Farmers National Banc Corp. (FMNB): history, ownership, mission, how it works & makes money

A Brief History of Farmers National Banc Corp. (FMNB)

Founding and Early Years

Farmers National Banc Corp. was established in 1887 in Canfield, Ohio. The founding entity was Farmers National Bank, which aimed to provide essential banking services to the local farming community. This early focus on agriculture shaped the bank's mission and operations for decades.

Expansion in the 20th Century

Throughout the 1900s, Farmers National Banc Corp. expanded its presence in Ohio, acquiring several banks and branches. By the mid-20th century, the bank had solidified its status in the regional banking sector. Notable acquisitions during this period included:

Recent Developments and Growth

In recent years, Farmers National Banc Corp. has continued to grow both organically and through acquisitions. As of 2022, the bank reported total assets of approximately $1.8 billion and a net income of $18.5 million.

Strategic Acquisitions

Farmers National Banc Corp. has actively pursued strategic acquisitions to enhance its market presence. Key acquisitions in the last decade include:

Financial Performance

The financial performance of Farmers National Banc Corp. has shown consistent growth. The following table summarizes key financial metrics as of December 2022:

Recent Innovations

In response to changing market conditions, Farmers National Banc Corp. has invested in digital banking solutions. By 2023, the bank reported that over 35% of its transactions were conducted through digital channels, reflecting a significant shift in customer preferences.

Community Engagement and Social Responsibility

The bank has a long-standing commitment to community service, with initiatives that include:

• Financial education programs for local schools
• Support for local charities and non-profits
• Community development initiatives across Ohio

Conclusion of Financial Standing

As of the end of 2022, Farmers National Banc Corp. had a robust capital position with a Tier 1 Capital Ratio of 12.80%, significantly above the regulatory minimum requirements. This strong capital position allows for continued growth and stability in the competitive banking landscape.

A Who Owns Farmers National Banc Corp. (FMNB)

Ownership Structure

Farmers National Banc Corp. (FMNB) is a publicly traded company listed on the NASDAQ under the ticker symbol "FMNB." The ownership of the company is split among institutional investors, individual shareholders, and company insiders.

Institutional Ownership

As of the latest filing, the institutional ownership of FMNB stands at approximately 61.9%. Notable institutional investors include:

Insider Ownership

Insider ownership of FMNB comprises approximately 10.6% of the total shares outstanding. Key insiders include:

Shareholder Information

The retail ownership segment, comprising individual shareholders, accounts for about 27.5% of the total shares. This includes both retail investors and smaller family offices.

Recent Financial Performance

As of the most recent quarter, FMNB reported the following financial metrics:

Market Trends

The financial services market in which FMNB operates has been characterized by several key trends:

• Increased digital banking adoption.
• Pressure on interest margins due to competitive rates.
• Focus on improving customer experience and retention.
• Emergence of fintech competitors.

Recent Changes in Ownership

In the past year, FMNB has experienced changes in institutional ownership, with notable increases from:

• BlackRock Inc. by 1.2%
• The Vanguard Group by 0.9%
• State Street Corporation by 0.5%

Farmers National Banc Corp. (FMNB) Mission Statement

Overview of FMNB Mission Statement

The mission statement of Farmers National Banc Corp. emphasizes the commitment to delivering quality financial services while fostering strong customer relationships and community involvement. The company focuses on providing personalized banking solutions that meet individual and business needs.

Core Values

• Integrity: Upholding the highest standards in all interactions.
• Customer Focus: Prioritizing customer satisfaction and service excellence.
• Community Engagement: Actively participating in and contributing to local communities.
• Teamwork: Collaborating to achieve common goals and enhance performance.
• Innovation: Embracing new ideas to improve services and operations.

Financial Performance

Farmers National Banc Corp. reported a total asset value of $2.46 billion as of Q2 2023. The company had a net income of $19.7 million for the same period, reflecting a strong financial position in the marketplace.

Market Position

FMNB operates in the competitive banking sector, with a presence in various states including Ohio and Pennsylvania. As of 2023, Farmers National Banc Corp. had a market capitalization of approximately $338 million.

Community Involvement

FMNB's commitment to community is exemplified by its financial contributions to local organizations. In 2022, the bank donated over $1.5 million to various initiatives aimed at improving local education, health, and economic development.

Customer Base

The customer base of FMNB includes over 75,000 retail customers and numerous small to medium-sized businesses, showcasing a diverse portfolio tailored to various financial needs.

Table of Recent Performance Metrics

Strategic Goals

The strategic goals of FMNB include expanding service offerings, increasing market share, and enhancing digital banking capabilities. The focus is on adapting to customer needs while maintaining robust financial health.

Recent Developments

In 2023, FMNB announced its intent to invest in technology upgrades amounting to $500,000, aimed at improving customer experiences through enhanced digital interfaces.

How Farmers National Banc Corp. (FMNB) Works

Overview of Farmers National Banc Corp.

Farmers National Banc Corp. (FMNB) operates primarily as a bank holding company. Headquartered in Canfield, Ohio, FMNB provides a range of financial services including commercial and retail banking, as well as wealth management services.

Financial Performance

As of Q2 2023, Farmers National Banc Corp. reported the following financial metrics:

Business Segments

FMNB operates through various business segments, primarily:

• Commercial Banking
• Retail Banking
• Wealth Management

Commercial Banking Services

The commercial banking segment focuses on offering services to businesses, including:

• Commercial loans
• Lines of credit
• Business checking accounts
• Cash management services

Retail Banking Services

The retail banking segment provides services to individual customers, including:

• Personal loans
• Mortgage services
• Savings accounts
• Certificates of deposit (CDs)

Wealth Management Services

FMNB’s wealth management division offers:

• Investment management
• Financial planning
• Retirement planning
• Trust services

Market Presence

Farmers National Banc Corp. operates primarily in the states of Ohio and Pennsylvania. As of 2023, FMNB has a total of:

Recent Strategic Initiatives

In 2023, FMNB has undertaken the following initiatives:

• Launch of digital banking services aimed at improving customer experience.
• Expansion of loan offerings targeting small to medium-sized enterprises (SMEs).
• Investment in technology to enhance online and mobile banking capabilities.

Stock Performance

As of October 2023, FMNB's stock performance is reflected in the following data:

Capital Management

FMNB adheres to strict capital management practices, maintaining:

How Farmers National Banc Corp. (FMNB) Makes Money

Overview of Revenue Sources

Farmers National Banc Corp. generates revenue through various segments, including interest income, non-interest income, and wealth management services.

Interest Income

Interest income is a significant portion of FMNB's revenue. As of the second quarter of 2023, Farmers National Banc Corp. reported a total interest income of approximately $46.2 million.

The interest income is primarily derived from:

• Commercial loans
• Residential loans
• Consumer loans

Non-Interest Income

Non-interest income provides an additional revenue stream for FMNB. For the six months ending June 30, 2023, FMNB's non-interest income totaled $15.4 million.

Key components of non-interest income include:

• Service charges on deposits
• Wealth management fees
• Investment securities gains

Wealth Management Services

FMNB's wealth management division offers services including investment advisory, trust services, and estate planning. As of mid-2023, assets under management (AUM) reached approximately $1.2 billion.

The revenue generated from wealth management services consists of:

• Management fees based on AUM
• Performance-based fees

Financial Performance Snapshot

As of June 30, 2023, FMNB demonstrated robust financial performance with the following key metrics:

Cost Management

Farmers National Banc Corp. also focuses on cost management to enhance profitability. The efficiency ratio for the second quarter of 2023 was reported at 58.5%, indicating effective expense management.

Market Position

As of Q2 2023, FMNB operates 43 banking locations across various regions, increasing its market share and accessibility to customers. The average loan-to-deposit ratio stands at 82.5%, showcasing effective utilization of deposits for lending purposes.

Conclusion

Farmers National Banc Corp. employs a multifaceted approach for revenue generation, focusing on both interest and non-interest income streams while maintaining a strong position in the wealth management sector. Their commitment to cost efficiency further enhances financial performance.