# FARMERS NATIONAL BANC CORP /OH/ (FMNB)

Informational only - not investment advice.

CIK: 0000709337
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-05
SEC page: https://www.sec.gov/edgar/browse/?CIK=709337
Filing source: https://www.sec.gov/Archives/edgar/data/709337/000143774926007084/fmnb20251231_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-05 · accession 0001437749-26-007084 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000709337.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 279,922,000 USD | 2025 | verified |
| Net income | 54,586,000 USD | 2025 | verified |
| Assets | 5,245,870,000 USD | 2025 | verified |
| Free cash flow | 52,181,000 USD | 2025 | computed |
| Net margin | 19.50% | 2025 | computed |
| Revenue YoY | +3.89% | 2025 | computed |
| ROE | 11.24% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FMNB | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 19.5% | 21.9% | 42 | 149 |
| Revenue growth | 3.9% | 6.0% | 41 | 148 |
| FCF margin | 18.6% | 23.8% | 27 | 133 |
| ROE | 11.2% | 9.6% | 66 | 149 |
| ROA | 1.0% | 1.1% | 45 | 149 |
| Liabilities / equity | 9.80 | 8.04 | 80 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 279922000 | USD | 2025 | 2026-03-05 |
| Net income | 54586000 | USD | 2025 | 2026-03-05 |
| Assets | 5245870000 | USD | 2025 | 2026-03-05 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000709337.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  | 186,288,000 | 255,196,000 | 269,448,000 | 279,922,000 |
| Net income | 20,557,000 | 22,711,000 | 32,569,000 | 35,760,000 | 41,876,000 | 51,844,000 | 60,597,000 | 49,932,000 | 45,949,000 | 54,586,000 |
| Diluted EPS | 0.76 | 0.82 | 1.16 | 1.28 | 1.47 | 1.77 | 1.79 | 1.33 | 1.22 | 1.45 |
| Operating cash flow | 24,495,000 | 30,566,000 | 38,764,000 | 38,761,000 | 49,066,000 | 54,933,000 | 81,501,000 | 62,928,000 | 66,615,000 | 60,042,000 |
| Capital expenditures | 788,000 | 956,000 | 450,000 | 1,458,000 | 3,696,000 | 1,375,000 | 2,559,000 | 3,880,000 | 11,692,000 | 7,861,000 |
| Dividends paid |  |  |  |  |  |  |  | 25,396,000 | 25,388,000 | 25,467,000 |
| Share buybacks | 168,000 | 0.00 | 0.00 | 2,842,000 | 14,238,000 | 164,000 | 0.00 | 11,544,000 | 0.00 | 0.00 |
| Assets | 1,966,113,000 | 2,159,069,000 | 2,328,864,000 | 2,449,158,000 | 3,071,148,000 | 4,142,749,000 | 4,082,200,000 | 5,078,350,000 | 5,118,924,000 | 5,245,870,000 |
| Liabilities | 1,752,897,000 | 1,916,995,000 | 2,066,544,000 | 2,149,849,000 | 2,721,051,000 | 3,670,317,000 | 3,789,905,000 | 4,673,935,000 | 4,712,896,000 | 4,760,145,000 |
| Stockholders' equity | 213,216,000 | 242,074,000 | 262,320,000 | 299,309,000 | 350,097,000 | 472,432,000 | 292,295,000 | 404,415,000 | 406,028,000 | 485,725,000 |
| Free cash flow | 23,707,000 | 29,610,000 | 38,314,000 | 37,303,000 | 45,370,000 | 53,558,000 | 78,942,000 | 59,048,000 | 54,923,000 | 52,181,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  | 32.53% | 19.57% | 17.05% | 19.50% |
| Return on equity | 9.64% | 9.38% | 12.42% | 11.95% | 11.96% | 10.97% | 20.73% | 12.35% | 11.32% | 11.24% |
| Return on assets | 1.05% | 1.05% | 1.40% | 1.46% | 1.36% | 1.25% | 1.48% | 0.98% | 0.90% | 1.04% |
| Liabilities / equity | 8.22 | 7.92 | 7.88 | 7.18 | 7.77 | 7.77 | 12.97 | 11.56 | 11.61 | 9.80 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FMNB/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000709337.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.46 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.19 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.40 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 54,229,000 |  | 0.36 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 55,069,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 55,054,000 |  | 0.30 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 56,846,000 |  | 0.31 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 57,923,000 |  | 0.23 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 57,909,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 57,305,000 | 13,578,000 | 0.36 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 57,702,000 | 13,910,000 | 0.37 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 59,366,000 | 12,461,000 | 0.33 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 59,418,000 | 14,637,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 67,117,000 | 16,264,000 | 0.36 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 86,094,000 | 23,035,000 | 0.39 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FMNB's latest 10-K: [/company/FMNB/business/](/company/FMNB/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FMNB's latest 10-K: [/company/FMNB/risk-factors/](/company/FMNB/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/709337/000143774926026085/fmnb20260630c_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of historical fact, but rather statements based on the Company’s current expectations, beliefs and assumptions regarding the future of Farmers’ business, future plans and strategies, projections, anticipated events and trends, its intended results and future performance, the economy and other future conditions. Forward-looking statements are preceded by terms such as “will,” “would,” “should,” “could,” “may,” “expect,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “project,” or variations of these words, or similar expressions. Forward-looking statements are not a guarantee of future performance and actual future results could differ materially from those contained in forward-looking information. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Numerous uncertainties, risks, and changes could cause or contribute to Farmers’ actual results, performance, and achievements to be materially different from those expressed or implied by the forward-looking statements.

Factors that could cause or contribute to such differences include, without limitation, risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the “Commission”), including without limitation, the risk factors disclosed in Item 1A, “Risk Factors,” in the Company’s 2025 Form 10-K, as updated in Item 1A, “Risk Factors,” in this Quarterly Report on Form 10-Q.

Many of these factors are beyond the Company’s ability to control or predict, and readers are cautioned not to put undue reliance on those forward-looking statements. The following, which is not intended to be an all-encompassing list, summarizes several factors that could cause the Company’s actual results to differ materially from those anticipated or expected in any forward-looking statement:

[[GREPCENT_TABLE]]
[["","\u2022","general economic conditions in markets where the Company conducts business, which could materially impact credit quality trends;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","the length and extent of the economic impacts of the ongoing conflict with Iran;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","the length and extent of U.S. and foreign country tariff policies and their impact on global, national, and regional economic conditions;"],["","\u2022","actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","disruptions in the mortgage and lending markets and significant or unexpected fluctuations in interest rates related to governmental responses to inflation, including financial stimulus packages and interest rate changes;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","general business conditions in the banking industry;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","the regulatory environment;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","general fluctuations in interest rates;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","demand for loans in the market areas where the Company conducts business;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","rapidly changing technology and evolving banking industry standards;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","competitive factors, including increased competition with regional and national financial institutions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","Farmers' ability to attract, recruit and retain skilled employees; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","new service and product offerings by competitors and price pressures."]]
[[/GREPCENT_TABLE]]

Other factors not currently anticipated may also materially and adversely affect the Company’s results of operations, cash flows and financial position. There can be no assurance that future results will meet expectations. While the Company believes that the forward-looking statements in the presentation are reasonable, you should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. The Company does not undertake, and expressly disclaims, any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.  

Results of Operations. The following is a comparison of selected financial ratios and other results at or for the three and six month periods ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","","At or for the Three Months Ended","","","At or for the Six Months Ended"],["","","June 30,","","","June 30,"],["(In Thousands, except Per Share Data)","","2026","","","2025","","","2026","","","2025"],["Total assets","","$","7,140,884","","","$","5,178,428","","","$","7,140,884","","","$","5,178,428"],["Net income","","$","23,035","","","$","13,910","","","$","39,299","","","$","27,488"],["Diluted earnings per share","","$","0.39","","","$","0.37","","","$","0.76","","","$","0.73"],["Return on average assets (annualized)","","","1.29","%","","","1.08","%","","","1.21","%","","","1.07","%"],["Return on average equity (annualized)","","","11.82","%","","","13.08","%","","","11.70","%","","","13.10","%"],["Net loans to assets","","","66.14","%","","","63.05","%","","","66.14","%","","","63.05","%"],["Loans to deposits","","","81.91","%","","","75.14","%","","","81.91","%","","","75.14","%"]]
[[/GREPCENT_TABLE]]

Net Income. The Company reported net income of $23.0 million, or $0.39 per diluted share, for the quarter ended June 30, 2026 compared to $13.9 million, or $0.37 per diluted share, for the quarter ended June 30, 2025. Net income for the second quarter of 2026 included a charge of $1.7 million related to the Merger with Middlefield and the conversion of our core system to Jack Henry. The new core platform contract will save the Company approximately $2.0 million per year, or $0.04 in diluted earnings per share, once the conversion is complete in August of 2026.  

The Company reported net income of $39.3 million, or $0.76 per diluted share, for the six months ended June 30, 2026, compared to $27.5 million, or $0.73 per diluted share, for the six months ended June 30, 2025. The year-to-date results were impacted by $5.7 million in costs related to the Merger with Middlefield and the core system conversion.

Net Interest Income. The following schedule details the various components of net interest income for the periods indicated. All asset yields are calculated on a tax-equivalent basis where applicable. Security yields are based on amortized cost.

43

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Average Balance Sheets and Related Yields and Rates

(Dollar Amounts in Thousands)

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","","Three Months Ended"],["","","June 30, 2026","","","June 30, 2025"],["","","AVERAGE","","","","","","","","","","","AVERAGE"],["","","BALANCE","","","INTEREST","","","RATE (1)","","","BALANCE","","","INTEREST","","","RATE (1)"],["EARNING ASSETS"],["Loans (2)","","$","4,776,409","","","$","73,087","","","","6.12","%","","$","3,274,394","","","$","47,160","","","","5.76","%"],["Taxable securities","","","1,179,497","","","","7,874","","","","2.67","%","","","1,141,799","","","","7,384","","","","2.59","%"],["Tax-exempt securities (2)","","","487,020","","","","4,475","","","","3.68","%","","","364,531","","","","2,900","","","","3.18","%"],["Other investments","","","56,122","","","","692","","","","4.93","%","","","40,206","","","","462","","","","4.60","%"],["Federal funds sold and other","","","127,500","","","","887","","","","2.78","%","","","65,841","","","","429","","","","2.61","%"],["TOTAL EARNING ASSETS","","","6,626,548","","","","87,015","","","","5.25","%","","","4,886,771","","","","58,335","","","","4.77","%"],["Nonearning assets","","","493,197","","","","","","","","","","","","245,890"],["TOTAL ASSETS","","$","7,119,745","","","","","","","","","","","$","5,132,661"],["INTEREST-BEARING LIABILITIES"],["Time deposits","","$","900,746","","","$","7,212","","","","3.20","%","","$","751,828","","","$","6,584","","","","3.50","%"],["Brokered time deposits","","","0","","","","0","","","","0.00","%","","","96,461","","","","1,047","","","","4.34","%"],["Savings deposits","","","1,955,160","","","","9,719","","","","1.99","%","","","1,145,277","","","","4,284","","","","1.50","%"],["Demand deposits - interest bearing","","","1,684,213","","","","9,054","","","","2.15","%","","","1,440,090","","","","8,325","","","","2.31","%"],["Total interest-bearing deposits","","","4,540,119","","","","25,985","","","","2.29","%","","","3,433,656","","","","20,240","","","","2.36","%"],["Short term borrowings","","","302,505","","","","2,874","","","","3.80","%","","","137,725","","","","1,536","","","","4.46","%"],["Long term borrowings","","","94,242","","","","1,203","","","","5.11","%","","","86,354","","","","1,005","","","","4.66","%"],["Total borrowed funds","","","396,747","","","","4,077","","","","4.11","%","","","224,079","","","","2,541","","","","4.54","%"],["TOTAL INTEREST-BEARING LIABILITIES","","","4,936,866","","","","30,062","","","","2.44","%","","","3,657,735","","","","22,781","","","","2.49","%"],["NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY"],["Demand deposits - noninterest bearing","","","1,349,492","","","","","","","","","","","","992,990"],["Other liabilities","","","53,932","","","","","","","","","","","","56,687"],["Stockholders' equity","","","779,455","","","","","","","","","","","","425,249"],["TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY","","$","7,119,745","","","","","","","","","","","$","5,132,661"],["Net interest income and interest rate spread","","","","","","$","56,953","","","","2.81","%","","","","","","$","35,554","","","","2.28","%"],["Net interest margin","","","","","","","","","","","3.44","%","","","","","","","","","","","2.91","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Rates are calculated on an annualized basis."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(2)","Interest on certain tax-exempt loans and tax-exempt securities in 2026 and 2025 is not taxable for Federal income tax purposes. In order to compare the tax-exempt yields on these assets to taxable yields, the interest earned on these assets is adjusted to a pre-tax equivalent amount based on the marginal corporate federal income tax rate of 21%"]]
[[/GREPCENT_TABLE]]

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[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/709337/000143774926007084/fmnb20251231_10k.htm
Complete FY 2025 MD&A: /company/FMNB/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-05
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following presents a discussion and analysis of Farmers’ financial condition and results of operations by its management. The review highlights the principal factors affecting earnings and the significant changes in balance sheet items for the years 2025, 2024 and 2023. Financial information for prior years is presented when appropriate. The objective of this financial review is to enhance the reader’s understanding of the accompanying tables and charts, the consolidated financial statements, notes to financial statements and financial statistics appearing elsewhere in this Annual Report on Form 10-K. Where applicable, this discussion also reflects management’s insights of known events and trends that have or may reasonably be expected to have a material effect on Farmers’ business, financial condition or results of operations.

Cautionary Note Regarding Forward Looking Statements

This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of historical fact, but rather statements based on Farmers’ current expectations, beliefs and assumptions regarding the future of Farmers’ business, future plans and strategies, projections, anticipated events and trends, its intended results and future performance, the economy and other future conditions. Forward-looking statements are preceded by terms such as “will,” “would,” “should,” “could,” “may,” “expect,” “estimate,” “believe,” “anticipate,” “intend,” “plan” “project,” or variations of these words, or similar expressions. Forward-looking statements are not a guarantee of future performance, and actual future results could differ materially from those contained in forward-looking information. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Numerous uncertainties, risks, and changes could cause or contribute to Farmers’ actual results, performance, and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, without limitation, risks and uncertainties detailed from time to time in Farmers’ filings with the Commission, including without limitation the risk factors disclosed in Item 1A, “Risk Factors” of this Annual Report on Form 10-K.

Many of these factors are beyond the Company’s ability to control or predict, and readers are cautioned not to put undue reliance on those forward-looking statements. The following, which is not intended to be an all-encompassing list, summarizes several factors that could cause the Company’s actual results to differ materially from those anticipated or expected in any forward-looking statement:

[[GREPCENT_TABLE]]
[["","\u2022","general economic conditions in markets where the Company conducts business, which could materially impact credit quality trends;"],["","\u2022","the length and extent of the economic impacts of the ongoing conflict in Ukraine;"],["","\u2022","the length and extent of U.S. and foreign country tariff policies and their impact on global, national, and regional economic conditions;"],["","\u2022","actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation;"],["","\u2022","disruptions in the mortgage and lending markets and significant or unexpected fluctuations in interest rates related to governmental responses to inflation, including financial stimulus packages and interest rate changes;"],["","\u2022","general business conditions in the banking industry;"],["","\u2022","the regulatory environment;"],["","\u2022","general fluctuations in interest rates;"],["","\u2022","demand for loans in the market areas where the Company conducts business;"],["","\u2022","rapidly changing technology and evolving banking industry standards;"],["","\u2022","competitive factors, including increased competition with regional and national financial institutions;"],["","\u2022","Farmers' ability to attract, recruit and retain skilled employees; and"],["","\u2022","new service and product offerings by competitors and price pressures."]]
[[/GREPCENT_TABLE]]

28

Table of Contents

Other factors not currently anticipated may also materially and adversely affect the Company’s results of operations, cash flows and financial position. There can be no assurance that future results will meet expectations. While the Company believes that the forward-looking statements in the presentation are reasonable, you should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. The Company does not undertake, and expressly disclaims, any obligation to update or alter any statements whether as a result of new information, future events or otherwise, expect as may be required by applicable law.

Results of Operations

Comparison of Operating Results for the Years Ended December 31, 2025 and 2024.

The Company recorded net income of $54.6 million for the year ended December 31, 2025, compared to $45.9 million for the year ended December 31, 2024. The Company reported $1.45 per diluted common share in 2025 compared to $1.22 per diluted common share in 2024.

Net Interest Income

The Company recognized net interest income of $142.4 million for the year ended December 31, 2025, compared to $128.4 million for the year ended December 31, 2024. The tax-equivalent net interest margin increased from 2.69% for 2024 to 2.95% for 2025. The increase in net interest margin was due to higher yields on interest earning assets and lower funding costs on interest bearing liabilities.  The Federal Reserve rate cuts late in 2024 and 2025 have benefited funding costs, while the lag effects of assets repricing continued to drive earning asset yields higher. 

Total interest income increased from $227.7 million in 2024 to $233.8 million for 2025. The increase was primarily due to an increase in the yield on loans and securities associated with the higher interest rate environment.

Interest income on loans increased to $191.0 million for the year ended December 31, 2025, compared to $185.7 million for the year ended December 31, 2024. This increase was due to better yields on loans which increased from 5.76% in 2024 to 5.82% in 2025.

The income on federal funds sold and other interest income decreased by $1.9 million in 2025 to $1.8 million compared to $3.7 million in 2024 primarily due to a volume decrease of $26.8 million in 2025 and a decrease of 128 basis points in the yield on the portfolio.

Interest expense declined $8.0 million in 2025 to $91.3 million from $99.4 million in 2024. The decrease was primarily due to a 15 basis point decline in the yield on interest-bearing deposits and a decrease in the volume of average borrowed funds which decreased from $381.2 million in 2024 to $260.6 million in 2025. 

29

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Average Balance Sheets and Related Yields and Rates

(Table Dollar Amounts in Thousands except Per Share Data)

[[GREPCENT_TABLE]]
[["Years ended December 31,","","2025","","","2024","","","2023"],["","","AVERAGE","","","","","","","","","","","AVERAGE","","","","","","","","","","","AVERAGE"],["","","BALANCE","","","INTEREST","","","RATE","","","BALANCE","","","INTEREST","","","RATE","","","BALANCE","","","INTEREST","","","RATE"],["EARNING ASSETS"],["Loans (1) (2)","","$","3,291,482","","","$","191,433","","","","5.82","%","","$","3,227,384","","","$","186,032","","","","5.76","%","","$","3,155,858","","","$","172,161","","","","5.46","%"],["Taxable securities","","","1,140,462","","","","29,491","","","","2.59","","","","1,110,905","","","","26,838","","","","2.42","","","","1,143,547","","","","26,231","","","","2.29"],["Tax-exempt securities (1)","","","366,464","","","","11,676","","","","3.19","","","","386,643","","","","12,165","","","","3.15","","","","419,557","","","","13,283","","","","3.17"],["Other investments","","","41,809","","","","1,930","","","","4.62","","","","35,402","","","","1,450","","","","4.10","","","","39,559","","","","1,986","","","","5.02"],["Federal funds sold and other cash","","","69,534","","","","1,802","","","","2.59","","","","96,288","","","","3,727","","","","3.87","","","","74,950","","","","2,476","","","","3.30"],["Total earning assets","","","4,909,751","","","","236,332","","","","4.81","","","","4,856,622","","","","230,212","","","","4.74","","","","4,833,471","","","","216,137","","","","4.47"],["NONEARNING ASSETS"],["Noninterest-earning assets","","","254,563","","","","","","","","","","","","234,297","","","","","","","","","","","","205,683"],["Total Assets","","$","5,164,314","","","","","","","","","","","$","5,090,919","","","","","","","","","","","$","5,039,154"],["INTEREST-BEARING LIABILITIES"],["Time deposits","","$","753,803","","","$","26,699","","","","3.54","%","","$","745,945","","","$","29,329","","","","3.93","%","","$","654,717","","","$","19,462","","","","2.97","%"],["Brokered time deposits","","","71,529","","","","3,112","","","","4.35","","","","25,389","","","","1,108","","","","4.36","","","","132,895","","","","6,204","","","","4.67"],["Savings deposits","","","1,158,663","","","","17,578","","","","1.52","","","","1,095,470","","","","16,144","","","","1.47","","","","1,113,561","","","","9,899","","","","0.89"],["Demand deposits - interest bearing","","","1,427,654","","","","32,389","","","","2.27","","","","1,396,193","","","","34,588","","","","2.48","","","","1,415,425","","","","27,541","","","","1.95"],["Total interest-bearing deposits","","","3,411,649","","","","79,778","","","","2.34","","","","3,262,997","","","","81,169","","","","2.49","","","","3,316,598","","","","63,106","","","","1.90"],["Short term borrowings","","","174,170","","","","7,591","","","","4.36","","","","293,488","","","","14,105","","","","4.81","","","","160,964","","","","8,357","","","","5.19"],["Long term borrowings","","","86,433","","","","3,979","","","","4.60","","","","87,749","","","","4,090","","","","4.66","","","","88,439","","","","4,086","","","","4.62"],["Total borrowed funds","","","260,603","","","","11,570","","","","4.44","","","","381,237","","","","18,195","","","","4.77","","","","249,403","","","","12,443","","","","4.99"],["Total Interest-Bearing Liabilities","","","3,672,252","","","","91,348","","","","2.49","","","","3,644,234","","","","99,364","","","","2.73","","","","3,566,001","","","","75,549","","","","2.12"],["NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY"],["Demand deposits - noninterest bearing","","$","998,255","","","","","","","","","","","","981,115","","","","","","","","","","","","1,065,389"],["Other Liabilities","","","52,896","","","","","","","","","","","","58,134","","","","","","","","","","","","50,302"],["Stockholders' equity","","","440,911","","","","","","","","","","","","407,436","","","","","","","","","","","","357,462"],["Total Liabilities and"],["Stockholders' Equity","","$","5,164,314","","","","","","","","","","","$","5,090,919","","","","","","","","","","","$","5,039,154"],["Net interest income and interest rate spread","","","","","","$","144,984","","","","2.32","%","","","","","","$","130,848","","","","2.01","%","","","","","","$","140,588","","","","2.35","%"],["Net interest margin","","","","","","","","","","","2.95","%","","","","","","","","","","","2.69","%","","","","","","","","","","","2.91","%"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FMNB/mda/fy2025/
All MD&A years: /company/FMNB/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FMNB/mda/fy2024/): filed 2025-03-06; accession 0000950170-25-034480 (https://www.sec.gov/Archives/edgar/data/709337/000095017025034480/fmnb-20241231.htm)
- [FY 2023 MD&A](/company/FMNB/mda/fy2023/): filed 2024-03-07; accession 0000950170-24-027780 (https://www.sec.gov/Archives/edgar/data/709337/000095017024027780/fmnb-20231231.htm)
- [FY 2022 MD&A](/company/FMNB/mda/fy2022/): filed 2023-03-09; accession 0000950170-23-007035 (https://www.sec.gov/Archives/edgar/data/709337/000095017023007035/fmnb-20221231.htm)
- [FY 2021 MD&A](/company/FMNB/mda/fy2021/): filed 2022-03-09; accession 0001564590-22-009271 (https://www.sec.gov/Archives/edgar/data/709337/000156459022009271/fmnb-10k_20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FMNB.md · JSON record: /company/FMNB.json · verified financials: /company/FMNB/financials.json / /company/FMNB/financials.csv · machine TOC for the whole site: /llms.txt