Farmers National closes Middlefield merger; pro forma shows $63.5M net income for 9M 2025

FARMERS NATIONAL BANC CORP /OH/

• Middlefield shareholders received 2.60 FMNB shares per Middlefield share; total consideration ~$302M based on $13.97/closing price.
• Pro forma combined assets of $7.28B, loans $4.84B, deposits $6.02B as of Sept. 30, 2025.
• Pro forma 9M 2025 net income $63.5M ($1.09 basic EPS); year ended 2024 net income $50.2M ($0.86 basic EPS).
• Estimated goodwill of $116M and core deposit intangible of $23.1M recorded; PCD loan gross-up of $13.3M applied.
• Preliminary adjustments include $15.1M non-PCD CECL provision; purchase price could vary 15% (~$257M to $348M).

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