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what it is
Farmers National runs a bank, wealth shop, and insurance arm from Canfield, Ohio.
how it gets paid
Last year Farmers National made $280M in revenue. Loan spread income was the main engine at $154M, or 55% of sales.
why it's growing
Revenue grew 3.9% last year. Revenue was up 194% from a year earlier in the SEC filing.
what just happened
Revenue hit $208M, while earnings landed at $1.06 per share.
At a glance
B+ balance sheet — decent shape, but not bulletproof
80/100 earnings predictability — you can trust these numbers
9.4x trailing p/e — the market's not buying it — or you found a deal
5.5% dividend yield — cash in your pocket every quarter
$1.45 fy2025 eps est
xvary composite: 53/100 — below average
What they do
Farmers National runs a bank, wealth shop, and insurance arm from Canfield, Ohio.
You get $4.7B in wealth assets under care and 682 employees. That is small enough to stay local and big enough to keep fee money in-house. If your checking, mortgage, and adviser all sit at one bank, leaving is painful.
How they make money
$280M
annual revenue · their business grew +3.9% last year
Loan spread income
$154M
Wealth fees
$42M
Insurance commissions
$28M
Brokerage and trust fees
$21M
Deposit service fees
$35M
The products that matter
gathers deposits and makes loans
Community Banking
$182M · 65% of revenue mix
This is the core engine. It produced $182M of net interest income, which means your dividend and valuation both live or die on lending spreads.
core profit driver
manages client money and trusts
Trust & Wealth Management
part of $98M fee income
This business sits inside the $98M non-interest income bucket. In plain English: it helps reduce dependence on rate-sensitive lending income.
fee income buffer
sells insurance products
Insurance
part of $98M fee income
Insurance is not the headline, but it is part of the 35% of revenue that does not come from net interest income. For a bank facing margin pressure, that matters.
secondary stabilizer
Key numbers
5.5%
dividend yield
You are getting paid 5.5% a year while the merger waits in line.
9.4x
trailing p/e
You are paying 9.4 times trailing earnings, which is cheap for a bank but not free.
$86M
long-term debt
Long-term debt sits at $86M, or 11% of capital, so the balance sheet is not bloated.
$4.7B
wealth assets
The firm manages $4.7B for clients, which keeps fee income from being a side hobby.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- long-term debt $86M (11% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FMNB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $208M, while earnings landed at $1.06 per share.
Revenue was up 194% from a year earlier in the SEC filing. That quarterly revenue is almost the same as the reported $280M full-year figure.
$70M
revenue
$1.06
eps
194%
yearly growth
revenue jump
The 194% revenue jump is the story. It makes the quarter look huge next to a $280M annual revenue base.
source: company earnings report, 2026
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What could go wrong
the #1 risk is net interest margin compression at a spread-driven community bank.
high
Net Interest Margin Compression
FMNB's core engine is net interest income. If deposit costs stay high or loan yields soften, the $182M revenue bucket that pays the bills gets squeezed.
A 1% drop in net interest margin could erase about $1.8M, or roughly 14%, of quarterly net income.
med
Middlefield Merger Integration
The $733M Middlefield deal is the growth story. Integration missteps, customer attrition, or delayed systems work would hit the exact catalyst investors are waiting on.
If the deal disappoints, the stock is still just a slow-growth regional bank trading cheap. That is not the rerating case.
med
Thin Institutional Sponsorship
Only 38.7% of shares are institutionally owned. In plain English: this is not a heavily sponsored bank stock with a deep bench of buyers stepping in automatically.
Lower sponsorship can mean sharper moves when sentiment weakens, especially in a small-cap name already trading below its high.
A weaker lending spread plus a messy merger would hit both sides of the story at once: current earnings and the reason investors might rerate the stock.
source: institutional data · regulatory filings · risk analysis
Pay attention to
merger
Middlefield merger close
The $733M acquisition is expected to close in the first quarter of 2026. That's the event that decides whether this remains a cheap bank or becomes a bigger one with a new narrative.
margin
Net interest income trend
Net interest income is $182M, or 65% of the revenue mix. If that line stalls, the low multiple is not a bargain signal — it's a warning label.
income
Dividend coverage
A 5.5% yield attracts attention fast. You want the next few quarters to keep showing enough earnings support so the payout stays a feature, not a debate.
calendar
Next earnings report
FMNB is scheduled to report Q1 2026 earnings on April 28, 2026. That print matters because it will be judged less on the beat and more on what management says about integration and lending spreads.
Analyst rankings
earnings predictability
80 / 100
In human-speak, analysts view FMNB's earnings as fairly steady. You usually get a bank that reports close to expectations, not a quarterly plot twist.
price stability
70 / 100
The stock is less chaotic than many small caps, but it still trades like a small regional bank. Stable does not mean immune.
risk rank
3
That places it around the middle on safety. You are not buying a distressed situation, but you are also not hiding in a fortress bank.
source: institutional data
Institutional activity
institutional ownership data for FMNB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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