Farmers National Banc Corp. (FMNB): History, Ownership, Mission, How It Works & Makes Money

As a seasoned investor, you're looking at Farmers National Banc Corp. (FMNB) and asking: how does a community bank founded in 1887 maintain a 171 consecutive quarters of profitability streak in this volatile market? The answer lies in their diversified model, which drove a Q3 2025 non-GAAP net income of $15.7 million and pushed total assets to $5.24 billion as of September 30, 2025, even while navigating rising non-performing loans. We're not just talking about traditional lending; we're looking at a strategic blend of commercial banking, wealth management, and insurance services that is about to get a lot bigger with the announced merger, expected to expand assets to over $7.4 billion by early 2026. This is a story of disciplined growth and operational efficiency-like the net interest margin improving to 3.00% in Q3 2025-that you defintely need to understand before making your next move.

Farmers National Banc Corp. (FMNB) History

Given Company's Founding Timeline

Farmers National Banc Corp. (FMNB) began as a local community bank, a common model that has allowed it to survive and thrive for over a century. It was created to serve the financial needs of a growing agricultural and commercial community in Northeast Ohio.

Year established

The company was founded on February 19, 1887.

Original location

The original location was Canfield, Ohio, where the headquarters remains today on the town's historic green.

Founding team members

The bank was founded by a group of local businessmen. Alexander Dickson, a former school teacher and Civil War captain, was named the bank's first president at its initial charter meeting.

Initial capital/funding

The initial capital came from the purchase of 500 shares of stock, each valued at $100, which totaled an opening capitalization of $50,000.

Given Company's Evolution Milestones

Farmers National Banc Corp.'s growth strategy has consistently centered on strategic acquisitions to expand its footprint and diversify its service offerings, moving well beyond a traditional community bank.

Given Company's Transformative Moments

The company's trajectory shifted from a single-location bank to a diversified financial services holding company through deliberate, value-enhancing mergers and acquisitions (M&A). This M&A-driven growth is the defintely the most important factor in its modern evolution.

The most recent transformative decision, announced in October 2025, is the definitive agreement to acquire Middlefield Banc Corp. for $299.0 million. This deal is a massive step, accounting for roughly 38% of Farmers National Banc Corp.'s total assets and is expected to close in the first quarter of 2026.

Here's the quick math on the near-term impact:

• The pro forma bank will command $7.4 billion in assets, a huge jump from the $5.18 billion reported in Q2 2025.
• It significantly expands the bank's presence into the high-growth Columbus, Ohio, market.
• The pro forma Common Equity Tier 1 (CET1) ratio is projected to be around 11.2%, down slightly from the 11.7% reported in Q3 2025, but still a solid capital position.

This strategy of acquiring smaller, culturally-aligned banks has been consistent. The 2023 merger with Emclaire Financial Corp. pushed wealth management assets under care to $4.4 billion as of June 30, 2025, showing the success of diversifying non-interest income. You can dig deeper into the investor profile and the rationale behind these moves by Exploring Farmers National Banc Corp. (FMNB) Investor Profile: Who's Buying and Why?

The focus is on growth and efficiency: the company's net interest income for the third quarter of 2025 was $36.3 million, up substantially from the same period in the prior year, driven by an improved net interest margin of 3.00%. That's a clear signal that the underlying business is performing well, even as they take on big M&A deals.

Farmers National Banc Corp. (FMNB) Ownership Structure

Farmers National Banc Corp. (FMNB) is a publicly traded bank holding company, and its ownership is a typical blend of large institutional investors, company insiders, and the broader retail market. This structure means decisions are driven by a diverse set of stakeholders, but the largest investment firms hold the most sway.

Farmers National Banc Corp.'s Current Status

Farmers National Banc Corp. is a multi-bank holding company, publicly traded on the NASDAQ stock exchange under the ticker symbol FMNB. This public status subjects the company to rigorous reporting requirements by the Securities and Exchange Commission (SEC), giving you transparent access to its financial health and operational performance, which you can explore further in Breaking Down Farmers National Banc Corp. (FMNB) Financial Health: Key Insights for Investors.

As of November 2025, the company maintains its headquarters in Canfield, Ohio, and operates its core subsidiaries, including The Farmers National Bank of Canfield, Farmers Trust Company, and various insurance and wealth management arms.

Farmers National Banc Corp.'s Ownership Breakdown

When you look at FMNB's ownership, you see a significant portion controlled by institutional money managers like BlackRock and Vanguard, which is common for a bank of this size. This institutional control, totaling over a third of the company, means these firms' investment theses heavily influence the stock's movement and corporate governance.

Here's the quick math on who holds the shares as of the most recent 2025 data:

Corporate insiders, like directors and executives, own a smaller but defintely meaningful 4.00% of the stock. This alignment is a good signal, as it means the people running the bank have their own capital at risk alongside yours. Insider buying, like the substantial purchase by a Director in October 2025, can be a strong indicator of management confidence in the near-term outlook.

Farmers National Banc Corp.'s Leadership

The company is steered by a seasoned executive team and a board of directors, focused on regional growth and diversified financial services. The leadership tenure is important here; stability in a regional bank is crucial for consistent strategy execution.

• Kevin J. Helmick: Serves as President and Chief Executive Officer (CEO), having spent his entire career with the bank, providing deep institutional knowledge.
• Terry A. Moore: Holds the position of Chair of the Board, bringing legal and governance expertise to the oversight function.
• Alan Troy Adair: Senior Executive Vice President, Secretary, Treasurer, and Chief Financial Officer (CFO), managing the bank's fiscal strategy and reporting.
• Michael E. Matuszak: Senior Executive Vice President and Chief Operating Officer (COO), overseeing the day-to-day operational efficiency.
• Mark Joseph Wenick J.D.: Senior Executive Vice President and Chief Wealth Management Officer, leading the high-growth trust and wealth services segment.

The average tenure of the management team is relatively short at 0.8 years, but the CEO has over 11 years in his role, which balances the new blood with veteran leadership.

Farmers National Banc Corp. (FMNB) Mission and Values

Farmers National Banc Corp. (FMNB) positions itself as the premier financial partner, focusing on innovative solutions for its entire ecosystem-customers, associates, shareholders, and the community-not just the bottom line. This community-first approach is the cultural DNA that guides its strategic decisions, including its impressive growth to over $5.24 billion in total assets as of September 30, 2025.

You're looking at a company that has managed 171 consecutive quarters of profitability, so their mission is defintely working.

Farmers National Banc Corp.'s Core Purpose

The company's core purpose is to be a diversified financial services provider that remains deeply rooted in its local markets across Ohio and Pennsylvania. This dual focus on diversification and local commitment is what drives their financial performance, like the third quarter 2025 net income of $12.5 million.

Official mission statement

Farmers National Banc Corp.'s mission is a clear statement of intent, prioritizing a holistic partnership with all stakeholders. It's about delivering value beyond simple transactions.

• Be the premier financial partner.
• Provide the best products and services for innovative solutions.
• Serve customers, associates, shareholders, and the community.
• Operate with integrity, respect, and commitment to quality.

This mission directly ties to their business model, which includes not just commercial and retail banking through The Farmers National Bank of Canfield, but also wealth management (Farmers Trust Company) and insurance (Farmers National Insurance, LLC). This diversification is key; it helps them provide a complete solution set. For a deeper dive into the ownership structure and who is betting on this mission, you should check out Exploring Farmers National Banc Corp. (FMNB) Investor Profile: Who's Buying and Why?

Vision statement

The vision statement is a simple, actionable goal that grounds the company's growth strategy in its community banking heritage (a 'REAL COMMUNITY BANK').

• Be the first choice of our customers and communities.
• Operate as a REAL COMMUNITY BANK.

Their focus on local decision-making is a concrete example of this vision in action, ensuring that loan growth-like the $34.4 million in the third quarter of 2025-is directed toward projects that truly impact their neighbors.

Farmers National Banc Corp. Core Values

These values act as the operational guardrails for all 62 banking locations and subsidiary operations. They are the non-negotiables in their day-to-day business, which is critical in a high-trust industry like finance.

• Integrity: Upholding the highest ethical standards.
• Respect: Valuing all customers and associates.
• Diligence: Working with careful and persistent effort.
• Stewardship: Managing resources responsibly.
• Commitment: Dedication to all stakeholders.
• Relationships: Building lasting connections.
• Performance: Delivering consistent financial results.

Farmers National Banc Corp. slogan/tagline

While a single, trademarked tagline isn't always front and center, the company's messaging consistently emphasizes its local loyalty and deep community ties. This is what they hang their hat on.

• We're fiercely local and fiercely loyal to the communities we serve.

Honestly, that simple statement tells you everything you need to know about their market strategy: they win by being the local expert, not the national giant. Their net interest margin of 3.00% in Q3 2025 shows they can be local and still deliver strong financial metrics.

Farmers National Banc Corp. (FMNB) How It Works

Farmers National Banc Corp. operates as a diversified financial services company, primarily functioning as a community bank holding company that generates revenue through interest income from loans and fee income from its wealth management and insurance segments. As of the third quarter of 2025, the company manages approximately $5.2 billion in banking assets, focusing on relationship-driven banking across Ohio and Pennsylvania.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operation is built on a community banking model, which means local decision-making and strong customer relationships drive value, but the revenue comes from two main streams: net interest income and noninterest income. The primary engine is traditional banking: taking deposits and lending those funds out.

• Interest Income Generation: Net interest income for the third quarter of 2025 was $36.3 million, a significant driver of profitability, with the net interest margin improving to 3.00%.
• Fee-Based Revenue: Noninterest income, though down slightly in Q3 2025 to $11.4 million due to security sales losses, is stabilized by consistent growth in trust fees and investment commissions, reflecting the value of the diversified model.
• Efficiency Focus: Management is defintely focused on operational efficiency; the efficiency ratio improved to 56.7% in the second quarter of 2025. Plus, a strategic core platform transition is planned to save about $2.0 million per year once complete in August 2026.
• Loan Growth: They keep the loan book moving; commercial loan balances grew by $30.1 million in the third quarter of 2025, showing continued demand in their regional markets.

Given Company's Strategic Advantages

Farmers National Banc Corp.'s market success hinges on its deep-rooted community presence and its revenue diversification, which smooths out the cyclical nature of pure lending. They've been profitable for a long time. That's a real advantage.

• Sustained Profitability: The company has reported 171 consecutive quarters of profitability as of Q3 2025, demonstrating remarkable financial resilience across multiple economic cycles.
• Diversified Business Model: The combination of banking, wealth management, and insurance services provides a stable, recurring fee income stream that complements the core lending business, insulating earnings from pure interest rate fluctuations. You can see more on their core strategy here: Mission Statement, Vision, & Core Values of Farmers National Banc Corp. (FMNB).
• Strategic Expansion: The announced merger with Middlefield Banc Corp., expected to close in early 2026, is a clear move to expand their footprint and will grow the total assets to over $7.4 billion, enhancing their market power in Ohio and Pennsylvania.
• Strong Credit Quality (Near-Term Caveat): Non-performing loans were a manageable $20.7 million at the end of Q1 2025, but they did rise to $27.8 million by Q2 2025, primarily due to two commercial real estate loans in the Pittsburgh area, so that's a metric to watch closely.

Farmers National Banc Corp. (FMNB) How It Makes Money

Farmers National Banc Corp. makes money primarily through the classic bank model: borrowing short-term via customer deposits and lending long-term via loans, earning the difference, which is the net interest income. They also generate a significant portion of revenue from fee-based financial services like wealth management, insurance, and service charges, diversifying their income stream.

Farmers National Banc Corp.'s Revenue Breakdown

As of the third quarter of 2025, the bank's revenue engine is heavily weighted toward its core lending activities, but the noninterest income provides a crucial buffer and growth opportunity, especially in a volatile rate environment.

Here's the quick math: For Q3 2025, Net Interest Income was $36.3 million, and Noninterest Income was $11.4 million, totaling $47.7 million in net revenue. The core lending margin is strong, but the fee income side needs a closer look.

Business Economics

The economic fundamentals of Farmers National Banc Corp. are built on a liability-sensitive balance sheet and a focus on commercial lending in its Ohio and Western Pennsylvania footprint. The strategy is straightforward: grow loans, manage funding costs, and expand fee-based services to smooth out interest rate cycles.

• Net Interest Margin (NIM) Expansion: The NIM-the spread between interest earned on assets (loans/securities) and interest paid on liabilities (deposits/borrowings)-expanded to 3.00% in Q3 2025, up from 2.66% a year prior. This is the first time it's been over 3% in nearly two and a half years, showing a clear benefit from the Federal Reserve's rate cuts starting in late 2024, which lowered funding costs faster than asset yields.
• Loan Portfolio Focus: Loan growth is concentrated in the commercial segment, which saw a $30.1 million increase in Q3 2025, representing a strong 6.0% annualized growth rate. This commercial focus typically yields higher interest rates than residential lending, though it can carry different credit risk profiles.
• Fee Income Volatility: Noninterest income declined to $11.4 million in Q3 2025 from $12.3 million in Q3 2024. This drop was largely due to larger losses on the sale of securities, which is a one-off capital markets activity, not a core business failure. Still, service charges on deposit accounts also dipped to $1.9 million from $2.0 million, as overdraft fee revenue continues to lag.
• Operational Efficiency: The company is making a strategic investment to transition to a new core platform, which is expected to save approximately $2.0 million per year once fully converted in August 2026. This focus on cost reduction is critical for improving the efficiency ratio (noninterest expense as a percentage of net revenue).

The pending merger with Middlefield Banc Corp., expected to close in Q1 2026, is a major strategic move to boost scale and efficiency, expanding total assets to over $7.4 billion. You can read more about the company's stakeholders and market position in Exploring Farmers National Banc Corp. (FMNB) Investor Profile: Who's Buying and Why?

Farmers National Banc Corp.'s Financial Performance

The Q3 2025 results show a profitable, albeit mixed, picture. The bank continues its impressive streak of 171 consecutive quarters of profitability. But, you need to look past the headline numbers to see the underlying trends.

• Profitability Metrics: Net Income for Q3 2025 was $12.5 million, or $0.33 per diluted share (GAAP), which was lower than some analyst estimates. However, the adjusted EPS, excluding one-time items like core platform transition charges and security losses, was $0.42, which actually beat the consensus.
• Asset Quality: Credit quality remains solid. The provision for credit losses was significantly lower at $1.4 million in Q3 2025, down from $7.0 million in Q3 2024. Annualized net charge-offs as a percentage of average loans were a low 0.07%, which is a defintely good sign of disciplined underwriting.
• Efficiency Ratio: The calculated efficiency ratio for Q3 2025 stands at about 66.46%. This is a bit high for a top-performing regional bank, but the management's focus on cost-saving through the new core platform suggests a clear path to improvement.
• Balance Sheet Strength: Total assets grew to $5.24 billion as of September 30, 2025. Total loans increased to $3.34 billion, demonstrating continued balance sheet expansion through lending.

What this estimate hides is the potential impact of the Middlefield merger, which could significantly alter these ratios in 2026 by adding scale and new markets, but also integration risk.

Farmers National Banc Corp. (FMNB) Market Position & Future Outlook

Farmers National Banc Corp. is strategically positioned for a near-term asset expansion, with its pending merger set to push total assets over the $7.4 billion mark, fundamentally changing its competitive standing. The company maintains a strong regional footing, but success hinges on integrating the new acquisition and managing rising credit quality concerns, especially within commercial real estate.

Competitive Landscape

In the regional banking space, FMNB competes effectively by offering a full suite of services-banking, wealth management, and insurance-which larger, more specialized banks often separate. This diversified model is a key advantage. Here's how FMNB stacks up against two notable regional peers, using market share in its core area and asset size as a proxy for broader market standing.

Opportunities & Challenges

The next 12 to 18 months are defintely about execution. The strategic merger and core system upgrade are clear opportunities to drive efficiency and scale, but they introduce real operational risks. Honestly, the bank has a clear path to higher earnings, but only if they manage the credit cycle correctly.

Industry Position

FMNB operates as a strong regional player, currently managing total assets of $5.24 billion as of the third quarter of 2025. This size is large enough to offer diversified services but small enough to maintain a true community-bank focus, which is a powerful differentiator in its Ohio and Western Pennsylvania markets.

The bank's strength is its depth of service in a concentrated geography. For instance, in the Youngstown Metropolitan Statistical Area (MMSA), FMNB holds a 16.7% deposit market share, ranking second among 15 banks, which shows their local dominance. This deep local penetration is hard for national players to replicate.

The planned merger is a game-changer, moving the bank closer to the $10 billion asset threshold, which brings new regulatory scrutiny but also opens up new capital market opportunities. You can find more on the foundational elements driving this strategy here: Mission Statement, Vision, & Core Values of Farmers National Banc Corp. (FMNB).

• Maintain 171 consecutive quarters of profitability.
• Wealth management assets under care totaled $4.4 billion in Q2 2025.
• Targeted loan growth, specifically commercial loans, grew 6.0% annualized in Q3 2025.