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Farmers National Banc Corp. Announces 2018 Fourth Quarter Financial Results

Farmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported
financial results for the three months and year ended December 31, 2018.


Net income for the three months ended December 31, 2018 was $8.7
million, or $0.31 per diluted share, which compares to $5.2 million, or
$0.19 per diluted share, for the three months ended December 31, 2017
and $8.1 million, or $0.29 per diluted share, for the linked quarter.
Annualized return on average assets and return on average equity were
1.50% and 13.65%, respectively, for the three month period ending
December 31, 2018, compared to 0.96% and 8.60% for the same three month
period in 2017, and 1.42% and 12.80% for the linked quarter. Farmersa??
return on average tangible equity (Non-GAAP) was 16.68% for the quarter
ended December 31, 2018 compared to 10.69% for the same quarter in 2017
and 15.70% for the linked quarter.


Net income for the twelve months ended December 31, 2018 was $32.6
million, or $1.16 per diluted share, compared to $22.7 million or $0.82
per diluted share for the same twelve month period in 2017. Return on
average assets and return on average equity were 1.46% and 13.13%,
respectively, for the twelve months ended December 31, 2018, compared to
1.09% and 9.92% for the same period in 2017. Farmersa?? return on average
tangible equity (Non-GAAP) was 16.02% for the twelve month period ended
December 31, 2018 compared to 12.36% for the same period in 2017.


On DecemberA 22, 2017, H.R.1, known as the "Tax Cuts and Jobs Act,a?? was
signed into law. H.R.1, among other things, reduced the corporate income
tax rate to 21% effective JanuaryA 1, 2018. As a result of passage of the
new tax law, Farmers effective tax rate decreased from 31.5% for the
twelve months ended December 31, 2017 to 14.9% for the twelve months
ended December 31, 2018. With the enactment of the new tax law, Farmers
was required to remeasure its net deferred tax asset to the current
enacted statutory tax rate. The remeasurement of the net deferred tax
asset in the fourth quarter of 2017 reduced the net deferred tax asset
and increased federal income tax expense by approximately $1.8 million.
This represented an impact on earnings per share of approximately $0.06
per diluted share for that fourth quarter, based on that quartera??s
weighted average diluted shares outstanding of approximately 28 million.
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