8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 28, 2022

Farmers National Banc Corp.

(Exact name of registrant as specified in its charter)

Ohio	001-35296	34-1371693
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

20 South Broad Street, P.O. Box 555, Canfield, Ohio	44406-0555
(Address of principal executive offices)	(Zip Code)

(330) 533-3341

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, No Par Value	FMNB	The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

On January 28, 2022, Farmers National Banc Corp. (the “Company”) first mailed to shareholders a letter regarding its fourth quarter and year-end results, a copy of which is attached hereto as Exhibit 99.1.

Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02 and Exhibit 99.1 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02 and Exhibits 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) except as may be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On January 28, 2022, Farmers National Banc Corp. (the “Company”) first mailed to shareholders a letter regarding its fourth quarter and year-end results, a copy of which is attached hereto as Exhibit 99.1.

The shareholder letter is furnished herein, as part of this Item 7.01, as Exhibit 99.1. Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 7.01 and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Furthermore, the information in this Item 7.01 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Letter to Shareholders, dated January 28, 2022.
104	Cover Page Interactive Data file (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Farmers National Banc Corp.
By:	/s/ Kevin J. Helmick
	Kevin J. Helmick
	President and Chief Executive Officer

Date: January 28, 2022

EX-99.1

Exhibit 99.1

January 28, 2022

Dear Fellow Shareholders,

“Enable people to envision a future that sustains the best from their past while also holding out new possibilities.”

— Ronald Heifetz, The Practice of Adaptive Leadership

It is challenging to imagine the profound differences between the years 1887 and 2021 in terms of each era’s prevailing economies, technologies and cultures. So, I am especially pleased to share that we concluded our 134th year in business with our sixth consecutive year of record financial results.

Between our founding in the 19th Century and your reading of this letter in the 21st, your Bank has navigated the intervening years and events – both the expected and wholly unforeseen – and is thriving as never before.

We cannot reduce our success to a single element. But, staying the course in terms of our traditional conservative values, while adapting efficiently and at times boldly to emerging marketplace opportunities, is at the heart of our formula for sustained growth.

Another Record Year of Financial Results

For the sixth consecutive year, Farmers achieved record financial results as the Bank continues to pursue initiatives that diversify its sources of income, conservatively manage risk, increase its market share and proactively manage expenses.

Annual net income set a record at $51.8 million, which is approximately a 27 percent increase over 2020. This success is significantly attributed to fee-based businesses, income from the Paycheck Protection Program (PPP), and the successful acquisition of Cortland Bancorp, Inc.

Farmers closed out 2021 with continued loan growth, with total loans at $2.3 billion compared to $2.08 billion in 2020, a 10.6 percent increase. Total deposits increased 34 percent over the prior year.

Finally, our book value per share increased 12% to a record $13.94 at December 31, 2021, representing the 8^th consecutive year of higher year-over-year growth in our book value per share.

Canton Lab Branch

At Farmers, we have an on-going commitment to advancing banking technology. I am proud to announce that we will open our second technology-leading Lab Branch prototype, slated to open later this year in Canton. We successfully launched our first Lab Branch prototype in Canfield in July 2020.

Located at 5443 Whipple Ave NW, near I-77 and the Belden Village Mall, the Lab Branch will house all of the bank’s emerging technology and customer service initiatives, including Interactive Teller Machines (ITM) in the lobby and drive thru. ITM’s allow customers to speak to a specialized banking associate via video conferencing.

A crucial part of your Bank’s strategic planning each year includes analyzing potential growth markets. In Canton and Stark County, our Lab Branch concept will allow us to approach the retail banking experience in an exciting way. We can continue to deliver the legendary customer service Farmers is known for through this exciting opportunity to interact with consumers and walk them through new technology.

Wealth Management

Building on the record revenue and impressive momentum generated during this past year, our Wealth Management Division associates are poised to continue to leverage their collective talents and expertise in 2022.

As of December 31, 2021, Wealth Management Assets under care were $3,139,058,500, with a total revenue of $22,403,588.

Now in the fourth year of our Wealth Management 360 branding message, our team of Wealth Management professionals continue to work diligently with their internal business partners and across all product lines to deliver financial solutions to our clients and prospects. Individual and business clients will have access to all of our capabilities including: investment management, financial planning and retirement plan and insurance solutions along with premium-priced lending and deposit products.

With a strategic focus on technology upgrades, tailored solutions and operating efficiencies, our Wealth Management division is well-positioned to maintain its strong record of revenue growth and margin enhancement.

Conclusion

Your Company’s Board of Directors and Executive Leadership Team are committed to sound principles of adaptive leadership. But, the strategies and actions of any style of leadership mean little if they are not embraced and well-executed.

On behalf of our Board and Leadership Team, I want to thank all of the Farmers team members who have responded and adapted to the new opportunities and challenges that each of the past six years of record financial growth have presented.

As always, I am open to your calls, letters, and emails.

Very truly yours,

Kevin J. Helmick

President & CEO

XML

Document and Entity Information	Jan. 28, 2022
Cover [Abstract]
Entity Registrant Name	FARMERS NATIONAL BANC CORP /OH/
Amendment Flag	false
Entity Central Index Key	0000709337
Document Type	8-K
Document Period End Date	Jan. 28, 2022
Entity Incorporation State Country Code	OH
Entity File Number	001-35296
Entity Tax Identification Number	34-1371693
Entity Address, Address Line One	20 South Broad Street
Entity Address, Address Line Two	P.O. Box 555
Entity Address, City or Town	Canfield
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44406-0555
City Area Code	(330)
Local Phone Number	533-3341
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, No Par Value
Trading Symbol	FMNB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false