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Farmers National Banc Corp. announced Wednesday the company earned net income of $14.5 million, or $0.25 per diluted share, for the third quarter of 2026 compared to $12.5 million, or $0.33 per diluted share, for the third quarter of 2025.
Farmers has recorded 175 consecutive quarters of profitability
Net income in the third quarter of 2026 included $6.1 million in expenses related to the March 2 acquisition of Middlefield Banc Corp. and core conversion costs. In addition, Farmers recognized a $10.3 million loss on the sale of securities and $600,000 in severance costs. Excluding these items (non-GAAP), adjusted net income for the third quarter of 2026 was $28 million, or $0.47 per diluted share.
"As expected, the third quarter was a period of strategic execution and transformation for Farmers, as we completed our core technology conversion, executed the integration of the March 2026 Middlefield acquisition, and repositioned our investment securities portfolio," said Kevin J. Helmick, Farmers president and CEO. "These actions represent important milestones in our ongoing strategy to improve operating efficiency, enhance profitability, and grow our community banking franchise.
"With these significant initiatives largely behind us, we expect to begin realizing their financial benefits in the fourth quarter, with additional contributions expected in 2027. We remain focused on leveraging our expanded capabilities and growing market presence to drive sustainable, profitable growth."
Total assets were $7.12 billion at Sept. 30, compared to $7.14 billion at June 30 and $5.25 billion at Dec. 31, 2025. The increase since December was due to the Middlefield acquisition which added $1.82 billion in assets.
Total loans, net of allowance, increased to $4.80 billion at Sept. 30, from $4.72 billion at June 30 and $3.27 billion at Dec. 31, 2025. The increase since December was due to the Middlefield acquisition which added $1.49 billion in total loans. The 1.6% sequential increase from the second quarter was driven by strong gains across all business lines including 1.4% sequential growth in the commercial portfolio.