Farmers National Banc (FMNB)

Market Price (11/6/2026): $15.52 | Market Cap: $919.5 MilSector: Financials | Industry: Regional Banks

Farmers National Banc (FMNB)

Market Price (11/6/2026): $15.52
Market Cap: $919.5 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 6.6%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -34%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

Trading close to highs
Dist 52W High is -4.2%, Dist 3Y High is -4.2%

Weak multi-year price returns
2Y Excs Rtn is -11%, 3Y Excs Rtn is -24%

Key risks
FMNB key risks include [1] integration challenges from its pending merger with Middlefield Bancorp and [2] notable exposure to investor commercial real estate relative to its risk-based capital.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 6.6%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -34%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%
3	Low stock price volatility Vol 12M is 22%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
5	Trading close to highs Dist 52W High is -4.2%, Dist 3Y High is -4.2%
6	Weak multi-year price returns 2Y Excs Rtn is -11%, 3Y Excs Rtn is -24%
7	Key risks FMNB key risks include [1] integration challenges from its pending merger with Middlefield Bancorp and [2] notable exposure to investor commercial real estate relative to its risk-based capital.

FMNB in ETFs

Weight = FMNB's share of each fund

VTI0.00%

ITOT0.00%

IWM0.03%

KRE0.23%

IWN0.06%

VTWO0.03%

SCHA0.02%

DFAS0.02%

+3 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	11/6/26	2025	2024	2023	2022
Share Price			$15.52	$13.32	$14.22	$14.45	$14.12
Mkt Cap ($ Mil)			919.5	499.1	531.2	538.1	478.0
+ Debt ($ Mil)			455.4	321.6	371.0	88.5	243.1
- Cash ($ Mil)			42.6	23.8	21.1	25.3	20.8
TEV ($ Mil)			1,332.4	820.7	902.2	626.6	721.1
Valuation Ratios
P/S	3.1	3.3	4.1	2.7	3.1	3.1	3.0
P/EBIT	11.6	14.4	-	-	-	-	-
P/E	13.8	17.2	13.8	9.2	11.5	11.0	9.0
P/FCF	—	—	15.1	12.0	8.9	7.9	7.0
Sector Ratios (* = sector average)
P/S *			3.3	3.2	3.1	2.5	2.8
P/EBIT *			6.6	7.9	8.5	7.8	6.9
P/E *			11.5	11.2	11.9	9.6	9.4
P/FCF *			8.7	8.8	8.9	7.2	6.4

FYE: 12/31	Forward FYE		Now
	2027	2026	11/6/26
Share Price			$15.52
Mkt Cap ($ Mil)			919.5
+ Debt ($ Mil)			455.4
- Cash ($ Mil)			42.6
TEV ($ Mil)			1,332.4
Valuation Ratios
P/S	3.1	3.3	4.1
P/EBIT	11.6	14.4	-
P/E	13.8	17.2	13.8
P/FCF	—	—	15.1
Sector Ratios (* = sector average)
P/S *			3.3
P/EBIT *			6.6
P/E *			11.5
P/FCF *			8.7

FYE: 12/31	FMNB [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$223.6 Mil	—
FY 2026 Sales	$277.4 Mil	—
FY 2027 Sales	$295.1 Mil	—
FY 2026 Sales Growth	24.1%	—
FY 2027 Sales Growth	6.4%	8.7%
EARNINGS
LTM Net Income (GAAP) [3]	$66.4 Mil	—
FY 2026 Net Income (Non-GAAP)	$53.6 Mil	—
FY 2027 Net Income (Non-GAAP)	$66.5 Mil	—
FY 2027 Net Income Growth	24.1%	13.9%
FY 2026 EPS (Non-GAAP)	$1.42	—
FY 2027 EPS (Non-GAAP)	$1.78	—
FY 2027 EPS Growth	24.8%	—
VALUATION
FY 2026 P/S	3.3	1.7
FY 2027 P/S	3.1	—
FY 2026 P/E	17.2	8.7
FY 2027 P/E	13.8	—

[1] FMNB forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	FMNB	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.2
Rev Chg Q	49.7%	8.9%
Rev Chg LTM	24.1%	8.6%
Rev Chg 3Y Avg	10.2%	6.4%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	28.8%	21.5%
Net Inc Mgn	29.7%	13.5%
VALUATION	LOW
P/S	4.1	3.2
P/CFO	14.2	15.1
P/FCF	15.1	20.2
P/E	13.8	22.3

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Metric	Value	Date	Source
Wealth management assets under care	4.4 billion	6302025	Link
Number of banking locations	62	6302025	Link
Total number of acquisitions	7	9062025	Link
Average deposit balance per account (excluding collateralized deposits)	25,188	12312024	Link
Number of Employees	682	6302025	Link
Number of trust offices	5	10232024	Link
Deposit Market Share in Youngstown MMSA	16.7%	6302023	Link
Home Mortgage Loan Origination Market Share in Youngstown MMSA	4.2%	12312023	Link

Price Chart

Upcoming
1/27/2027	Earnings Release	Rev: $72 Mil (E) EPS: $0.43 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 11/1/2026

Farmers National Banc (FMNB) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Mixed Fiscal Q3 2026 Earnings Performance.

Farmers National Banc reported a net income of $14.5 million, or $0.25 per diluted share, for fiscal Q3 2026, which missed analyst estimates of $0.39 per share. The company's revenue of $65.87 million also fell short of the $70.75 million estimate. However, when excluding one-time acquisition, conversion, severance, and securities-related costs, the adjusted net income was $28.0 million, or $0.47 per diluted share, surpassing analyst expectations of approximately $0.39 per share. This mixed financial report, with a GAAP earnings and revenue miss but an adjusted earnings beat, created an ambiguous signal for investors, contributing to the stock's largely sideways movement.

2. Strategic Integration Costs and Securities Restructuring Impact.

During fiscal Q3 2026, Farmers National Banc incurred significant one-time expenses that weighed on its reported earnings. These included $6.1 million related to the March 2026 Middlefield acquisition and core technology conversion, along with $600,000 in severance costs. Additionally, the company recognized a $10.3 million loss from a strategic securities restructuring aimed at increasing the yield of the sold securities from 1.61% to approximately 5.25%. While these actions are expected to improve future operating efficiency and profitability with an estimated payback period of 3.1 years for the securities restructuring, their immediate negative impact on current reported earnings offset positive operational trends like net interest margin expansion.

3. Deterioration in Credit Quality.

The company experienced some deterioration in asset quality during the period. Nonperforming loans to total loans increased to 0.99% at September 30, 2026, up from 0.93% at June 30, 2026, and 0.79% at December 31, 2025. Furthermore, net charge-offs significantly rose to $2.626 million in fiscal Q3 2026, compared to $0.536 million in the same quarter a year ago. This increase in problematic loans and charge-offs introduced a degree of caution among investors, tempering enthusiasm despite overall loan growth.

4. Analyst Downgrade and Balanced Outlook.

On November 2, 2026, Raymond James downgraded Farmers National Banc's stock rating to "Market Perform" from "Outperform." The analyst report indicated that while the bank demonstrated solid fiscal Q3 results with accelerating loan growth and meaningful net interest margin expansion, higher interest rates could limit further margin expansion. Additionally, modest loan growth was cited as a factor limiting incremental earnings per share upside, suggesting a balanced risk/reward profile for the stock at its prevailing levels. This downgrade and neutral outlook from a major analyst contributed to a lack of strong upward momentum for the stock.

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Stock Movement Drivers

Fundamental Drivers

The -1.0% change in FMNB stock from 7/31/2026 to 11/5/2026 was primarily driven by a -24.3% change in the company's Shares Outstanding (Mil).

(LTM values as of)	7312026	11052026	Change
Stock Price ($)	15.68	15.52	-1.0%
Change Contribution By:
Total Revenues ($ Mil)	200	224	11.7%
Net Income Margin (%)	28.6%	29.7%	3.8%
P/E Multiple	12.2	13.8	12.8%
Shares Outstanding (Mil)	45	59	-24.3%
Cumulative Contribution			-1.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026

	Return	Correlation
FMNB	-1.0%
Market (SPY)	-1.9%	18.2%
Sector (XLF)	1.0%	57.0%

Fundamental Drivers

The 12.9% change in FMNB stock from 4/30/2026 to 11/5/2026 was primarily driven by a 46.1% change in the company's P/E Multiple.

(LTM values as of)	4302026	11052026	Change
Stock Price ($)	13.75	15.52	12.9%
Change Contribution By:
Total Revenues ($ Mil)	189	224	18.6%
Net Income Margin (%)	28.9%	29.7%	2.6%
P/E Multiple	9.4	13.8	46.1%
Shares Outstanding (Mil)	37	59	-36.5%
Cumulative Contribution			12.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026

	Return	Correlation
FMNB	12.9%
Market (SPY)	2.3%	9.6%
Sector (XLF)	10.7%	50.6%

Fundamental Drivers

The 25.4% change in FMNB stock from 10/31/2025 to 11/5/2026 was primarily driven by a 50.0% change in the company's P/E Multiple.

(LTM values as of)	10312025	11052026	Change
Stock Price ($)	12.38	15.52	25.4%
Change Contribution By:
Total Revenues ($ Mil)	180	224	24.1%
Net Income Margin (%)	28.0%	29.7%	6.1%
P/E Multiple	9.2	13.8	50.0%
Shares Outstanding (Mil)	37	59	-36.5%
Cumulative Contribution			25.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026

	Return	Correlation
FMNB	25.4%
Market (SPY)	8.4%	21.7%
Sector (XLF)	11.1%	48.7%

Fundamental Drivers

The 59.2% change in FMNB stock from 10/31/2023 to 11/5/2026 was primarily driven by a 93.2% change in the company's P/E Multiple.

(LTM values as of)	10312023	11052026	Change
Stock Price ($)	9.75	15.52	59.2%
Change Contribution By:
Total Revenues ($ Mil)	169	224	32.0%
Net Income Margin (%)	30.0%	29.7%	-1.1%
P/E Multiple	7.1	13.8	93.2%
Shares Outstanding (Mil)	37	59	-36.9%
Cumulative Contribution			59.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026

	Return	Correlation
FMNB	59.2%
Market (SPY)	81.3%	36.3%
Sector (XLF)	85.5%	56.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
FMNB Return	44%	-21%	8%	3%	-2%	21%	51%
Peers Return	31%	2%	-0%	14%	5%	27%	102%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	105%
Monthly Win Rates [3]
FMNB Win Rate	67%	33%	50%	42%	42%	64%
Peers Win Rate	67%	42%	47%	47%	55%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	45%
Max Drawdowns [4]
FMNB Max Drawdown	-18%	-35%	-26%	-17%	-17%	-10%
Peers Max Drawdown	-20%	-21%	-34%	-17%	-22%	-12%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: WSBC, CBU, FCF, STBA, SRCE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

Event	FMNB	S&P 500
2025 US Tariff Shock
% Loss	-16.1%	-18.8%
% Gain to Breakeven	19.2%	23.1%
Time to Breakeven	81 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-22.1%	-9.5%
% Gain to Breakeven	28.3%	10.5%
Time to Breakeven	50 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-22.4%	-6.7%
% Gain to Breakeven	28.8%	7.1%
Time to Breakeven	100 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-31.3%	-24.5%
% Gain to Breakeven	45.6%	32.4%
Time to Breakeven	1383 days	427 days
2020 COVID-19 Crash
% Loss	-34.4%	-33.7%
% Gain to Breakeven	52.4%	50.9%
Time to Breakeven	336 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-24.4%	-19.2%
% Gain to Breakeven	32.2%	23.8%
Time to Breakeven	312 days	105 days

Compare to WSBC, CBU, FCF, STBA, SRCE

In The Past

Farmers National Banc's stock fell -16.1% during the 2025 US Tariff Shock. Such a loss loss requires a 19.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	FMNB	S&P 500
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-22.1%	-9.5%
% Gain to Breakeven	28.3%	10.5%
Time to Breakeven	50 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-22.4%	-6.7%
% Gain to Breakeven	28.8%	7.1%
Time to Breakeven	100 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-31.3%	-24.5%
% Gain to Breakeven	45.6%	32.4%
Time to Breakeven	1383 days	427 days
2020 COVID-19 Crash
% Loss	-34.4%	-33.7%
% Gain to Breakeven	52.4%	50.9%
Time to Breakeven	336 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-24.4%	-19.2%
% Gain to Breakeven	32.2%	23.8%
Time to Breakeven	312 days	105 days
2008-2009 Global Financial Crisis
% Loss	-49.8%	-53.4%
% Gain to Breakeven	99.2%	114.4%
Time to Breakeven	161 days	1085 days

Compare to WSBC, CBU, FCF, STBA, SRCE

In The Past

Farmers National Banc's stock fell -16.1% during the 2025 US Tariff Shock. Such a loss loss requires a 19.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Farmers National Banc (FMNB)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Farmers National Banc Corp. (FMNB) is a financial holding company that operates across multiple sectors of the financial services industry. Its business spans traditional banking, trust services, retirement consulting, insurance, and financial management. This diversified approach allows FMNB to offer a comprehensive suite of financial solutions to a wide range of clients.

The company's core offerings include commercial and retail banking services, such as checking, savings, and time deposit accounts, alongside various loan products including commercial, mortgage, installment, and home equity loans. Beyond banking, FMNB provides specialized services like personal and corporate trust administration (estate settlement, employee benefits), retirement planning, and a range of property and casualty insurance products. It also engages in investments in municipal securities.

FMNB primarily serves individual consumers and businesses within its defined geographic footprint. Its main market is the northeastern region of Ohio, where it operates 47 locations, complemented by a single location in southwestern Pennsylvania. This regional focus underscores its commitment to serving local communities and their specific financial needs.

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FMNB is like a smaller, regional version of a diversified financial institution such as PNC or KeyBank, serving communities primarily in northeastern Ohio.

Think of it as a full-service community bank similar to a smaller Huntington Bank or Fifth Third Bank, but also offering trust, retirement, and insurance services.

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Deposit Accounts: Offers a variety of checking, savings, and time deposit accounts for both commercial and retail customers.
Loan Products: Provides commercial, mortgage, installment, and home equity loans, alongside home equity lines of credit.
Trust Services: Delivers personal and corporate trust services, encompassing estate settlement, trust administration, and employee benefit plans.
Retirement Consulting: Offers specialized consulting services to assist with retirement planning and benefit management.
Insurance Products: Provides property and casualty insurance products, as well as a range of other insurance offerings through licensed representatives.
Other Banking Services: Includes supplementary services such as internet banking, ATMs, safe deposit boxes, money orders, credit cards, and brokerage services.

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Farmers National Banc (FMNB) primarily serves a diverse base of individual and business customers within its operating region in northeastern Ohio and southwestern Pennsylvania. It does not have a few "major customers" in the traditional sense, but rather a broad client base across different segments.

The company sells primarily to a combination of individuals and businesses. Its customer categories can be described as:

Individual (Retail) Customers: This category includes individuals and families who utilize a wide range of personal banking services such as checking, savings, and time deposit accounts; mortgage, installment, and home equity loans; credit cards; and personal trust services (e.g., estate settlement, trust administration). They also access various insurance products and financial management services.
Commercial (Business) Customers: This category encompasses businesses, from small to medium-sized enterprises, that engage with FMNB for commercial banking services. These services include commercial loans, business checking and savings accounts, corporate trust services (e.g., employee benefit plans), retirement services, and property and casualty insurance products.

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Mastercard Inc. (MA)
Visa Inc. (V)

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Kevin J. Helmick, President and Chief Executive Officer

Mr. Helmick has dedicated his entire professional career to Farmers National Bank, commencing as a teller in 1994. He advanced through various positions, including Financial Advisor, Vice President and Program Manager, Senior Vice President of Retail and Wealth, and Executive Vice President of Retail and Wealth Management, also holding the role of Corporate Secretary for the Holding Company. He was appointed President and Chief Executive Officer in November 2013. Mr. Helmick holds a bachelor's degree in Economics from Allegheny College and an MBA from Case Western Reserve University. There is no information available to suggest he founded or managed other companies, sold companies, or has a pattern of managing private equity-backed companies.

Troy Adair, Senior Executive Vice President, Chief Financial Officer and Secretary

Mr. Adair joined Farmers National Banc Corp. in June 2021 and assumed the role of Chief Financial Officer in August 2021. He brings 37 years of experience in finance and accounting within the banking sector, holding an MBA in Finance and Accounting. There is no information available to suggest he founded or managed other companies, sold companies, or has a pattern of managing private equity-backed companies.

Amber B. Wallace Soukenik, Senior Executive Vice President, Chief Retail/Marketing Officer

Ms. Wallace Soukenik serves as the Chief Retail & Marketing Officer at Farmers National Banc Corp.

Michael Matuszak, Senior Executive Vice President, Chief Operating Officer

Mr. Matuszak holds the position of Senior Executive Vice President, Chief Operating Officer for Farmers National Bank.

Mark J. Wenick, Senior Executive Vice President, Chief Wealth Management Officer

Mr. Wenick serves as the Chief Wealth Management Officer at Farmers National Banc Corp. His prior experience includes roles as Executive Vice President - Wealth Management at First Place Bank, Executive Vice President - Wealth Management Division Manager at BB&T Corp, and President:Mahoning Valley at Chemical Bank.

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Key Risks to Farmers National Banc (FMNB)

Credit Risk and Regional Economic Sensitivity: Farmers National Banc operates primarily in northeastern Ohio and southwestern Pennsylvania. Consequently, the company is highly susceptible to the economic health and local market conditions within these specific regions. A downturn or significant economic stress in Ohio or Pennsylvania could lead to increased loan defaults, higher credit losses, and reduced demand for its banking, trust, and financial services, thereby directly impacting asset quality and profitability.
Interest Rate Fluctuations: As a financial institution, Farmers National Banc's profitability is significantly influenced by changes in interest rates. Unfavorable shifts in the interest rate environment can compress its net interest margin, which is the difference between the interest earned on assets (like loans) and the interest paid on liabilities (like deposits). Rapid or unexpected movements in interest rates could negatively affect the company's earnings and financial performance.
Competitive and Regulatory Landscape: Farmers National Banc faces significant competition from larger national and regional banks, credit unions, and non-bank financial service providers for deposits, loans, and other financial products. This intense competition can limit growth opportunities and put pressure on pricing. Additionally, the company operates in a highly regulated industry, and changes in banking laws, regulations, or increased compliance costs could impact its operations and financial results.

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Emerging fintech companies and digital-only challenger banks that offer core banking services (checking, savings, lending) with often lower fees, higher interest rates, and a superior mobile-first user experience. These entities leverage technology to provide a fundamentally different, often more convenient and cost-effective, model compared to traditional regional banks like FMNB, potentially eroding FMNB's customer base and market share by circumventing the need for physical branches.
Automated investment platforms, commonly known as robo-advisors, that offer low-cost, algorithm-driven financial advice and portfolio management. These digital-first solutions directly compete with and pose a threat to FMNB's traditional human-advisor model for its wealth management, trust, and retirement services, appealing to clients seeking affordability and accessibility in financial planning.

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Farmers National Banc (FMNB) operates in several financial sectors. Here are the addressable market sizes for its main products and services:

Commercial Banking Services: The market size for the Commercial Banking industry in Pennsylvania is estimated at $43.2 billion in 2026. The overall U.S. commercial banking market size is projected to be $1.6 trillion in 2026.
Retail Banking Services: The U.S. retail banking market generated a revenue of $454.3 billion in 2024 and is expected to reach $678.3 billion by 2033. The overall deposit market in Ohio grew to approximately $565.32 billion in 2025.
Property and Casualty Insurance Products and Services: The Property, Casualty and Direct Insurance industry in Pennsylvania has a market size of $48.3 billion in 2026. The United States property and casualty insurance market size is estimated at $1.14 trillion in 2026 and is projected to grow to $1.39 trillion by 2031. Ohio ranks as the fifth-largest insurance market in the United States. In 2024, Ohio's personal auto insurance market generated over $9 billion in direct written premiums.
Retirement Services (including retirement consulting and planning): The total U.S. retirement assets were $48.1 trillion as of September 30, 2025. The U.S. retirement planning services market was valued at $3.2 trillion in 2024 and is projected to reach $5.1 trillion by 2033.
Financial Management/Brokerage Services: The USA Financial Advisory Market, in terms of assets under management (AUM), is expected to grow from $90.54 trillion in 2025 to $101.74 trillion by 2030. The broader United States financial services market reached a value of approximately $65.18 billion in 2025 and is expected to grow to $133.96 billion by 2035.

Specific addressable market sizes for "Trust Services" as a standalone figure within the defined operating regions (northeastern Ohio and southwestern Pennsylvania) were not readily available in the search results and are often integrated into broader financial management or banking services.

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Farmers National Banc (FMNB) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Net Interest Margin (NIM) Expansion: The company anticipates continued net interest margin expansion, driven by effective financial management leading to higher yields on earning assets and lower funding costs. Analysts project an increase in core net interest margin due to the repricing of yielding securities and fixed-rate loans.
Growth in Fee-Based Businesses: Farmers National Banc focuses on increasing noninterest income through the expansion of its fee-based businesses, including trust services, retirement consulting, insurance products, and debit card income. This growth is supported by higher assets under management, increased transaction volumes, and strategic acquisitions such as Crest Retirement.
Strategic Acquisitions and Organic Loan/Deposit Growth: Revenue growth is expected from both organic efforts in relationship-based loan and deposit growth and strategic mergers and acquisitions. Past acquisitions, like Emclaire Bank, have contributed to increased loan balances and noninterest income. The proposed merger with Middlefield Banc Corp. is also anticipated to be a significant driver of future financial and operating results. Additionally, the company is making strategic investments, such as opening a commercial loan production office in Columbus, to further bolster loan growth.
Digital Enhancements and Market Presence: Farmers National Banc is focusing on improving customer experience through digital enhancements and strengthening its market presence. The company's disciplined sales culture emphasizes relationship-based growth in its existing strong market presence in northeastern Ohio and southwestern Pennsylvania, with new expansion into growth markets like greater Columbus.

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Share Repurchases

  Farmers National Banc Corp. authorized a new share repurchase program on March 1, 2023, allowing for the repurchase of up to 1,000,000 shares of its common stock.
  In 2023, the company repurchased approximately $5.0 million of its common stock.
  Share repurchases amounted to -$0.2 million in 2021, -$0.8 million in 2022, -$12.2 million in 2023, and -$0.9 million in 2024.


Share Issuance

  Farmers National Banc Corp. completed an all-stock merger with Middlefield Banc Corp. in March 2026, where each Middlefield common stock share was converted into 2.6 shares of Farmers common stock.
  The merger with Middlefield Banc Corp. was valued at approximately $299.0 million as of October 20, 2025.
  Shareholders experienced substantial dilution in the past year (as of March 2026).


Outbound Investments

  Farmers National Banc Corp. acquired Cortland Bancorp, Inc. for $128.54 million, with the transaction completing on November 1, 2021.
  The company acquired Emclaire Financial for $105 million in March 2022.
  The merger with Middlefield Banc Corp. in March 2026 was the company's seventh bank acquisition in the last decade, expanding its footprint across Central and Western Ohio.


Capital Expenditures

  Capital expenditures for Farmers National Banc Corp. were -$11.7 million in 2024, -$3.9 million in 2023, and -$2.6 million in 2022.
  For the trailing twelve months ending December 31, 2025, capital expenditures stood at $6.77 million.
  In Q4 2025, capital expenditures were $1.1 million, a 35.2% decrease from the prior quarter.



	
		
			
				
					
					 Interactive Breakdown
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				 Better Bets vs. Farmers National Banc (FMNB)
				
					By Industry
					By Sector
					All Other Sectors
					Sector Best Bets
				
				
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				 Peer Outperformance in Regional Banks
				
			
				FMNB has trailed 81% of its 262 Regional Banks peers over 5Y. Among the peers that beat it are SRCE, WTFC and EWBC. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
			
		
				
		
			Share of Regional Banks constituents that FMNB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
			
			
				1Y
				35%
				of 281 industry peers · 22.9% return
			
		
			
				3Y
				16%
				of 273 industry peers · 48.8% return
			
		
			
				5Y
				19%
				of 262 industry peers · 7.3% return
			
		
		
	
				
			
				Regional Banks peers with revenue growth within 4pp of FMNB's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
				
				
					
						Ticker
						Name
						Rev Growth 3Y Avg
						P/E
						1Y 3Y 5Y
						5Y Gap
					
					
			
				FMNB
				Farmers National Banc
				10.2%
				13.8x
				22.9% 48.8% 7.3%
				—
			
		
				
					SRCE
					1st Source
					7.5%
					11.8x
					46.3% 95.9% 95.9%
					+89pp
				
			
				
					WTFC
					Wintrust Financial
					9.1%
					11.1x
					19.0% 98.3% 77.6%
					+70pp
				
			
				
					EWBC
					East West Bancorp
					6.3%
					12.3x
					31.5% 139.6% 76.7%
					+69pp
				
			
				
					FULT
					Fulton Financial
					8.0%
					11.5x
					40.0% 92.4% 73.1%
					+66pp
				
			
				
					TCBI
					Texas Capital Bancshares
					8.1%
					12.3x
					21.5% 81.9% 64.6%
					+57pp
				
			
				
				
				
					Price returns, excluding dividends. P/E shown for context only and not used for matching.
				
			
		
				
			
				Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is FMNB's own industry. Use this to see which corners of the sector have carried the returns.
				
				
					
						Industry
						Names
						1Y med 3Y med 5Y med
						Top 3 by 5Y
					
					
				
					Reinsurance
					6
					33.1% 75.7% 125.1%
					SPNT 168% · RGA 162% · RNR 141%
				
			
				
					Investment Banking & Brokerage
					13
					-3.9% 89.1% 93.1%
					IBKR 305% · SNEX 152% · GS 141%
				
			
				
					Diversified Banks
					12
					30.0% 140.4% 90.3%
					CM 144% · RY 129% · JPM 127%
				
			
				
					Life & Health Insurance
					20
					14.3% 52.3% 75.4%
					JXN 514% · UNM 224% · FG 188%
				
			
				
					Property & Casualty Insurance
					42
					18.9% 76.8% 66.8%
					TRV 178% · PGR 172% · ACGL 168%
				
			
				
					Multi-Sector Holdings
					3
					10.1% 53.8% 59.4%
					BRK-B 99% · VOYA 59% · JEF 37%
				
			
				
					Multi-line Insurance
					9
					9.5% 71.4% 59.4%
					AIZ 105% · GNW 104% · L 98%
				
			
				
					Regional Banks ←
					263
					30.0% 87.5% 46.7%
					CBC 268% · FCNCA 176% · NIC 136%
				
			
				
					Insurance Brokers
					15
					5.5% 13.4% 33.4%
					LIFE 287% · ARX 89% · WTW 56%
				
			
				
					Financial Exchanges & Data
					15
					20.6% 37.2% 27.9%
					CBOE 183% · VIRT 131% · CME 71%
				
			
				
					Asset Management & Custody Banks
					83
					-5.9% 22.8% 12.3%
					VCTR 210% · AAMI 207% · WT 205%
				
			
				
					Consumer Finance
					30
					2.9% 81.0% 8.1%
					ENVA 330% · FCFS 130% · ECPG 111%
				
			
				
					Commercial & Residential Mortgage Finance
					14
					-46.5% 36.8% 2.5%
					FNMA 327% · FMCC 293% · ACT 158%
				
			
				
					Diversified Financial Services
					4
					-1.6% 20.1% -1.1%
					FRHC 153% · EQH 71%
				
			
				
					Specialized Finance
					3
					15.8% 31.5% -19.7%
					HASI -20% · CACC -24%
				
			
				
					Transaction & Payment Processing Services
					17
					19.3% 9.1% -29.4%
					V 103% · MA 94% · CPAY 83%
				
			
				
					Mortgage REITs
					35
					-18.0% -6.1% -37.2%
					RITM 36% · DX 17% · AGNC 10%
				
			
				
					Diversified Capital Markets
					20
					-47.1% -8.5% -70.1%
					LPLA 83% · TW 38% · RIOT -53%
				
			
				
				
				
					Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
				
			
		
			
		
	

	
		
			
				
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				 Peer Comparisons
Peers to compare with: 
				
				Financials
 FMNB WSBC CBU FCF STBA SRCE Median
Name Farmers . Wesbanco Communit. First Co. S&T Banc. 1st Sour.  
Mkt Price 15.52 38.68 64.61 21.07 50.86 87.10 44.77
Mkt Cap 0.9 3.7 3.4 2.1 1.8 2.1 2.1
Rev LTM 224 1,063 860 546 416 462 504
Op Inc LTM - - - - - - -
FCF LTM 61 378 247 178 143 230 204
FCF 3Y Avg 57 268 218 141 151 204 178
CFO LTM 64 392 308 192 147 236 214
CFO 3Y Avg 64 282 259 157 155 214 186
				Growth & Margins
 FMNB WSBC CBU FCF STBA SRCE Median
Name Farmers . Wesbanco Communit. First Co. S&T Banc. 1st Sour.  
Rev Chg LTM 24.1% 21.7% 10.2% 11.3% 8.1% 9.9% 10.7%
Rev Chg 3Y Avg 10.2% 22.6% 9.7% 5.9% 0.8% 7.5% 8.6%
Rev Chg Q 49.7% 4.1% 12.2% 5.8% 5.2% 8.7% 7.3%
QoQ Delta Rev Chg LTM 11.7% 1.0% 2.9% 1.4% 1.3% 2.1% 1.8%
Op Inc Chg LTM - - - - - - -
Op Inc Chg 3Y Avg - - - - - - -
Op Mgn LTM - - - - - - -
Op Mgn 3Y Avg - - - - - - -
QoQ Delta Op Mgn LTM - - - - - - -
CFO/Rev LTM 28.8% 36.9% 35.8% 35.1% 35.3% 51.1% 35.6%
CFO/Rev 3Y Avg 34.1% 33.2% 32.9% 30.9% 39.0% 50.9% 33.7%
FCF/Rev LTM 27.1% 35.6% 28.7% 32.7% 34.4% 49.7% 33.6%
FCF/Rev 3Y Avg 29.8% 31.6% 27.8% 27.7% 38.0% 48.5% 30.7%
				Valuation
 FMNB WSBC CBU FCF STBA SRCE Median
Name Farmers . Wesbanco Communit. First Co. S&T Banc. 1st Sour.  
Mkt Cap 0.9 3.7 3.4 2.1 1.8 2.1 2.1
P/S 4.1 3.5 4.0 3.9 4.4 4.5 4.0
P/Op Inc - - - - - - -
P/EBIT - - - - - - -
P/E 13.8 10.3 14.9 12.7 12.9 11.8 12.8
P/CFO 14.2 9.5 11.0 11.1 12.4 8.9 11.1
Total Yield 10.4% 13.5% 9.6% 10.6% 10.7% 10.5% 10.5%
Dividend Yield 3.2% 3.8% 2.9% 2.7% 2.9% 2.0% 2.9%
FCF Yield 3Y Avg 8.9% 9.3% 7.0% 7.6% 10.4% 12.3% 9.1%
D/E 0.5 0.6 0.2 0.1 0.2 0.1 0.2
Net D/E -0.3 0.3 -0.7 -0.5 -0.5 -0.6 -0.5
				Returns
 FMNB WSBC CBU FCF STBA SRCE Median
Name Farmers . Wesbanco Communit. First Co. S&T Banc. 1st Sour.  
1M Rtn 1.9% 4.2% 8.4% 5.1% 4.2% 2.1% 4.2%
3M Rtn -0.7% -6.4% -0.3% -1.1% -0.8% -2.0% -1.0%
6M Rtn 12.0% 15.4% 2.7% 14.9% 16.0% 19.4% 15.2%
12M Rtn 22.9% 31.9% 17.5% 37.4% 38.6% 45.9% 34.6%
3Y Rtn 48.8% 69.3% 63.0% 76.1% 100.0% 95.4% 72.7%
1M Excs Rtn 4.5% 7.5% 10.6% 7.6% 6.6% 5.1% 7.0%
3M Excs Rtn 0.9% -5.5% 1.3% -1.1% 1.6% 0.4% 0.6%
6M Excs Rtn 7.2% 10.6% -2.1% 10.1% 11.2% 14.7% 10.4%
12M Excs Rtn 11.5% 20.7% 6.1% 25.6% 27.8% 34.6% 23.2%
3Y Excs Rtn -24.2% -1.3% -4.7% 7.1% 36.8% 23.6% 2.9%
				Comparison Analyses
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				 Financials
				
					Annual
					Quarterly
				
									$ Mil | FY: 12/31 LTM 2025 2024 2023 2022 2021 2020
Period End 6/30/2026 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Filing Date 8/6/2026 3/5/2026 3/6/2025 3/7/2024 3/9/2023 3/9/2022 3/4/2021

Key Financials              
Total Revenue 224 189 170 180 160 146 132
Net Income 66 55 46 50 61 52 42
EPS 1.47 1.46 1.23 1.34 1.79 1.78 1.48

Growth Rates              
Total Revenue Growth 24.1% 10.9% -5.3% 12.3% 9.4% 10.5% 19.9%
Net Income Growth 31.7% 18.8% -8.0% -17.6% 16.9% 23.8% 17.1%

Margins              
Net Income Margin 29.7% 28.9% 27.0% 27.8% 37.9% 35.5% 31.6%

Cash & Debt              
Total Cash 765 754 1,287 1,329 1,289 1,457 596
Total Debt 455 368 391 444 183 88 79
Net Debt / (Cash) -310 -386 -896 -885 -1,106 -1,369 -517

Cash Flows & CapEx              
Net Cash from Operations 64 60 67 63 82 55 49
Total CapEx -4 -8 -12 -4 -3 -1 -4
Free Cash from Operations 61 52 55 59 79 54 45

Returns to Shareholders              
Dividends 29 25 25 25 22 14 13
Share Repurchases -0 -0 -0 12 -0 0 14
					$ Mil | FY: 12/31 2026Q2 2026Q1 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3
Period End 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Filing Date 8/6/2026 5/7/2026 3/5/2026 11/6/2025 8/7/2025 5/8/2025 3/6/2025 11/7/2024 8/8/2024 5/9/2024 3/7/2024 11/8/2023

Key Financials Quarterly                        
Total Revenue 70 56 49 48 47 45 44 44 42 40 45 44
Net Income 23 16 15 12 14 14 14 9 12 11 15 13
EPS 0.39 0.36 0.39 0.33 0.37 0.36 0.38 0.23 0.32 0.30 0.39 0.36

Key Financials TTM                        
Total Revenue TTM 224 200 189 184 180 175 170 171 170 173 180 172
Net Income TTM 66 57 55 54 50 48 46 46 51 54 50 49

Growth Rates Quarterly                        
Total Revenue Growth 49.7% 25.9% 11.2% 8.0% 12.9% 11.6% -1.9% 1.4% -5.3% -14.9% 19.5% 7.4%
Net Income Growth 65.6% 19.8% 1.7% 46.0% 18.1% 20.8% -1.3% -35.9% -21.3% 58.9% 9.1% -13.8%

Margins Quarterly                        
Net Income Margin 32.7% 28.9% 29.8% 26.1% 29.6% 30.4% 32.6% 19.3% 28.3% 28.1% 32.4% 30.5%

Cash & Debt                        
Total Cash 765 774 754 722 686 686 1,287 1,314 1,271 1,293 1,329 1,236
Total Debt 455 435 368 322 289 188 391 371 495 434 444 89
Net Debt / (Cash) -310 -339 -386 -400 -397 -498 -896 -943 -776 -859 -885 -1,148

Cash Flows Quarterly                        
FCF from Operations 27 8 20 11 14 16 12 24 17 14 14 18

Cash Flows TTM                        
FCF from Operations TTM 64 52 60 53 66 69 67 69 63 63 63 71

Returns to Shareholders Quarterly                        
Dividends 10 6 6 6 6 6 6 6 6 6 6 6
Share Repurchases -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0

Return on Invested Capital (ROIC) Quarterly                        
ROIC 64.0% 59.1% - - - - - - - - - -

Return on Invested Capital (ROIC) TTM                        
ROIC TTM 46.1% 52.0% - - - - - - - - - -

			
		
	

	
		
			
				
				 Segment Financials
Revenue by Segment
$ Mil 2025 2024 2023 2022 2021
Bank Segment 230 222 209 140 136
Other revenues 35 34 35 35  
Trust Segment 15 13 12 11 11
Eliminations and other         -1
Total 280 269 255 186 146


Operating Income by Segment
$ Mil 2015 2014 2013 2012 2011
Bank 14 12 11 13 12
Trust 1 1 1 1 1
Retirement Consulting 0 -1 -0    
Eliminations and other -5 -1 -2    
Others       -1 -1
Total 11 12 9 13 12


Net Income by Segment
$ Mil 2023 2022 2021 2020 2019
Bank Segment 51 56 50 41 34
Trust Segment 4 9 3 3 2
Eliminations and other -5 -4 -1 -2 -1
Total 50 61 52 42 36


Assets by Segment
$ Mil 2025 2024 2023 2022 2021
Bank Segment 5,230 5,104 5,065 4,064 4,125
Trust Segment 17 17 16 14 14
Eliminations and other -1 -2 -3 4 4
Total 5,246 5,119 5,078 4,082 4,143



			
		
	

	
		
			
				
				 Price Behavior
				
					Behavior Stats
					Betas Matrix
					Behavior vs Other Asset Classes
				
				
										Price Behavior
Market Price $15.52  
Market Cap ($ Bil) 0.9  
First Trading Date 01/04/1999  
Distance from 52W High -4.2%  
    50 Days 200 Days
DMA Price $15.44 $14.22
DMA Trend indeterminate up
Distance from DMA 0.5% 9.2%
  3M 1YR
Volatility 18.3% 21.7%
Downside Capture -5.53 28.81
Upside Capture 7.15 53.22
Correlation (S&P 500) 4.6% 19.9%
					
FMNB Betas & Captures as of 10/31/2026


  1M 2M 3M 6M 1Y 3Y
Beta -0.28 -0.03 0.04 0.03 0.32 0.67
Up Beta -2.56 -1.40 -0.23 -0.58 0.15 0.67
Down Beta 0.03 0.01 -0.03 0.14 0.17 0.60
Up Capture 6% 19% 12% 26% 44% 43%
Bmk +ve Days 12 18 28 62 130 427
Stock +ve Days 10 20 30 63 133 370
Down Capture -56% 8% 16% 1% 40% 88%
Bmk -ve Days 10 25 36 64 121 325
Stock -ve Days 12 23 34 61 109 364


[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
					
					1Y
					5Y
					10Y
				
					Based On 1-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with FMNB
FMNB 25.2% 21.7% 0.94 -
Sector ETF (XLF) 11.1% 15.2% 0.47 48.9%
Equity (SPY) 9.5% 13.6% 0.41 21.6%
Gold (GLD) 3.6% 28.7% 0.11 -4.6%
Commodities (DBC) 37.7% 21.2% 1.40 -29.0%
Real Estate (VNQ) 12.0% 14.2% 0.55 44.0%
Bitcoin (BTCUSD) -20.8% 43.3% -0.42 4.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
					Based On 5-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with FMNB
FMNB 1.6% 28.4% 0.06 -
Sector ETF (XLF) 9.1% 18.4% 0.36 54.8%
Equity (SPY) 11.3% 17.3% 0.48 38.2%
Gold (GLD) 17.5% 19.1% 0.74 -1.1%
Commodities (DBC) 8.0% 19.6% 0.29 2.5%
Real Estate (VNQ) 1.2% 18.9% -0.05 43.4%
Bitcoin (BTCUSD) 5.9% 51.5% 0.29 14.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
					Based On 10-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with FMNB
FMNB 7.4% 32.2% 0.29 -
Sector ETF (XLF) 13.3% 22.1% 0.54 61.3%
Equity (SPY) 14.9% 18.0% 0.70 45.1%
Gold (GLD) 12.0% 16.5% 0.59 -3.8%
Commodities (DBC) 7.6% 18.1% 0.33 10.3%
Real Estate (VNQ) 5.7% 20.7% 0.23 45.3%
Bitcoin (BTCUSD) 61.3% 66.2% 1.01 12.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How


				
			
		
		
			
				
				 Short Interest
Short Interest: As Of Date 10152026
Short Interest: Shares Quantity 2.2 Mil
Short Interest: % Change Since 9302026 -3.8%
Average Daily Volume 0.3 Mil
Days-to-Cover Short Interest 7.1 days
Basic Shares Quantity 59.0 Mil
Short % of Basic Shares 3.8%
			
		
	

	
		
			
				 Returns Analyses
 Title
0 Farmers National Banc Stock Jump Looks Great, But How Secure Is That Gain?
			
		
	

	
		
			
				
				
				    Earnings Returns History
				    Updated 11/6/2026
				

				Expand for More  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
10/28/2026 -0.3% 0.2%  
7/22/2026 2.9% 9.7% 7.3%
4/22/2026 1.6% 4.9% 2.8%
1/28/2026 -6.1% -3.2% 0.2%
10/22/2025 -4.7% -2.9% -7.7%
7/23/2025 -1.9% 0.7% 1.8%
4/16/2025 2.7% 9.9% 14.7%
1/29/2025 2.6% 2.0% 4.7%
... 
SUMMARY STATS      
# Positive 10 16 15
# Negative 14 8 8
Median Positive 1.8% 3.2% 4.7%
Median Negative -3.1% -3.8% -3.7%
Max Positive 5.0% 9.9% 17.2%
Max Negative -9.5% -10.4% -8.2%
				Collapse to Preview  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
10/28/2026 -0.3% 0.2%  
7/22/2026 2.9% 9.7% 7.3%
4/22/2026 1.6% 4.9% 2.8%
1/28/2026 -6.1% -3.2% 0.2%
10/22/2025 -4.7% -2.9% -7.7%
7/23/2025 -1.9% 0.7% 1.8%
4/16/2025 2.7% 9.9% 14.7%
1/29/2025 2.6% 2.0% 4.7%
10/23/2024 -5.1% -7.1% 1.5%
7/24/2024 0.4% 6.7% -2.4%
4/24/2024 -2.0% -6.3% -0.2%
1/24/2024 5.0% 4.0% 1.2%
10/25/2023 1.3% 6.2% 17.2%
7/26/2023 -1.1% -0.4% -8.2%
4/26/2023 1.7% 5.8% 10.1%
1/25/2023 -9.5% 0.2% 0.2%
10/26/2022 -4.6% 0.8% 8.1%
7/27/2022 -4.7% -10.4% -7.2%
4/27/2022 -0.6% 0.5% -2.2%
1/28/2022 -4.2% -4.4% -5.0%
10/29/2021 -1.7% -2.6% -1.8%
7/30/2021 -0.3% 0.6% 3.6%
4/30/2021 0.7% 2.4% 5.7%
2/1/2021 1.8% 5.1% 7.3%
SUMMARY STATS      
# Positive 10 16 15
# Negative 14 8 8
Median Positive 1.8% 3.2% 4.7%
Median Negative -3.1% -3.8% -3.7%
Max Positive 5.0% 9.9% 17.2%
Max Negative -9.5% -10.4% -8.2%
			
		
		
			
				
				 SEC Filings
				Expand for MoreReport Date Filing Date Filing
06/30/2026 08/06/2026 10-Q
03/31/2026 05/07/2026 10-Q
12/31/2025 03/05/2026 10-K
09/30/2025 11/06/2025 10-Q
06/30/2025 08/07/2025 10-Q
03/31/2025 05/08/2025 10-Q
12/31/2024 03/06/2025 10-K
09/30/2024 11/07/2024 10-Q
06/30/2024 08/08/2024 10-Q
03/31/2024 05/09/2024 10-Q
12/31/2023 03/07/2024 10-K
09/30/2023 11/08/2023 10-Q
06/30/2023 08/08/2023 10-Q
03/31/2023 05/05/2023 10-Q
12/31/2022 03/09/2023 10-K
09/30/2022 11/08/2022 10-Q
				Collapse to PreviewReport Date Filing Date Filing
06/30/2026 08/06/2026 10-Q
03/31/2026 05/07/2026 10-Q
12/31/2025 03/05/2026 10-K
09/30/2025 11/06/2025 10-Q
06/30/2025 08/07/2025 10-Q
03/31/2025 05/08/2025 10-Q
12/31/2024 03/06/2025 10-K
09/30/2024 11/07/2024 10-Q
06/30/2024 08/08/2024 10-Q
03/31/2024 05/09/2024 10-Q
12/31/2023 03/07/2024 10-K
09/30/2023 11/08/2023 10-Q
06/30/2023 08/08/2023 10-Q
03/31/2023 05/05/2023 10-Q
12/31/2022 03/09/2023 10-K
09/30/2022 11/08/2022 10-Q
06/30/2022 08/04/2022 10-Q
03/31/2022 05/05/2022 10-Q
12/31/2021 03/09/2022 10-K
09/30/2021 11/04/2021 10-Q
06/30/2021 08/05/2021 10-Q
03/31/2021 05/06/2021 10-Q
12/31/2020 03/04/2021 10-K
09/30/2020 11/05/2020 10-Q
06/30/2020 08/06/2020 10-Q
03/31/2020 05/07/2020 10-Q
12/31/2019 03/05/2020 10-K
09/30/2019 11/06/2019 10-Q
			
		
	

	
		
			
				
				
				    Recent Forward Guidance
				    Updated 11/2/2026
				
				Latest: Q3 2026 Earnings Reported 10/28/2026
				Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
Q4 2026 Subordinated Notes Redemption Reported   72.00 Mil         
Q4 2026 Net Interest Margin Reported 3.43% 3.45% 3.46%   0.1% Higher New Guidance: 3.36% for Q3 2026
				
Prior: Q2 2026 Earnings Reported 7/22/2026
				Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
Q3 2026 Commercial Loan Payoffs Reported             
Q3 2026 Net Interest Margin Reported 3.34% 3.36% 3.37%       
2026 Bond Market Rate Volatility Reported             
2026 Noninterest Expense Reported             

Q1 2026 Earnings Reported 4/22/2026
Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
Q2 2026 Net Interest Margin Expansion Reported   0.25%         

Q4 2025 Earnings Reported 1/28/2026
Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
2026 Net Interest Margin Reported             
			
		
	

	
		
			
				
				
				    Insider Activity
				    Updated 9/22/2026
				
				Expand for More# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Richardson, Gina A   Direct Buy 9222026 15.35 1,430 21,950 292,049 Form
2 Wenick, Mark J SEVP/Chief Wealth Mgt Officer Direct Sell 8062026 15.97 5,000 79,850 511,359 Form
3 Voinovich, Michael C   Rabbi Trust Sell 6232026 14.21 23,309     Form
4 Varischetti, Nicholas D   Nicholas D. Varischetti 2011 Irrevocable Trust Buy 3302026 12.90 2,000 25,800 2,950,888 Form
5 Varischetti, Nicholas D   Nicholas D. Varischetti 2011 Irrevocable Trust Buy 3272026 12.97 73,000 946,810 2,940,960 Form
				Collapse to Preview# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Richardson, Gina A   Direct Buy 9222026 15.35 1,430 21,950 292,049 Form
2 Wenick, Mark J SEVP/Chief Wealth Mgt Officer Direct Sell 8062026 15.97 5,000 79,850 511,359 Form
3 Voinovich, Michael C   Rabbi Trust Sell 6232026 14.21 23,309     Form
4 Varischetti, Nicholas D   Nicholas D. Varischetti 2011 Irrevocable Trust Buy 3302026 12.90 2,000 25,800 2,950,888 Form
5 Varischetti, Nicholas D   Nicholas D. Varischetti 2011 Irrevocable Trust Buy 3272026 12.97 73,000 946,810 2,940,960 Form
6 Richardson, Gina A   Direct Buy 3192026 12.43 441 5,482 196,481 Form
7 Muransky, Edward   Direct Buy 3042026 12.74 40,000 509,600 2,497,295 Form
8 Wallace, Amber B SEVP/Chief Retail & Marketing Direct Buy 2242026 13.02 15 195 726,894 Form
9 Wallace, Amber B SEVP/Chief Retail & Marketing Direct Buy 2242026 13.35 14 187 745,117 Form
10 Richardson, Gina A   Direct Buy 10302025 12.99 1,833 23,811 179,561 Form
11 Muransky, Edward   Edward W Muransky Rev Trust Buy 10272025 13.59 73,500 998,865 1,504,495 Form
			
		
	
	
	
		
			
				
				
					Investor Activity (13F)
					Updated 
				
				13F holdings as of 
				
				
					
					
					
					
				
				
					
					
					
					
				
			
		
	
	
	
	
	
	
		
			
				
				 FMNB Trade Sentinel
				
				
					
						
					
					
						
					
					
						
					
					
						
					
				
				
				
				
				
					
						
							
								
									
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										INVESTMENT THESIS
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								Key KPI Watchlist
								
									
										
											
												
													KPI
													Status
													Rationale
												
											
											
												
											
										
									
								
							

						
					

					
						
							
								Core Investment Debate
								
							

							
								
									
										BULL VIEW
										
									
								
								
									
										CORE TENSION
										
										
										PREVAILING SENTIMENT
										
										
									
								
								
									
										BEAR VIEW
										
									
								
							

							
								Next 6 months: Risks and Catalysts
								
									
										
											
												
													Timeline
													Event & Metric To Watch
												
											
											
												
											
										
									
								
							

							
								Key Events in Last 6 Months
								
									
										
											
												
													Date
													Event
													Stock Impact
												
											
											
												
											
										
									
								
							

							
								Risk Management
								
									
										
											 Position Sizing
											
											
											
										
										
											 Diversification Alternatives
											
												
											
										
									
								
							
						
					

					
						
							How Is The Market Pricing FMNB?

							
								
									
								
							

							
								
									
								
							

							
								
									
										 What will confirm the thesis
										
									
								

								
									
										 What will damage the thesis
										
									
								

								
									
										 Noise: Real but irrelevant to thesis
										
									
								
							

							
								Repricing Catalyst
								
							

							
								What FMNB Makes & Who Pays

								
									
										TTM figures based on 
									
								
								
								
									
								
							

							
								FMNB Evolution: Price Return by Era
								
								
								

								
									
										
									
								
							

						
					

	
					
						
						
							
							
								
								

								
									
										① Structure
										
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									1
									Price Structure & Trend
									 · 
									▾
								
								
									
										▲
										
									

									
										
											Current
											$
											
											
										
										
											20D SMA
											$
											
											
										
										
											50D SMA
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											Slope: %
											
										
										
											200D SMA
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											Slope: %
											
										
									

									
										✕
										 —  trading days ago
									

									
										
											52W High
											$
										
										
											From 52W High
											%
										
										
											All-Time High
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											52W Low
											$
										
										
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									2
									Momentum
									
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										↑
										
									

									
										
											5D
											%
											
										
										
											20D
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											63D
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											126D
											%
											
										
										
											252D
											%
											
										
									
								
							

							
								
									3
									Relative Strength vs. SPY
									
									▾
								
								
									
										↑
										
									

									
										
											20D
											
											%
										
										
											63D
											
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											126D
											
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											RS Trend
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									4
									Institutional Footprint & Volume
									
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											Score
											
										
										
											Up/Down Vol 20D
											
										
										
											Up/Down Vol 60D
											
										
									
									
										
											OBV Slope 20D
											
										
										
											OBV Slope 60D
											
										
										
											Hi-Conv Up Days
											
											Past 60D
										
										
											Hi-Conv Down Days
											
											Past 60D
										
									
									
										
											Volume Trend
											
											20D avg vs 60D avg
										
										
									
								
							

							
								
									5
									Volatility
									
									▾
								
								
									
										≈
										
									
									
										
											HV 20D
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											HV 60D
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											HV 252D
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											%
										
									
								
							

							
								
									6
									Key Price Levels
									Range · Vol 
									▾
								
								
									
										◈
										
									
									
										
											Nearest Resistance
											$
											% away ·  touches
										
										
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											Risk / Reward
											×
										
									
									
										
											Approach Volume
											
										
										
											Current Price
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									7
									Earnings Reaction History
									
									▾
								
								
									
										★
										
									
									
										
											
												
												
											
											
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												Earnings Day Return · Vol Spike ×
												
													
														5D
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														Post Vol
														×
													
												
												
												
											
										
									
								
							

							
								
									8
									How the Verdict Is Derived
									Three Pillars
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										ℹ
										
											Bull Pillars: 0 ·
											Bear Pillars: 0 ·
											Combined Score: 0 →
											
										
									
								
							

							
								Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.
							
						
					
					
				

				
			
		
	
	
	
		
			
				
				

Farmers National Banc — Investor Video Playlist
Products & ServicesMonetary Hedges Unravel on Dollar Strength | The Investors Edge | 6-26-26
Farmers National Bank · 2026-07-02
Products & ServicesThe Rally Hits a Wall | The Investors Edge | 6-12-26
Farmers National Bank · 2026-07-02
Products & ServicesInterest Rates Rise | The Investors Edge | 5-22-26
Farmers National Bank · 2026-06-10
Products & ServicesTech Goes Parabolic | The Investors Edge | 5-8-26
Farmers National Bank · 2026-06-10
Products & ServicesMarket Blasts Off to New All Time Highs | The Investors Edge | 4-17-26
Farmers National Bank · 2026-04-21
			
		
	
	
		
			
				
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		        Core Cache Last Updated: 11/5/2026

Ticker	Name	Rev Growth 3Y Avg	P/E	1Y	3Y	5Y	5Y Gap
FMNB	Farmers National Banc	10.2%	13.8x	22.9%	48.8%	7.3%	—
SRCE	1st Source	7.5%	11.8x	46.3%	95.9%	95.9%	+89pp
WTFC	Wintrust Financial	9.1%	11.1x	19.0%	98.3%	77.6%	+70pp
EWBC	East West Bancorp	6.3%	12.3x	31.5%	139.6%	76.7%	+69pp
FULT	Fulton Financial	8.0%	11.5x	40.0%	92.4%	73.1%	+66pp
TCBI	Texas Capital Bancshares	8.1%	12.3x	21.5%	81.9%	64.6%	+57pp

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Reinsurance	6	33.1%	75.7%	125.1%	SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage	13	-3.9%	89.1%	93.1%	IBKR 305% · SNEX 152% · GS 141%
Diversified Banks	12	30.0%	140.4%	90.3%	CM 144% · RY 129% · JPM 127%
Life & Health Insurance	20	14.3%	52.3%	75.4%	JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance	42	18.9%	76.8%	66.8%	TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings	3	10.1%	53.8%	59.4%	BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance	9	9.5%	71.4%	59.4%	AIZ 105% · GNW 104% · L 98%
Regional Banks ←	263	30.0%	87.5%	46.7%	CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers	15	5.5%	13.4%	33.4%	LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data	15	20.6%	37.2%	27.9%	CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks	83	-5.9%	22.8%	12.3%	VCTR 210% · AAMI 207% · WT 205%
Consumer Finance	30	2.9%	81.0%	8.1%	ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance	14	-46.5%	36.8%	2.5%	FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services	4	-1.6%	20.1%	-1.1%	FRHC 153% · EQH 71%
Specialized Finance	3	15.8%	31.5%	-19.7%	HASI -20% · CACC -24%
Transaction & Payment Processing Services	17	19.3%	9.1%	-29.4%	V 103% · MA 94% · CPAY 83%
Mortgage REITs	35	-18.0%	-6.1%	-37.2%	RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets	20	-47.1%	-8.5%	-70.1%	LPLA 83% · TW 38% · RIOT -53%

	Title	Date
0	DASHBOARDS
1	Farmers National Banc Stock Jump Looks Great, But How Secure Is That Gain?	10/17/2025

	FMNB	WSBC	CBU	FCF	STBA	SRCE	Median
Name	Farmers .	Wesbanco	Communit.	First Co.	S&T Banc.	1st Sour.
Mkt Price	15.52	38.68	64.61	21.07	50.86	87.10	44.77
Mkt Cap	0.9	3.7	3.4	2.1	1.8	2.1	2.1
Rev LTM	224	1,063	860	546	416	462	504
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	61	378	247	178	143	230	204
FCF 3Y Avg	57	268	218	141	151	204	178
CFO LTM	64	392	308	192	147	236	214
CFO 3Y Avg	64	282	259	157	155	214	186

$ Mil	2025	2024	2023	2022	2021
Bank Segment	230	222	209	140	136
Other revenues	35	34	35	35
Trust Segment	15	13	12	11	11
Eliminations and other					-1
Total	280	269	255	186	146

$ Mil	2015	2014	2013	2012	2011
Bank	14	12	11	13	12
Trust	1	1	1	1	1
Retirement Consulting	0	-1	-0
Eliminations and other	-5	-1	-2
Others				-1	-1
Total	11	12	9	13	12

$ Mil	2025	2024	2023	2022	2021
Bank Segment	5,230	5,104	5,065	4,064	4,125
Trust Segment	17	17	16	14	14
Eliminations and other	-1	-2	-3	4	4
Total	5,246	5,119	5,078	4,082	4,143

Market Price	$15.52
Market Cap ($ Bil)	0.9
First Trading Date	01/04/1999
Distance from 52W High	-4.2%
	50 Days	200 Days
DMA Price	$15.44	$14.22
DMA Trend	indeterminate	up
Distance from DMA	0.5%	9.2%
	3M	1YR
Volatility	18.3%	21.7%
Downside Capture	-5.53	28.81
Upside Capture	7.15	53.22
Correlation (S&P 500)	4.6%	19.9%

	1M	2M	3M	6M	1Y	3Y
Beta	-0.28	-0.03	0.04	0.03	0.32	0.67
Up Beta	-2.56	-1.40	-0.23	-0.58	0.15	0.67
Down Beta	0.03	0.01	-0.03	0.14	0.17	0.60
Up Capture	6%	19%	12%	26%	44%	43%
Bmk +ve Days	12	18	28	62	130	427
Stock +ve Days	10	20	30	63	133	370
Down Capture	-56%	8%	16%	1%	40%	88%
Bmk -ve Days	10	25	36	64	121	325
Stock -ve Days	12	23	34	61	109	364

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FMNB
FMNB	25.2%	21.7%	0.94	-
Sector ETF (XLF)	11.1%	15.2%	0.47	48.9%
Equity (SPY)	9.5%	13.6%	0.41	21.6%
Gold (GLD)	3.6%	28.7%	0.11	-4.6%
Commodities (DBC)	37.7%	21.2%	1.40	-29.0%
Real Estate (VNQ)	12.0%	14.2%	0.55	44.0%
Bitcoin (BTCUSD)	-20.8%	43.3%	-0.42	4.6%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FMNB
FMNB	1.6%	28.4%	0.06	-
Sector ETF (XLF)	9.1%	18.4%	0.36	54.8%
Equity (SPY)	11.3%	17.3%	0.48	38.2%
Gold (GLD)	17.5%	19.1%	0.74	-1.1%
Commodities (DBC)	8.0%	19.6%	0.29	2.5%
Real Estate (VNQ)	1.2%	18.9%	-0.05	43.4%
Bitcoin (BTCUSD)	5.9%	51.5%	0.29	14.3%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FMNB
FMNB	7.4%	32.2%	0.29	-
Sector ETF (XLF)	13.3%	22.1%	0.54	61.3%
Equity (SPY)	14.9%	18.0%	0.70	45.1%
Gold (GLD)	12.0%	16.5%	0.59	-3.8%
Commodities (DBC)	7.6%	18.1%	0.33	10.3%
Real Estate (VNQ)	5.7%	20.7%	0.23	45.3%
Bitcoin (BTCUSD)	61.3%	66.2%	1.01	12.8%

Short Interest: As Of Date	10152026
Short Interest: Shares Quantity	2.2 Mil
Short Interest: % Change Since 9302026	-3.8%
Average Daily Volume	0.3 Mil
Days-to-Cover Short Interest	7.1 days
Basic Shares Quantity	59.0 Mil
Short % of Basic Shares	3.8%

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/28/2026	-0.3%	0.2%
7/22/2026	2.9%	9.7%	7.3%
4/22/2026	1.6%	4.9%	2.8%
1/28/2026	-6.1%	-3.2%	0.2%
10/22/2025	-4.7%	-2.9%	-7.7%
7/23/2025	-1.9%	0.7%	1.8%
4/16/2025	2.7%	9.9%	14.7%
1/29/2025	2.6%	2.0%	4.7%
...
SUMMARY STATS
# Positive	10	16	15
# Negative	14	8	8
Median Positive	1.8%	3.2%	4.7%
Median Negative	-3.1%	-3.8%	-3.7%
Max Positive	5.0%	9.9%	17.2%
Max Negative	-9.5%	-10.4%	-8.2%

Report Date	Filing Date	Filing
06/30/2026	08/06/2026	10-Q
03/31/2026	05/07/2026	10-Q
12/31/2025	03/05/2026	10-K
09/30/2025	11/06/2025	10-Q
06/30/2025	08/07/2025	10-Q
03/31/2025	05/08/2025	10-Q
12/31/2024	03/06/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/08/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	03/07/2024	10-K
09/30/2023	11/08/2023	10-Q
06/30/2023	08/08/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	03/09/2023	10-K
09/30/2022	11/08/2022	10-Q

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2026 Subordinated Notes Redemption	Reported		72.00 Mil
Q4 2026 Net Interest Margin	Reported	3.43%	3.45%	3.46%		0.1%	Higher New	Guidance: 3.36% for Q3 2026

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Richardson, Gina A		Direct	Buy	9222026	15.35	1,430	21,950	292,049	Form
2	Wenick, Mark J	SEVP/Chief Wealth Mgt Officer	Direct	Sell	8062026	15.97	5,000	79,850	511,359	Form
3	Voinovich, Michael C		Rabbi Trust	Sell	6232026	14.21	23,309			Form
4	Varischetti, Nicholas D		Nicholas D. Varischetti 2011 Irrevocable Trust	Buy	3302026	12.90	2,000	25,800	2,950,888	Form
5	Varischetti, Nicholas D		Nicholas D. Varischetti 2011 Irrevocable Trust	Buy	3272026	12.97	73,000	946,810	2,940,960	Form

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Farmers National Banc (FMNB)

Market Price (11/6/2026): $15.52 | Market Cap: $919.5 MilSector: Financials | Industry: Regional Banks

Farmers National Banc (FMNB)

Market Price (11/6/2026): $15.52Market Cap: $919.5 MilSector: FinancialsIndustry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Market Price (11/6/2026): $15.52
Market Cap: $919.5 Mil
Sector: Financials
Industry: Regional Banks