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Farmers National Banc Corp. Reports Q3 2023 Net Income of USD 13.3m.

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M2 EQUITYBITES-October 26, 2023-Farmers National Banc Corp. Reports Q3 2023 Net Income of USD 13.3m

(C)2023 M2 COMMUNICATIONS http://www.m2.co.uk

Ohio, US-based Farmers National Banc Corp. (NASDAQ: FMNB) has reported net income of USD 13.3m, or USD 0.36 per diluted share, for the three months ended September 30, 2023, compared to USD 15.4m, or USD0.46 per diluted share, for the three months ended September 30, 2022, the company said.

Net income for the third quarter of 2023 included pretax items of USD 268,000 for acquisition related costs, USD 785,000 for the settlement of a lawsuit and combined net losses of USD 764,000 on the sale of securities and the sale of other assets.

Excluding these items (non-GAAP), net income for the third quarter of 2023 would have been USD 14.8 m, or USD 0.40 per diluted share.

Total assets at September 30, 2023, were USD 4.97 bn compared to USD 5.07 bn at June 30, 2023 and USD 4.08 bn at December 31, 2022.

The increase from December was primarily due to the acquisition of Emclaire Financial Corp., which added USD 1.05 bn in assets in the first quarter of 2023.

Loans (excluding loans held for sale) have increased by USD 763.8 m since December 31, 2022 and USD 13.4 m, or 1.7% annualised, since June 30, 2023. Emclaire was responsible for USD 740.7 m of the increase in loans since December 31, 2022.

Total customer deposits (excluding brokered time...

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