Farmers National Banc Corp. Announces 2017 Third Quarter Financial Results

  • Earnings per diluted share increased to $0.22 for the quarter ended September 30, 2017 compared to $0.20 for same quarter in 2016
  • 139 consecutive quarters of profitability
  • 10% organic loan growth since September 30, 2016
  • Annualized return on average assets was 1.12% and annualized return on average equity 10.15% for the quarter ended September 30, 2017
  • Non-performing assets to total assets remain at low levels, 0.33% at September 30, 2017

CANFIELD, Ohio--()--Farmers National Banc Corp. (Farmers) (NASDAQ: FMNB) today reported financial results for the three and nine months ended September 30, 2017.

Net income for the three months ended September 30, 2017 was $6.0 million, or $0.22 per diluted share, which compares to $5.4 million, or $0.20 per diluted share, for the three months ended September 30, 2016 and $5.7 million or $0.21 per diluted share for the linked quarter. Excluding acquisition expenses, net income for the three month period ended September 30, 2017 would have been $6.2 million. Annualized return on average assets and return on average equity were 1.12% and 10.15%, respectively, for the three month period ending September 30, 2017, compared to 1.10% and 9.97% for the same three month period in 2016, and 1.11% and 10.25% for the linked quarter. Farmers’ return on average tangible equity (Non-GAAP) was 12.69% for the quarter ended September 30, 2017 compared to 12.73% for the same quarter in 2016 and 12.77% for the linked quarter.

Net income for the nine months ended September 30, 2017 was $17.5 million, or $0.64 per diluted share, compared to $15.2 million or $0.56 per diluted share for the same nine month period in 2016. Return on average assets and return on average equity were 1.14% and 10.41%, respectively, for the nine months ended September 30, 2017, compared to 1.06% and 9.74% for the same period in 2016. Excluding expenses related to acquisition activities, net income for the nine month period ended September 30, 2017 would have been $17.8 million or $0.66 per diluted share.

On March 13, 2017, Farmers entered into an agreement and plan of merger with Monitor Bancorp, Inc. (Monitor), the holding company for The Monitor Bank, located in Holmes County, Ohio. This transaction obtained all regulatory approvals and was completed on August 15, 2017. This transaction serves as an entrance into the attractive Holmes County market for Farmers and will help Farmers continue to grow its market share, balance sheet and earnings. As of August 15, 2017, Monitor had total assets of $42.4 million, which included loans of $19.3 million and deposits of $34.6 million.

Kevin J. Helmick, President and CEO, stated, “In addition to another strong quarter of financial performance, we are pleased to close our fourth acquisition in the past two years. This acquisition further enhances Farmers’ brand and delivers long-term value for our shareholders. We are excited about our success in expanded markets and remain focused on our strategic growth plan which has paved the way for the company to exceed $2 billion in assets in 2017. We also continue to be encouraged by our organic loan growth, which has increased 10% during the past twelve months, and our 5% increase in noninterest income on a year-to-date basis.”

2017 Third Quarter Financial Highlights

  • Loan growth
    Total loans were $1.55 billion at September 30, 2017, compared to $1.40 billion at September 30, 2016, representing an increase of 11.2%. The increase in loans is a result of Farmers’ focus on loan growth utilizing a talented lending and credit team, while adhering to a sound underwriting discipline. The increase in loans has occurred mainly in the commercial real estate, residential real estate and agricultural loan categories. Loans now comprise 77.6% of the Bank's average earning assets for the quarter ended September 30, 2017, an improvement compared to 76.5% for the same period in 2016. This improvement, along with the growth in earning assets, has resulted in a 10.7% increase in tax equated loan income in the third quarter of 2017 compared to the same quarter in 2016.
  • Loan quality
    Non-performing assets to total assets remain at a low level, currently 0.33%. Early stage delinquencies, which are loans 30 – 89 days delinquent, also continue to remain at low levels, at $8.7 million, or 0.56% of total loans, at September 30, 2017. Net charge-offs for the current quarter were $592 thousand, compared to $312 thousand in the same quarter in 2016 and total net charge-offs as a percentage of average net loans outstanding was only 0.16% for the quarter ended September 30, 2017. Lending to the energy sector is insignificant and less than 1% of the loan portfolio.
  • Net interest margin
    The net interest margin for the three months ended September 30, 2017 was 3.96%, a 1 basis point decrease from the quarter ended September 30, 2016. In comparing the third quarter of 2017 to the same period in 2016, asset yields increased 11 basis points, while the cost of interest-bearing liabilities increased 18 basis points. The net interest margin is impacted by the additional accretion as a result of the discounted loan portfolios acquired in the previous mergers, which increased the net interest margin by 3 and 8 basis points for the quarters ended September 30, 2017 and 2016, respectively.
  • Noninterest income
    Noninterest income decreased 6.6% to $6.1 million for the quarter ended September 30, 2017 compared to $6.5 million in 2016. Gains on the sale of mortgage loans decreased $305 thousand, or 29% in the current year’s quarter compared to the same quarter in 2016, however it is important to note that on a year-to-date basis gains on the sale of mortgage loans have increased $251 thousand or 12.5%. Investment commissions also decreased $124 thousand or 40.3%. Debit card interchange fees increased $117 thousand or 17.9% in comparing the third quarter of 2017 to the same quarter in 2016.
  • Noninterest expenses
    Farmers has remained committed to managing the level of noninterest expenses. Total noninterest expenses for the third quarter of 2017 increased to $15.8 million compared to $15.2 million in the same quarter in 2016, primarily as a result of increases in salaries and employee benefits of $556 thousand and merger related costs of $239 thousand, offset by a $220 thousand decrease in other operating expenses. There was also a $53 thousand loss on the sale of land and building during the current quarter compared to none in the same quarter in 2016. It is important to note that annualized noninterest expenses measured as a percentage of quarterly average assets decreased from 3.10% in the third quarter of 2016 to 2.96% in the third quarter of 2017.
  • Efficiency ratio
    The efficiency ratio for the quarter ended September 30, 2017 improved to 59.9% compared to 60.9% for the same quarter in 2016. The main factors leading to this improvement were the increase in net interest income and the stabilized level of noninterest expenses relative to average assets as explained in the preceding paragraphs.

2017 Outlook

Mr. Helmick added, “We are pleased by the improvement in our financial results for the first 9 months of 2017. We will focus our energy on the seamless integration of our newly acquired bank and customers and we remain committed to the businesses and families we serve and to our community banking approach and culture.”

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $2.2 billion in banking assets and $1 billion in trust assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 39 banking locations in Mahoning, Trumbull, Columbiana, Stark, Wayne, Medina, Holmes and Cuyahoga Counties in Ohio and Beaver County in Pennsylvania, Farmers Trust Company, which operates three trust offices and offers services in the same geographic markets, and National Associates, Inc. Farmers National Insurance, LLC and Bowers Insurance Agency, Inc., wholly-owned subsidiaries of The Farmers National Bank of Canfield, offer a variety of insurance products.

Non-GAAP Disclosure

This press release includes disclosures of Farmers’ tangible common equity ratio, return on average tangible assets, return on average tangible equity and net income excluding costs related to acquisition activity expenses, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the tables following Consolidated Financial Highlights below.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in the forward-looking statements can be found in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2016, which has been filed with the Securities and Exchange Commission (SEC) and is available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Farmers National Banc Corp. and Subsidiaries
Consolidated Financial Highlights
(Amounts in thousands, except per share results) Unaudited
               
Consolidated Statements of Income For the Three Months Ended   For the Nine Months Ended
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30 Percent
2017   2017   2017   2016   2016   2017   2016   Change
Total interest income $20,551 $20,042 $18,850 $18,469 $18,332 $59,443 $54,029 10.0%
Total interest expense 1,876   1,669   1,319   1,178   1,139   4,864   3,200   52.0%
Net interest income 18,675 18,373 17,531 17,291 17,193 54,579 50,829 7.4%
Provision for loan losses 950 950 1,050 990 1,110 2,950 2,880 2.4%
Noninterest income 6,058 6,055 5,887 6,076 6,485 18,000 17,168 4.8%
Merger related costs 270 104 62 19 31 436 544 -19.9%
Other expense 15,521   15,660   14,551   14,981   15,194   45,732   43,908   4.2%
Income before income taxes 7,992 7,714 7,755 7,377 7,343 23,461 20,665 13.5%
Income taxes 2,009   2,004   1,972   2,014   1,967   5,985   5,471   9.4%
Net income $5,983   $5,710   $5,783   $5,363   $5,376   $17,476   $15,194   15.0%
 
Average shares outstanding 27,654 27,337 27,278 27,216 27,261 27,698 27,168
Basic and diluted earnings per share 0.22 0.21 0.21 0.20 0.20 0.64 0.56
Cash dividends 1,653 1,353 1,353 1,082 1,082 4,359 3,242
Cash dividends per share 0.06 0.05 0.05 0.04 0.04 0.16 0.12
Performance Ratios
Net Interest Margin (Annualized) 3.96% 4.05% 4.01% 3.95% 3.97% 4.01% 4.04%
Efficiency Ratio (Tax equivalent basis) 59.93% 60.79% 58.79% 60.37% 60.85% 59.85% 62.00%
Return on Average Assets (Annualized) 1.12% 1.11% 1.17% 1.08% 1.10% 1.14% 1.06%
Return on Average Equity (Annualized) 10.15% 10.25% 10.87% 9.74% 9.97% 10.41% 9.74%
Dividends to Net Income 27.63% 23.70% 23.40% 20.18% 20.13% 24.94% 21.34%
Other Performance Ratios (Non-GAAP)
Return on Average Tangible Assets 1.15% 1.14% 1.18% 1.11% 1.13% 1.16% 1.09%
Return on Average Tangible Equity 12.69% 12.77% 13.54% 12.34% 12.73% 12.98% 12.33%
 
Consolidated Statements of Financial Condition
  Sept. 30,   June 30,   March 31,   Dec. 31,   Sept. 30,
2017   2017   2017   2016   2016
Assets
Cash and cash equivalents $84,006 $64,640 $61,251 $41,778 $67,372
Securities available for sale 395,235 391,628 377,072 369,995 368,729
 
Loans held for sale 502 583 1,098 355 2,148
Loans 1,551,437 1,505,273 1,461,461 1,427,635 1,395,620
Less allowance for loan losses 12,104   11,746   11,319   10,852   10,518
Net Loans 1,539,333   1,493,527   1,450,142   1,416,783   1,385,102
 
Other assets 143,129   135,286   136,924   137,202   137,657
Total Assets $2,162,205   $2,085,664   $2,026,487   $1,966,113   $1,961,008
 
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing $413,991 $387,596 $374,399 $366,870 $352,441
Interest-bearing 1,195,533 1,153,407 1,165,821 1,157,886 1,139,724
Total deposits 1,609,524 1,541,003 1,540,220 1,524,756 1,492,165
Other interest-bearing liabilities 295,270 298,827 245,069 213,496 235,757
Other liabilities 19,348   19,147   23,136   14,645   17,649
Total liabilities 1,924,142 1,858,977 1,808,425 1,752,897 1,745,571
Stockholders' Equity 238,063   226,687   218,062   213,216   215,437
Total Liabilities
and Stockholders' Equity $2,162,205   $2,085,664   $2,026,487   $1,966,113   $1,961,008
 
Period-end shares outstanding 27,544 27,067 27,067 27,048 27,048
Book value per share $8.64 $8.38 $8.06 $7.88 $7.96
Tangible book value per share

(Non-GAAP)*

6.98 6.73 6.40 6.21 6.29
* Tangible book value per share is calculated by dividing tangible common equity by average outstanding shares
 
Capital and Liquidity
Common Equity Tier 1 Capital Ratio (a) 11.95% 11.80% 11.75% 11.69% 11.67%
Total Risk Based Capital Ratio (a) 12.67% 12.67% 12.61% 12.53% 12.51%
Tier 1 Risk Based Capital Ratio (a) 11.95% 11.93% 11.89% 11.83% 11.81%
Tier 1 Leverage Ratio (a) 9.60% 9.47% 9.47% 9.41% 9.35%
Equity to Asset Ratio 11.01% 10.87% 10.76% 10.84% 10.99%
Tangible Common Equity Ratio 9.08% 8.93% 8.74% 8.75% 8.88%
Net Loans to Assets 71.19% 71.61% 71.56% 72.06% 70.63%
Loans to Deposits 96.39% 97.68% 94.89% 93.63% 93.53%
Asset Quality
Non-performing loans $6,900 $6,355 $6,553 $8,170 $8,003
Other Real Estate Owned 219 236 318 482 506
Non-performing assets 7,119 6,591 6,871 8,652 8,509
Loans 30 - 89 days delinquent 8,680 7,052 8,258 12,747 10,986
Charged-off loans 809 725 943 841 562
Recoveries 217 202 360 185 250
Net Charge-offs 592 523 583 656 312
Annualized Net Charge-offs to
Average Net Loans Outstanding 0.16% 0.14% 0.16% 0.20% 0.09%
Allowance for Loan Losses to Total Loans 0.78% 0.78% 0.77% 0.76% 0.75%
Non-performing Loans to Total Loans 0.44% 0.42% 0.45% 0.57% 0.57%
Allowance to Non-performing Loans 175.42% 184.83% 172.73% 132.83% 131.43%
Non-performing Assets to Total Assets 0.33% 0.32% 0.34% 0.44% 0.43%
                     

(a) September 30, 2017 ratio is estimated

           

For the Nine Months
Ended

Reconciliation of Common Stockholders' Equity to Tangible Common Equity
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30,   Sept. 30
2017   2017   2017   2016   2016   2017   2016
Stockholders' Equity $238,063 $226,687 $218,062 $213,216 $215,437 $238,063 $215,437
Less Goodwill and other intangibles 45,936   44,425   44,789   45,154   45,299   45,936   45,299
Tangible Common Equity $192,127   $182,262   $173,273   $168,062   $170,138   $192,127   $170,138
Average Stockholders' Equity 233,843 223,544 215,819 219,028 214,484 224,496 208,281
Less Average Goodwill and other intangibles 45,263   44,665   45,028   45,173   45,575   44,986   43,986
Average Tangible Common Equity $188,580   $178,879   $170,791   $173,855   $168,909   $179,510   $164,295

For the Nine Months
Ended

Reconciliation of Total Assets to Tangible Assets
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30
2017   2017   2017   2016   2016   2017   2016
Total Assets $2,162,205 $2,085,664 $2,026,487 $1,966,113 $1,961,008 $2,162,205 $1,961,008
Less Goodwill and other intangibles 45,936   44,425   44,789   45,154   45,299   45,936   45,299
Tangible Assets $2,116,269   $2,041,239   $1,981,698   $1,920,959   $1,915,709   $2,116,269   $1,915,709
Average Assets 2,118,170 2,055,758 2,001,084 1,977,589 1,949,204 2,056,800 1,909,500
Less average Goodwill and other intangibles 45,263   44,665   45,028   45,173   45,575   44,986   43,986
Average Tangible Assets $2,072,907   $2,011,093   $1,956,056   $1,932,416   $1,903,629   $2,011,814   $1,865,514
 
Reconciliation of Net Income, Excluding Costs Related to Acquisition Activities

For the Nine Months
Ended

For the Three Months Ended  
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30
2017   2017   2017   2016   2016   2017   2016
Income before income taxes - Reported $7,992 $7,714 $7,755 $7,377 $7,343 $23,461 $20,665
Acquisition Costs 270   104   62   19   31   436   544
Income before income taxes - Adjusted 8,262 7,818 7,817 7,396 7,374 23,897 21,209
Income tax expense (b) 2,089   2,014   1,987   2,018   1,973   6,090   5,618
Net income - Adjusted $6,173   $5,804   $5,830   $5,378   $5,401   $17,807   $15,591
(b) The income tax expense change from actual income tax expense relates to the deductibility of certain acquisition costs
 
  For the Three Months Ended
Sept. 30,   June 30,   March 31,   Dec. 31,   Sept. 30,
End of Period Loan Balances 2017   2017   2017   2016   2016
Commercial real estate $500,426 $476,844 $456,917 $446,975 $426,657
Commercial 218,946 215,676 208,913 204,771 207,228
Residential real estate 459,702 445,991 441,593 430,674 423,009
Consumer 213,918 220,454 216,648 212,836 205,466
Agricultural loans 155,336   142,687   133,868   128,981   129,959
Total, excluding net deferred loan costs $1,548,328   $1,501,652   $1,457,939   $1,424,237   $1,392,319
 
For the Three Months Ended
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
Noninterest Income 2017   2017   2017   2016   2016
Service charges on deposit accounts $1,077 $989 $951 $1,031 $1,057
Bank owned life insurance income 193 191 201 208 194
Trust fees 1,608 1,523 1,678 1,482 1,693
Insurance agency commissions 531 672 674 559 569
Security gains 0 (14) 13 1 31
Retirement plan consulting fees 480 399 513 444 561
Investment commissions 184 253 222 310 308
Net gains on sale of loans 758 891 607 838 1,063
Debit card and EFT fees 770 836 653 722 653
Other operating income 457   315   375   481   356
Total Noninterest Income $6,058   $6,055   $5,887   $6,076   $6,485
 
For the Three Months Ended
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
Noninterest Expense 2017   2017   2017   2016   2016
Salaries and employee benefits $8,922 $8,853 $8,287 $8,248 $8,366
Occupancy and equipment 1,546 1,631 1,587 1,748 1,587
State and local taxes 436 424 417 363 394
Professional fees 726 775 747 803 671
Merger related costs 270 104 62 19 31
Litigation settlement expense 0 155 0 0 0
Advertising 405 317 244 241 383
FDIC insurance 235 234 235 199 287
Intangible amortization 379 364 365 368 421
Core processing charges 702 717 655 743 738
Telephone and data 249 242 241 275 206
Other operating expenses 1,921   1,948   1,773   1,993   2,141
Total Noninterest Expense $15,791   $15,764   $14,613   $15,000   $15,225
 
Average Balance Sheets and Related Yields and Rates
(Dollar Amounts in Thousands)
           
Three Months Ended Three Months Ended
September 30, 2017   September 30, 2016
AVERAGE AVERAGE
BALANCE INTEREST (1) RATE (1) BALANCE INTEREST (1) RATE (1)
EARNING ASSETS
Loans (2) $1,517,589 $17,952 4.69% $1,365,637 $ 16,212 4.72 %
Taxable securities 215,490 1,271 2.34 229,630 1,160 2.01
Tax-exempt securities (2) 173,113 1,887 4.32 131,714 1,365 4.12
Equity securities 10,474 136 5.15 9,607 177 7.33
Federal funds sold and other 38,815   126 1.29 47,850   54 0.45
Total earning assets 1,955,481 21,372 4.34 1,784,438 18,968 4.23
Nonearning assets 162,689 164,766
Total assets $2,118,170 $1,949,204
INTEREST-BEARING LIABILITIES
Time deposits $242,654 $680 1.11% $250,268 $ 490 0.78 %
Savings deposits 525,919 189 0.14 552,037 191 0.14
Demand deposits 406,123 313 0.31 322,511 177 0.22
Short term borrowings 280,490 644 0.91 215,859 166 0.31
Long term borrowings 9,333   50 2.13 19,404   115 2.36
Total interest-bearing liabilities $1,464,519 1,876 0.51 $1,360,079 1,139 0.33
NONINTEREST-BEARING LIABILITIES
AND STOCKHOLDERS' EQUITY
Demand deposits 405,959 359,291
Other liabilities 13,849 15,350
Stockholders' equity 233,843 214,484
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,118,170     $1,949,204    
Net interest income and interest rate spread $19,496   3.83% $ 17,829   3.90 %
Net interest margin 3.96% 3.97 %
 

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.

(2) For 2017, adjustments of $166 thousand and $655 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2016, adjustments of $164 thousand and $472 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 35%, less disallowances.

  Nine Months Ended   Nine Months Ended
September 30, 2017   September 30, 2016
AVERAGE     AVERAGE    
BALANCE INTEREST (1) RATE (1) BALANCE INTEREST (1) RATE (1)
EARNING ASSETS
Loans (2) $1,475,807 $52,162 4.73% $1,326,536 $47,429 4.78 %
Taxable securities 214,552 3,654 2.28 245,578 3,885 2.11
Tax-exempt securities 163,539 5,317 4.35 130,010 4,098 4.21
Equity securities (2) 10,207 374 4.90 9,601 403 5.61
Federal funds sold and other 35,148   271 1.03 33,625   119 0.47
Total earning assets 1,899,253 61,778 4.35 1,745,350 55,934 4.28
Nonearning assets 157,547 164,150
Total assets $2,056,800 $1,909,500
INTEREST-BEARING LIABILITIES
Time deposits $237,695 $1,833 1.03% $247,327 $1,371 0.74 %
Savings deposits 524,154 542 0.14 541,746 501 0.12
Demand deposits 396,791 838 0.28 321,302 486 0.20
Short term borrowings 267,217 1,472 0.74 213,341 485 0.30
Long term borrowings 10,432   179 2.29 20,719   357 2.30
Total interest-bearing liabilities $1,436,289 4,864 0.45 $1,344,435 3,200 0.32
NONINTEREST-BEARING LIABILITIES
AND STOCKHOLDERS' EQUITY
Demand deposits $382,963 $342,673
Other liabilities 13,052 14,111
Stockholders' equity 224,496 208,281
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,056,800     $1,909,500    
Net interest income and interest rate spread $56,914   3.90% $52,734   3.96 %
Net interest margin 4.01% 4.04 %
 

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.

(2) For 2017, adjustments of $491 thousand and $1.8 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2016, adjustments of $488 thousand and $1.4 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 35%, less disallowances.

Contacts

Farmers National Banc Corp.
Kevin J. Helmick, 330-533-3341
President and CEO
exec@farmersbankgroup.com

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