EX-99.1

Exhibit 99.1

April 16, 2025

Press Release

Source:

Farmers National Banc Corp.

Kevin J. Helmick, President and CEO

20 South Broad Street, P.O. Box 555

Canfield, OH 44406

330.533.3341

Email: [email protected]

FARMERS NATIONAL BANC CORP. REPORTS EARNINGS FOR FIRST QUARTER OF 2025

•

169 consecutive quarters of profitability

•

Opened a commercial loan production office in Columbus at the end of the first quarter

•

Net interest margin increased from 2.70% in the first quarter of 2024 to 2.85% in the first quarter of 2025

•

Efficiency ratio improved to 59.6% in the first quarter of 2025 compared to the first quarter of 2024

•

Restructured $23.8 million of available for sale securities in March with a 260 basis point pickup in reinvestment yield

•

Credit metrics remain solid with non-performing loans to loans ratio falling to 0.64% at March 31, 2025

•

Annualized net charge-offs as a percentage of average loans were only 4 basis points in the first quarter of 2025

CANFIELD, Ohio (April 16, 2025) – Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today reported net income of $13.6 million, or $0.36 per diluted share, for the first quarter of 2025 compared to $11.2 million, or $0.30 per diluted share, for the first quarter of 2024. Net income for the first quarter of 2025 included pretax losses on the sale of investments securities and other assets totaling $1.3 million. Excluding these items (non-GAAP), net income for the first quarter of 2025 was $14.6 million, or $0.39 per diluted share.

Kevin J. Helmick, President and CEO, stated “We entered 2025 from a position of strength with a legacy of profitability, strong asset quality and robust liquidity levels. As near-term economic uncertainty has picked up recently, we are well positioned to support our Ohio and Pennsylvania communities, while making strategic investments across our business and adding proven bankers to our team. The most recent of those strategic investments is the Company’s exciting entrance into the growth market of greater Columbus.”

Balance Sheet

Total assets increased by $38.1 million in the first quarter of 2025 to $5.16 billion from $5.12 billion at December 31, 2024. Loans declined slightly to $3.25 billion at March 31, 2025 from $3.27 billion at December 31, 2024. The decrease from the prior quarter was primarily due to declines in C&I and CRE lending as rising business uncertainty has reduced origination activity. The pipeline for the second quarter currently shows improvement but the introduction of tariffs adds more uncertainty to the decision making of borrowers.

The Company had securities available for sale totaling $1.28 billion as of March 31, 2025, compared to $1.27 billion at December 31, 2024. Net unrealized losses on the portfolio totaled $223.7 million at March 31, 2025, compared to $244.1 million at December 31, 2024. The Company also restructured $23.8 million of available for sale securities and reinvested the proceeds into securities with yields approximately 260 basis points higher than those sold. The earn back on the $1.3 million loss that was incurred on the sale is approximately 2.2 years. The Company anticipates continued volatility in the bond market in 2025.

Total deposits increased to $4.48 billion at March 31, 2025, from $4.27 billion at December 31, 2024. This $214.5 million increase was driven by an increase of $85.0 million in brokered CDs along with an increase in customer deposits of $129.5 million. The majority of the increase in customer deposits was driven by seasonal growth in public funds which totaled $106.3 million for the quarter.

Total stockholders’ equity increased to $429.1 million at March 31, 2025, from $406.0 million at December 31, 2024. The increase was due to a reduction in the unrealized losses on investments securities of $16.0 million along with an increase in retained earnings of $7.2 million due to $13.6 million of net income recognized during the quarter offset by dividends paid on outstanding common shares.

Credit Quality

Non-performing loans declined to $20.7 million at March 31, 2025, compared to $22.8 million at December 31, 2024. The Company continues to actively manage its level of non-performing loans and designated a single non-performing loan relationship totaling $1.8 million to “loans held for sale” during the first quarter of 2025. The Company expects a sale of the relationship to close in the second quarter of 2025. Non-performing loans to total loans were 0.64% at March 31, 2025, compared to 0.70% at December 31, 2024. The Company’s loans which were 30-89 days delinquent were $11.2 million at March 31, 2025, compared to $13.0 million at December 31, 2024, or 0.34% of total loans at March 31, 2025.

The Company’s provision for credit losses and unfunded commitments was a recovery of $204,000 for the first quarter of 2025 compared to a recovery of $449,000 for the first quarter of 2024. The recovery in the first quarter of 2025 was driven primarily by a recovery related to the provision for unfunded commitments. Annualized net charge-offs as a percentage of average loans were 0.04% for the first quarter of 2025, compared to 0.13% for the first quarter of 2024. The allowance for credit losses to total loans was 1.09% at March 31, 2025, compared to 1.10% at December 31, 2024.

Net Interest Income

The Company recorded $34.2 million in net interest income in the first quarter of 2025 compared to $31.7 million in the first quarter of 2024. Average interest earning assets increased to $4.89 billion in the first quarter of 2025 compared to $4.80 billion in the first quarter of 2024. The increase was primarily driven by an increase in average loan balances of $80.6 million. The net interest margin improved to 2.85% in the first quarter of 2025 from 2.70% in the first quarter of 2024. The year-over-year increase in net interest margin was due to higher yields on earning assets and lower funding costs on interest bearing liabilities. The current rate cutting cycle by the Federal Reserve that began in September of 2024 has had a significant impact on funding costs while the lag effects of assets repricing continue to drive earning asset yields higher. The yield on interest earning assets increased from 4.65% in the first quarter of 2024 to 4.74% in the first quarter of 2025 with both loans and securities showing increased yields. Interest bearing liabilities declined from 2.61% in the first quarter of 2024 to 2.52% in the first quarter of 2025. The Company expects its net interest margin will continue to expand in 2025 but the degree of expansion will depend on future Federal Reserve cuts to the fed funds rate. Excluding acquisition marks and PPP interest, non-GAAP, the Company’s net interest margin was 2.67% in the first quarter of 2025 compared to 2.50% in the first quarter of 2024.

Noninterest Income

Noninterest income increased from $8.4 million in the first quarter of 2024 to $10.5 million in the first quarter of 2025 due to improved profitability across all fee based lines of business and a lower level of losses on the sale of available for sale securities. Service charge income on deposit accounts increased $175,000 to $1.8 million in the first quarter of 2025 compared to $1.6 million for the first quarter in 2024. The Company undertook a review of all service charges in late 2023 and early 2024 and implemented fee increases across deposit product lines in the second quarter of 2024. Bank owned life insurance income increased $103,000 during the first quarter of 2025 to $810,000 compared to $707,000 in the first quarter of 2024. The Company purchased an additional $15.0 million in policies during the first quarter of 2025 and policy crediting rates have increased over the last twelve months. Trust fees increased to $2.6 million in the first quarter of 2025 compared to $2.5 million in the first quarter of 2024. The increase was due to continued growth in the business unit. Insurance agency commissions increased to $1.7 million in the first quarter of 2025 from $1.5 million in the first quarter of 2024. Annuity sales continue to drive growth. Losses on the sale of available for sale securities declined to $1.3 million in the first quarter of 2025 from a loss of $2.1 million in the first quarter of 2024. The bank restructured $23.8 million at the end of the first quarter of 2025 resulting in the loss realized on the sale. Retirement plan consulting fees increased to $798,000 in the first quarter of 2025 from $617,000 in the first quarter of 2024 primarily due to the acquisition of Crest Retirement Advisors LLC in late December of 2024. Debit card income grew from $1.6 million in the first quarter of 2024 to $1.9 million in the first quarter of 2025 as better volumes were realized in the current period.

Noninterest Expense

Noninterest expense increased to $28.5 million in the first quarter of 2025 compared to $27.0 million in the first quarter of 2024. Salaries and employee benefits increased to $16.2 million in the first quarter of 2025, from $15.1 million for the first quarter of 2024. The increase was primarily driven by annual raises, the acquisition of Crest Retirement in the fourth quarter of 2024 and higher commission expense from increased revenue in the fee-based businesses. Occupancy and equipment expense increased to $4.1 million in the first quarter of 2025 from $3.7 million in the first quarter of 2024 due to increased maintenance costs in 2025, the result of more severe winter weather along with timing differences. Core processing expense increased $262,000 from the first quarter of 2024 to $1.4 million in the first quarter of 2025. The increase was due to annual increases and timing differences. Other noninterest expense declined to $3.2 million in the first quarter of 2025 from $3.4 million in the first quarter of 2024. Several categories of expense showed declines as the Company continues to implement various cost saving initiatives.

Liquidity

The Company had access to an additional $749.3 million in FHLB borrowing capacity at March 31, 2025, along with $319.8 million in available for sale securities that are available for pledging. The Company’s loan to deposit ratio was 72.6% at March 31, 2025 while the Company’s average deposit balance per account (excluding collateralized deposits) was $25,741 for the same period.

About Farmers National Banc Corp.

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $5.2 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 62 banking locations in Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver, Butler, Allegheny, Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford Counties in Pennsylvania, and Farmers Trust Company, which operates trust offices and offers services in the same geographic markets. Total wealth management assets under care at March 31, 2025 are $4.3 billion. Farmers National Insurance, LLC, a wholly-owned subsidiary of The Farmers National Bank of Canfield, offers a variety of insurance products.

Non-GAAP Disclosure

This press release includes disclosures of Farmers’ tangible common equity ratio, return on average tangible assets, return on average tangible equity, net income excluding costs related to acquisition activities and certain items, return on average assets excluding merger costs and certain items, return on average equity excluding merger costs and certain items, net interest margin excluding acquisition marks and related accretion and PPP interest and fees and efficiency ratio less certain items, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures to their GAAP equivalents are included in the tables following Consolidated Financial Highlights below.

Cautionary Statements Regarding Forward-Looking Statements

We make statements in this news release and our related investor conference call, and we may from time to time make other statements, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in certain forward-looking statements include significant changes in near-term local, regional, and U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, U.S. and foreign country tariff policies, and possibility of a recession; and the other factors contained in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Farmers National Banc Corp. and Subsidiaries

Consolidated Financial Highlights

(Amounts in thousands, except per share results) Unaudited

Consolidated Statements of Income


	For the Three Months Ended
	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
Total interest income	$	57,305		$	57,909		$	57,923		$	56,846		$	55,054
Total interest expense		23,110			25,170			26,047			24,780			23,367

Net interest income		34,195			32,739			31,876			32,066			31,687
Provision (credit) for credit losses		(204	)		295			7,008			1,112			(449	)
Noninterest income		10,481			11,413			12,340			9,606			8,357
Acquisition related costs		0			92			0			0			0
Other expense		28,526			26,082			27,075			26,403			27,039

Income before income taxes		16,354			17,683			10,133			14,157			13,454
Income taxes		2,776			3,292			1,598			2,374			2,214

Net income	$	13,578		$	14,391		$	8,535		$	11,783		$	11,240

Average diluted shares outstanding		37,381			37,616			37,567			37,487			37,479
Basic earnings per share		0.36			0.38			0.23			0.32			0.30
Diluted earnings per share		0.36			0.38			0.23			0.31			0.30
Cash dividends per share		0.17			0.17			0.17			0.17			0.17
Performance Ratios
Net Interest Margin (Annualized)		2.85	%		2.72	%		2.66	%		2.71	%		2.70	%
Efficiency Ratio (Tax equivalent basis)		59.60	%		56.42	%		58.47	%		60.80	%		61.54	%
Return on Average Assets (Annualized)		1.06	%		1.12	%		0.66	%		0.93	%		0.90	%
Return on Average Equity (Annualized)		13.12	%		13.43	%		8.18	%		12.15	%		11.47	%
Other Performance Ratios (Non-GAAP)
Return on Average Tangible Assets		1.10	%		1.16	%		0.69	%		0.97	%		0.93	%
Return on Average Tangible Equity		24.02	%		23.95	%		14.94	%		23.74	%		21.88	%

Consolidated Statements of Financial Condition
	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and cash equivalents	$	113,256		$	85,738		$	189,136		$	180,987		$	148,630
Debt securities available for sale		1,281,413			1,266,553			1,293,350			1,246,730			1,270,149
Other investments		40,334			45,405			33,617			37,594			34,619
Loans held for sale		2,973			5,005			2,852			2,577			1,854
Loans		3,251,391			3,268,346			3,280,517			3,237,369			3,181,318
Less allowance for credit losses		35,549			35,863			36,186			33,991			33,159

Net Loans		3,215,842			3,232,483			3,244,331			3,203,378			3,148,159

Other assets		503,222			483,740			473,217			485,587			476,599

Total Assets	$	5,157,040		$	5,118,924		$	5,236,503		$	5,156,853		$	5,080,010

Liabilities and Stockholders’ Equity
Deposits
Noninterest-bearing	$	979,142		$	965,507		$	969,682		$	968,693		$	977,475
Interest-bearing		3,342,182			3,226,321			3,317,223			3,237,142			3,220,650
Brokered time deposits		159,964			74,951			74,932			0			0

Total deposits		4,481,288			4,266,779			4,361,837			4,205,835			4,198,125
Other interest-bearing liabilities		188,275			391,150			371,038			494,890			433,777
Other liabilities		58,343			54,967			63,950			59,434			51,082

Total liabilities		4,727,906			4,712,896			4,796,825			4,760,159			4,682,984
Stockholders’ Equity		429,134			406,028			439,678			396,694			397,026

Total Liabilities and Stockholders’ Equity	$	5,157,040		$	5,118,924		$	5,236,503		$	5,156,853		$	5,080,010

Period-end shares outstanding		37,615			37,586			37,574			37,575			37,546
Book value per share	$	11.41		$	10.80		$	11.70		$	10.56		$	10.57
Tangible book value per share (Non-GAAP)*		6.42			5.80			6.69			5.53			5.52

*	Tangible book value per share is calculated by dividing tangible common equity by outstanding shares


	For the Three Months Ended
Capital and Liquidity	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
Common Equity Tier 1 Capital Ratio (a)		11.48	%		11.14	%		10.91	%		10.94	%		10.88	%
Total Risk Based Capital Ratio (a)		14.88	%		14.55	%		14.34	%		14.42	%		14.38	%
Tier 1 Risk Based Capital Ratio (a)		11.97	%		11.62	%		11.39	%		11.43	%		11.37	%
Tier 1 Leverage Ratio (a)		8.54	%		8.36	%		8.20	%		8.26	%		8.19	%
Equity to Asset Ratio		8.32	%		7.93	%		8.40	%		7.69	%		7.82	%
Tangible Common Equity Ratio (b)		4.86	%		4.42	%		4.98	%		4.18	%		4.24	%
Net Loans to Assets		62.36	%		63.15	%		61.96	%		62.12	%		61.97	%
Loans to Deposits		72.55	%		76.60	%		75.21	%		76.97	%		75.78	%
Asset Quality
Non-performing loans	$	20,724		$	22,818		$	19,076		$	12,870		$	11,951
Non-performing assets		20,902			22,903			19,137			12,975			12,215
Loans 30 - 89 days delinquent		11,192			13,032			15,562			18,546			14,069
Charged-off loans		698			928			5,116			661			1,282
Recoveries		362			293			504			98			271
Net Charge-offs		336			635			4,612			563			1,011
Annualized Net Charge-offs to Average Net Loans		0.04	%		0.08	%		0.58	%		0.07	%		0.13	%
Allowance for Credit Losses to Total Loans		1.09	%		1.10	%		1.10	%		1.05	%		1.04	%
Non-performing Loans to Total Loans		0.64	%		0.70	%		0.58	%		0.40	%		0.38	%
Loans 30 - 89 Days Delinquent to Total Loans		0.34	%		0.40	%		0.47	%		0.57	%		0.44	%
Allowance to Non-performing Loans		171.54	%		157.17	%		189.69	%		264.11	%		277.46	%
Non-performing Assets to Total Assets		0.41	%		0.45	%		0.37	%		0.25	%		0.24	%

(a)	March 31, 2025 ratio is estimated

(b)	This is a non-GAAP financial measure. A reconciliation to GAAP is shown below


	For the Three Months Ended
End of Period Loan Balances	March 31, 2025			Dec. 31, 2024		Sept. 30, 2024			June 30, 2024			March 31, 2024
Commercial real estate	$	1,370,661		$	1,382,714	$	1,372,374		$	1,348,675		$	1,339,372
Commercial		336,600			349,966		358,247			343,694			335,747
Residential real estate		846,639			845,081		852,444			849,561			836,252
HELOC		161,991			158,014		155,967			151,511			143,696
Consumer		257,310			259,954		269,231			268,606			256,846
Agricultural loans		267,737			262,392		261,773			265,035			260,425

Total, excluding net deferred loan costs	$	3,240,938		$	3,258,121	$	3,270,036		$	3,227,082		$	3,172,338


	For the Three Months Ended
End of Period Customer Deposit Balances	March 31, 2025			Dec. 31, 2024		Sept. 30, 2024			June 30, 2024			March 31, 2024
Noninterest-bearing demand	$	979,142		$	965,507	$	969,682		$	968,693		$	977,474
Interest-bearing demand		1,468,424			1,366,255		1,453,288			1,380,266			1,381,383
Money market		718,083			682,558		676,664			677,058			646,308
Savings		416,162			414,796		418,771			433,166			452,949
Certificate of deposit		739,512			762,712		768,500			746,652			740,011

Total customer deposits	$	4,321,323		$	4,191,828	$	4,286,905		$	4,205,835		$	4,198,125


	For the Three Months Ended
Noninterest Income	March 31, 2025			Dec. 31, 2024		Sept. 30, 2024			June 30, 2024			March 31, 2024
Service charges on deposit accounts	$	1,758		$	1,890	$	1,992		$	1,846		$	1,583
Bank owned life insurance income, including death benefits		810			613		688			652			707
Trust fees		2,641			2,700		2,544			2,345			2,510
Insurance agency commissions		1,741			1,273		1,416			1,255			1,528
Security gains (losses), including fair value changes for equity securities		(1,313	)		10		(403	)		(124	)		(2,120	)
Retirement plan consulting fees		798			719		677			623			617
Investment commissions		529			621		476			478			432
Net gains on sale of loans		326			282		506			417			297
Other mortgage banking fee income (loss), net		147			285		(168	)		192			125
Debit card and EFT fees		1,866			2,164		1,993			1,760			1,567
Other noninterest income		1,178			856		2,619			162			1,111

Total Noninterest Income	$	10,481		$	11,413	$	12,340		$	9,606		$	8,357


	For the Three Months Ended
Noninterest Expense	March 31, 2025		Dec. 31, 2024		Sept. 30, 2024		June 30, 2024		March 31, 2024
Salaries and employee benefits	$	16,166	$	14,424	$	14,874	$	14,558	$	15,069
Occupancy and equipment		4,138		4,075		3,968		3,815		3,730
FDIC insurance and state and local taxes		1,262		1,019		1,480		1,185		1,345
Professional fees		1,196		785		1,084		1,194		1,254
Merger related costs		0		92		0		0		0
Advertising		456		192		435		445		431
Intangible amortization		735		914		629		630		688
Core processing charges		1,397		1,202		1,186		1,099		1,135
Other noninterest expenses		3,176		3,471		3,419		3,477		3,387

Total Noninterest Expense	$	28,526	$	26,174	$	27,075	$	26,403	$	27,039

Average Balance Sheets and Related Yields and Rates

(Dollar Amounts in Thousands)


	Three Months Ended March 31, 2025							Three Months Ended March 31, 2024
	AVERAGE BALANCE		INTEREST (1)		YIELD/ RATE (1)			AVERAGE BALANCE		INTEREST (1)		YIELD/ RATE (1)
EARNING ASSETS
Loans (2)	$	3,261,908	$	46,810		5.74	%	$	3,181,337	$	45,096		5.67	%
Taxable securities		1,135,580		7,096		2.50			1,101,347		6,415		2.33
Tax-exempt securities (2)		377,078		2,990		3.17			408,075		3,208		3.14
Other investments		44,170		541		4.90			34,406		362		4.21
Federal funds sold and other		73,575		510		2.77			71,757		626		3.49

Total earning assets		4,892,311		57,947		4.74			4,796,922		55,707		4.65
Nonearning assets		226,456							227,044

Total assets	$	5,118,767						$	5,023,966

INTEREST-BEARING LIABILITIES
Time deposits	$	733,406	$	6,632		3.62	%	$	736,932	$	7,048		3.83	%
Brokered time deposits		143,393		1,538		4.29			0		0		0.00
Savings deposits		1,115,259		4,012		1.44			1,084,579		3,598		1.33
Demand deposits - interest bearing		1,377,522		7,535		2.19			1,345,311		7,743		2.30

Total interest-bearing deposits		3,369,580		19,717		2.34			3,166,822		18,389		2.32
Short term borrowings		218,444		2,417		4.43			324,791		3,939		4.85
Long term borrowings		86,209		976		4.53			88,721		1,038		4.68

Total borrowed funds		304,653		3,393		4.45			413,512		4,977		4.81

Total interest-bearing liabilities		3,674,233		23,110		2.52			3,580,334		23,366		2.61
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand deposits - noninterest bearing		977,619							995,168
Other liabilities		52,894							52,915
Stockholders’ equity		414,021							395,549

TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY	$	5,118,767						$	5,023,966


Net interest income and interest rate spread			$	34,837		2.22	%			$	32,341		2.04	%

Net interest margin						2.85	%						2.70	%

(1)	Interest and yields are calculated on a tax-equivalent basis where applicable.

(2)

For 2025, adjustments of $103 thousand and $539 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2024, adjustments of $80 thousand and $573 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances.


Reconciliation of Total Assets to Tangible Assets	For the Three Months Ended
	March 31, 2025		Dec. 31, 2024		Sept. 30, 2024		June 30, 2024		March 31, 2024
Total Assets	$	5,157,040	$	5,118,924	$	5,236,503	$	5,156,853	$	5,080,010
Less Goodwill and other intangibles		187,466		188,200		188,340		188,970		189,599

Tangible Assets	$	4,969,574	$	4,930,724	$	5,048,163	$	4,967,883	$	4,890,411

Average Assets		5,118,767		5,159,901		5,134,062		5,044,516		5,023,966
Less average Goodwill and other intangibles		187,947		188,256		188,755		189,382		190,040

Average Tangible Assets	$	4,930,820	$	4,971,645	$	4,945,307	$	4,855,134	$	4,833,926


Reconciliation of Common Stockholders’ Equity to Tangible Common Equity	For the Three Months Ended
	March 31, 2025		Dec. 31, 2024		Sept. 30, 2024		June 30, 2024		March 31, 2024
Stockholders’ Equity	$	429,134	$	406,028	$	439,678	$	396,694	$	397,026
Less Goodwill and other intangibles		187,466		188,200		188,340		188,970		189,599

Tangible Common Equity	$	241,668	$	217,828	$	251,338	$	207,724	$	207,427

Average Stockholders’ Equity		414,021		428,646		417,327		387,881		395,549
Less average Goodwill and other intangibles		187,947		188,256		188,755		189,382		190,040

Average Tangible Common Equity	$	226,074	$	240,390	$	228,572	$	198,499	$	205,509


Reconciliation of Net Income, Less Merger and Certain Items	For the Three Months Ended
	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
Net income	$	13,578		$	14,391		$	8,535		$	11,783		$	11,240
Acquisition related costs - after tax		0			82			0			0			0
Net loss (gain) on asset/security sales - after tax		1,056			70			(32	)		407			1,675

Net income - Adjusted	$	14,634		$	14,543		$	8,503		$	12,190		$	12,915

Diluted EPS excluding merger and certain items	$	0.39		$	0.39		$	0.23		$	0.33		$	0.34

Return on Average Assets excluding merger and certain items (Annualized)		1.14	%		1.13	%		0.66	%		0.97	%		1.03	%
Return on Average Equity excluding merger and certain items (Annualized)		14.14	%		13.57	%		8.15	%		12.57	%		13.06	%
Return on Average Tangible Equity excluding acquisition costs and certain items (Annualized)		25.89	%		24.20	%		14.88	%		24.56	%		25.14	%

Efficiency ratio excluding certain items	For the Three Months Ended
	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
Net interest income, tax equated	$	34,837		$	33,364		$	32,483		$	32,661		$	32,341
Noninterest income		10,481			11,413			12,340			9,606			8,357
Net (gain) on loan sale		0			0			0			0			0
Net loss (gain) on asset/security sales		1,337			89			(41	)		515			2,120

Net interest income and noninterest income adjusted		46,655			44,866			44,782			42,782			42,818
Noninterest expense less intangible amortization		27,791			25,260			26,446			25,773			26,351
Acquisition related costs		0			92			0			0			0

Noninterest expense adjusted		27,791			25,168			26,446			25,773			26,351

Efficiency ratio excluding certain items		59.57	%		56.10	%		59.05	%		60.24	%		61.54	%


Net interest margin excluding acquisition marks and PPP interest and fees	For the Three Months Ended
	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
Net interest income, tax equated	$	34,837		$	33,364		$	32,483		$	32,661		$	32,341
Acquisition marks		2,151			1,953			2,123			2,391			2,370
PPP interest and fees		0			0			0			1			1

Adjusted and annualized net interest income		130,744			125,644			121,440			121,076			119,880

Average earning assets		4,892,311			4,912,702			4,890,344			4,825,532			4,796,922

Less PPP average balances		105			112			118			171			213

Adjusted average earning assets		4,892,206			4,912,590			4,890,226			4,825,361			4,796,709

Net interest margin excluding marks and PPP interest and fees		2.67	%		2.56	%		2.48	%		2.51	%		2.50	%