Exhibit 99.1

October 23, 2019

Press Release

Source: Farmers National Banc Corp. Kevin J. Helmick, President and CEO 20 South Broad Street, P.O. Box 555 Canfield, OH 44406 330.533.3341 Email: exec@farmersbankgroup.com

FARMERS NATIONAL BANC CORP. ANNOUNCES

2019 THIRD QUARTER FINANCIAL RESULTS

• Record net income of $9.2 million for the quarter is 13% higher than same quarter in 2018

• 147 consecutive quarters of profitability

• Annualized return on average assets was 1.51% and annualized return on average equity 12.49% for the quarter ended September 30, 2019

• 5.5% loan growth since September 30, 2018

• Non-performing assets to total assets remain at low levels, 0.28% at September 30, 2019

CANFIELD, Ohio (October 23, 2019) – Farmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three months ended September 30, 2019.

Net income for the three months ended September 30, 2019 was $9.2 million, or $0.33 per diluted share, which compares to $8.1 million, or $0.29 per diluted share, for the three months ended September 30, 2018 and $8.5 million or $0.31 per diluted share for the linked quarter. Annualized return on average assets and return on average equity were 1.51% and 12.49%, respectively, for the three month period ending September 30, 2019, compared to 1.42% and 12.80% for the same three month period in 2018, and 1.45% and 12.34% for the linked quarter. Farmers’ return on average tangible equity (Non-GAAP) was 14.80% for the quarter ended September 30, 2019 compared to 15.70% for the same quarter in 2018 and 14.59% for the linked quarter.

Net income for the nine months ended September 30, 2019 was $26.1 million, or $0.94 per diluted share, compared to $23.9 million or $0.85 per diluted share for the same nine month period in 2018. Return on average assets and return on average equity were 1.47% and 12.52%, respectively, for the nine months ended September 30, 2019, compared to 1.45% and 13.00% for the same period in 2018.

On August 30, 2019, Farmers entered into an agreement and plan of merger with Maple Leaf Financial (“Maple Leaf”), the holding company for Geauga Savings Bank, with branches located in Cuyahoga and Geauga Counties in Ohio. This transaction is subject to receipt of Maple Leaf shareholder approval and customary regulatory approvals and is expected to close during the first quarter of 2020. The transaction increases Farmers’ market share in Cuyahoga and Geauga Counties and enables Farmers to continue building local scale throughout Northeast Ohio. As of June 30, 2019, Maple Leaf had total assets of $277.8 million, which included gross loans of $186.4 million, deposits of $191.0 million and equity of $32.9 million.

Kevin J. Helmick, President and CEO, stated, “As a result of solid loan growth over the past twelve months, 15% increase in noninterest income, careful management of our noninterest expenses and continued strong asset quality, we are pleased to report a 13% increase in net income compared to the same quarter one year ago. We are also pleased to report a 25% increase in cash dividends paid to our shareholders, from $0.08 per share paid in the third quarter of 2018 to $0.10 paid for the same quarter in 2019.”

2019 Third Quarter Financial Highlights

• Loan growth

Total loans were $1.78 billion at September 30, 2019, compared to $1.69 billion at September 30, 2018, representing an increase of 5.5%. The increase in loans is a direct result of Farmers’ focus on loan growth utilizing talented lending and credit team, while adhering to a sound underwriting discipline. The increase in loans has occurred in the commercial, commercial real estate, residential real estate and agricultural loan portfolios. Loans now comprise 79.3% of the Bank’s average earning assets for the quarter ended September 30, 2019, an improvement compared to 78.8% for the same period in 2018. This improvement, along with the growth in earning assets, has resulted in a 10.5% increase in tax equated loan income in the third quarter of 2019 compared to the same quarter in 2018.

• Loan quality

Non-performing assets to total assets remain at a low level, currently at 0.28%. Early stage delinquencies also continue to remain at low levels, at $9.1 million, or 0.51% of total loans, at September 30, 2019. Net charge-offs for the current quarter were $511 thousand, compared to $337 thousand in the same quarter in 2018 and total net charge-offs as a percentage of average net loans outstanding is only 0.12% for the quarter ended September 30, 2019.

• Net interest margin

The net interest margin for the three months ended September 30, 2019 was 3.79%, a 7 basis points decrease from the quarter ended September 30, 2018, and compares to 3.84% for the linked quarter. In comparing the third quarter of 2019 to the same period in 2018, asset yields increased 16 basis points, while the cost of interest-bearing liabilities increased 30 basis points. Most of this increase in the cost of funds was the result of higher rates paid on interest-bearing checking accounts and time deposits. The net interest margin is impacted by the additional accretion as a result of the discounted loan portfolios acquired in the previous mergers, which increased the net interest margin by 4 basis points for the quarters ended September 30, 2019 and 2018.

• Noninterest income

Noninterest income increased 14.9% to $7.4 million for the quarter ended September 30, 2019 compared to $6.5 million in the same quarter in 2018. Gains on the sales of mortgage loans increased $339 thousand or 42%, other operating income increased $234 thousand or 60%, insurance agency commissions grew $114 thousand or 20%, investment commissions increased $111 thousand or 41% and trust fees increased $78 thousand or 4% in comparing the third quarter of 2019 to the same quarter in 2018. These increases were offset by a decrease of retirement plan consulting fees of $132 thousand or 28%.

• Noninterest expenses

Farmers has remained committed to managing the level of noninterest expenses. Total noninterest expenses for the third quarter of 2019 increased 1.5% to $16.4 million compared to $16.2 million in the same quarter in 2018, primarily as a result of an increase in salaries and employee benefits of $456 thousand, offset by a $138 thousand decrease in FDIC insurance expense and a $145 thousand decrease in other operating expenses. Annualized noninterest expenses measured as a percentage of quarterly average assets decreased from 2.85% in the third quarter of 2018 to 2.70% in the third quarter of 2019.

• Efficiency ratio

The efficiency ratio for the quarter ended September 30, 2019 decreased to 55.90% compared to 58.70% for the same quarter in 2018. The improvement in net interest income and noninterest income in the third quarter of 2019 was offset by a slightly higher level of noninterest expenses as explained in the preceding paragraphs.

2019 Outlook

Mr. Helmick added, “With the announcement of our acquisition of Geauga Savings Bank and our continued strong financial performance during the first three quarters of the year, we look forward to the last three months of 2019 and to finalizing the acquisition at the beginning of 2020. We remain extremely proud of our committed employees that continue to deliver strong results for our stakeholders and remain committed to our community banking approach and culture.”

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $2.4 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 41 banking locations in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania, Farmers Trust Company, which operates four trust offices and offers services in the same geographic markets, and National Associates, Inc. Total wealth management assets under care at September 30, 2019 are $2.5 billion. Farmers National Insurance, LLC and Bowers Insurance Agency, Inc., wholly-owned subsidiaries of The Farmers National Bank of Canfield, offer a variety of insurance products.

Non-GAAP Disclosure

This press release includes disclosures of Farmers’ tangible common equity ratio, return on average tangible assets, return on average tangible equity and net income excluding costs related to acquisition activities, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the tables following Consolidated Financial Highlights below.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in the forward-looking statements can be found in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2018, which has been filed with the Securities and Exchange Commission (SEC) and is available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Farmers National Banc Corp. and Subsidiaries

Consolidated Financial Highlights

(Amounts in thousands, except per share results) Unaudited

Consolidated Statements of Income

	For the Three Months Ended															For the Nine Months Ended
	Sept. 30, 2019			June 30, 2019			March 31, 2019			Dec. 31, 2018			Sept. 30, 2018			Sept. 30, 2019			Sept. 30, 2018			Percent Change
Total interest income	$	25,931		$	25,529		$	24,679		$	24,447		$	23,563		$	76,139		$	67,319			13.1	%
Total interest expense		5,174			5,038			4,714			4,373			3,644			14,926			8,892			67.9	%
Net interest income		20,757			20,491			19,965			20,074			19,919			61,213			58,427			4.8	%
Provision for loan losses		550			750			550			525			950			1,850			2,475			-25.3	%
Noninterest income		7,441			6,994			6,520			6,705			6,478			20,955			18,794			11.5	%
Acquisition related costs (income)		112			(19	)		0			(180	)		0			93			25			272.0	%
Other expense		16,311			16,723			15,977			16,163			16,180			49,011			46,709			4.9	%
Income before income taxes		11,225			10,031			9,958			10,271			9,267			31,214			28,012			11.4	%
Income taxes		2,071			1,488			1,570			1,585			1,183			5,129			4,129			24.2	%
Net income	$	9,154		$	8,543		$	8,388		$	8,686		$	8,084		$	26,085		$	23,883			9.2	%
Average diluted shares outstanding		27,819			27,931			27,983			27,962			28,002			27,898			27,944
Basic earnings per share		0.33			0.31			0.30			0.31			0.29			0.94			0.86
Diluted earnings per share		0.33			0.31			0.30			0.31			0.29			0.94			0.85
Cash dividends		2,767			2,504			2,500			2,223			2,222			7,771			6,092
Cash dividends per share		0.10			0.09			0.09			0.08			0.08			0.28			0.22
Performance Ratios
Net Interest Margin (Annualized)		3.79	%		3.84	%		3.81	%		3.80	%		3.86	%		3.81	%		3.90	%
Efficiency Ratio (Tax equivalent basis)		55.90	%		58.28	%		57.83	%		57.73	%		58.70	%		57.32	%		58.00	%
Return on Average Assets (Annualized)		1.51	%		1.45	%		1.45	%		1.50	%		1.42	%		1.47	%		1.45	%
Return on Average Equity (Annualized)		12.49	%		12.34	%		12.71	%		13.65	%		12.80	%		12.52	%		13.00	%
Dividends to Net Income		30.23	%		29.31	%		29.80	%		25.59	%		27.49	%		29.79	%		25.51	%
Other Performance Ratios (Non-GAAP)
Return on Average Tangible Assets		1.55	%		1.47	%		1.46	%		1.54	%		1.46	%		1.49	%		1.47	%
Return on Average Tangible Equity		14.80	%		14.59	%		14.99	%		16.68	%		15.70	%		14.79	%		15.86	%
Return on Average Tangible Equity excluding acquisition costs		14.95	%		14.55	%		14.99	%		16.34	%		15.70	%		14.83	%		15.87	%

Consolidated Statements of Financial Condition

	Sept. 30, 2019		June 30, 2019		March 31, 2019		Dec. 31, 2018		Sept. 30, 2018
Assets
Cash and cash equivalents	$	85,675	$	64,007	$	69,672	$	57,926	$	75,635
Securities available for sale		423,193		424,252		403,770		402,190		389,996
Equity securities		7,856		7,222		7,460		7,130		6,892
Loans held for sale		2,079		1,093		2,360		1,237		1,428
Loans		1,784,125		1,780,504		1,743,651		1,735,840		1,691,532
Less allowance for loan losses		14,261		14,222		13,777		13,592		13,377
Net Loans		1,769,864		1,766,282		1,729,874		1,722,248		1,678,155
Other assets		144,543		143,093		142,938		137,999		140,572
Total Assets	$	2,433,210	$	2,405,949	$	2,356,074	$	2,328,730	$	2,292,678
Liabilities and Stockholders’ Equity
Deposits
Noninterest-bearing	$	432,609	$	415,935	$	415,131	$	421,950	$	426,689
Interest-bearing		1,608,043		1,584,700		1,539,202		1,377,770		1,332,022
Total deposits		2,040,652		2,000,635		1,954,333		1,799,720		1,758,711
Other interest-bearing liabilities		76,324		96,978		109,348		250,792		270,273
Other liabilities		23,011		23,511		19,442		15,898		14,905
Total liabilities		2,139,987		2,121,124		2,083,123		2,066,410		2,043,889
Stockholders’ Equity		293,223		284,825		272,951		262,320		248,789
Total Liabilities and Stockholders’ Equity	$	2,433,210	$	2,405,949	$	2,356,074	$	2,328,730	$	2,292,678
Period-end shares outstanding		27,669		27,768		27,777		27,792		27,777
Book value per share	$	10.60	$	10.26	$	9.83	$	9.44	$	8.96
Tangible book value per share (Non-GAAP)*		9.04		8.70		8.26		7.86		7.36

* Tangible book value per share is calculated by dividing tangible common equity by average outstanding shares

Capital and Liquidity

Common Equity Tier 1 Capital Ratio (a)		12.53	%		12.47	%		12.37	%		12.16	%		12.13	%
Total Risk Based Capital Ratio (a)		13.28	%		13.34	%		13.24	%		13.03	%		13.00	%
Tier 1 Risk Based Capital Ratio (a)		12.63	%		12.59	%		12.50	%		12.28	%		12.26	%
Tier 1 Leverage Ratio (a)		10.08	%		10.27	%		10.07	%		9.91	%		9.87	%
Equity to Asset Ratio		12.05	%		11.84	%		11.58	%		11.26	%		10.85	%
Tangible Common Equity Ratio (b)		10.47	%		10.22	%		9.92	%		9.56	%		9.09	%
Net Loans to Assets		72.74	%		73.41	%		73.42	%		73.96	%		73.20	%
Loans to Deposits		87.43	%		89.00	%		89.22	%		96.45	%		96.18	%
Asset Quality
Non-performing loans	$	6,749		$	7,252		$	7,578		$	7,731		$	9,222
Other Real Estate Owned		74			74			208			0			0
Non-performing assets		6,823			7,326			7,786			7,731			9,222
Loans 30 - 89 days delinquent		9,076			10,203			9,082			8,877			10,626
Charged-off loans		674			588			566			753			544
Recoveries		163			283			201			443			207
Net Charge-offs		511			305			365			310			337
Annualized Net Charge-offs to
Average Net Loans Outstanding		0.12	%		0.07	%		0.08	%		0.07	%		0.08	%
Allowance for Loan Losses to Total Loans		0.80	%		0.80	%		0.79	%		0.78	%		0.79	%
Non-performing Loans to Total Loans		0.38	%		0.41	%		0.43	%		0.45	%		0.55	%
Allowance to Non-performing Loans		211.31	%		196.11	%		181.80	%		175.81	%		145.06	%
Non-performing Assets to Total Assets		0.28	%		0.30	%		0.33	%		0.33	%		0.40	%

(a) September 30, 2019 ratio is estimated

(b) This is a non-GAAP financial measure. A reconciliation to GAAP is shown below

Reconciliation of Total Assets to Tangible Assets

											For the Nine Months Ended
	Sept. 30, 2019		June 30, 2019		March 31, 2019		Dec. 31, 2018		Sept. 30, 2018		Sept. 30, 2019		Sept. 30, 2018
Total Assets	$	2,433,210	$	2,405,949	$	2,356,074	$	2,328,730	$	2,292,678	$	2,433,210	$	2,292,678
Less Goodwill and other intangibles		42,973		43,298		43,625		43,952		44,305		42,973		44,305
Tangible Assets	$	2,390,237	$	2,362,651	$	2,312,449	$	2,284,778	$	2,248,373	$	2,390,237	$	2,248,373
Average Assets		2,409,010		2,369,388		2,338,792		2,301,847		2,255,049		2,372,697		2,206,379
Less average Goodwill and other intangibles		43,187		43,508		43,840		44,185		44,541		43,510		44,891
Average Tangible Assets	$	2,365,823	$	2,325,880	$	2,294,952	$	2,257,662	$	2,210,508	$	2,329,187	$	2,161,488

Reconciliation of Common Stockholders’ Equity to Tangible Common Equity

											For the Nine Months Ended
	Sept. 30, 2019		June 30, 2019		March 31, 2019		Dec. 31, 2018		Sept. 30, 2018		Sept. 30, 2019		Sept. 30, 2018
Stockholders’ Equity	$	293,223	$	284,825	$	272,951	$	262,320	$	248,789	$	293,223	$	248,789
Less Goodwill and other intangibles		42,973		43,298		43,625		43,952		44,305		42,973		44,305
Tangible Common Equity	$	250,250	$	241,527	$	229,326	$	218,368	$	204,484	$	250,250	$	204,484
Average Stockholders’ Equity		290,673		277,746		267,736		252,449		250,503		278,657		245,691
Less average Goodwill and other intangibles		43,187		43,508		43,840		44,185		44,541		43,510		44,891
Average Tangible Common Equity	$	247,486	$	234,238	$	223,896	$	208,264	$	205,962	$	235,147	$	200,800

Reconciliation of Net Income, Excluding Acquisition Related Costs

	For the Three Months Ended												For the Nine Months Ended
	Sept. 30, 2019		June 30, 2019			March 31, 2019		Dec. 31, 2018			Sept. 30, 2018		Sept. 30, 2019		Sept. 30, 2018
Net income	$	9,154	$	8,543		$	8,388	$	8,686		$	8,084	$	26,085	$	23,883
Acquisition related costs - tax equated		97		(20	)		0		(180	)		0		77		22
Net income - Adjusted	$	9,251	$	8,523		$	8,388	$	8,506		$	8,084	$	26,162	$	23,905
Diluted EPS excluding acquisition costs	$	0.33	$	0.31		$	0.30	$	0.30		$	0.29	$	0.94	$	0.86

End of Period Loan Balances	Sept. 30, 2019		June 30, 2019		March 31, 2019		Dec. 31, 2018		Sept. 30, 2018
Commercial real estate	$	602,580	$	614,452	$	589,219	$	579,481	$	562,272
Commercial		251,613		256,657		254,957		245,172		233,188
Residential real estate		499,996		493,529		488,854		492,887		489,851
Consumer		207,319		207,417		209,541		216,284		220,826
Agricultural loans		219,487		205,544		198,210		199,013		182,038
Total, excluding net deferred loan costs	$	1,780,995	$	1,777,599	$	1,740,781	$	1,732,837	$	1,688,175

	For the Three Months Ended
Noninterest Income	Sept. 30, 2019		June 30, 2019			March 31, 2019		Dec. 31, 2018		Sept. 30, 2018
Service charges on deposit accounts	$	1,208	$	1,093		$	1,074	$	1,115	$	1,151
Bank owned life insurance income		204		208			214		221		219
Trust fees		1,905		1,821			1,858		1,752		1,827
Insurance agency commissions		681		739			803		642		567
Security gains (losses)		22		(18	)		10		260		(34	)
Retirement plan consulting fees		338		450			358		370		470
Investment commissions		384		327			260		259		273
Net gains on sale of loans		1,143		1,055			671		832		804
Debit card and EFT fees		935		887			778		861		814
Other operating income		621		432			494		393		387
Total Noninterest Income	$	7,441	$	6,994		$	6,520	$	6,705	$	6,478

	For the Three Months Ended
Noninterest Expense	Sept. 30, 2019		June 30, 2019			March 31, 2019		Dec. 31, 2018			Sept. 30, 2018
Salaries and employee benefits	$	9,422	$	9,266		$	9,356	$	9,444		$	8,966
Occupancy and equipment		1,615		1,650			1,717		1,566			1,597
State and local taxes		468		472			470		474			475
Professional fees		654		887			794		734			687
Merger related costs (income)		112		(19	)		0		(180	)		0
Advertising		437		442			250		416			489
FDIC insurance		80		85			87		234			218
Intangible amortization		326		327			327		355			354
Core processing charges		900		803			791		762			778
Telephone and data		236		217			260		288			298
Other operating expenses		2,173		2,574			1,925		1,890			2,318
Total Noninterest Expense	$	16,423	$	16,704		$	15,977	$	15,983		$	16,180

Average Balance Sheets and Related Yields and Rates

(Dollar Amounts in Thousands)

	Three Months Ended September 30, 2019							Three Months Ended September 30, 2018
	AVERAGE BALANCE		INTEREST (1)		RATE (1)			AVERAGE BALANCE		INTEREST (1)		RATE (1)
EARNING ASSETS
Loans (2)	$	1,768,205	$	22,790		5.11	%	$	1,650,128	$	20,623		4.96	%
Taxable securities		190,044		1,196		2.50			200,765		1,226		2.42
Tax-exempt securities (2)		219,686		2,137		3.86			198,683		1,842		3.68
Equity securities		12,057		151		4.97			11,594		167		5.71
Federal funds sold and other		38,451		205		2.12			33,936		178		2.08
Total earning assets		2,228,443		26,479		4.71			2,095,106		24,036		4.55
Nonearning assets		180,567							159,943
Total assets	$	2,409,010						$	2,255,049
INTEREST-BEARING LIABILITIES
Time deposits	$	418,551	$	2,116		2.01	%	$	293,719	$	1,091		1.47	%
Brokered time deposits		105,276		650		2.35			0		0		0
Savings deposits		403,863		317		0.31			463,859		293		0.25
Demand deposits		660,433		1,622		0.97			523,433		858		0.65
Short term borrowings		53,009		289		2.16			278,884		1,353		1.92
Long term borrowings		35,870		180		1.99			6,344		49		3.06
Total interest-bearing liabilities	$	1,677,002		5,174		1.22		$	1,566,239		3,644		0.92
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand deposits		429,539							424,936
Other liabilities		11,796							13,371
Stockholders’ equity		290,673							250,503
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,409,010						$	2,255,049
Net interest income and interest rate spread			$	21,305		3.49	%			$	20,392		3.63	%
Net interest margin						3.79	%						3.86	%

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.

(2) For 2019, adjustments of $106 thousand and $442 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2018, adjustments of $92 thousand and $381 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances.

	Nine Months Ended September 30, 2019							Nine Months Ended September 30, 2018
	AVERAGE BALANCE		INTEREST (1)		RATE (1)			AVERAGE BALANCE		INTEREST (1)		RATE (1)
EARNING ASSETS
Loans (2)	$	1,748,828	$	66,792		5.11	%	$	1,607,753	$	58,768		4.89	%
Taxable securities		193,992		3,678		2.53			203,213		3,687		2.43
Tax-exempt securities		212,989		6,213		3.90			191,627		5,259		3.67
Equity securities (2)		12,057		497		5.51			11,234		467		5.56
Federal funds sold and other		33,918		559		2.20			35,499		490		1.85
Total earning assets		2,201,784		77,739		4.72			2,049,326		68,671		4.48
Nonearning assets		170,913							157,053
Total assets	$	2,372,697						$	2,206,379
INTEREST-BEARING LIABILITIES
Time deposits	$	395,932	$	5,758		1.94	%	$	283,018	$	2,861		1.35	%
Brokered time deposits		82,414		1,475		2.39			0		0		0
Savings deposits		413,438		965		0.31			474,474		731		0.21
Demand deposits		627,414		4,301		0.92			481,709		1,784		0.50
Short term borrowings		116,468		2,151		2.47			286,689		3,374		1.57
Long term borrowings		15,943		276		2.31			6,626		142		2.87
Total interest-bearing liabilities	$	1,651,609		14,926		1.21		$	1,532,516		8,892		0.78
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand deposits	$	427,808						$	414,450
Other liabilities		14,623							13,722
Stockholders’ equity		278,657							245,691
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,372,697						$	2,206,379
Net interest income and interest rate spread			$	62,813		3.51	%			$	59,779		3.70	%
Net interest margin						3.81	%						3.90	%

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.

(2) For 2019, adjustments of $315 thousand and $1.3 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2018, adjustments of $265 thousand and $1.1 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances.