Farmers National Banc Corp. reported a net income of $13.6 million, or $0.36 per diluted share, for the first quarter of 2025, marking an increase from $11.2 million, or $0.30 per diluted share, in the same period of 2024. The company's total assets rose to $5.16 billion, up from $5.12 billion at the end of 2024. The increase in net income was attributed to a higher net interest income of $34.2 million, compared to $31.7 million in the prior year, driven by a 15 basis point improvement in the net interest margin, which reached 2.85%.
The company experienced a decrease in net loans, which fell to $3.25 billion from $3.27 billion, primarily due to reductions in commercial and construction loans. Total deposits increased to $4.48 billion, up from $4.27 billion, largely due to growth in interest-bearing deposits and the acquisition of $85 million in brokered time deposits. The allowance for credit losses decreased slightly to $35.5 million from $35.9 million, reflecting lower loan balances and adjustments in qualitative factors.
In terms of operational developments, Farmers National Banc Corp. completed the acquisition of Crest Retirement Advisors, LLC in December 2024, which contributed to an increase in retirement plan consulting fees to $798,000 in the first quarter of 2025, up from $617,000 in the same period of 2024. The company also reported a significant increase in noninterest income, which totaled $10.5 million, compared to $8.4 million in the previous year, driven by improved profitability across various fee-based services.
Looking ahead, Farmers National Banc Corp. anticipates continued volatility in the bond market and plans to manage its interest rate risk by adjusting its investment portfolio. The company remains committed to maintaining adequate liquidity and capital levels, with a common equity tier 1 capital ratio of 11.44% as of March 31, 2025, well above the regulatory minimum. Management believes that the current economic conditions and strategic initiatives will support ongoing growth and stability in the company's financial performance.
About FARMERS NATIONAL BANC CORP /OH/
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