Farmers National Banc Corp /Oh/ (NASDAQ: FMNB)

Farmers National Banc Corp. is a financial holding company that owns and supervises its subsidiaries, principally The Farmers National Bank of Canfield and Farmers Trust Company, to deliver banking, trust, retirement consulting, insurance and investment services. The company is headquartered in Canfield, Ohio and its common shares trade on the NASDAQ under the ticker FMNB. As of December 31, 2025, the consolidated entity employed 706 full time equivalent workers. In October 2025 Farmers signed a definitive agreement to merge with Middlefield Banc Corp, and the merger was completed on March 2, 2026, creating a larger regional financial holding company. The Bank operates as a full service national banking association serving customers in northeastern Ohio and western Pennsylvania, while Farmers Trust provides personal and corporate trust services from five offices across Ohio. Farmers Insurance and Farmers Investments are wholly owned subsidiaries of the Bank but contribute immaterial amounts to revenue.

Interest income from loans and securities, service charges on deposit accounts, and fees from wealth management activities constitute the primary sources of revenue. The Bank segment earns interest on commercial loans, residential mortgages, installment loans and lines of credit, as well as returns on its investment securities portfolio. Deposit related fees include charges for checking accounts, savings accounts, electronic banking services and ATM usage. Wealth management fees arise from advisory services, retirement plan administration and trust account oversight. Insurance commissions from Farmers Insurance and modest earnings from the Bank’s investment subsidiary add smaller contributions to total earnings. The Bank’s net interest margin is influenced by the yields on its loan portfolio and the cost of its deposits. Fee based revenue includes service charges on deposit accounts, wealth management fees and trust fees. Growth in loans and deposits drives increases in interest income, while cross selling of trust and insurance products boosts fee income.

The company’s operations are organized into two reportable segments that reflect how management evaluates performance and allocates resources. The company operates through the following segments: the Bank segment and the Trust segment. Management evaluates each segment based on its contribution to pretax income and overall growth.

• Bank segment: This segment provides a full range of commercial and retail banking products including checking accounts, savings accounts, time deposit accounts, commercial loans, residential mortgages, installment loans, home equity loans, home equity lines of credit, night depository services, safe deposit boxes, money orders, bank checks, automated teller machine access, internet banking platforms, travel cards, brokerage services and other customary banking services.

• Trust segment: Farmers Trust offers personal and corporate trust services covering estate settlement, trust administration, retirement plan services, employee benefit plans and investment advisory services, supported by offices in Boardman, Canton, Howland, Wooster and Fairview Park, Ohio, and it acquired substantially all assets of Crest Retirement Advisors LLC in 2024 to expand its retirement consulting capabilities.

Farmers National Banc Corp. operates in northeastern Ohio and western Pennsylvania where it competes with large national banks, regional savings banks, savings and loan associations, credit unions and numerous community banks for deposits and loans. The company’s competitive advantages stem from its deep local relationships, broad product suite that spans traditional banking, trust and retirement services, and its commitment to personalized customer service. As a financial holding company, Farmers can engage in limited securities and insurance activities, providing flexibility that pure play banks do not possess. Regulatory oversight from the Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation shapes its risk management and capital planning practices. The Bank’s local presence allows it to tailor products to community needs, while its trust division offers specialized retirement planning that distinguishes it from larger rivals.

Retail consumers rely on the Bank for everyday banking needs such as checking accounts, savings accounts, consumer loans and electronic bill payment. Small and medium sized businesses use the Bank’s commercial lending lines, cash management tools and merchant services to support operations and growth. Retirees and affluent individuals turn to the Trust segment for estate planning, trust administration, retirement account management and wealth advisory services. Institutional clients including nonprofit organizations, municipal entities and religious associations also utilize the Bank’s investment capabilities and trust services for fiduciary and fund management purposes. The Bank also serves agricultural businesses and healthcare providers with customized lending and deposit solutions.