Farmers National Banc Corp Stock Price, News & Analysis

Farmers National Banc Corp. (FMNB) has declared a quarterly cash dividend of $0.16 per share, marking a 45% year-over-year increase. The record date for this dividend is March 11, 2022, and it will be payable on March 31, 2022. This signifies the company’s seventh consecutive year of dividend increases, with an annualized cash dividend growth from $0.12 per share in 2015 to $0.64 per share, reflecting a 27% compound annual growth rate. This growth is attributed to strong financial performance and the successful acquisition of Cortland Bancorp.

Farmers National Banc Corp. (FMNB) reported Q4 2021 net income of $5.7 million ($0.18/share), down from $11.4 million ($0.40/share) year-over-year. Excluding one-time items, core net income was $16.2 million ($0.50/share). The company completed the acquisition of Cortland Bancorp, adding $841.7 million in assets. Total assets reached $4.14 billion, with gross loans of $2.33 billion. Return on average assets (non-GAAP) was 1.65%, while the efficiency ratio was 47.4%. Noninterest income fell to $9.5 million. Total deposits grew to $3.55 billion, driven by the acquisition.

The Board of Directors of Farmers National Banc Corp. announced a 27% increase in its quarterly cash dividend to $0.14 per share, reflecting strong 2021 performance and the successful acquisition of Cortland Bancorp. The record date for the dividend is December 10, 2021, with a payment date of December 31, 2021. This marks the sixth consecutive year of dividend increases, and since 2015, the annual dividend has grown by 26% CAGR. Farmers National Banc Corp. holds $4.1 billion in banking assets, demonstrating financial strength.

Farmers National Banc Corp. (FMNB) announced the pricing of $75 million in fixed-to-floating rate subordinated notes due 2031. The notes carry a fixed rate of 3.125% for five years, then quarterly reset to the three-month SOFR rate plus 220 basis points. The offering is expected to close on November 17, 2021, with proceeds intended for general corporate purposes. CEO Kevin J. Helmick expressed satisfaction with investor interest, highlighting the financial flexibility provided by this debt issuance following the acquisition of Cortland Bancorp.

Farmers National Banc Corp. has successfully completed its merger with Cortland Bancorp, enhancing its market position in Northeast Ohio. The merger increases Farmers' total assets to over $4.1 billion and its wealth management assets to exceed $3 billion, positioning it among Ohio's largest community banks. Following the merger, shares of Cortland are no longer traded. Two members from Cortland's board, Richard Thompson and Neil Kaback, join Farmers' Board of Directors, expected to bring diverse expertise to enhance shareholder value.

Farmers National Banc Corp. (NASDAQ: FMNB) reported a record net income of $16.0 million for Q3 2021, or $0.56 per diluted share, marking a 47% increase from Q3 2020. Excluding merger costs, earnings per share rose to $0.58. Total assets grew to $3.32 billion, with deposits increasing by 9.8% year-over-year. The company announced the upcoming acquisition of Cortland Bancorp, expected to close on November 1, 2021. The efficiency ratio stood at 46.0% and the net interest margin was 3.47%. They reported a negative provision for credit losses of $948,000.

Farmers National Banc Corp. (FMNB) announced it received necessary regulatory approvals for merging with Cortland Bancorp. The merger will involve Cortland’s bank, The Cortland Savings and Banking Company, being integrated into Farmers National Bank. The merger is contingent on Cortland’s shareholders’ approval and other customary closing conditions, with completion anticipated in Q4 2021. Farmers, headquartered in Canfield, Ohio, manages over $3.3 billion in banking assets and has a diversified financial service structure.

Farmers National Banc Corp. (NASDAQ: FMNB) and Cortland Bancorp (NASDAQ: CLDB) announced a merger proposal with an election deadline for Cortland shareholders set for October 25, 2021. Shareholders can choose between cash or Farmers common shares for their Cortland common stock. The merger requires approval from Cortland's shareholders at a special meeting on October 26, 2021. Relevant election materials were sent starting September 27, 2021, and questions can be directed to Georgeson LLC, the Information Agent.

Farmers National Banc Corp. (NASDAQ: FMNB) announced a quarterly cash dividend of $0.11 per share, with a record date of September 10, 2021 and payment on September 30, 2021. The company, founded in 1887 and headquartered in Canfield, Ohio, holds $3.3 billion in banking assets. Its subsidiaries include The Farmers National Bank of Canfield and Farmers Trust Company, managing $3.1 billion in wealth management assets.