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    Farmers National Banc (FMNB)

    Market Price (9/21/2026): $15.565 | Market Cap: $918.4 MilSector: Financials | Industry: Regional Banks

    Farmers National Banc (FMNB)

    Market Price (9/21/2026): $15.565
    Market Cap: $918.4 Mil
    Sector: Financials
    Industry: Regional Banks

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

    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 6.3%, 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 23%

    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 -3.9%, Dist 3Y High is -3.9%

    Weak multi-year price returns
    2Y Excs Rtn is -23%, 3Y Excs Rtn is -21%

    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 6.3%, 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 23%
    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 -3.9%, Dist 3Y High is -3.9%
    6 Weak multi-year price returns
    2Y Excs Rtn is -23%, 3Y Excs Rtn is -21%
    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%
    KRE0.19%
    VTWO0.03%
    DFAS0.02%
    IWN0.01%
    IWV0.00%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31FMNB [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$223.6 Mil—
    FY 2026 Sales$269.8 Mil—
    FY 2027 Sales$289.9 Mil—
    FY 2026 Sales Growth20.7%—
    FY 2027 Sales Growth7.5%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$66.4 Mil—
    FY 2026 Net Income (Non-GAAP)$59.2 Mil—
    FY 2027 Net Income (Non-GAAP)$65.7 Mil—
    FY 2027 Net Income Growth10.9%18.1%
    FY 2026 EPS (Non-GAAP)$1.57—
    FY 2027 EPS (Non-GAAP)$1.76—
    FY 2027 EPS Growth11.9%—
    VALUATION
    FY 2026 P/S3.41.6
    FY 2027 P/S3.2—
    FY 2026 P/E15.57.4
    FY 2027 P/E14.0—

    [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 9/30/27 (~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).
    FMNBS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.2
    Rev Chg Q49.7%9.1%
    Rev Chg LTM24.1%8.3%
    Rev Chg 3Y Avg10.2%5.8%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM28.8%21.8%
    Net Inc Mgn29.7%13.1%
    VALUATIONLOW
    P/S4.13.1
    P/CFO14.214.7
    P/FCF15.219.1
    P/E13.822.4

    AI Analysis | Feedback

    MetricValueDateSource
    Wealth management assets under care4.4 billion6302025Link
    Number of banking locations626302025Link
    Total number of acquisitions79062025Link
    Average deposit balance per account (excluding collateralized deposits)25,18812312024Link
    Number of Employees6826302025Link
    Number of trust offices510232024Link
    Deposit Market Share in Youngstown MMSA16.7%6302023Link
    Home Mortgage Loan Origination Market Share in Youngstown MMSA4.2%12312023Link

    Price Chart

    Recent
    9/11/2026DividendAmount: $0.18
    Payment On: 9/30/2026
    Upcoming
    10/28/2026Earnings ReleaseRev: $70 Mil (E)
    EPS: $0.41 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/15/2026

    Farmers National Banc (FMNB) stock has gained about 10% since 5/31/2026 because of the following key factors:

    1. Strong Second Quarter Fiscal 2026 Earnings Beat. Farmers National Banc Corp. reported net income of $23.0 million, or $0.39 per diluted share, for fiscal Q2 2026 (ended June 30, 2026), exceeding the Zacks Consensus Estimate of $0.37 per share by approximately 10%. Adjusted net income, excluding acquisition and core conversion costs, was $24.4 million, or $0.41 per diluted share. Revenue also surpassed expectations, reaching $70.4 million against an analyst forecast of $70.05 million.

    2. Expansion of Net Interest Margin Driven by Middlefield Banc Corp. Acquisition. The company's net interest margin (NIM) significantly improved to 3.44% in fiscal Q2 2026, up from 2.91% in fiscal Q2 2025. This expansion was primarily attributable to the acquisition of Middlefield Banc Corp., which closed on March 2, 2026, as well as higher yields on earning assets and lower funding costs on interest-bearing liabilities. The acquisition notably boosted total assets to $7.14 billion at June 30, 2026, compared to $5.25 billion at the end of fiscal 2025.

    Show more
    Updated on 9/15/2026

    Farmers National Banc (FMNB) stock has gained about 10% since 5/31/2026 because of the following key factors:

    1. Strong Second Quarter Fiscal 2026 Earnings Beat. Farmers National Banc Corp. reported net income of $23.0 million, or $0.39 per diluted share, for fiscal Q2 2026 (ended June 30, 2026), exceeding the Zacks Consensus Estimate of $0.37 per share by approximately 10%. Adjusted net income, excluding acquisition and core conversion costs, was $24.4 million, or $0.41 per diluted share. Revenue also surpassed expectations, reaching $70.4 million against an analyst forecast of $70.05 million.

    2. Expansion of Net Interest Margin Driven by Middlefield Banc Corp. Acquisition. The company's net interest margin (NIM) significantly improved to 3.44% in fiscal Q2 2026, up from 2.91% in fiscal Q2 2025. This expansion was primarily attributable to the acquisition of Middlefield Banc Corp., which closed on March 2, 2026, as well as higher yields on earning assets and lower funding costs on interest-bearing liabilities. The acquisition notably boosted total assets to $7.14 billion at June 30, 2026, compared to $5.25 billion at the end of fiscal 2025.

    3. Increase in Quarterly Cash Dividend. On August 25, 2026, Farmers National Banc Corp. announced a quarterly cash dividend of $0.18 per share, representing a 5.6% increase ($0.01 per share) over the prior fiscal quarter's dividend payment of $0.17 per share. This dividend increase, payable on September 30, 2026, signals management's confidence in the company's sustained profitability and commitment to shareholder returns.

    4. Positive Analyst Sentiment and Price Target Upgrades. Following strong fiscal Q2 2026 results and the successful integration of the Middlefield acquisition, analysts reacted positively. On July 27, 2026, the average analyst price target for FMNB was increased by 11% to $17.00, up from $15.33. Additionally, at least one analyst upgraded the stock in the month leading up to August 25, 2026.

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    Stock Movement Drivers

    Fundamental Drivers

    The 12.3% change in FMNB stock from 5/31/2026 to 9/20/2026 was primarily driven by a 28.0% change in the company's P/E Multiple.
    (LTM values as of)53120269202026Change
    Stock Price ($)13.8615.5612.3%
    Change Contribution By: 
    Total Revenues ($ Mil)20022411.7%
    Net Income Margin (%)28.6%29.7%3.8%
    P/E Multiple10.813.828.0%
    Shares Outstanding (Mil)4559-24.3%
    Cumulative Contribution12.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/20/2026
    ReturnCorrelation
    FMNB12.3% 
    Market (SPY)0.9%2.5%
    Sector (XLF)8.3%43.7%

    Fundamental Drivers

    The 23.2% change in FMNB stock from 2/28/2026 to 9/20/2026 was primarily driven by a 58.7% change in the company's P/E Multiple.
    (LTM values as of)22820269202026Change
    Stock Price ($)12.6315.5623.2%
    Change Contribution By: 
    Total Revenues ($ Mil)18422421.8%
    Net Income Margin (%)29.6%29.7%0.4%
    P/E Multiple8.713.858.7%
    Shares Outstanding (Mil)3759-36.5%
    Cumulative Contribution23.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/20/2026
    ReturnCorrelation
    FMNB23.2% 
    Market (SPY)11.6%17.5%
    Sector (XLF)9.2%42.4%

    Fundamental Drivers

    The 8.7% change in FMNB stock from 8/31/2025 to 9/20/2026 was primarily driven by a 30.1% change in the company's P/E Multiple.
    (LTM values as of)83120259202026Change
    Stock Price ($)14.3115.568.7%
    Change Contribution By: 
    Total Revenues ($ Mil)18022424.1%
    Net Income Margin (%)28.0%29.7%6.1%
    P/E Multiple10.613.830.1%
    Shares Outstanding (Mil)3759-36.5%
    Cumulative Contribution8.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/20/2026
    ReturnCorrelation
    FMNB8.7% 
    Market (SPY)19.4%23.9%
    Sector (XLF)4.7%49.9%

    Fundamental Drivers

    The 43.9% change in FMNB stock from 8/31/2023 to 9/20/2026 was primarily driven by a 74.6% change in the company's P/E Multiple.
    (LTM values as of)83120239202026Change
    Stock Price ($)10.8215.5643.9%
    Change Contribution By: 
    Total Revenues ($ Mil)16922432.0%
    Net Income Margin (%)30.0%29.7%-1.1%
    P/E Multiple7.913.874.6%
    Shares Outstanding (Mil)3759-36.9%
    Cumulative Contribution43.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/20/2026
    ReturnCorrelation
    FMNB43.9% 
    Market (SPY)75.6%37.1%
    Sector (XLF)69.8%56.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FMNB Return44%-21%8%3%-2%22%52%
    Peers Return31%2%-0%14%5%26%100%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    FMNB Win Rate67%33%50%42%42%78% 
    Peers Win Rate67%42%47%47%55%71% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    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 9/18/2026 (YTD)

    How Low Can It Go

    EventFMNBS&P 500
    2025 US Tariff Shock
      % Loss-16.1%-18.8%
      % Gain to Breakeven19.2%23.1%
      Time to Breakeven81 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-22.1%-9.5%
      % Gain to Breakeven28.3%10.5%
      Time to Breakeven50 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-22.4%-6.7%
      % Gain to Breakeven28.8%7.1%
      Time to Breakeven100 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-31.3%-24.5%
      % Gain to Breakeven45.6%32.4%
      Time to Breakeven1383 days427 days
    2020 COVID-19 Crash
      % Loss-34.4%-33.7%
      % Gain to Breakeven52.4%50.9%
      Time to Breakeven336 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-24.4%-19.2%
      % Gain to Breakeven32.2%23.8%
      Time to Breakeven312 days105 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.

    EventFMNBS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-22.1%-9.5%
      % Gain to Breakeven28.3%10.5%
      Time to Breakeven50 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-22.4%-6.7%
      % Gain to Breakeven28.8%7.1%
      Time to Breakeven100 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-31.3%-24.5%
      % Gain to Breakeven45.6%32.4%
      Time to Breakeven1383 days427 days
    2020 COVID-19 Crash
      % Loss-34.4%-33.7%
      % Gain to Breakeven52.4%50.9%
      Time to Breakeven336 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-24.4%-19.2%
      % Gain to Breakeven32.2%23.8%
      Time to Breakeven312 days105 days
    2008-2009 Global Financial Crisis
      % Loss-49.8%-53.4%
      % Gain to Breakeven99.2%114.4%
      Time to Breakeven161 days1085 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)

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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:

    1. 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.
    2. 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.

    AI Analysis | Feedback

    Key Risks to Farmers National Banc (FMNB)

    1. 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.

    2. 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.

    3. 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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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

    1. 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.
    2. 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.
    3. 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.
    4. 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.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Regional Banks

    FMNB has trailed 77% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 7th 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
    23%
    of 288 industry peers · 11.8% return
    3Y
    19%
    of 277 industry peers · 56.4% return
    5Y
    23%
    of 264 industry peers · 32.2% return
    null
    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 med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 24.2%70.6%133.7% SPNT 170% · RGA 154% · RNR 140%
    Investment Banking & Brokerage 13 -1.7%105.1%116.5% IBKR 527% · SNEX 257% · HOOD 183%
    Diversified Banks 12 27.5%129.8%116.3% CM 161% · JPM 159% · RY 149%
    Life & Health Insurance 20 8.6%57.6%105.8% JXN 534% · UNM 373% · FG 207%
    Multi-Sector Holdings 4 6.8%50.2%87.3% JONE 361% · VOYA 88% · BRK-B 87%
    Property & Casualty Insurance 42 9.6%67.5%67.8% ASIC 2760900% · HRTG 445% · UVE 331%
    Regional Banks ← 265 23.9%91.7%67.1% ESQ 391% · GCBC 340% · VBNK 335%
    Multi-line Insurance 9 8.8%71.2%64.1% GNW 201% · L 112% · SLF 104%
    Financial Exchanges & Data 15 -0.1%17.4%32.7% VIRT 184% · CBOE 135% · CME 83%
    Diversified Financial Services 4 -7.3%22.1%32.6% FRHC 168% · EQH 119% · TMS -54%
    Consumer Finance 30 1.7%89.6%26.9% ENVA 447% · EZPW 319% · FCFS 168%
    Insurance Brokers 16 -15.1%-6.3%20.3% LIFE 200% · ARX 87% · AJG 70%
    Commercial & Residential Mortgage Finance 14 -50.2%32.8%13.9% FNMA 454% · FMCC 436% · ACT 204%
    Asset Management & Custody Banks 84 -11.7%17.6%12.0% WT 348% · SII 279% · VCTR 274%
    Specialized Finance 3 14.0%42.2%-2.8% EFC 27% · CACC -3% · HASI -16%
    Mortgage REITs 33 -13.0%7.4%-16.5% NREF 53% · RITM 42% · DX 34%
    Transaction & Payment Processing Services 15 -1.0%-5.9%-42.9% V 74% · MA 73% · CPAY 58%
    Diversified Capital Markets 20 -36.3%20.7%-48.1% OPY 196% · LPLA 136% · GOLD 90%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Financials

    FMNBWSBCCBUFCFSTBASRCEMedian
    NameFarmers .Wesbanco Communit.First Co.S&T Banc.1st Sour. 
    Mkt Price15.5639.3762.0021.1050.1785.8844.77
    Mkt Cap0.93.83.32.11.82.12.1
    Rev LTM2241,052860546416453499
    Op Inc LTM-------
    FCF LTM61394247178143208193
    FCF 3Y Avg57256218141151198175
    CFO LTM64396308192147216204
    CFO 3Y Avg64266259157155208183

    Growth & Margins

    FMNBWSBCCBUFCFSTBASRCEMedian
    NameFarmers .Wesbanco Communit.First Co.S&T Banc.1st Sour. 
    Rev Chg LTM24.1%38.0%10.2%11.3%8.1%11.0%11.1%
    Rev Chg 3Y Avg10.2%21.3%9.7%5.9%0.8%7.0%8.4%
    Rev Chg Q49.7%5.5%12.2%5.8%5.2%9.2%7.5%
    QoQ Delta Rev Chg LTM11.7%1.4%2.9%1.4%1.3%2.2%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 LTM28.8%37.7%35.8%35.1%35.3%47.8%35.6%
    CFO/Rev 3Y Avg34.1%32.7%32.9%30.9%39.0%50.5%33.5%
    FCF/Rev LTM27.1%37.5%28.7%32.7%34.4%46.0%33.6%
    FCF/Rev 3Y Avg29.8%31.3%27.8%27.7%38.0%48.1%30.6%

    Valuation

    FMNBWSBCCBUFCFSTBASRCEMedian
    NameFarmers .Wesbanco Communit.First Co.S&T Banc.1st Sour. 
    Mkt Cap0.93.83.32.11.82.12.1
    P/S4.13.63.83.94.34.64.0
    P/Op Inc-------
    P/EBIT-------
    P/E13.810.614.312.712.712.112.7
    P/CFO14.29.510.611.112.29.610.9
    Total Yield10.4%13.1%10.0%10.5%10.8%10.2%10.5%
    Dividend Yield3.2%3.7%3.0%2.6%3.0%2.0%3.0%
    FCF Yield 3Y Avg9.8%9.3%7.3%8.2%10.4%12.6%9.5%
    D/E0.50.50.20.10.20.10.2
    Net D/E-0.30.2-0.7-0.5-0.5-0.5-0.5

    Returns

    FMNBWSBCCBUFCFSTBASRCEMedian
    NameFarmers .Wesbanco Communit.First Co.S&T Banc.1st Sour. 
    1M Rtn0.3%-2.8%-1.7%0.0%-0.4%0.1%-0.2%
    3M Rtn11.3%9.5%0.2%8.7%7.9%12.2%9.1%
    6M Rtn26.5%21.3%11.8%27.1%27.7%31.1%26.8%
    12M Rtn11.8%27.3%5.5%23.9%32.0%38.1%25.6%
    3Y Rtn56.4%91.2%66.9%93.4%110.3%120.2%92.3%
    1M Excs Rtn1.3%-2.7%-0.3%0.9%0.9%0.9%0.9%
    3M Excs Rtn9.3%7.5%-1.8%6.8%5.9%10.2%7.1%
    6M Excs Rtn10.0%5.2%-3.8%11.4%11.2%14.1%10.6%
    12M Excs Rtn-4.8%16.0%-8.9%9.1%19.2%22.8%12.6%
    3Y Excs Rtn-20.9%12.8%-12.3%16.4%34.8%43.1%14.6%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/7/20263/5/202611/6/20258/7/20255/8/20253/6/202511/7/20248/8/20245/9/20243/7/202411/8/2023
    Key Financials Quarterly            
    Total Revenue705649484745444442404544
    Net Income23161512141414912111513
    EPS0.390.360.390.330.370.360.380.230.320.300.390.36
    Key Financials TTM            
    Total Revenue TTM224200189184180175170171170173180172
    Net Income TTM665755545048464651545049
    Growth Rates Quarterly            
    Total Revenue Growth49.7%25.9%11.2%8.0%12.9%11.6%-1.9%1.4%-5.3%-14.9%19.5%7.4%
    Net Income Growth65.6%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 Margin32.7%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 Cash7657747547226866861,2871,3141,2711,2931,3291,236
    Total Debt45543536832228918839137149543444489
    Net Debt / (Cash)-310-339-386-400-397-498-896-943-776-859-885-1,148
    Cash Flows Quarterly            
    FCF from Operations27820111416122417141418
    Cash Flows TTM            
    FCF from Operations TTM645260536669676963636371
    Returns to Shareholders Quarterly            
    Dividends1066666666666
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC64.0%59.1%----------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM46.1%52.0%----------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Bank Segment230222209140136
    Other revenues35343535 
    Trust Segment1513121111
    Eliminations and other    -1
    Total280269255186146


    Operating Income by Segment
    $ Mil20152014201320122011
    Bank1412111312
    Trust11111
    Retirement Consulting0-1-0  
    Eliminations and other-5-1-2  
    Others   -1-1
    Total111291312


    Net Income by Segment
    $ Mil20232022202120202019
    Bank Segment5156504134
    Trust Segment49332
    Eliminations and other-5-4-1-2-1
    Total5061524236


    Assets by Segment
    $ Mil20252024202320222021
    Bank Segment5,2305,1045,0654,0644,125
    Trust Segment1717161414
    Eliminations and other-1-2-344
    Total5,2465,1195,0784,0824,143


    Price Behavior

    Price Behavior
    Market Price$15.56 
    Market Cap ($ Bil)0.9 
    First Trading Date01/04/1999 
    Distance from 52W High-3.9% 
       50 Days200 Days
    DMA Price$15.41$13.86
    DMA Trendupup
    Distance from DMA1.0%12.3%
     3M1YR
    Volatility20.7%22.9%
    Downside Capture-16.7347.51
    Upside Capture41.8152.27
    Correlation (SPY)2.5%23.2%
    FMNB Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.260.16-0.030.240.430.69
    Up Beta0.56-0.56-0.69-0.040.390.69
    Down Beta-0.130.480.170.250.260.61
    Up Capture-1%50%35%46%40%44%
    Bmk +ve Days10213268138427
    Stock +ve Days10193469134370
    Down Capture42%17%-16%16%62%91%
    Bmk -ve Days11213259113324
    Stock -ve Days11222853106363

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FMNB
    FMNB11.2%23.2%0.39-
    Sector ETF (XLF)4.5%14.6%0.0849.2%
    Equity (SPY)16.9%12.9%0.9423.4%
    Gold (GLD)19.1%29.3%0.60-6.6%
    Commodities (DBC)46.3%20.6%1.73-25.9%
    Real Estate (VNQ)4.9%13.6%0.1041.1%
    Bitcoin (BTCUSD)-30.6%44.3%-0.709.2%

    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
    FMNB5.7%28.5%0.21-
    Sector ETF (XLF)10.1%18.4%0.4154.6%
    Equity (SPY)12.9%17.2%0.5738.6%
    Gold (GLD)19.1%18.8%0.83-1.6%
    Commodities (DBC)11.2%19.5%0.453.6%
    Real Estate (VNQ)1.1%18.8%-0.0542.9%
    Bitcoin (BTCUSD)12.5%52.5%0.4215.3%

    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
    FMNB7.4%32.3%0.29-
    Sector ETF (XLF)12.9%22.1%0.5361.3%
    Equity (SPY)15.1%18.0%0.7245.5%
    Gold (GLD)12.1%16.4%0.61-4.0%
    Commodities (DBC)8.3%18.1%0.3710.4%
    Real Estate (VNQ)4.4%20.7%0.1845.0%
    Bitcoin (BTCUSD)62.6%66.2%1.0212.9%

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

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity1.8 Mil
    Short Interest: % Change Since 81520262.0%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest5.0 days
    Basic Shares Quantity59.0 Mil
    Short % of Basic Shares3.1%

    Returns Analyses

    Earnings Returns History

    Updated 9/18/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/22/20262.9%9.7%7.3%
    4/22/20261.6%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%
    4/16/20252.7%9.9%14.7%
    1/29/20252.6%2.0%4.7%
    10/23/2024-5.1%-7.1%1.5%
    ...
    SUMMARY STATS   
    # Positive111516
    # Negative1398
    Median Positive1.7%4.0%5.2%
    Median Negative-4.2%-3.2%-3.7%
    Max Positive5.0%9.9%17.2%
    Max Negative-9.5%-10.4%-8.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/22/20262.9%9.7%7.3%
    4/22/20261.6%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%
    4/16/20252.7%9.9%14.7%
    1/29/20252.6%2.0%4.7%
    10/23/2024-5.1%-7.1%1.5%
    7/24/20240.4%6.7%-2.4%
    4/24/2024-2.0%-6.3%-0.2%
    1/24/20245.0%4.0%1.2%
    10/25/20231.3%6.2%17.2%
    7/26/2023-1.1%-0.4%-8.2%
    4/26/20231.7%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%
    4/30/20210.7%2.4%5.7%
    2/1/20211.8%5.1%7.3%
    10/30/20200.3%-0.3%8.0%
    SUMMARY STATS   
    # Positive111516
    # Negative1398
    Median Positive1.7%4.0%5.2%
    Median Negative-4.2%-3.2%-3.7%
    Max Positive5.0%9.9%17.2%
    Max Negative-9.5%-10.4%-8.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/05/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/05/202310-Q
    12/31/202203/09/202310-K
    09/30/202211/08/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/05/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/07/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/05/202310-Q
    12/31/202203/09/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/05/202210-Q
    12/31/202103/09/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/06/202110-Q
    12/31/202003/04/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/07/202010-Q
    12/31/201903/05/202010-K
    09/30/201911/06/201910-Q

    Recent Forward Guidance

    Updated 7/27/2026

    Latest: Q2 2026 Earnings Reported 7/22/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 Commercial Loan PayoffsReported      
    Q3 2026 Net Interest MarginReported3.34%3.36%3.37%   
    2026 Bond Market Rate VolatilityReported      
    2026 Noninterest ExpenseReported      


    Prior: Q1 2026 Earnings Reported 4/22/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q2 2026 Net Interest Margin ExpansionReported 0.25%    

    Q4 2025 Earnings Reported 1/28/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Net Interest MarginReported      

    Insider Activity

    Updated 8/6/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Wenick, Mark JSEVP/Chief Wealth Mgt OfficerDirectSell806202615.975,00079,850511,359Form
    2Voinovich, Michael C Rabbi TrustSell623202614.2123,309  Form
    3Varischetti, Nicholas D Nicholas D. Varischetti 2011 Irrevocable TrustBuy330202612.902,00025,8002,950,888Form
    4Varischetti, Nicholas D Nicholas D. Varischetti 2011 Irrevocable TrustBuy327202612.9773,000946,8102,940,960Form
    5Richardson, Gina A DirectBuy319202612.434415,482196,481Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Wenick, Mark JSEVP/Chief Wealth Mgt OfficerDirectSell806202615.975,00079,850511,359Form
    2Voinovich, Michael C Rabbi TrustSell623202614.2123,309  Form
    3Varischetti, Nicholas D Nicholas D. Varischetti 2011 Irrevocable TrustBuy330202612.902,00025,8002,950,888Form
    4Varischetti, Nicholas D Nicholas D. Varischetti 2011 Irrevocable TrustBuy327202612.9773,000946,8102,940,960Form
    5Richardson, Gina A DirectBuy319202612.434415,482196,481Form
    6Muransky, Edward DirectBuy304202612.7440,000509,6002,497,295Form
    7Wallace, Amber BSEVP/Chief Retail & MarketingDirectBuy224202613.0215195726,894Form
    8Wallace, Amber BSEVP/Chief Retail & MarketingDirectBuy224202613.3514187745,117Form
    9Richardson, Gina A DirectBuy1030202512.991,83323,811179,561Form
    10Muransky, Edward Edward W Muransky Rev TrustBuy1027202513.5973,500998,8651,504,495Form

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