expected in 2025 as funding costs continue to reprice lower. - The efficiency ratio of
56.4% reflects strong cost control, with noninterest expenses declining by$0.8 million year-over-year. - The strategic acquisition of Crest Retirement Advisors expands the bank's fee-based revenue streams into the Columbus market, diversifying income sources.
However, credit quality metrics warrant attention, with non-performing loans increasing to
The
- 168 consecutive quarters of profitability
-
Net interest margin improved from
2.66% in the third quarter of 2024 to2.72% 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
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
Balance Sheet
Total assets were
Securities available for sale totaled
Total deposits declined to
Total stockholders’ equity declined to
Credit Quality
Non-performing loans increased to
The Company’s provision for credit losses and unfunded commitments totaled
Net Interest Income
The Company recorded
Noninterest Income
Noninterest income declined from
Income from service charges on deposit accounts increased
Noninterest Expense
Noninterest expense declined to
Liquidity
At December 31, 2024, the Company had access to an additional
About Farmers National Banc Corp.
Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in
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
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
| 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 Months Ended |
|||||||||||||||||||||||||
| 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 Months Ended |
|||||||||||||||||||||||||
| 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 Months Ended |
|||||||||||||||||||||||||
| 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) |
|
|
|
|
|
|
|
| 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 |
|
|
|||||
| INTEREST-BEARING LIABILITIES | |||||||
| Time deposits |
|
|
|
|
|
|
|
| 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 |
|
|
|||||
| Net interest income and interest rate spread |
|
|
|
|
|||
| Net interest margin |
|
|
|||||
| (1) Interest and yields are calculated on a tax-equivalent basis where applicable. | |||||||
| (2) For 2024, adjustments of |
|||||||
| 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) |
|
|
|
|
|
|
|
| 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 |
|
|
|||||
| INTEREST-BEARING LIABILITIES | |||||||
| Time deposits |
|
|
|
|
|
|
|
| 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 |
|
|
|||||
| Other liabilities | 58,134 |
50,302 |
|||||
| Stockholders' equity | 407,436 |
357,462 |
|||||
| TOTAL LIABILITIES AND | |||||||
| STOCKHOLDERS' EQUITY |
|
|
|||||
| Net interest income and interest rate spread |
|
|
|
|
|||
| Net interest margin |
|
|
|||||
| (1) Interest and yields are calculated on a tax-equivalent basis where applicable. | |||||||
| (2) For 2024, adjustments of |
|||||||
| Reconciliation of Total Assets to Tangible Assets | For the Three Months Ended | For the Twelve Months Ended |
|||||||||||||||||||
| 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 Months Ended |
|||||||||||||||||||
| 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 Months Ended |
|||||||||||||||||||
| 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 Months Ended |
|||||||||||||||||||
| 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 Months Ended |
|||||||||||||||||||
| 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
330.533.3341
Email: exec@farmersbankgroup.com
Source: Farmers National Banc Corp.
FAQ
What was FMNB's net income for Q4 2024?
How did FMNB's net interest margin change in Q4 2024?
What was FMNB's total asset value at the end of Q4 2024?
How much were FMNB's non-performing loans in Q4 2024?
What acquisition did FMNB complete in Q4 2024?
