FARMERS NATIONAL BANC CORP /OH/
For the period ended Apr 22, 2026. Filed Apr 22, 2026.
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Apr 22, 2026 · Filed Apr 22, 2026
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Contents
EX-99.1 · Cautionary Statements Regarding Forward-Looking Statements
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, 2025 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, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| 2026 | 2025 | 2025 | 2025 | 2025 | |
| Total interest income | $67,117 | $59,418 | $59,366 | $57,702 | $57,305 |
| Total interest expense | 24,549 | 22,398 | 23,059 | 22,781 | 23,110 |
| Net interest income | 42,568 | 37,020 | 36,307 | 34,921 | 34,195 |
| Provision (credit) for credit losses | (1,034) | 2,306 | 1,419 | 3,548 | (204) |
| Noninterest income | 13,688 | 12,098 | 11,430 | 12,122 | 10,481 |
| System conversion / Acquisition related costs | 3,981 | 925 | 3,123 | 0 | 0 |
| Other expense | 33,337 | 28,153 | 28,556 | 27,175 | 28,526 |
| Income before income taxes | 19,972 | 17,734 | 14,639 | 16,320 | 16,354 |
| Income taxes | 3,708 | 3,096 | 2,178 | 2,410 | 2,776 |
| Net income | $16,264 | $14,638 | $12,461 | $13,910 | $13,578 |
| Average diluted shares outstanding | 44,874 | 37,705 | 37,677 | 37,622 | 37,626 |
| Basic earnings per share | 0.36 | 0.39 | 0.33 | 0.37 | 0.36 |
| Diluted earnings per share | 0.36 | 0.39 | 0.33 | 0.37 | 0.36 |
| Cash dividends per share | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| Performance Ratios | |||||
| Net Interest Margin (Annualized) | 3.12% | 3.05% | 3.00% | 2.91% | 2.85% |
| Efficiency Ratio (Tax equivalent basis) | 63.97% | 57.11% | 62.66% | 56.66% | 59.60% |
| Efficiency Ratio (Tax equivalent basis) excluding core conversion, acquisition costs and other extraordinary items (b) | 56.96% | 55.00% | 56.43% | 55.66% | 59.57% |
| Return on Average Assets (Annualized) | 1.11% | 1.12% | 0.96% | 1.08% | 1.06% |
| Return on Average Equity (Annualized) | 11.55% | 12.17% | 11.26% | 13.08% | 13.12% |
| Other Performance Ratios (Non-GAAP) | |||||
| Return on Average Tangible Assets | 1.15% | 1.16% | 1.00% | 1.13% | 1.10% |
| Return on Average Tangible Equity | 18.13% | 19.90% | 19.46% | 23.37% | 24.02% |
| Consolidated Statements of Financial Condition | |||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| 2026 | 2025 | 2025 | 2025 | 2025 | |
| Assets | |||||
| Cash and cash equivalents | $186,083 | $92,357 | $92,345 | $90,740 | $113,256 |
| Debt securities available for sale | 1,484,198 | 1,343,457 | 1,301,766 | 1,274,899 | 1,281,413 |
| Other investments | 54,858 | 45,397 | 44,245 | 42,410 | 40,334 |
| Loans held for sale | 1,919 | 1,516 | 4,975 | 2,174 | 2,973 |
| Loans | 4,800,064 | 3,304,713 | 3,337,780 | 3,303,359 | 3,251,391 |
| Less allowance for credit losses | 54,684 | 36,811 | 39,528 | 38,563 | 35,549 |
| Net Loans | 4,745,380 | 3,267,902 | 3,298,252 | 3,264,796 | 3,215,842 |
| Other assets | 703,038 | 495,241 | 493,992 | 503,409 | 503,222 |
| Total Assets | $7,175,476 | $5,245,870 | $5,235,575 | $5,178,428 | $5,157,040 |
| Liabilities and Stockholders' Equity | |||||
| Deposits | |||||
| Noninterest-bearing | $1,334,021 | $994,122 | $994,604 | $995,865 | $979,142 |
| Interest-bearing | 4,587,364 | 3,348,656 | 3,405,911 | 3,325,564 | 3,342,182 |
| Brokered time deposits | 0 | 0 | 0 | 74,988 | 159,964 |
| Total deposits | 5,921,385 | 4,342,778 | 4,400,515 | 4,396,417 | 4,481,288 |
| Other interest-bearing liabilities | 435,108 | 367,733 | 321,581 | 289,428 | 188,275 |
| Other liabilities | 52,093 | 49,634 | 47,530 | 54,835 | 58,343 |
| Total liabilities | 6,408,586 | 4,760,145 | 4,769,626 | 4,740,680 | 4,727,906 |
| Stockholders' Equity | 766,890 | 485,725 | 465,949 | 437,748 | 429,134 |
| Total Liabilities | |||||
| and Stockholders' Equity | $7,175,476 | $5,245,870 | $5,235,575 | $5,178,428 | $5,157,040 |
| Period-end shares outstanding | 59,215 | 37,653 | 37,647 | 37,642 | 37,615 |
| Book value per share | $12.95 | $12.90 | $12.38 | $11.63 | $11.41 |
| Tangible book value per share (Non-GAAP)* | 7.74 | 7.98 | 7.44 | 6.67 | 6.42 |
| * Tangible book value per share is calculated by dividing tangible common equity by outstanding shares | |||||
| For the Three Months Ended | |||||
|---|---|---|---|---|---|
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| Capital and Liquidity | 2026 | 2025 | 2025 | 2025 | 2025 |
| Common Equity Tier 1 Capital Ratio (a) | 11.77% | 12.02% | 11.62% | 11.56% | 11.44% |
| Total Risk Based Capital Ratio (a) | 14.72% | 15.46% | 15.08% | 15.04% | 14.87% |
| Tier 1 Risk Based Capital Ratio (a) | 12.27% | 12.51% | 12.10% | 12.05% | 11.92% |
| Tier 1 Leverage Ratio (a) | 8.92% | 8.92% | 8.75% | 8.67% | 8.52% |
| Equity to Asset Ratio | 10.69% | 9.26% | 8.90% | 8.45% | 8.32% |
| Tangible Common Equity Ratio (b) | 6.68% | 5.94% | 5.54% | 5.03% | 4.86% |
| Net Loans to Assets | 66.13% | 62.29% | 63.00% | 63.05% | 62.36% |
| Loans to Deposits | 81.06% | 76.10% | 75.85% | 75.14% | 72.55% |
| Asset Quality | |||||
| Non-performing loans | $59,854 | $26,215 | $35,344 | $27,819 | $20,724 |
| Non-performing assets | 59,977 | 26,370 | 35,519 | 28,052 | 20,902 |
| Loans 30 - 89 days delinquent | 14,700 | 16,947 | 16,083 | 17,727 | 11,192 |
| Charged-off loans | 729 | 5,192 | 869 | 748 | 698 |
| Recoveries | 285 | 295 | 333 | 176 | 362 |
| Net Charge-offs | 444 | 4,897 | 536 | 572 | 336 |
| Annualized Net Charge-offs to Average Net Loans | 0.05% | 0.59% | 0.07% | 0.07% | 0.04% |
| Allowance for Credit Losses to Total Loans | 1.14% | 1.11% | 1.18% | 1.17% | 1.09% |
| Non-performing Loans to Total Loans | 1.25% | 0.79% | 1.06% | 0.84% | 0.64% |
| Loans 30 - 89 Days Delinquent to Total Loans | 0.31% | 0.51% | 0.48% | 0.54% | 0.34% |
| Allowance to Non-performing Loans | 91.36% | 140.42% | 111.84% | 138.62% | 171.54% |
| Non-performing Assets to Total Assets | 0.84% | 0.50% | 0.68% | 0.54% | 0.41% |
| (a) September 30, 2025 ratio is estimated | |||||
| (b) This is a non-GAAP financial measure. A reconciliation to GAAP is shown below | |||||
| For the Three Months Ended | |||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| End of Period Loan Balances | 2026 | 2025 | 2025 | 2025 | 2025 |
| Commercial real estate | $2,078,421 | $1,398,116 | $1,428,583 | $1,385,162 | $1,370,661 |
| Commercial | 591,406 | 340,224 | 351,213 | 363,009 | 336,600 |
| Residential real estate | 1,219,766 | 850,300 | 850,112 | 849,443 | 846,639 |
| HELOC | 349,656 | 181,544 | 176,609 | 171,312 | 161,991 |
| Consumer | 265,136 | 257,795 | 251,557 | 253,363 | 257,310 |
| Agricultural loans | 284,014 | 265,565 | 269,025 | 270,599 | 267,737 |
| Total, excluding net deferred loan costs | $4,788,399 | $3,293,544 | $3,327,099 | $3,292,888 | $3,240,938 |
| For the Three Months Ended | |||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| End of Period Customer Deposit Balances | 2026 | 2025 | 2025 | 2025 | 2025 |
| Noninterest-bearing demand | $1,334,021 | $994,122 | $994,604 | $995,866 | $979,142 |
| Interest-bearing demand | 1,698,780 | 1,377,520 | 1,443,422 | 1,388,596 | 1,468,424 |
| Money market | 1,395,660 | 795,631 | 761,788 | 748,770 | 718,083 |
| Savings | 576,089 | 408,743 | 410,165 | 416,795 | 416,162 |
| Certificate of deposit | 916,835 | 766,762 | 790,536 | 771,403 | 739,512 |
| Total customer deposits | $5,921,385 | $4,342,778 | $4,400,515 | $4,321,430 | $4,321,323 |
| Memo: Public funds included in above numbers | $1,056,571 | $773,896 | $867,253 | $801,561 | $873,200 |
| For the Three Months Ended | |||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| Noninterest Income | 2026 | 2025 | 2025 | 2025 | 2025 |
| Service charges on deposit accounts | $1,966 | $1,831 | $1,874 | $1,749 | $1,758 |
| Bank owned life insurance income, including death benefits | 1,492 | 891 | 852 | 832 | 810 |
| Trust fees | 3,030 | 3,079 | 2,745 | 2,596 | 2,641 |
| Insurance agency commissions | 1,683 | 1,567 | 1,395 | 1,828 | 1,741 |
| Security gains (losses), including fair value changes for equity securities | (18) | (7) | (927) | 36 | (1,313) |
| Retirement plan consulting fees | 886 | 1,009 | 1,060 | 783 | 798 |
| Investment commissions | 871 | 706 | 658 | 721 | 529 |
| Net gains on sale of loans | 380 | 436 | 559 | 329 | 326 |
| Other mortgage banking fee income (loss), net | 477 | 106 | 192 | 27 | 147 |
| Debit card and EFT fees | 2,023 | 1,956 | 2,068 | 2,017 | 1,866 |
| Other noninterest income | 898 | 523 | 954 | 1,204 | 1,178 |
| Total Noninterest Income | $13,688 | $12,097 | $11,430 | $12,122 | $10,481 |
| For the Three Months Ended | |||||
|---|---|---|---|---|---|
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| Noninterest Expense | 2026 | 2025 | 2025 | 2025 | 2025 |
| Salaries and employee benefits | $18,511 | $15,397 | $15,992 | $14,722 | $16,166 |
| Occupancy and equipment | 5,126 | 4,456 | 4,370 | 4,119 | 4,138 |
| FDIC insurance and state and local taxes | 1,603 | 925 | 1,212 | 1,262 | 1,262 |
| Professional fees | 1,112 | 1,179 | 990 | 1,026 | 1,196 |
| System conversion / Merger related costs | 3,981 | 925 | 3,123 | 0 | 0 |
| Advertising | 544 | 449 | 466 | 454 | 456 |
| Intangible amortization | 865 | 711 | 718 | 735 | 735 |
| Core processing charges | 1,750 | 1,391 | 1,412 | 1,401 | 1,397 |
| Other noninterest expenses | 3,826 | 3,646 | 3,396 | 3,456 | 3,176 |
| Total Noninterest Expense | $37,318 | $29,079 | $31,679 | $27,175 | $28,526 |
| Average Balance Sheets and Related Yields and Rates | ||||||
|---|---|---|---|---|---|---|
| (Dollar Amounts in Thousands) | ||||||
| Three Months Ended · Three Months Ended | ||||||
| March 31, 2026 · March 31, 2025 | ||||||
| AVERAGE · YIELD/ · AVERAGE · YIELD/ | ||||||
| BALANCE | INTEREST (1) | RATE (1) | BALANCE | INTEREST (1) | RATE (1) | |
| EARNING ASSETS | ||||||
| Loans (2) | $3,811,021 | $55,214 | 5.80% | $3,261,908 | $46,810 | 5.74% |
| Taxable securities | 1,177,183 | 7,773 | 2.64 | 1,135,580 | 7,096 | 2.50 |
| Tax-exempt securities (2) | 403,587 | 3,415 | 3.38 | 377,078 | 2,990 | 3.17 |
| Other investments | 51,720 | 761 | 5.89 | 44,170 | 541 | 4.90 |
| Federal funds sold and other | 102,808 | 681 | 2.65 | 73,575 | 510 | 2.77 |
| Total earning assets | 5,546,319 | 67,844 | 4.89 | 4,892,311 | 57,947 | 4.74 |
| Nonearning assets | 315,777 | 226,456 | ||||
| Total assets | $5,862,096 | $5,118,767 | ||||
| INTEREST-BEARING LIABILITIES | ||||||
| Time deposits | $811,760 | $6,629 | 3.27% | $733,406 | $6,632 | 3.62% |
| Brokered time deposits | 0 | 0 | 0.00 | 143,393 | 1,538 | 4.29 |
| Savings deposits | 1,490,444 | 6,507 | 1.75 | 1,115,259 | 4,012 | 1.44 |
| Demand deposits - interest bearing | 1,447,299 | 7,304 | 2.02 | 1,377,522 | 7,535 | 2.19 |
| Total interest-bearing deposits | 3,749,503 | 20,440 | 2.18 | 3,369,580 | 19,717 | 2.34 |
| Short term borrowings | 333,056 | 3,135 | 3.77 | 218,444 | 2,417 | 4.43 |
| Long term borrowings | 89,218 | 974 | 4.37 | 86,209 | 976 | 4.53 |
| Total borrowed funds | 422,274 | 4,109 | 3.89 | 304,653 | 3,393 | 4.45 |
| Total interest-bearing liabilities | 4,171,777 | 24,549 | 2.35 | 3,674,233 | 23,110 | 2.52 |
| NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Demand deposits - noninterest bearing | 1,102,395 | 977,619 | ||||
| Other liabilities | 24,876 | 52,894 | ||||
| Stockholders' equity | 563,048 | 414,021 | ||||
| TOTAL LIABILITIES AND | ||||||
| STOCKHOLDERS' EQUITY | $5,862,096 | $5,118,767 | ||||
| Net interest income and interest rate spread | $43,295 | 2.54% | $34,837 | 2.22% | ||
| Net interest margin | 3.12% | 2.85% | ||||
| (1) Interest and yields are calculated on a tax-equivalent basis where applicable. | ||||||
| (2) For 2025, adjustments of $110,000 and $523,000, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2024, adjustments of $71,000 and $536,000, 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, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| 2026 | 2025 | 2025 | 2025 | 2025 | |
| Total Assets | $7,175,476 | $5,245,870 | $5,235,575 | $5,178,428 | $5,157,040 |
| Less Goodwill and other intangibles | 308,463 | 185,301 | 186,013 | 186,731 | 187,466 |
| Tangible Assets | $6,867,013 | $5,060,569 | $5,049,562 | $4,991,697 | $4,969,574 |
| Average Assets | 5,862,096 | 5,225,497 | 5,178,998 | 5,132,661 | 5,118,767 |
| Less average Goodwill and other intangibles | 204,198 | 186,844 | 186,479 | 187,209 | 187,947 |
| Average Tangible Assets | $5,657,898 | $5,038,653 | $4,992,519 | $4,945,452 | $4,930,820 |
| Reconciliation of Common Stockholders' Equity to Tangible Common Equity | For the Three Months Ended | ||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| 2026 | 2025 | 2025 | 2025 | 2025 | |
| Stockholders' Equity | $766,890 | $485,725 | $465,949 | $437,748 | $429,134 |
| Less Goodwill and other intangibles | 308,463 | 185,301 | 186,013 | 186,731 | 187,466 |
| Tangible Common Equity | $458,427 | $300,424 | $279,936 | $251,017 | $241,668 |
| Average Stockholders' Equity | 563,048 | 481,061 | 442,556 | 425,249 | 414,021 |
| Less average Goodwill and other intangibles | 204,198 | 186,844 | 186,479 | 187,209 | 187,947 |
| Average Tangible Common Equity | $358,850 | $294,217 | $256,077 | $238,040 | $226,074 |
| Reconciliation of Net Income, Less Merger and Certain Items | For the Three Months Ended | ||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| 2026 | 2025 | 2025 | 2025 | 2025 | |
| Net income | $16,264 | $14,638 | $12,461 | $13,910 | $13,578 |
| System conversion / Acquisition related costs - after tax | 3,730 | 398 | 2,467 | 0 | 0 |
| Net loss (gain) on asset/security sales - after tax | 22 | 113 | 760 | (137) | 1,056 |
| Net income - Adjusted | $20,016 | $15,149 | $15,688 | $13,773 | $14,634 |
| Diluted EPS excluding merger and certain items | $0.45 | $0.40 | $0.42 | $0.37 | $0.39 |
| Return on Average Assets excluding system conversion, merger and certain items (Annualized) | 1.37% | 1.16% | 1.21% | 1.07% | 1.14% |
| Return on Average Equity excluding system conversion, merger and certain items (Annualized) | 14.22% | 12.60% | 14.18% | 12.96% | 14.14% |
| Return on Average Tangible Equity excluding system conversion, merger costs and certain items (Annualized) | 22.31% | 20.60% | 24.51% | 23.14% | 25.89% |
| Efficiency ratio excluding certain items | For the Three Months Ended | ||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| 2026 | 2025 | 2025 | 2025 | 2025 | |
| Net interest income, tax equated | $43,295 | $37,653 | $36,940 | $35,554 | $34,837 |
| Noninterest income | 13,688 | 12,097 | 11,430 | 12,122 | 10,481 |
| Net loss (gain) on asset/security sales | 28 | 143 | 962 | (173) | 1,337 |
| Net interest income and noninterest income adjusted | 57,011 | 49,893 | 49,332 | 47,503 | 46,655 |
| Noninterest expense less intangible amortization | 36,453 | 28,368 | 30,961 | 26,440 | 27,791 |
| System conversion / Acquisition related costs | 3,981 | 925 | 3,123 | 0 | 0 |
| Noninterest expense adjusted | 32,472 | 27,443 | 27,838 | 26,440 | 27,791 |
| Efficiency ratio excluding certain items | 56.96% | 55.00% | 56.43% | 55.66% | 59.57% |
| Net interest margin excluding acquisition marks and PPP interest and fees | For the Three Months Ended | ||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | March 31, | |
| 2026 | 2025 | 2025 | 2025 | 2025 | |
| Net interest income, tax equated | $ 43,295 | $ 37,653 | $ 36,940 | $ 35,554 | $ 34,837 |
| Acquisition marks | 1,817 | 1,894 | 1,677 | 1,731 | 2,151 |
| PPP interest and fees | 0 | 0 | 0 | 0 | 0 |
| Adjusted and annualized net interest income | 165,912 | 143,036 | 141,052 | 135,292 | 130,744 |
| Average earning assets | 5,546,319 | 4,937,016 | 4,922,275 | 4,886,771 | 4,892,311 |
| Less PPP average balances | 69 | 87 | 89 | 95 | 105 |
| Adjusted average earning assets | 5,546,250 | 4,936,929 | 4,922,186 | 4,886,676 | 4,892,206 |
| Net interest margin excluding marks and PPP interest and fees | 2.99% | 2.90% | 2.87% | 2.77% | 2.67% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.