Recent Insider Transactions • Jul 01
Insider recently sold US$331k worth of stock On the 22nd of June, Michael Voinovich sold around 23k shares on-market at roughly US$14.21 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$2.2m more than they sold in the last 12 months. Declared Dividend • May 31
First quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 12th June 2026 Payment date: 30th June 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 27
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on June 30, 2026 On May 26, 2026, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of June 12, 2026 and is payable to shareholders on June 30, 2026. Price Target Changed • Apr 29
Price target increased by 9.1% to US$16.00 Up from US$14.67, the current price target is an average from 3 analysts. New target price is 15% above last closing price of US$13.91. Stock is up 6.6% over the past year. The company is forecast to post earnings per share of US$1.51 for next year compared to US$1.46 last year. Reported Earnings • Apr 22
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.36. Revenue: US$57.3m (up 28% from 1Q 2025). Net income: US$16.3m (up 20% from 1Q 2025). Profit margin: 28% (down from 30% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 71%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. New Risk • Mar 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 56% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 07
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$1.46 (up from US$1.23 in FY 2024). Revenue: US$181.5m (up 12% from FY 2024). Net income: US$54.6m (up 19% from FY 2024). Profit margin: 30% (up from 28% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.95% (up from 2.69% in FY 2024). Non-performing loans: 0.80% (up from 0.70% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.4%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Feb 06
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 13 February 2026. Payment date: 27 February 2026. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.3%). Price Target Changed • Feb 02
Price target decreased by 9.4% to US$14.50 Down from US$16.00, the current price target is an average from 2 analysts. New target price is 11% above last closing price of US$13.02. Stock is down 5.2% over the past year. The company is forecast to post earnings per share of US$1.39 for next year compared to US$1.46 last year. Announcement • Jan 29
Farmers National Banc Corp. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2025 Farmers National Banc Corp. reported net charge-offs for the fourth quarter ended December 31, 2025. For the quarter, the company reported Net charge-offs of $4,897,000 against $635,000 a year ago. Reported Earnings • Jan 28
Full year 2025 earnings released Full year 2025 results: Net income: (down US$45.9m from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. New Risk • Jan 28
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jan 28
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on February 27, 2026 On January 27, 2026, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of February 13, 2026 and is payable to shareholders on February 27, 2026. Price Target Changed • Dec 16
Price target increased by 10% to US$16.00 Up from US$14.50, the current price target is an average from 2 analysts. New target price is 11% above last closing price of US$14.42. Stock is down 5.2% over the past year. The company is forecast to post earnings per share of US$1.53 for next year compared to US$1.23 last year. Declared Dividend • Nov 28
Third quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 12th December 2025 Payment date: 31st December 2025 Dividend yield will be 5.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (47% payout ratio) and is expected to be well covered in 3 years' time (36% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 26
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on December 31, 2025 On November 25, 2025, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of December 12, 2025, and is payable to shareholders on December 31, 2025. Price Target Changed • Oct 29
Price target increased by 10% to US$16.00 Up from US$14.50, the current price target is provided by 1 analyst. New target price is 24% above last closing price of US$12.94. Stock is down 6.9% over the past year. The company is forecast to post earnings per share of US$1.54 for next year compared to US$1.23 last year. Recent Insider Transactions • Oct 29
Independent Director recently bought US$999k worth of stock On the 24th of October, Edward Muransky bought around 74k shares on-market at roughly US$13.59 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$831k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 23
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$0.33 (up from US$0.23 in 3Q 2024). Revenue: US$46.3m (up 25% from 3Q 2024). Net income: US$12.5m (up 46% from 3Q 2024). Profit margin: 27% (up from 23% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Aug 29
Second quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 12th September 2025 Payment date: 30th September 2025 Dividend yield will be 4.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 27
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on September 30, 2025 On August 26, 2025, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of September 12, 2025, and is payable to shareholders on September 30, 2025. Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.37 (up from US$0.32 in 2Q 2024). Revenue: US$43.5m (up 7.2% from 2Q 2024). Net income: US$13.9m (up 18% from 2Q 2024). Profit margin: 32% (up from 29% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Jul 23
Farmers National Banc Corp. Reports Unaudited Consolidated Net Charge Offs Results for the Second Quarter Ended June 30, 2025 Farmers National Banc Corp. reported unaudited consolidated net charge offs results for the second quarter ended June 30, 2025. For the quarter, the company reported net charge offs of $572,000 against $563,000 a year ago. Declared Dividend • May 29
First quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 13th June 2025 Payment date: 30th June 2025 Dividend yield will be 5.1%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 28
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on June 30, 2025 On May 27, 2025, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of June 13, 2025, and is payable to shareholders on June 30, 2025. Announcement • Apr 21
Farmers National Bank Announces Executive Changes, Effective May 2, 2025 Farmers National Bank announced the following changes in its Accounting and Finance Group. The change is prompted by Joseph Sabat’s decision to retire as Chief Accounting Officer, effective May 2, 2025. Sabat, who was promoted to Chief Accounting Officer in 2021, has been with Farmers since 2006. He previously served as the Bank’s Controller. The decision ends Sabat’s highly successful 25+ year career in accounting, finance and auditing. Farmers has named Sherry Commons as the Chief Accounting Officer effective upon Sabat’s retirement. Commons began serving as Controller of the Company in March 2025. She has over 23 years of banking experience. A Mahoning Valley resident, Commons holds an accounting degree from Youngstown State University. Reported Earnings • Apr 16
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$0.36 (up from US$0.30 in 1Q 2024). Revenue: US$44.9m (up 11% from 1Q 2024). Net income: US$13.6m (up 21% from 1Q 2024). Profit margin: 30% (up from 28% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.9%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Announcement • Apr 16
Farmers National Banc Corp. Reports Consolidated Net Charge-Offs for the First Quarter Ended March 31, 2025 Farmers National Banc Corp. reported consolidated Net Charge-offs for the first quarter ended March 31, 2025. For the quarter, the company reported Net Charge-offs of $336,000 against $1,011,000 a year ago. Announcement • Apr 02
Farmers National Bank Appoints David D. Dygert as Market President of the Columbus/Central Ohio Region Farmers National Bank announced that David D. Dygert, an accomplished financial executive with 26 years of leadership experience in the banking as well as commercial real estate industry has been named the Market President of the Columbus/Central Ohio Region for Farmers National Bank. Dygert is well-known in the Columbus business community, having served for 19 years as EVP and Market President for two banks with locations in the Columbus region. A graduate of The Ohio State University Fisher School of Business earning BSBA, MBA degrees, Dygert also served with the United States Army Reserve as a Combat Medic. Price Target Changed • Mar 25
Price target decreased by 8.0% to US$15.33 Down from US$16.67, the current price target is an average from 3 analysts. New target price is 19% above last closing price of US$12.87. Stock is up 1.0% over the past year. The company is forecast to post earnings per share of US$1.43 for next year compared to US$1.23 last year. Announcement • Mar 19
Farmers National Banc Corp., Annual General Meeting, Apr 17, 2025 Farmers National Banc Corp., Annual General Meeting, Apr 17, 2025. Reported Earnings • Mar 07
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$1.23 (down from US$1.34 in FY 2023). Revenue: US$162.1m (down 4.9% from FY 2023). Net income: US$45.9m (down 8.0% from FY 2023). Profit margin: 28% (down from 29% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.69% (down from 2.91% in FY 2023). Non-performing loans: 0.70% (up from 0.47% in FY 2023). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 3.4%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 7% per year. Announcement • Mar 01
Farmers National Banc Corp. Announces Retirement of Timothy F. Shaffer as Senior Executive Vice President, Chief Banking Officer, and Chief Credit Officer and of the Farmers National Bank of Canfield, Effective April 16, 2025 On February 26, 2025, Farmers National Banc Corp. announced Timothy F. Shaffer's decision to retire effective April 16, 2025. Mr. Shaffer is currently the Senior Executive Vice President, Chief Banking Officer, and Chief Credit Officer of the Company and of The Farmers National Bank of Canfield, the national banking subsidiary of the Company. Mr. Shaffer was appointed as Chief Banking Officer effective January 15, 2025, as part of the Company's succession planning and commencement of an executive search to identify a successor Chief Credit Officer. Declared Dividend • Feb 28
Fourth quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 14th March 2025 Payment date: 31st March 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (55% payout ratio) and is expected to be covered in 3 years' time (44% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 26
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on March 31, 2025 On February 25, 2025, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of March 14, 2025, and is payable to shareholders on March 31, 2025. Recent Insider Transactions • Feb 04
Independent Director recently sold US$200k worth of stock On the 31st of January, Ralph Macali sold around 14k shares on-market at roughly US$14.00 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$200k more than they bought in the last 12 months. Reported Earnings • Jan 29
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$1.23 (down from US$1.34 in FY 2023). Revenue: US$162.1m (down 4.9% from FY 2023). Net income: US$45.9m (down 8.0% from FY 2023). Profit margin: 28% (down from 29% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 3.4%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 7% per year. Announcement • Jan 15
Farmers National Bank Appoints Tim Shaffer as Chief Credit Officer Farmers National Banc Corp. announced the appointment of a key executive position. The role of Chief Banking Officer will be filled by Tim Shaffer, a tenured leader of the organization who most recently served as Chief Credit Officer. After joining Farmers in 2011, Shaffer went on to hold various leadership positions within the bank, including Commercial Lending Team Leader, Director of Commercial Banking/Private Banking Services, Mahoning Valley Regional President, and Chief Lending Officer. Shaffer’s appointment to Chief Banking officer is a key element of the organization’s growth strategy. With an extensive background in credit, lending, and commercial banking services, Shaffer will provide valuable strategic insights when assessing business conditions across all markets in the bank’s footprint. As Chief Banking Officer, Shaffer will oversee the strategy and execution of the credit, commercial and mortgage lending areas. Declared Dividend • Nov 29
Third quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 13th December 2024 Payment date: 31st December 2024 Dividend yield will be 4.3%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (55% payout ratio) and is expected to be covered in 3 years' time (45% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 27
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on December 31, 2024 On November 26, 2024, the Board of Directors of Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of December 13, 2024, and is payable to shareholders on December 31, 2024. Major Estimate Revision • Oct 30
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$173.0m to US$175.0m. EPS estimate fell from US$1.33 to US$1.18 per share. Net income forecast to grow 11% next year vs 12% growth forecast for Banks industry in the US. Consensus price target down from US$17.50 to US$16.50. Share price was steady at US$13.90 over the past week. Reported Earnings • Oct 23
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: US$0.23 (down from US$0.36 in 3Q 2023). Revenue: US$37.2m (down 14% from 3Q 2023). Net income: US$8.54m (down 36% from 3Q 2023). Profit margin: 23% (down from 31% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 30
Second quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 13th September 2024 Payment date: 30th September 2024 Dividend yield will be 4.4%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.3% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 28
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on September 30, 2024 On August 27, 2024, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of September 13, 2024, and is payable to shareholders on September 30, 2024. Reported Earnings • Jul 25
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: US$0.32 (down from US$0.40 in 2Q 2023). Revenue: US$40.6m (down 7.8% from 2Q 2023). Net income: US$11.8m (down 21% from 2Q 2023). Profit margin: 29% (down from 34% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.1%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$14.36, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 9.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$24.82 per share. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.0%). Declared Dividend • May 24
First quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 5.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.2% over the next year. However, it would need to fall by 48% to increase the payout ratio to a potentially unsustainable range. Announcement • May 22
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on June 28, 2024 Farmers National Banc Corp. announced on May 21, 2024, the board of directors of the company declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of June 14, 2024, and is payable to shareholders on June 28, 2024. Price Target Changed • Apr 25
Price target increased by 9.3% to US$15.67 Up from US$14.33, the current price target is an average from 3 analysts. New target price is 29% above last closing price of US$12.16. Stock is up 7.5% over the past year. The company is forecast to post earnings per share of US$1.28 for next year compared to US$1.34 last year. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.30 (vs US$0.19 in 1Q 2023) First quarter 2024 results: EPS: US$0.30 (up from US$0.19 in 1Q 2023). Revenue: US$40.5m (up 5.4% from 1Q 2023). Net income: US$11.2m (up 59% from 1Q 2023). Profit margin: 28% (up from 18% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Announcement • Apr 25
Farmers National Banc Corp. Reports Unaudited Consolidated Net Charge-Offs Results for the First Quarter Ended March 31, 2024 Farmers National Banc Corp. reported unaudited consolidated net charge-offs results for the first quarter ended March 31, 2024. For the quarter, the company reported net charge-offs of $1,011,000 against $271,000 a year ago. New Risk • Apr 12
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$57k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Announcement • Mar 20
Farmers National Banc Corp., Annual General Meeting, Apr 18, 2024 Farmers National Banc Corp., Annual General Meeting, Apr 18, 2024, at 10:00 US Eastern Standard Time. Agenda: To elect four Class II directors whose terms will expire at the Annual Meeting in 2027; to consider and vote upon a non-binding advisory resolution to approve the compensation of the Company’s named executive officers; and to consider and vote upon a proposal to ratify the Audit Committee’s appointment of Crowe LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. Reported Earnings • Mar 10
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$1.34 (down from US$1.79 in FY 2022). Revenue: US$170.5m (up 7.3% from FY 2022). Net income: US$49.9m (down 18% from FY 2022). Profit margin: 29% (down from 38% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 2.91% (down from 3.18% in FY 2022). Non-performing loans: 0.47% (down from 0.62% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 7% per year. Declared Dividend • Mar 01
Fourth quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 7th March 2024 Payment date: 29th March 2024 Dividend yield will be 5.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (52% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Price Target Changed • Jan 26
Price target increased by 9.3% to US$15.67 Up from US$14.33, the current price target is an average from 3 analysts. New target price is 9.6% above last closing price of US$14.29. Stock is up 6.2% over the past year. The company is forecast to post earnings per share of US$1.27 for next year compared to US$1.34 last year. Reported Earnings • Jan 24
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$1.34 (down from US$1.79 in FY 2022). Revenue: US$170.5m (up 7.3% from FY 2022). Net income: US$49.9m (down 18% from FY 2022). Profit margin: 29% (down from 38% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Jan 24
Farmers National Banc Corp. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2023 Farmers National Banc Corp. reported net charge-offs for the fourth quarter ended December 31, 2023. For the quarter, the company reported net charge-offs of $800,000 as compared to $570,000 a year ago. Announcement • Jan 18
Farmers National Banc Corp. Announces Executive Resignations, Effective January 31, 2024 On January 17, 2024, Farmers National Banc Corp. announced that James M. Gasior, senior executive vice president, corporate development officer, and Timothy Carney, senior executive vice president, chief banking officer, each had announced their resignation as officers of the company to be effective on January 31, 2024. Announcement • Nov 29
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on December 29, 2023 On November 28, 2023, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of December 11, 2023, and is payable to shareholders on December 29, 2023. Price Target Changed • Oct 31
Price target decreased by 13% to US$12.50 Down from US$14.33, the current price target is an average from 2 analysts. New target price is 11% above last closing price of US$11.29. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$1.29 for next year compared to US$1.79 last year. New Risk • Oct 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (10% increase in shares outstanding). Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: US$0.36 (down from US$0.46 in 3Q 2022). Revenue: US$43.4m (up 8.0% from 3Q 2022). Net income: US$13.3m (down 14% from 3Q 2022). Profit margin: 31% (down from 39% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.4%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Aug 31
Upcoming dividend of US$0.17 per share at 5.3% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 5.3%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (3.6%). Announcement • Aug 24
Farmers National Banc Corp. Announces Board Additions Farmers National Banc Corp. announced two new members to its Board of Directors, Mr. Carl D. Culp and Ms. Gina A. Richardson, effective September 1, 2023. Both additions will bring a wealth of business experience to Farmers. Mr. Culp was appointed to serve as a Class III director, with a term expiring at the 2025 Annual Meeting of Shareholders. He spent 32 years at Farmers National Bank and retired in 2021 as the Senior Executive Vice President and Chief Financial Officer. A graduate of Youngstown State University, Mr. Culp is a Boardman native and a member of Canfield Rotary. Ms. Richardson has been appointed to serve as a Class II director on the Board, with a term expiring in 2024. As founder of Gina Richardson LLC, Ms. Richardson focuses her legal practice on business and commercial matters, real estate, and employee compensation. Based in Canfield, Ms. Richardson is active in the community and has held previous Board positions on Farmers Trust Company, the Youngstown Symphony Society, and the American Red Cross. Mr. Culp will serve on the Board Enterprise Risk Management Committee of the Board. Ms. Richardson will serve on the Board’s Audit Committee and Corporate Governance and Nominating Committee. Announcement • Aug 23
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on September 29, 2023 On August 22, 2023, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of September 8, 2023, and is payable to shareholders on September 29, 2023. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (10% increase in shares outstanding). Price Target Changed • Jul 28
Price target increased by 7.7% to US$14.00 Up from US$13.00, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$13.76. Stock is down 3.1% over the past year. The company is forecast to post earnings per share of US$1.31 for next year compared to US$1.79 last year. Announcement • Jul 27
Farmers National Banc Corp. Reports Net Charge-Offs for the Second Quarter Ended June 30, 2023 Farmers National Banc Corp. reported net charge-offs for the second quarter ended June 30, 2023. For the quarter, the company reported net charge-offs of $799,000 as compared to $42,000 a year ago. Reported Earnings • Jul 26
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$0.40 (down from US$0.47 in 2Q 2022). Revenue: US$44.0m (up 8.5% from 2Q 2022). Net income: US$15.0m (down 6.2% from 2Q 2022). Profit margin: 34% (down from 39% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) exceeded analyst estimates by 6.0%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 01
Upcoming dividend of US$0.17 per share at 5.8% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of American dividend payers (5.2%). Higher than average of industry peers (3.7%). Announcement • May 24
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on June 30, 2023 On May 23, 2023, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share. The common stock cash dividend will have a record date of June 9, 2023, and is payable to shareholders on June 30, 2023. Price Target Changed • May 11
Price target decreased by 7.3% to US$12.67 Down from US$13.67, the current price target is an average from 3 analysts. New target price is 12% above last closing price of US$11.30. Stock is down 26% over the past year. The company is forecast to post earnings per share of US$1.35 for next year compared to US$1.79 last year. Recent Insider Transactions • Apr 30
Independent Director recently bought US$347k worth of stock On the 28th of April, Edward Muransky bought around 30k shares on-market at roughly US$11.58 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 26
Independent Director recently bought US$63k worth of stock On the 23rd of March, Gregory Bestic bought around 5k shares on-market at roughly US$12.50 per share. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$134k. Insiders have collectively bought US$1.0m more in shares than they have sold in the last 12 months. Board Change • Mar 24
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Andre Thornton was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 15
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$1.79 (up from US$1.78 in FY 2021). Revenue: US$167.2m (up 18% from FY 2021). Net income: US$60.6m (up 17% from FY 2021). Profit margin: 36% (in line with FY 2021). Net interest margin (NIM): 3.18% (down from 3.45% in FY 2021). Non-performing loans: 0.62% (down from 0.70% in FY 2021). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 06
Price target decreased by 9.4% to US$14.50 Down from US$16.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$14.68. Stock is down 17% over the past year. The company is forecast to post earnings per share of US$1.41 for next year compared to US$1.79 last year. Recent Insider Transactions • Feb 01
Insider recently bought US$134k worth of stock On the 27th of January, Timothy Carney bought around 10k shares on-market at roughly US$13.41 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$886k more in shares than they have sold in the last 12 months. Reported Earnings • Jan 27
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$1.79 (up from US$1.78 in FY 2021). Revenue: US$167.2m (up 18% from FY 2021). Net income: US$60.6m (up 17% from FY 2021). Profit margin: 36% (in line with FY 2021). Net interest margin (NIM): 3.18% (down from 3.45% in FY 2021). Non-performing loans: 0.62% (down from 0.70% in FY 2021). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Dec 08
Farmers National Banc Corp. Hires Michael Matuszak as Executive Vice President, Chief Operating Officer Farmers National Banc Corp. announced the hiring of Michael Matuszak as executive vice president, chief operating officer. Matuszak, most recently with Wellmark Blue Cross Blue Shield as Vice President, Cloud Services & CISO, has more than 25 years of experience in operations, facilities, cybersecurity and software development throughout the financial services, insurance and healthcare industries. He also holds certifications in Six Sigma and ITIL. In his role as COO, Matuszak will develop, refine and implement corporate-wide operational strategies and tactics that maximize efficiencies and reporting procedures. Matuszak is a native of Northeast Ohio and received his bachelor’s and master’s degrees in technical communications from Bowling Green State University. Upcoming Dividend • Dec 01
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (3.0%). Announcement • Nov 29
Farmers National Banc Corp. Appoints André Thornton to Its Board of Directors and Corporate Governance and Nominating Committee and the Board Enterprise Risk Management Committee of the Board, Effective January 1, 2023 Farmers National Banc Corp. welcomed a new member to its Board of Directors, Mr. André Thornton, who will bring a wealth of business experience to Farmers. Mr. Thornton was appointed by the Board of Directors effective January 1, 2023 as a Class II director with a term expiring in 2024. Mr. Thornton will also serve on the Corporate Governance and Nominating Committee and the Board Enterprise Risk Management Committee of the Board. Mr. Thornton currently serves as President and CEO of ASW Global, LLC. As CEO, he sets the direction of the company and directs operational aspects so that they follow the strategic plans and policies of the organization. Mr. Thornton has more than 30 years of experience in entrepreneurial ventures, including helping to guide a highly successful restaurant management group that was sold to Applebee’s International. Mr. Thornton played professional baseball for 21 years, including 11seasons with the Cleveland Indians, and wasan honored recipient of the Roberto Clemente Award in 1979, which goes to the player who best exemplifies thegame of baseball, sportsmanship, community involvement, and team contribution. Mr. Thornton also is an active member of his community, serving on or have served on a variety of boards ofdirectors including the Greater Cleveland Partnership and the Greater Akron Chamber. Announcement • Nov 23
Farmers National Banc Corp. Declares Quarterly Cash Dividend, Payable on December 30, 2022 On November 22, 2022, the Board of Directors of the Farmers National Banc Corp. declared a quarterly cash dividend of $0.17 per share, representing a 21% increase over the same period last year. The common stock cash dividend will have a record date of December 9, 2022 and is payable to shareholders on December 30, 2022. Reported Earnings • Oct 27
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: US$0.46 (down from US$0.57 in 3Q 2021). Revenue: US$40.2m (up 10.0% from 3Q 2021). Net income: US$15.4m (down 3.5% from 3Q 2021). Profit margin: 39% (down from 44% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 
