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July 28 , 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 Exhibit 99.1 FARMERS NATIONAL BANC CORP . ANNOUNCES 2021 SECOND QUARTER FINANCIAL RESULTS Record net income of $ 15.6 million for the quarter is 41 % higher than same quarter in 2020 Net interest income increased 10.7 % for the quarter compared to the same period a year ago , primarily as a result of a higher level of interest earning assets Increases in fee income from wealth management businesses contributed to an 8 % increase in total noninterest income compared to the second quarter in 2020 • 154 consecutive quarters of profitability Return on average assets , annualized , was 1.90 % for the second quarter 17 % growth in customer non - brokered deposits in the current quarter compared to June 30 , 2020 CANFIELD , Ohio ( July 28 , 2021 ) - Farmers National Banc Corp. ( Farmers ) ( NASDAQ : FMNB ) today reported financial results for the three months ended June 30 , 2021 . Net income for the three months ended June 30 , 2021 was $ 15.6 million , or $ 0.55 per diluted share , which compares to $ 11.0 million , or $ 0.39 per diluted share , for the three months ended June 30 , 2020 and $ 14.6 million or $ 0.51 per diluted share for the linked quarter . Net income excluding acquisition costs ( non - GAAP ) for the quarter ended June 30 , 2021 was $ 15.7 million or $ 0.55 per share , compared to $ 11.1 million or $ 0.39 per share for the same quarter in 2020 and $ 14.6 million or $ 0.51 per share for the most recent prior quarter . Annualized return on average assets and annualized return on average equity were 1.90 % and 17.17 % , respectively , for the three month period ended June 30 , 2021 , compared to 1.56 % and 14.02 % for the same three month period in 2020 , and 1.87 % and 16.81 % for the linked quarter . Farmers ' annualized return on average tangible equity excluding acquisition costs ( non - GAAP ) was 19.91 % for the quarter ended June 30 , 2021 compared to 16.75 % for the same quarter in 2020 and 19.31 % for the linked quarter . 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 ” ) . This transaction is subject to receipt of Cortland shareholder approval and customary regulatory approvals and is expected to close during the fourth quarter of 2021. Farmers expects that the transaction will increase Farmers ' market share in Trumbull , Mahoning and Cuyahoga Counties and enables Farmers to continue building local scale throughout Northeast Ohio . As of March 31 , 2021 , Cortland had total assets of $ 791.7 million , which included gross loans of $ 518.6 million , deposits of $ 680.3 million and equity of $ 81.1 million . Kevin J. Helmick , President and CEO , stated , “ Our record year - to - date financial results demonstrates Farmers strong position to grow earnings , despite the current low interest rate and loan environment . This success is a direct result of our win - win culture and providing business and retail customers with local , personal , and diversified financial services . " " As a high performing financial institution , we believe we have significant opportunities to create value for shareholders . The recently announced acquisition of Cortland Bank immediately enhances economies of scale and our ability to expand Farmers ' diversified product offerings to Cortland Bank's customer base . " Our customer - first culture and the hard work of all our team members continues to drive our success . I want to thank everyone at Farmers for their dedication and look forward to welcoming Cortland Bank's team to our corporate family , " concluded Mr. Helmick . Farmers offered special financial assistance to support customers who were experiencing financial hardships related to the COVID - 19 pandemic . The following table reports the number and amount of payment deferrals by loan type as of the dates listed :