Financial Performance - Net income for Q3 2024 was $8.5 million, or $0.23 per diluted share, down from $13.3 million, or $0.36 per diluted share in Q3 2023[1]. - Net income for Q3 2024 was $8,535,000, a decrease of 10.7% from $13,314,000 in Q3 2023[15]. - Net income for the three months ended September 30, 2024, was $8,535 million, a decrease from $11,783 million in the previous quarter, reflecting a decline of about 27.5%[22]. - Diluted EPS excluding merger and certain items for the three months ended September 30, 2024, was $0.23, down from $0.33 in the previous quarter, indicating a decrease of approximately 30.3%[22]. - Return on average equity (annualized) decreased to 8.18% in Q3 2024 from 17.98% in Q3 2023[15]. - Return on average equity excluding merger and certain items (annualized) was 8.15% for the three months ended September 30, 2024, down from 12.57% in the previous quarter, a decline of approximately 35.5%[22]. Asset and Equity Growth - Total assets increased to $5.24 billion at September 30, 2024, up from $5.16 billion at June 30, 2024[2]. - Total assets increased to $5,236,503,000 as of September 30, 2024, compared to $4,971,163,000 a year earlier[15]. - Total stockholders' equity rose to $439.7 million at September 30, 2024, compared to $396.7 million at June 30, 2024[4]. - Stockholders' equity rose to $400,315, up from $368,627 in the previous year[20]. - Average tangible assets increased to $4,945,307 million as of September 30, 2024, compared to $4,866,260 million a year ago, showing an increase of about 1.6%[21]. Loan and Deposit Activity - Overall loan growth was $43.1 million, or 5.3% annualized, for Q3 2024, driven by commercial loan growth of $35.2 million[1][2]. - Customer deposits grew by $81.1 million, or 7.7% annualized, for Q3 2024, reaching a total of $4.36 billion[1][4]. - Total deposits rose to $4,361,837,000 in Q3 2024, up from $4,177,386,000 in Q3 2023[15]. - Loans averaged $3,212,799 with an interest income of $138,746, reflecting a yield of 5.76% compared to $3,144,817 and 5.40% in the same period of 2023[20]. - Loans to Deposits ratio decreased to 75.21% from 76.97% in the previous quarter[16]. Income and Expense Analysis - Noninterest income increased to $12.3 million in Q3 2024, compared to $9.8 million in Q3 2023, reflecting strong growth in fee-based business lines[8]. - Noninterest income rose to $12,340,000 in Q3 2024, up from $9,831,000 in Q3 2023, marking a 2.0% increase[15]. - Total noninterest expense was $27,075 million, an increase from $26,403 million in the previous quarter[18]. - Efficiency ratio excluding certain items improved to 59.05% for the three months ended September 30, 2024, compared to 60.24% in the previous quarter, indicating enhanced operational efficiency[22]. Credit Quality and Provisions - The provision for credit losses totaled $7.0 million for Q3 2024, significantly higher than $243,000 in Q3 2023, due to increased net charge-offs[6]. - Provision for credit losses increased to $7,008,000 in Q3 2024, compared to a credit of $449,000 in Q3 2023[15]. - Non-performing loans increased to $19.1 million, or 0.58% of total loans, at September 30, 2024, up from 0.40% at June 30, 2024[5]. - Non-performing loans rose to $19,076 million, compared to $12,870 million in the previous quarter[16]. - Net Charge-offs increased to $4,612 million from $563 million in the previous quarter[16]. Interest Income and Margins - Total interest income for Q3 2024 was $57,923,000, an increase of 7.3% compared to $54,229,000 in Q3 2023[15]. - Net interest income for Q3 2024 was $31.9 million, down from $33.8 million in Q3 2023, with a net interest margin of 2.66%[7]. - Net interest income decreased by 8.9% to $31,876,000 in Q3 2024 from $33,768,000 in Q3 2023[15]. - Net interest margin excluding marks and PPP interest and fees was 2.48% for the three months ended September 30, 2024, down from 2.51% in the previous quarter, indicating a decrease of approximately 1.2%[23]. - Adjusted and annualized net interest income for the three months ended September 30, 2024, was $121,440 million, up from $120,799 million in the previous quarter, reflecting a slight increase of about 0.5%[23].

Group 1 - Farmers National Banc Corp. (NASDAQ: FMNB) is expected to benefit from interest rate cuts, which will enhance both net interest margin and loan balance [1] - Earnings are projected to remain stable at $1.33 per share for the current year [1]

Core Viewpoint - Farmers National Banc (FMNB) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based on the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years [2]. - For the fiscal year ending December 2024, Farmers National is expected to earn $1.37 per share, representing a -17% change from the previous year's reported number [9]. - Over the past three months, the Zacks Consensus Estimate for Farmers National has increased by 3.8% [9]. Impact of Institutional Investors - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, largely due to institutional investors who adjust their valuations based on these estimates [5]. - An increase in earnings estimates typically leads to higher fair value calculations for stocks, prompting institutional investors to buy or sell accordingly, which in turn affects stock prices [5]. Zacks Rating System - The Zacks Rank stock-rating system categorizes stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The Zacks rating system maintains a balanced distribution of 'buy' and 'sell' ratings, ensuring that only the top 5% of stocks receive a 'Strong Buy' rating, indicating superior earnings estimate revisions [10][11]. Conclusion - The upgrade of Farmers National to a Zacks Rank 1 positions it among the top 5% of Zacks-covered stocks, suggesting potential for upward movement in stock price in the near term [11].

After reaching an important support level, Farmers National Banc Corp. (FMNB) could be a good stock pick from a technical perspective. FMNB recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average. A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most co ...

Company Performance - Farmers National Banc (FMNB) reported quarterly earnings of $0.33 per share, matching the Zacks Consensus Estimate, but down from $0.41 per share a year ago [1] - The company posted revenues of $41.67 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 1.13%, and down from $44.03 million year-over-year [2] - Over the last four quarters, Farmers National has surpassed consensus EPS estimates three times, but has topped consensus revenue estimates only once [2] Market Comparison - Farmers National shares have increased approximately 2.6% since the beginning of the year, while the S&P 500 has gained 16.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $42.15 million, and for the current fiscal year, it is $1.32 on revenues of $169.25 million [7] Industry Outlook - The Zacks Industry Rank for Banks - Midwest is currently in the top 42% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5][6]

Consolidated Statements of Financial Condition We make statements in this news release and our related investor conference call, and we may from time to time make other statements, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers' financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management's current ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly period ended March 31, 2024 Commission file number 001-35296 FARMERS NATIONAL BANC CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 20 South Broad Street Canfield, OH 44406 (Address of principal executive offices) (Zip Code) OHIO 34-1371693 (I.R.S. ...

For the quarter ended March 2024, Farmers National Banc (FMNB) reported revenue of $40.04 million, down 14.9% over the same period last year. EPS came in at $0.34, compared to $0.44 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $42.46 million, representing a surprise of -5.68%. The company delivered an EPS surprise of +3.03%, with the consensus EPS estimate being $0.33.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

Farmers National Banc (FMNB) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.03%. A quarter ago, it was expected that this bank would post earnings of $0.36 per share when it actually produced earnings of $0.41, delivering a surprise of 13.89%.Over the last four quarters, the compan ...

Exhibit 99.1 April 24, 2024 Press Release Source: Farmers National Banc Corp. Kevin J. Helmick, President and CEO 20 South Broad Street, P.O. Box 555 Canfield, OH 44406 330.533.3341 Email: exec@farmersbankgroup.com FARMERS NATIONAL BANC CORP. ANNOUNCES STRONG RESULTS FOR FIRST QUARTER OF 2024 CANFIELD, Ohio (April 24, 2024) – Farmers National Banc Corp. ("Farmers" or the "Company") (NASDAQ: FMNB) reported net income of $11.2 million, or $0.30 per diluted share, for the three months ended March 31, 2024, com ...