Farmers National Banc Corp. reported a net income of $45.9 million for the fiscal year ending December 31, 2024, a decrease from $49.9 million in 2023. Earnings per diluted share also fell to $1.22 from $1.33 in the previous year. The company's net interest income declined to $128.4 million, down from $137.8 million in 2023, primarily due to increased funding costs associated with the Federal Reserve's rate hikes and an inverted yield curve. Total interest income rose to $227.7 million, driven by higher yields on loans and securities, while interest expense surged to $99.4 million, reflecting a significant increase in deposit costs.
In terms of strategic developments, Farmers National Banc Corp. completed its merger with Emclaire Financial Corp. on January 1, 2023, which expanded its footprint into Pennsylvania and added approximately $740.7 million in loans to its portfolio. The merger resulted in a goodwill of $72.9 million and was accompanied by merger-related costs of approximately $5.5 million in 2023. Additionally, Farmers Trust acquired Crest Retirement Advisors, LLC in December 2024 for $600,000, further enhancing its service offerings.
Operationally, the company reported total loans of $3.27 billion as of December 31, 2024, an increase from $3.20 billion in 2023. The loan portfolio remains heavily weighted towards commercial real estate and residential real estate, which together represent a significant portion of the company's assets. The allowance for credit losses increased to $35.9 million, reflecting growth in the loan portfolio and a rise in net charge-offs, which totaled $6.8 million in 2024 compared to $2.3 million in 2023.
Farmers National Banc Corp. continues to face challenges from a competitive banking environment, particularly in northeastern Ohio and western Pennsylvania, where it operates. The company reported a decline in noninterest income to $41.7 million in 2024, down from $41.9 million in 2023, with service charges on deposit accounts increasing due to fee adjustments. The outlook for 2025 remains cautious, with management emphasizing the need to balance growth with risk management amid ongoing economic uncertainties, including inflation and interest rate fluctuations. The company is committed to maintaining its capital ratios above regulatory requirements, ensuring it remains well-capitalized under the Basel III framework.
About FARMERS NATIONAL BANC CORP /OH/
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