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October 27 , 2021 Press Release Source : Farmers National Banc Corp. Kevin J. Helmick , President and CEO 20 South Broad Street , P.O. Box 555 Canfield , OH 44406 330.533.3341 Email : exec@farmersbankgroup.com FARMERS NATIONAL BANC CORP . ANNOUNCES STRONG THIRD QUARTER 2021 RESULTS • Record net income of $ 16.0 million for the quarter • Earnings per diluted share of $ 0.56 ( $ 0.58 excluding merger costs ) up 47 % per share from the third quarter of 2020 155 consecutive quarters of profitability • Average deposit costs were 19 basis points for third quarter of 2021 down 7 basis points from second quarter 2021 • 3.2 % growth in deposits in the current quarter compared to the second quarter 2021 • Strong net interest margin of 3.47 % , or 3.37 % excluding the impact of PPP loans and acquisition marks Efficiency ratio of 46.0 % for the third quarter of 2021 • Allowance for credit losses ratio of 1.22 % , or 1.26 % excluding PPP loans for the third quarter of 2021 • Return on average assets was 1.92 % for the third quarter of 2021 . ROAE and ROATE ( non - GAAP ) was 16.9 % and 19.6 % , respectively , for the third quarter of 2021 Exhibit 99.1 CANFIELD , Ohio ( October 27 , 2021 ) - Farmers National Banc Corp. ( " Farmers ” or the “ Company ” ) ( NASDAQ : FMNB ) today announced financial results for the three and nine months ended September 30 , 2021 . Net income for the third quarter of 2021 was $ 16.0 million , or $ 0.56 per diluted share , which compares to $ 10.9 million , or $ 0.38 per diluted share , for the three months ended September 30 , 2020. The results for the quarter were positively impacted by a negative provision for credit losses totaling $ 948,000 pre - tax which was primarily due to a release of reserves for credit losses . Net income excluding acquisition costs ( non - GAAP ) for the quarter ended September 30 , 2021 was $ 16.5 million or $ 0.58 per diluted share , compared to $ 10.9 million or $ 0.39 per diluted share for the same quarter in 2020 . Net income for the nine months ended September 30 , 2021 , totaled $ 46.1 million , or $ 1.63 per diluted share , compared to $ 30.5 million , or $ 1.07 per diluted share for the nine months ended September 30 , 2020. Net income excluding acquisition costs ( non - GAAP ) for the nine months ended September 30 , 2021 was $ 46.6 million , or $ 1.65 per share , compared to $ 31.7 million , or $ 1.11 per share for the same period in 2020 . On June 22 , 2021 , Farmers entered into an agreement and plan of merger with Cortland Bancorp Inc. ( " Cortland " ) , the parent company of Cortland Savings and Banking Company ( " Cortland Bank ” ) . The transaction has received the approval of Cortland's shareholders and all customary regulatory approvals . The transaction is expected to close on November 1 , 2021 and will enable Farmers to continue building local scale throughout Northeast Ohio as Farmers ' market share increases in Trumbull , Mahoning and Cuyahoga Counties . As of September 30 , 2021 , Cortland had total assets of $ 799.2 million , which included gross loans of $ 500.0 million , deposits of $ 693.0 million and equity of $ 83.0 million . Kevin J. Helmick , President and CEO , stated , " We are pleased with our ability to post record earnings and find ways to win even as the impact from PPP loans begins to wane . Our strong net interest margin and fee businesses , outstanding credit quality and tight expense control have contributed to this record performance . With the closing of the Cortland Bank acquisition in November , we are poised to realize additional economies of scale which should allow us to continue our momentum into 2022. "