Farmers National to acquire Middlefield Banc for ~$299M; Q3 adjusted EPS $0.42

FARMERS NATIONAL BANC CORP /OH/

All-stock deal: 2.6 Farmers shares per Middlefield share, valued at ~$299M; expected close Q1 2026.
Combined pro forma assets ~$7.4B, 83 branches across Ohio and Pennsylvania.
Q3 GAAP net income $12.5M ($0.33 EPS) vs $8.5M ($0.23) YoY; adjusted EPS $0.42 excluding $4.1M charges.
Net interest margin improved to 3.00% from 2.66% YoY; loans grew $34.4M (4.2% annualized) driven by commercial.
Non-performing loans rose to $35.3M (1.06% of loans) from $27.8M due to single $7.3M apartment loan in Michigan.

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