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Farmers National Banc Corp. (FMNB-1.49%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net income of $45.9 million for 2024, compared to $49.9 million in 2023. The earnings per diluted share were $1.22, down from $1.33 in the previous year.
Net interest income decreased to $128.4 million in 2024 from $137.8 million in 2023, with the net interest margin declining from 2.91% to 2.69%. This was attributed to increased funding costs and an inverted U.S. treasury yield curve.
Total interest income rose to $227.7 million, primarily due to higher yields on loans and securities. Interest expense increased to $99.4 million, driven by higher deposit costs and increased borrowed funds.
Noninterest income slightly declined to $41.7 million from $41.9 million. Service charges on deposit accounts increased, while security losses rose to $2.6 million.
Noninterest expense decreased to $106.7 million from $111.8 million, largely due to reduced merger-related costs. Salaries and employee benefits rose to $58.9 million.
The provision for credit losses was $8.0 million, down from $9.2 million in 2023. The allowance for credit losses increased to $35.9 million, reflecting loan portfolio growth.
Total deposits grew to $4.3 billion, with noninterest-bearing deposits declining as customers shifted to interest-bearing accounts. Short-term borrowings decreased by $50 million.
Farmers National Banc Corp. reported total assets of $5.1 billion at year-end 2024, with stockholders' equity increasing slightly to $406.0 million.
The company continues to focus on managing interest rate risk and maintaining liquidity, with a significant portion of assets in securities and loans.
Farmers National Banc Corp. remains well-capitalized under regulatory standards, with capital ratios above the required minimums.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Farmers National Banc Corp. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.