Press release
Farmers National Banc Corp. Announces New 1,000,000 Share Repurchase Program
CANFIELD, Ohio--(BUSINESS WIRE)-- Farmers National Banc Corp., (NASDAQ: FMNB) Canfield, Ohio, announced today that its Board of Directors has approved a
About this update from Farmers National Banc Corp.
[{"type":"text","content":" CANFIELD, Ohio--(BUSINESS WIRE)--\nFarmers National Banc Corp., (NASDAQ: FMNB) Canfield, Ohio, announced today that its Board of Directors has approved a share repurchase program under which the Company is authorized to repurchase up to 1,000,000 shares of its common stock exclusive of any fees, commissions or other expenses (the “Program”). Repurchases under the Program will be made periodically depending on market conditions and other factors.\n\nKevin J. Helmick, President and CEO, stated, “We remain focused on allocating capital to support our growth strategies, dividend policy, and share repurchase programs. To date in 2023, we have repurchased approximately $5.0 million of our common stock. In addition, since 2018, when we paid out $0.38 per share in annual dividends, our annual dividend per share has grown to an annualized amount of $0.68. The repurchases and growth in our dividend reflect our strong financial position and performance, and our longstanding commitment to creating sustained value for our shareholders.”\n\nThe Program may be modified, suspended, or terminated by the Company at any time. The Program supersedes the Company’s prior share repurchase program approved in 2019, which authorized the purchase of up to 1,500,000 shares of Common Stock, 198,336 of which remained available for repurchase as of February 28, 2023. The Company had repurchased approximately 1,301,664 shares under the prior program.\n\nAbout Farmers National Banc Corp.\n\nFounded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with over $5.0 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 65 banking locations throughout Ohio and Pennsylvania; Farmers Trust Company, which operates five trust offices and offers services in the same geographic markets and Farmers National Insurance, LLC. Total wealth management assets under care at December 31, 2022 were $3.0 billion.\n\nCautionary Statements Regarding Forward-Looking Statements\n\nWe make statements in this news release and our related investor conference call, and we may from time to time make other statements, that are forward-looking statements within the meanin...