Welcome to our dedicated page for Farmers National Banc news (Ticker: FMNB), a resource for investors and traders seeking the latest updates and insights on Farmers National Banc stock.
Farmers National Banc Corp (symbol: FMNB) is a diversified financial services company headquartered in Canfield, Ohio, founded in 1887. With approximately $1.6 billion in banking assets and $1 billion in trust assets, Farmers National Banc Corp stands as a robust and dependable institution in the financial sector. The company operates through several wholly-owned subsidiaries, including Farmers National Bank, Farmers Trust Company, and Farmers National Insurance, LLC.
Farmers National Bank is a full-service national bank offering commercial and retail banking services across 39 locations in Mahoning, Trumbull, Columbiana, Stark, Summit, Wayne, Medina, and Cuyahoga counties in Ohio, as well as Beaver County in Pennsylvania. The bank provides a wide range of services to meet the financial needs of both individuals and businesses, ensuring a high level of customer satisfaction and community engagement.
Farmers Trust Company operates two trust offices offering services in the same geographic markets as the bank. This subsidiary focuses on trust and retirement consulting, helping clients manage and grow their assets with confidence.
Farmers National Insurance, LLC, another wholly-owned subsidiary of Farmers National Bank, offers a variety of insurance products tailored to the diverse needs of their clientele. From personal insurance policies to comprehensive business coverage, the company ensures that all aspects of financial security are addressed.
Operating Segments: Farmers National Banc Corp operates primarily in two segments: the Bank segment and the Trust segment. The majority of the company’s revenue is derived from its banking operations, which include securities underwriting and dealing, insurance agency and underwriting activities, and merchant banking activities. This diversified approach helps to stabilize income streams and reduce risk.
In recent years, Farmers National Banc Corp has continued to innovate and expand its service offerings. The company remains committed to providing superior financial solutions for its customers, associates, shareholders, and the community. Through strategic partnerships and forward-thinking initiatives, Farmers National Banc Corp continues to uphold its reputation as a leading financial services provider in the region.
Farmers National Bank has appointed Tim Shaffer as Chief Banking Officer, promoting him from his previous role as Chief Credit Officer. Shaffer, who joined the bank in 2011, has held various leadership positions including Commercial Lending Team Leader, Director of Commercial Banking/Private Banking Services, Mahoning Valley Regional President, and Chief Lending Officer.
In his new role, Shaffer will oversee the strategy and execution of credit, commercial and mortgage lending areas. The appointment is described as a key element of the organization's growth strategy, leveraging his extensive background in credit, lending, and commercial banking services to assess business conditions across all markets in the bank's footprint.
Farmers National Banc Corp (NASDAQ: FMNB) has announced that its subsidiary, National Associates, Inc., has completed the acquisition of Crest Retirement Advisors on December 16, 2024. Crest, founded in 2014 and based in Dublin, Ohio, specializes in providing customized retirement plans and administrative services to small businesses in Central Ohio.
The acquisition, which is expected to be immediately accretive to earnings, aligns with Farmers' multi-year growth strategy to expand its Wealth Management business and increase presence in Central Ohio. Crest will continue operating under its current name and location but is expected to merge with National Associates Inc. Farmers currently manages $4.0 billion in total wealth management assets under care as of September 30, 2024, and has $5.2 billion in banking assets.
Farmers National Banc Corp. (NASDAQ: FMNB) announced that its Board of Directors has declared a quarterly cash dividend of $0.17 per share. The dividend will be paid on December 31, 2024, to shareholders of record as of December 13, 2024.
Farmers National Banc Corp reported net income of $8.5 million ($0.23 per diluted share) for Q3 2024, down from $13.3 million ($0.36 per share) in Q3 2023. The quarter was impacted by a $12.5 million commercial credit issue resulting in a $4.4 million charge-off and $1.2 million specific reserve. The company showed strong commercial loan growth of $35.2 million (7.2% annualized) and customer deposit growth of $81.1 million (7.7% annualized). Total assets reached $5.24 billion, with loans increasing to $3.28 billion. Wealth management assets grew to $4.0 billion, and the company maintains 167 consecutive quarters of profitability.
Farmers National Banc Corp. (NASDAQ: FMNB) has declared a quarterly cash dividend of $0.17 per share. The Board of Directors made this decision on August 27, 2024. Shareholders of record as of September 13, 2024, will receive the dividend payment on September 30, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders, which is often viewed positively by investors seeking income-generating stocks.
Farmers National Banc Corp. (NASDAQ: FMNB) reported net income of $11.8 million, or $0.31 per diluted share, for Q2 2024. Excluding certain items, adjusted earnings were $12.2 million, or $0.33 per diluted share. The company experienced strong loan growth of $56.1 million (7.0% annualized) and sequential improvement in net interest income. Total assets reached $5.16 billion, with loans increasing to $3.24 billion. Asset quality remained strong with non-performing loans to total loans at 0.40%. The net interest margin declined to 2.71% due to increased funding costs. Noninterest income slightly increased to $9.6 million, while noninterest expense remained stable at $26.4 million. The company maintains a strong liquidity position with a loan-to-deposit ratio of 77.0%.
Farmers National Banc Corp. (NASDAQ: FMNB) announced a quarterly cash dividend of $0.17 per share on May 21, 2024.
The dividend will have a record date of June 14, 2024, and will be payable to shareholders on June 28, 2024.
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