Farmers National Banc Corp (FMNB)FMNB

Farmers National Banc Corp. (NASDAQ: FNBC)

Company Profile:

History and Background:

Founded in 1906 as The Farmers National Bank of Canfield, Farmers National Banc Corp. (FNBC) is a community-focused financial holding company headquartered in Canfield, Ohio. FNBC operates through its principal subsidiary, Farmers National Bank.

Over the years, FNBC has enjoyed steady growth through acquisitions and organic expansion. This expansion has taken them across the Ohio border into Pennsylvania, Maryland, and Virginia. Today, the company boasts 48 banking centers and a customer base of 200,000 in these states.

Core Business Areas:

Farmers National Banc Corp. provides a wide range of financial products and services to individuals, small businesses, and corporations. These include:

• Personal Banking: Checking and savings accounts, credit cards, personal loans, mortgages, and wealth management services.
• Commercial Banking: Business loans and lines of credit, commercial real estate financing, treasury management services, and merchant services.
• Trust and Investment Services: Personal and corporate trust services, investment management, and financial planning.

Leadership and Corporate Structure:

The company is led by a seasoned team of executives who have extensive experience in the banking industry. Key members of the leadership team include:

• Kevin S. Helmick – President and Chief Executive Officer
• Christopher M. Hensler – Executive Vice President and Chief Financial Officer
• Stephen K. Helmick – Executive Vice President and Chief Operating Officer
• Mark E. Shaffer – Executive Vice President and Chief Lending Officer
• Susan M. Waugaman – Executive Vice President and General Counsel

Top Products and Market Share:

Top Products:

• Mortgages: FNBC is a leading mortgage lender in its market area, offering a variety of mortgage products to meet the needs of homebuyers and homeowners.
• Business Loans: The company provides various business loans and lines of credit to support the growth and operations of small businesses and corporations.
• Personal Loans: FNBC offers personal loans for various purposes, such as debt consolidation, home improvements, and unexpected expenses.
• Wealth Management: The company offers wealth management services to help individuals and families plan for their financial future.

Market Share:

FNBC holds a leading market share in its primary markets in Ohio. According to a 2022 report from the Federal Deposit Insurance Corporation (FDIC), the Company holds the #1 deposit market share position in Mahoning, Trumbull, and Columbiana County OH. They also hold the #1 market share position in mortgage originations for Mahoning County OH and #4 in Trumbull County OH for the same period.

While FNBC currently focuses on a localized market presence, it faces competition from several larger regional and national banks in the areas it operates.

Total Addressable Market:

The total addressable market for the financial services industry in the United States is vast. According to Statista, the U.S. banking industry's market size in 2023 was estimated at approximately 126.2 billion USD. This figure incorporates traditional banking services offered by brick-and-mortar banks as well as online banking platforms and mobile banking applications.

Financial Performance:

Farmers National Banc Corp. has generally experienced strong financial performance in recent years. The table below summarizes key financial metrics for the last three years (in thousands):