Farmers National Banc Corp. (FMNB) | Investment Case

1. Company Snapshot

1.a. Company Description

Farmers National Banc Corp., a financial holding company, operates in the banking, trust, retirement consulting, insurance, and financial management industries.It offers commercial and retail banking services, including checking, savings, and time deposit accounts; commercial, mortgage and installment, and home equity loans; home equity lines of credit, night depository, safe deposit box, money order, bank check, automated teller machine, Internet banking, travel card, E bond transaction, MasterCard and Visa credit cards, brokerage, and other services.The company also provides personal and corporate trust services in the areas of estate settlement, trust administration, and employee benefit plans; retirement services; property and casualty insurance products and services; and various insurance products through licensed representatives, as well as invests in municipal securities.

It operates through 47 locations in northeastern region of Ohio and one location in southwestern Pennsylvania.The company was founded in 1887 and is based in Canfield, Ohio.

Show Full description

1.b. Last Insights on FMNB

Farmers National Banc Corp.'s recent performance was positively driven by its Q2 2025 earnings beat, with net income of $13.9 million, or $0.37 per diluted share, exceeding expectations. The company's strong asset quality metrics and robust liquidity levels were highlighted by CEO Kevin Helmick. Additionally, Farmers National's growing customer deposits and expansion into new markets, such as Columbus, Ohio, have contributed to its growth. The company's quarterly cash dividend of $0.17 per share, declared in May 2025, also underscores its commitment to shareholder returns. Recently, the stock was ranked #1 (Strong Buy) on the Zacks income stocks list.

1.c. Company Highlights

Last Price	13.83
Change Percentage	-1.71%
Open	14.03
Previous Close	14.07
Market Cap ( Millions)	521
Volume	90083
Year High	16.07
Year Low	11.58
M A 50	13.63
M A 200	13.66

FCF Yield	9.45%
Dividend Yield	4.92%
ROE	12.50%
Debt / Equity	50.43%
Net Debt / EBIDTA	287.89%
Price To Book	1.11
Price Earnings Ratio	9.54
Price To FCF	10.59
Price To sales	1.96
EV / EBITDA	9.98

2. Transcript Summary

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3. NewsRoom

Farmers National Banc Corp. Declares Quarterly Cash Dividend

Nov -25

Source: businesswire.com

Reviewing Independent Bank (NASDAQ:IBCP) and Farmers National Banc (NASDAQ:FMNB)

Nov -25

Source: defenseworld.net

Campbell & CO Investment Adviser LLC Decreases Stock Holdings in Farmers National Banc Corp. $FMNB

Nov -18

Source: defenseworld.net

Reviewing Solera National Bancorp (OTCMKTS:SLRK) and Farmers National Banc (NASDAQ:FMNB)

Nov -16

Source: defenseworld.net

Halper Sadeh LLC Encourages CDTX, MRSN, HOLX Shareholders to Contact the Firm to Discuss Their Rights

Nov -14

Source: prnewswire.com

Is the Options Market Predicting a Spike in Farmers National Banc Stock?

Nov -14

Source: zacks.com

SHAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Qorvo, Inc. (NASDAQ: QRVO)

Oct -28

Source: prnewswire.com

Farmers National (FMNB) Upgraded to Buy: Here's Why

Oct -28

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.94%)

6. Segments

Bank

Expected Growth: 7.03%

Farmers National Banc Corp.'s 7.03% growth is driven by strong loan growth, fueled by a robust agricultural sector and increasing commercial lending. Additionally, the bank's focus on digital transformation and cost-cutting initiatives have improved operational efficiency, contributing to its growth momentum.

Trust

Expected Growth: 6.47%

Farmers National Banc Corp.'s 6.47% growth is driven by strong loan growth, fueled by an expanding agricultural sector and increasing demand for commercial loans. Additionally, the bank's focus on digital transformation, cost savings initiatives, and strategic acquisitions have contributed to its growth momentum.

Eliminations and Others

Expected Growth: 4.77%

Farmers National Banc Corp.'s Eliminations and Others segment growth of 4.77% is driven by increased fee income from mortgage banking activities, higher other non-interest income, and a rise in other income. Additionally, the segment benefits from effective cost management, resulting in lower operating expenses, which contributes to the overall growth.

7. Detailed Products

Consumer Banking

Personal banking services for individuals and families, including checking and savings accounts, credit cards, personal loans, and mortgages.

Commercial Banking

Financial solutions for businesses, including commercial loans, cash management, and treasury services.

Wealth Management

Investment and wealth management services, including brokerage, trust, and investment advisory services.

Mortgage Banking

Residential and commercial mortgage lending services, including purchase and refinance loans.

Treasury Management

Cash management and treasury services for businesses, including account management and payment processing.

Insurance Services

Insurance products and services, including life, health, and property insurance.

8. Farmers National Banc Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Farmers National Banc Corp. is medium due to the presence of alternative banking services and financial institutions.

Bargaining Power Of Customers

The bargaining power of customers for Farmers National Banc Corp. is low due to the lack of concentration of buyers and the presence of multiple banking options.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Farmers National Banc Corp. is medium due to the presence of multiple suppliers and the moderate level of dependence on them.

Threat Of New Entrants

The threat of new entrants for Farmers National Banc Corp. is low due to the high barriers to entry in the banking industry and the presence of regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for Farmers National Banc Corp. is high due to the presence of multiple competitors in the banking industry and the need to differentiate itself to attract and retain customers.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	66.38%
Debt Cost	3.95%
Equity Weight	33.62%
Equity Cost	8.30%
WACC	5.41%
Leverage	197.49%

11. Quality Control: Farmers National Banc Corp. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

First Bancorp

A-Score: 6.6/10

Value: 7.0

Growth: 4.9

Quality: 5.9

Yield: 9.0

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

Farmers National Banc

A-Score: 6.2/10

Value: 7.0

Growth: 5.6

Quality: 5.4

Yield: 8.0

Momentum: 4.0

Volatility: 7.3

1-Year Total Return ->

Stellar Bancorp

A-Score: 6.2/10

Value: 6.0

Growth: 4.9

Quality: 7.5

Yield: 4.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

Western New England Bancorp

A-Score: 6.0/10

Value: 5.4

Growth: 4.4

Quality: 6.2

Yield: 5.0

Momentum: 8.5

Volatility: 6.7

1-Year Total Return ->

WesBanco

A-Score: 5.8/10

Value: 5.1

Growth: 4.0

Quality: 4.2

Yield: 8.0

Momentum: 6.0

Volatility: 7.3

1-Year Total Return ->

California Bank

A-Score: 4.8/10

Value: 5.8

Growth: 8.4

Quality: 6.3

Yield: 0.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-5.57%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.41%

Farmers National Banc Corp. - US3096271073

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FMNB

1.c. Company Highlights

Average Yield

Stable Momentum

Medium Volatility

Earnings Beats

Revenues Beats

Average Growth

Fairly Valued

Average Quality

Earnings Miss

Revenues Miss

Weak Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.94%)

6. Segments

Bank

Expected Growth: 7.03%

Trust

Expected Growth: 6.47%

Eliminations and Others

Expected Growth: 4.77%

7. Detailed Products

Consumer Banking

Commercial Banking

Wealth Management

Mortgage Banking

Treasury Management

Insurance Services

8. Farmers National Banc Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Farmers National Banc Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.83$

Current Price

13.83$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA