Financial Performance - Net income for Q3 2024 was $8.5 million, or $0.23 per diluted share, down from $13.3 million, or $0.36 per diluted share in Q3 2023[1]. - Net income for Q3 2024 was $8,535,000, a decrease of 10.7% from $13,314,000 in Q3 2023[15]. - Net income for the three months ended September 30, 2024, was $8,535 million, a decrease from $11,783 million in the previous quarter, reflecting a decline of about 27.5%[22]. - Diluted EPS excluding merger and certain items for the three months ended September 30, 2024, was $0.23, down from $0.33 in the previous quarter, indicating a decrease of approximately 30.3%[22]. - Return on average equity (annualized) decreased to 8.18% in Q3 2024 from 17.98% in Q3 2023[15]. - Return on average equity excluding merger and certain items (annualized) was 8.15% for the three months ended September 30, 2024, down from 12.57% in the previous quarter, a decline of approximately 35.5%[22]. Asset and Equity Growth - Total assets increased to $5.24 billion at September 30, 2024, up from $5.16 billion at June 30, 2024[2]. - Total assets increased to $5,236,503,000 as of September 30, 2024, compared to $4,971,163,000 a year earlier[15]. - Total stockholders' equity rose to $439.7 million at September 30, 2024, compared to $396.7 million at June 30, 2024[4]. - Stockholders' equity rose to $400,315, up from $368,627 in the previous year[20]. - Average tangible assets increased to $4,945,307 million as of September 30, 2024, compared to $4,866,260 million a year ago, showing an increase of about 1.6%[21]. Loan and Deposit Activity - Overall loan growth was $43.1 million, or 5.3% annualized, for Q3 2024, driven by commercial loan growth of $35.2 million[1][2]. - Customer deposits grew by $81.1 million, or 7.7% annualized, for Q3 2024, reaching a total of $4.36 billion[1][4]. - Total deposits rose to $4,361,837,000 in Q3 2024, up from $4,177,386,000 in Q3 2023[15]. - Loans averaged $3,212,799 with an interest income of $138,746, reflecting a yield of 5.76% compared to $3,144,817 and 5.40% in the same period of 2023[20]. - Loans to Deposits ratio decreased to 75.21% from 76.97% in the previous quarter[16]. Income and Expense Analysis - Noninterest income increased to $12.3 million in Q3 2024, compared to $9.8 million in Q3 2023, reflecting strong growth in fee-based business lines[8]. - Noninterest income rose to $12,340,000 in Q3 2024, up from $9,831,000 in Q3 2023, marking a 2.0% increase[15]. - Total noninterest expense was $27,075 million, an increase from $26,403 million in the previous quarter[18]. - Efficiency ratio excluding certain items improved to 59.05% for the three months ended September 30, 2024, compared to 60.24% in the previous quarter, indicating enhanced operational efficiency[22]. Credit Quality and Provisions - The provision for credit losses totaled $7.0 million for Q3 2024, significantly higher than $243,000 in Q3 2023, due to increased net charge-offs[6]. - Provision for credit losses increased to $7,008,000 in Q3 2024, compared to a credit of $449,000 in Q3 2023[15]. - Non-performing loans increased to $19.1 million, or 0.58% of total loans, at September 30, 2024, up from 0.40% at June 30, 2024[5]. - Non-performing loans rose to $19,076 million, compared to $12,870 million in the previous quarter[16]. - Net Charge-offs increased to $4,612 million from $563 million in the previous quarter[16]. Interest Income and Margins - Total interest income for Q3 2024 was $57,923,000, an increase of 7.3% compared to $54,229,000 in Q3 2023[15]. - Net interest income for Q3 2024 was $31.9 million, down from $33.8 million in Q3 2023, with a net interest margin of 2.66%[7]. - Net interest income decreased by 8.9% to $31,876,000 in Q3 2024 from $33,768,000 in Q3 2023[15]. - Net interest margin excluding marks and PPP interest and fees was 2.48% for the three months ended September 30, 2024, down from 2.51% in the previous quarter, indicating a decrease of approximately 1.2%[23]. - Adjusted and annualized net interest income for the three months ended September 30, 2024, was $121,440 million, up from $120,799 million in the previous quarter, reflecting a slight increase of about 0.5%[23].
Farmers National Banc(FMNB) - 2024 Q3 - Quarterly Results