FMNB
FARMERS NATIONAL BANC CORP /OH/
Next earnings Jul 21, 2026 · consensus $0.38 EPS, $71.5M rev
Last earnings +1.6% on 2026-04-22
$14.77
▲ +1.86%$14.77▲ +16.88%
over 1Y
L $12.16EODHDH $14.77
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.9%
1W+3.6%
1M+5.3%
3M+16.0%
YTD+14.1%
1Y+16.9%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Cheap Ohio community bank with widening NIM and rebounding EPS, but ROE only 11% and high leverage cap the upside.
Diluted EPS $1.45 · FY2025
The read
Middling fundamentals offset by an attractive price (~163% below fair value) — worth a look on the value angle.
Farmers National is a small northeast-Ohio community bank (62 banking centers per Item 2) trading at a defensible 10.1x trailing earnings and 2.0x sales, with FY2025 results that mark a real inflection. Net income rose 18.8% to $54.6M and diluted EPS jumped to $1.45 from $1.22, driven explicitly by net interest margin expansion — MD&A states tax-equivalent NIM widened from 2.69% to 2.95%, with Fed rate cuts in late 2024/2025 lowering funding costs while asset yields kept repricing higher. Net interest income climbed to $142.4M from $128.4M. That is a clean, identifiable earnings tailwind, not financial engineering.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $186M | $255M | $269M | $280M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $51.8M | $60.6M | $49.9M | $45.9M | $54.6M |
| Diluted EPS | $1.77 | $1.79 | $1.33 | $1.22 | $1.45 |
| Net margin | — | 32.5% | 19.6% | 17.1% | 19.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF10.7
PEG (trailing)0.54
Earnings yield9.8%
FCF yield9.4%
Quality & risk
ROIC (est.)—
Free cash flow$52.2M
Total debt$368M
Net cash-$330M
Piotroski F-Score6/7
Capital returns
Buyback yield0.0%
Dividend yield (est.)4.6%
Shareholder yield4.6%
Shares Δ YoY+0.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K/A Amended 8-K2026-05-12
Amended prior 8-K with required financial exhibits for completed acquisition
- 10-Q Quarterly report2026-05-07
Q1 2026 10-Q carries forward FY25 NIM lift and stronger net income trend
- 8-K Earnings results2026-04-22
Q1 2026 earnings release; NIM expansion and earnings momentum continued
- 8-K Officer / director change2026-04-16
Annual meeting: directors elected, routine governance vote results disclosed
- 8-K Reg FD disclosure2026-03-17
Amended FY25 10-K with technical corrections; no restated financials
- 10-K/A Restated periodic report2026-03-17
Amended FY25 10-K with technical corrections; no restated financials
- DEF 14A Proxy statement2026-03-16
Proxy: routine director slate, exec comp, auditor ratification
- 10-K Annual report2026-03-05
FY25 NI $54.6M +19%; EPS $1.45 +19%; NIM 2.69%→2.95% on lower funding costs
- 8-K Officer / director change2026-03-02
Completed acquisition and announced officer transition; growth via M&A
Recent filings
all on EDGAR ↗4Period ending 2026-06-222026-06-23open ↗11-KPeriod ending 2025-12-312026-06-18open ↗144Filing2026-06-17open ↗8-K/APeriod ending 2026-03-022026-05-12open ↗4Period ending 2026-05-082026-05-12open ↗4Period ending 2026-05-082026-05-12open ↗4Period ending 2026-05-082026-05-12open ↗4Period ending 2026-05-082026-05-12open ↗4Period ending 2026-05-082026-05-12open ↗4Period ending 2026-05-082026-05-12open ↗4Period ending 2026-05-082026-05-12open ↗4Period ending 2026-05-082026-05-12open ↗
Frequently asked
- Is FARMERS NATIONAL BANC CORP /OH/ (FMNB) a buy?
- FMNB currently carries a Hold rating with 4/5 conviction, derived from its latest SEC filings. Cheap Ohio community bank with widening NIM and rebounding EPS, but ROE only 11% and high leverage cap the upside.
- What is FMNB's fair value?
- A Modified-Graham model based on FMNB's SEC fundamentals estimates a fair value of about $38.84. It is an estimate from reported earnings, not a price target.
- Is FMNB overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, FMNB currently appears undervalued relative to its SEC-grounded earnings power.
- What is FARMERS NATIONAL BANC CORP /OH/'s quality score?
- FMNB scores 77.52941176470588/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000709337, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/25/2026, 2:48:48 PM.
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