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President's Letter/Year in Review | Highlights of 2006
To Our Shareholders & Friends,
As we forecast, 2006 proved to be a challenging year forFarmers National Bank and the financial services industry ingeneral. Moving toward celebrating our 120th Anniversary in2007, I am pleased to communicate that your Board ofDirectors is confident that the decisive actions and strategicplanning implemented in 2006, although difficult, constitutesthe changes necessary to prepare for success over thecoming years and decades. We have taken measured and appropriate steps in 2006 toposition our company for growth in future market share intargeted products and services. The initiatives taken during2006 reflect our evaluation of opportunities related to ouremerging strengths measured against the capabilities andofferings of our competition. Executing this plan throughout2007, while adapting to prevailing market factors, are keyobjectives for our company. The theme of this year’s annual report, “Company,Customers, Community– Making a Big Difference Together” is intended to recognize the importance of maintainingbalance among these three attributes with a soundcommunity bank strategy. Throughout its history, Farmers National has beencharacterized by growth and solid financial performance,and has provided a fair return on shareholder value - alldriven by our commitment to fulfill our mission and executingour strategic business plans. We expect to focus on ourfuture opportunities by strategically utilizing our Company,our Customers and our Community to reinforce ourcommitment to the successful community-banking model.A model that achieves growth and expansion, buildsshareholder value, and is built around quality customerservice, stable fiscal management, prudent asset and liability management, sound underwriting standards, and a strong riskmanagement discipline. Before I review our 2006 financial performance, I would like toshare some of the initiatives we executed in 2006 to improveour performance and prepare us for the future.
Sincerely,
Farmers National Bank is a wholly owned banking affiliate
of Farmers National Bank Corp. ©2000-2004 Farmers National Bank Corp. All
Rights Reserved.
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On behalf of your Board of Directors, it is my pleasure to share my thoughts with you on your company and presentyou with our Annual Report to Shareholders for 2006.
