KBRA Provides Insights on Farmers National Banc Corp's Agreement to Acquire Middlefield Banc Corp.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 23 2025
0mins
Should l Buy FMNB?
Source: Newsfilter
Merger Announcement: Farmers National Banc Corp. has entered into a definitive agreement to acquire Middlefield Banc Corp. in an all-stock deal valued at $299 million, expected to close in Q1 2026, significantly enhancing FMNB's presence in Ohio.
Financial Impact: The merger will result in a pro forma bank with $7.4 billion in assets and a moderate impact on FMNB's capital position, with a projected CET1 ratio of approximately 11.2% and an improved TCE ratio.
Strategic Expansion: This acquisition marks FMNB's largest whole-bank acquisition in a decade, allowing for deeper market penetration in the rapidly growing Columbus area and supporting organic loan growth opportunities.
Operational Efficiency: FMNB anticipates a pro forma ROA of ~1.5% by 2027, driven by cost savings from the integration of Middlefield and a focus on expanding its commercial and industrial loan portfolio.
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Analyst Views on FMNB
Wall Street analysts forecast FMNB stock price to rise
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 13.520
Low
14.00
Averages
15.00
High
16.00
Current: 13.520
Low
14.00
Averages
15.00
High
16.00
About FMNB
Farmers National Banc Corp. is a financial holding company. The Company operates principally through its wholly owned subsidiaries, The Farmers National Bank of Canfield (the Bank) and Farmers Trust Company (Farmers Trust). The Company and its subsidiaries operate in the domestic banking, trust, retirement consulting, insurance and financial management industries. The Bank is a full-service national banking association engaged in commercial and retail banking mainly in the northeastern region of Ohio and the western region of Pennsylvania. The Bank’s commercial and retail banking services include checking accounts, savings accounts, time deposit accounts, commercial, mortgage and installment loans, home equity loans, home equity lines of credit, night depository, safe deposit boxes, money orders, bank checks, automated teller machines, Internet banking, travel cards, E Bond transactions, brokerage services and other miscellaneous services normally offered by commercial banks.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Farmers and Middlefield Merger Approved by Shareholders
- Merger Approval: Shareholders of Farmers National Banc Corp. and Middlefield Banc Corp. have approved the merger, which is expected to be completed in the first quarter of 2026, enhancing the competitive position of both banks in the market.
- Asset Scale: As of December 31, 2025, Farmers National Banc Corp. reported $5.2 billion in banking assets, and the merger is anticipated to further increase market share in Ohio and Pennsylvania, strengthening overall financial capabilities.
- Wealth Management: Farmers National Banc Corp. had $4.7 billion in wealth management assets as of December 31, 2025, and the merger will facilitate resource integration, improving customer service and product diversity.
- Future Outlook: Despite uncertainties surrounding the merger, both Farmers and Middlefield maintain an optimistic outlook for future growth, expecting to achieve higher operational efficiency and market expansion through the merger.
See More
Independent Advisory Firm Supports Merger Proposal
- Merger Proposal Support: Middlefield Banc Corp. announced that independent advisory firm ISS has recommended shareholders vote in favor of the merger with Farmers National Banc Corp. at the Special Meeting on February 10, 2026, indicating positive market sentiment that could bolster shareholder confidence.
- Shareholder Voting Reminder: Middlefield urges shareholders who have not yet voted to do so promptly to support the merger and other proposals before the February 9, 2026 deadline, aiming to enhance shareholder engagement and expedite the merger process.
- Asset Overview: As of September 30, 2025, Middlefield Bank reported total assets of $1.98 billion and operates 21 full-service banking centers, with the merger expected to further expand market share and service network, enhancing overall competitiveness.
- Regulatory Filing Submission: Middlefield and Farmers have filed relevant materials with the SEC, including a Registration Statement for the merger, ensuring transparency and compliance in the merger process, which is crucial for maintaining investor trust.
See More
Middlefield Banc Corp. Merger Proposal Gains Support from ISS
- Merger Proposal Support: Middlefield Banc Corp.'s merger proposal has received a recommendation from independent proxy advisory firm ISS, urging shareholders to vote in favor at the Special Meeting on February 10, 2026, indicating strong market confidence in the merger's potential to enhance shareholder value.
- Shareholder Voting Reminder: Middlefield is encouraging shareholders who have not yet voted to do so promptly to ensure participation before the deadline, a strategic move aimed at increasing shareholder engagement and expediting the merger process.
- Asset Overview: As of September 30, 2025, Middlefield Banc Corp. reported total assets of $1.98 billion and operates 21 full-service banking centers, providing a robust asset base that supports business integration post-merger and is expected to enhance competitive positioning in the market.
- Regulatory Filing Submission: Middlefield and Farmers have filed relevant merger materials with the SEC, including a Registration Statement and joint proxy statement, ensuring transparency and compliance throughout the merger process, which aims to bolster investor confidence and encourage active shareholder participation.
See More
Farmers National Reports Q4 Revenue of $49.11M with Improved Margins
- Revenue Growth: Farmers National reported Q4 revenue of $49.11 million for 2025, indicating robust performance in the market that is likely to enhance investor confidence moving forward.
- Net Interest Margin Improvement: The net interest margin increased to 3.05% in Q4 2025 from 3.00% in Q3 2025, and up from 2.72% in Q4 2024, reflecting enhanced profitability for the company.
- Customer Deposit Growth: Customer deposits (excluding brokered CDs) grew by $151 million in 2025, representing a 3.6% increase, which highlights the company's successful strategy in attracting deposits and strengthening liquidity.
- Decline in Nonperforming Loans: Nonperforming loans decreased to $26.2 million in Q4, down from $35.3 million in Q3, demonstrating effective risk management and improved asset quality within the company.
See More
Farmers National Bancorp Reports Q4 Profit Increase
- Profit Growth: Farmers National Bancorp reported a fourth-quarter profit of $14.64 million, or $0.39 per share, which is an increase from $14.39 million and $0.38 per share in the same period last year, indicating stable profitability improvement.
- Adjusted Earnings: Excluding items, the adjusted earnings were $15.15 million, or $0.40 per share, demonstrating a stronger performance in core operations and reflecting effective cost management.
- Revenue Increase: The company's revenue rose 13.1% to $37.02 million from $32.73 million last year, highlighting business expansion and increased market demand, which is crucial for sustaining growth.
- Financial Health: The overall improvement in financial performance not only boosts investor confidence but also lays a solid foundation for future strategic investments and expansions, showcasing the company's resilience in a competitive market.
See More
Farmers National Banc Corp. Reports Q4 2025 Highlights
- Sustained Profitability: Farmers National Banc Corp. has achieved 172 consecutive quarters of profitability, reporting a net income of $14.6 million and diluted earnings per share of $0.39 for Q4 2025, highlighting the company's ongoing strength in community banking.
- Improved Net Interest Margin: The net interest margin increased to 3.05% in Q4 2025 from 3.00% in Q3 2025 and 2.72% in Q4 2024, reflecting lower funding costs due to interest rate cuts, which are expected to continue driving revenue growth in the future.
- Decline in Nonperforming Loans: Nonperforming loans decreased from $35.3 million in Q3 2025 to $26.2 million in Q4 2025, demonstrating effective credit quality management and enhancing investor confidence in the company's risk management capabilities.
- Stable Deposit Growth: Customer deposits grew by $151 million, or 3.6%, in 2025, with a $35.6 million increase in Q4 excluding public funds, indicating the company's ongoing efforts to attract customer deposits despite a slight decline in total deposits.
See More
Farmers and Middlefield Merger Approved by Shareholders
- Merger Approval: Shareholders of Farmers National Banc Corp. and Middlefield Banc Corp. have approved the merger, which is expected to be completed in the first quarter of 2026, enhancing the competitive position of both banks in the market.
- Asset Scale: As of December 31, 2025, Farmers National Banc Corp. reported $5.2 billion in banking assets, and the merger is anticipated to further increase market share in Ohio and Pennsylvania, strengthening overall financial capabilities.
- Wealth Management: Farmers National Banc Corp. had $4.7 billion in wealth management assets as of December 31, 2025, and the merger will facilitate resource integration, improving customer service and product diversity.
- Future Outlook: Despite uncertainties surrounding the merger, both Farmers and Middlefield maintain an optimistic outlook for future growth, expecting to achieve higher operational efficiency and market expansion through the merger.
See More
Independent Advisory Firm Supports Merger Proposal
- Merger Proposal Support: Middlefield Banc Corp. announced that independent advisory firm ISS has recommended shareholders vote in favor of the merger with Farmers National Banc Corp. at the Special Meeting on February 10, 2026, indicating positive market sentiment that could bolster shareholder confidence.
- Shareholder Voting Reminder: Middlefield urges shareholders who have not yet voted to do so promptly to support the merger and other proposals before the February 9, 2026 deadline, aiming to enhance shareholder engagement and expedite the merger process.
- Asset Overview: As of September 30, 2025, Middlefield Bank reported total assets of $1.98 billion and operates 21 full-service banking centers, with the merger expected to further expand market share and service network, enhancing overall competitiveness.
- Regulatory Filing Submission: Middlefield and Farmers have filed relevant materials with the SEC, including a Registration Statement for the merger, ensuring transparency and compliance in the merger process, which is crucial for maintaining investor trust.
See More
Middlefield Banc Corp. Merger Proposal Gains Support from ISS
- Merger Proposal Support: Middlefield Banc Corp.'s merger proposal has received a recommendation from independent proxy advisory firm ISS, urging shareholders to vote in favor at the Special Meeting on February 10, 2026, indicating strong market confidence in the merger's potential to enhance shareholder value.
- Shareholder Voting Reminder: Middlefield is encouraging shareholders who have not yet voted to do so promptly to ensure participation before the deadline, a strategic move aimed at increasing shareholder engagement and expediting the merger process.
- Asset Overview: As of September 30, 2025, Middlefield Banc Corp. reported total assets of $1.98 billion and operates 21 full-service banking centers, providing a robust asset base that supports business integration post-merger and is expected to enhance competitive positioning in the market.
- Regulatory Filing Submission: Middlefield and Farmers have filed relevant merger materials with the SEC, including a Registration Statement and joint proxy statement, ensuring transparency and compliance throughout the merger process, which aims to bolster investor confidence and encourage active shareholder participation.
See More
Farmers National Reports Q4 Revenue of $49.11M with Improved Margins
- Revenue Growth: Farmers National reported Q4 revenue of $49.11 million for 2025, indicating robust performance in the market that is likely to enhance investor confidence moving forward.
- Net Interest Margin Improvement: The net interest margin increased to 3.05% in Q4 2025 from 3.00% in Q3 2025, and up from 2.72% in Q4 2024, reflecting enhanced profitability for the company.
- Customer Deposit Growth: Customer deposits (excluding brokered CDs) grew by $151 million in 2025, representing a 3.6% increase, which highlights the company's successful strategy in attracting deposits and strengthening liquidity.
- Decline in Nonperforming Loans: Nonperforming loans decreased to $26.2 million in Q4, down from $35.3 million in Q3, demonstrating effective risk management and improved asset quality within the company.
See More
Farmers National Bancorp Reports Q4 Profit Increase
- Profit Growth: Farmers National Bancorp reported a fourth-quarter profit of $14.64 million, or $0.39 per share, which is an increase from $14.39 million and $0.38 per share in the same period last year, indicating stable profitability improvement.
- Adjusted Earnings: Excluding items, the adjusted earnings were $15.15 million, or $0.40 per share, demonstrating a stronger performance in core operations and reflecting effective cost management.
- Revenue Increase: The company's revenue rose 13.1% to $37.02 million from $32.73 million last year, highlighting business expansion and increased market demand, which is crucial for sustaining growth.
- Financial Health: The overall improvement in financial performance not only boosts investor confidence but also lays a solid foundation for future strategic investments and expansions, showcasing the company's resilience in a competitive market.
See More
Farmers National Banc Corp. Reports Q4 2025 Highlights
- Sustained Profitability: Farmers National Banc Corp. has achieved 172 consecutive quarters of profitability, reporting a net income of $14.6 million and diluted earnings per share of $0.39 for Q4 2025, highlighting the company's ongoing strength in community banking.
- Improved Net Interest Margin: The net interest margin increased to 3.05% in Q4 2025 from 3.00% in Q3 2025 and 2.72% in Q4 2024, reflecting lower funding costs due to interest rate cuts, which are expected to continue driving revenue growth in the future.
- Decline in Nonperforming Loans: Nonperforming loans decreased from $35.3 million in Q3 2025 to $26.2 million in Q4 2025, demonstrating effective credit quality management and enhancing investor confidence in the company's risk management capabilities.
- Stable Deposit Growth: Customer deposits grew by $151 million, or 3.6%, in 2025, with a $35.6 million increase in Q4 excluding public funds, indicating the company's ongoing efforts to attract customer deposits despite a slight decline in total deposits.
See More
