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 Banc Corp (FMNB) reported earnings of $0.19 per diluted share for Q1 2023, down from $0.47 per share in Q1 2022. Net income of $7.1 million reflects a decline from $15.8 million year-over-year. Excluding acquisition-related charges, earnings would have been $0.44 per share. The company successfully integrated Emclaire Financial Corp with total assets increasing to $5.11 billion. Farmers repurchased 850,799 shares, representing 2.2% of outstanding stock. The efficiency ratio was 53.5%, while return on average assets was 1.30%. The increase in customer deposits to $4.31 billion was driven by the Emlenton acquisition and organic growth. However, the company faces heightened competition and rising funding costs amidst a volatile interest rate environment.
Farmers National Banc Corp. (NASDAQ: FMNB) announced a new share repurchase program allowing the company to repurchase up to 1,000,000 shares of its common stock. This decision reflects the company's financial strength and commitment to enhancing shareholder value. Since the start of 2023, approximately $5.0 million worth of shares have already been repurchased. Additionally, annual dividends per share have increased from $0.38 to $0.68 since 2018, demonstrating a robust capital allocation strategy. The repurchase program replaces the previous one from 2019, which had approximately 198,336 shares remaining as of February 28, 2023.
Farmers National Banc Corp. (NASDAQ: FMNB) declared a quarterly cash dividend of $0.17 per share, marking a 6.25% increase year-over-year. The record date for the dividend is March 10, 2023, and it will be payable on March 31, 2023. Founded in 1887, Farmers National Banc Corp. has $4.1 billion in banking assets and operates through its wholly-owned subsidiaries, including The Farmers National Bank of Canfield and Farmers Trust Company, which offers comprehensive banking and wealth management services.
Farmers National Banc Corp. (FMNB) reported net income of $13.4 million for Q4 2022, compared to $5.7 million in Q4 2021, with diluted earnings per share reaching $0.39 ($0.42 excluding certain items). Total assets decreased to $4.08 billion from $4.12 billion in the previous quarter. The Company experienced loan growth of $5.2 million, driven by non-PPP loans. Despite a decline in customer deposits, total stockholders' equity rose to $292.3 million. The efficiency ratio improved to 51.1%. The recent acquisition of Emclaire Financial Corp. is expected to enhance market presence, increasing total bank assets to over $5 billion.
Farmers National Banc Corp. (NASDAQ: FMNB) has successfully completed the merger with Emclaire Financial Corp. (formerly NASDAQ: EMCF), enhancing its presence in Pennsylvania. This merger, part of Farmers' ongoing strategy, integrates Emlenton Bank into Farmers National Bank, expanding its banking assets to over $5 billion and wealth management assets to $2.9 billion. Key personnel from Emclaire, including William C. Marsh, have been integrated into Farmers’ management. The merger is expected to broaden Farmers’ service offerings in the region.
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