Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 23, 2024

Farmers National Banc Corp.

(Exact name of registrant as specified in its charter)

Ohio

001-35296

34-1371693

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


20 South Broad Street, P.O. Box 555, Canfield, Ohio		44406-0555
(Address of principal executive offices)		(Zip Code)

(330) 533-3341

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol

Name of each exchange

on which registered

Common Stock, No Par Value

FMNB

The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On October 23, 2024, Farmers National Banc Corp. (the “Company”) announced earnings for the quarter ended September 30, 2024. A copy of the press release and certain financial information for this period is attached as Exhibit 99.1 hereto and incorporated by reference herein.

Also on October 23, 2024, the Company first provided investors with a supplemental presentation regarding third quarter earnings and other current financial information, attached as Exhibit 99.2 hereto and incorporated by reference herein.

Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02 and Exhibits 99.1 and 99.2 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02 and Exhibits 99.1 and 99.2 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) except as may be expressly set forth by specific reference in such filing.

Item 7.01

Regulation FD Disclosure.

On October 23, 2024, the Company first provided investors with a supplemental presentation regarding third quarter earnings and other current financial information, attached as Exhibit 99.2 hereto and incorporated by reference herein.

The presentation is furnished herein, as part of this Item 7.01, as Exhibit 99.2. Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 7.01 and Exhibit 99.2 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Furthermore, the information in this Item 7.01 and Exhibit 99.2 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.


Exhibit Number		Description

99.1		Press Release, dated October 23, 2024

99.2		Investor Presentation, dated October 23, 2024

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Farmers National Banc Corp.

By:		/s/ Kevin J. Helmick
		Kevin J. Helmick
		President and Chief Executive Officer

Date: October 23, 2024

Exhibit 99.1

October 23, 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

EARNINGS FOR THE THIRD QUARTER OF 2024

•

167 consecutive quarters of profitability

•

Strong commercial loan growth of $35.2 million, or 7.2% annualized, for the third quarter of 2024

•

Overall loan growth of $43.1 million, or 5.3% annualized, for the third quarter of 2024

•

Customer deposit growth of $81.1 million, or 7.7% annualized, for the third quarter of 2024

•

Strong growth in fee-based businesses

•

Wealth management assets under management have grown to $4.0 billion at September 30, 2024

CANFIELD, Ohio (October 23, 2024) – Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced net income of $8.5 million, or $0.23 per diluted share, for the quarter ended September 30, 2024, compared to $13.3 million, or $0.36 per diluted share, for the quarter ended September 30, 2023. Net income in the third quarter of 2024 was impacted by a single $12.5 million commercial credit backed by office space which resulted in a $4.4 million charge-off along with the establishment of a specific reserve on the credit in the amount of $1.2 million. The impact of this credit reduced third quarter results by $0.12 per diluted share.

Kevin J. Helmick, President and CEO, stated “Our third quarter performance was solid as we experienced strong loan and deposit growth, reflecting strengthening levels of underlying profitability. We produced outstanding loan growth for a second consecutive quarter along with great results from our fee-based business lines. Overall, we believe we are very well positioned to grow earnings in 2025, while navigating continued macro-level uncertainty.”

Balance Sheet

The Company’s total assets were $5.24 billion at September 30, 2024, an increase from $5.16 billion at June 30, 2024, and $5.08 billion at December 31, 2023. Loans increased $82.4 million from December 31, 2023 to $3.28 billion at September 30, 2024 and increased $43.1 million from June 30, 2024 to September 30, 2024. The 5.3% annualized loan growth from the second quarter of 2024 to the third quarter of 2024 was driven by strong commercial loan growth of $35.2 million. With a second consecutive quarter of positive loan growth, the Company now anticipates total loans to increase by approximately 2.8% - 3.0% for 2024. The Company remains committed to maintaining solid asset quality and prudent pricing standards, which is expected to contribute to higher overall profitability.

Securities available for sale totaled $1.29 billion at September 30, 2024, compared to $1.25 billion at June 30, 2024, and $1.30 billion at December 31, 2023. Gross unrealized losses on the portfolio totaled $189.4 million at September 30, 2024, a decrease from $242.3 million at June 30, 2024, and $217.1 million at December 31, 2023. While interest rates have started to decline, the Company still expects bond market volatility to continue for the remainder of 2024 and into 2025.

Total deposits increased to $4.36 billion at September 30, 2024, compared to $4.21 billion at June 30, 2024, and $4.18 billion at December 31, 2023. The increase since December 31, 2023, was driven by the acquisition of $74.9 in brokered deposits in the third quarter of 2024 and growth in customer deposits (non brokered) of $109.5 million. The increase since June 30, 2024, was driven by the brokered deposits and an increase in customer deposits of $81.1 million. The brokered deposits were used to pay down more expensive wholesale funding.

Total stockholders’ equity increased to $439.7 million at September 30, 2024, compared to $396.7 million at June 30, 2024, and $404.4 million at December 31, 2023. The increase from both prior periods has primarily been driven by a decrease in the unrealized losses on investment securities.

Credit Quality

The Company’s non-performing loans increased to $19.1 million at September 30, 2024, compared to $12.9 million at June 30, 2024, and $15.1 million at December 31, 2023. The increase resulted from the addition of the remaining $8.1 million balance of the single commercial credit discussed previously, offset by large declines in the balance of other non-performing loans. Non-performing loans to total loans were 0.58% at September 30, 2024, compared to 0.40% at June 30, 2024 and 0.47% at December 31, 2023. The Company’s loans which were 30-89 days delinquent were $15.6 million at September 30, 2024, or 0.47% of total loans. This is down significantly from the $18.5 million figure reported at June 30, 2024 and the $16.7 million figure from December 31, 2023.

The provision for credit losses and unfunded commitments totaled $7.0 million for the three months ended September 30, 2024, compared to $243,000 for the three months ended September 30, 2023. The increased provision for credit losses was primarily due to the increased level of net charge-offs and reserving activity resulting from the deterioration in the single credit. Strong loan growth during the quarter also increased provision costs during the quarter. Annualized net charge-offs as a percentage of average loans were 0.58% for the third quarter of 2024, compared to 0.05% for the third quarter of 2023. The allowance for credit losses to total loans was 1.10% at September 30, 2024, compared to 1.05% at June 30 2024, and 1.08% at December 31, 2023.

Net Interest Income

Net interest income for the third quarter of 2024 was $31.9 million compared to $33.8 million in the third quarter of 2023. Average interest earning assets increased to $4.89 billion in the third quarter of 2024 compared to $4.82 billion for the third quarter of 2023. The increase was driven by an increase in average loan balances of $88.3 million and an increase in fed funds sold and other of $51.1 million. These increases were offset by declines in the average balance of investment securities. The net interest margin declined to 2.66% for the third quarter of 2024 from 2.86% for the third quarter of 2023 and 2.71% for the second quarter of 2024. The year-over-year decline in net interest margin was due to higher funding costs outstripping the increase in yields on earning assets. The increase in funding costs has been due to the rapid increase in deposit rates due to intense competition for deposits, the Federal Reserve’s rate hiking cycle, and the runoff of noninterest bearing deposit balances which are being replaced with more costly wholesale funding. The decline in net interest margin compared to the second quarter of 2024 was due to the higher balance of fed funds sold and other along with a decline in the accretion of acquisition marks. The Federal Reserve’s 50 basis point cut in the fed funds rate at the end of September 2024 will have a positive impact on the Company’s net interest margin in the fourth quarter of 2024. Excluding acquisition marks and PPP interest, non-GAAP, the Company’s net interest margin was 2.48% in the third quarter of 2024 compared to 2.61% in the third quarter of 2023.

Noninterest Income

Noninterest income for the third quarter of 2024 was $12.3 million compared to $9.8 million for the third quarter of 2023. This increase was due to solid growth in the Company’s fee-based business lines along with gains from SBIC funds and a $444,000 gain on the purchase of $3.0 million of the Company’s subordinated debt.

Service charges on deposit accounts increased $280,000 to $2.0 million for the third quarter of 2024 compared to $1.7 million for the third quarter in 2023. The Company undertook a review of all service charges in late 2023 and early 2024 and implemented fee increases across deposit product lines in the second quarter of 2024. Trust fees increased by $217,000 to $2.5 million at September 30, 2024, from $2.3 million at September 30, 2023. The increase was due to continued growth in the business unit. Insurance agency commissions grew to $1.4 million in the third quarter of 2024 from $1.1 million in the third quarter of 2023. The increase has been driven by strong growth in fixed annuity sales. Losses on the sale of securities totaled $403,000 in the third quarter of 2024 compared to losses on the sale of securities of $624,000 during the third quarter of 2023. Net gains on the sale of loans increased to $506,000 in the third quarter of 2024 compared to $395,000 in the third quarter of 2023. Greater saleable volume drove this increase. Other mortgage banking fee income was a loss of $168,000 for the third quarter compared to income of $185,000 during the third quarter of 2023. The decline in income was due to an impairment charge on the Company’s higher coupon mortgage servicing right tranches in the third quarter of 2024. Debit card income grew to $2.0 million in the third quarter of 2024 from $1.8 million in the third quarter of 2023 as better volumes were realized in the current period. Other noninterest income increased from $1.1 million in the third quarter of 2023 to $2.6 million in the third quarter of 2024. The Company recorded $854,000 more in SBIC income in the third quarter of 2024 compared to the same period in 2023. In addition, the Company purchased $3.0 million of its subordinated debt during the third quarter of 2024 recording a gain of $444,000. In the third quarter of 2023, the Company had no gains from the purchase of subordinated debt but instead recorded losses of $110,000 on assets held for sale.

Noninterest Expense

Noninterest expense totaled $27.1 million for the quarter ended September 30, 2024 compared to $27.7 million for the quarter ended September 30, 2023. The third quarter of 2023 included $268,000 of merger related charges. There were no merger related expenses during the third quarter of 2024. Salaries and employee benefits were $14.9 million in the third quarter of 2024 compared to $14.2 million in the third quarter of 2023. The increase was primarily driven by higher salaries associated with employee raises along with higher health care expenses. FDIC and state and local taxes decreased by $168,000 to $1.5 million for the third quarter of 2024 compared

to $1.6 million for the third quarter of 2023 due to lower FDIC premiums. Intangible amortization declined to $629,000 in the third quarter of 2024 from $725,000 for the third quarter of 2023. This decrease was driven by amortization from a prior acquisition running off. Other noninterest expense decreased $804,000 in the third quarter of 2024 to $3.4 million from $4.2 million in the third quarter of 2023. The primary reason for the decrease was due to a $785,000 charge incurred in 2023 for the settlement of a lawsuit.

Liquidity

At September 30, 2024, the Company had access to an additional $695.8 million of FHLB borrowing capacity, along with $250.0 million in available for sale securities that are available for additional pledging. The Company’s loan to deposit ratio was 75.2% at September 30, 2024 while the Company’s average deposit balance per account (excluding collateralized deposits) was $24,742 for the same period.

About Farmers National Banc Corp.

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $5.2 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 62 banking locations in Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver, Butler, Allegheny, Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford Counties in Pennsylvania, and Farmers Trust Company, which operates five trust offices and offers services in the same geographic markets. Total wealth management assets under care at September 30, 2024 are $4.0 billion. Farmers National Insurance, LLC, a wholly-owned subsidiary of The Farmers National Bank of Canfield, offers a variety of insurance products.

Non-GAAP Disclosure

This press release includes disclosures of Farmers’ tangible common equity ratio, return on average tangible assets, return on average tangible equity, net income excluding costs related to acquisition activities and certain items, return on average assets excluding merger costs and certain items, return on average equity excluding merger costs and certain items, net interest margin excluding acquisition marks and related accretion and PPP interest and fees and efficiency ratio less certain items, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures to their GAAP equivalents are included in the tables following Consolidated Financial Highlights below.

Cautionary Statements Regarding Forward-Looking Statements

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 expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in certain forward-looking statements include significant changes in near-term local, regional, and U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, and possibility of a recession; and the other factors contained in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Farmers National Banc Corp. and Subsidiaries

Consolidated Financial Highlights

(Amounts in thousands, except per share results) Unaudited


Consolidated Statements of Income	For the Three Months Ended															For the Nine Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Sept. 30,			Sept. 30,			Percent
	2024			2024			2024			2023			2023			2024			2023			Change
Total interest income	$	57,923		$	56,846		$	55,054		$	55,069		$	54,229		$	169,823		$	158,266			7.3	%
Total interest expense		26,047			24,780			23,367			22,239			20,461			74,194			53,310			39.2	%

Net interest income		31,876			32,066			31,687			32,830			33,768			95,629			104,956			-8.9	%
Provision (credit) for credit losses		7,008			1,112			(449	)		286			243			7,671			8,867			-13.5	%
Noninterest income		12,340			9,606			8,357			12,156			9,831			30,302			29,705			2.0	%
Acquisition related costs		0			0			0			452			268			0			5,022			-100.0	%
Other expense		27,075			26,403			27,039			26,520			27,448			80,517			79,802			0.9	%

Income before income taxes		10,133			14,157			13,454			17,728			15,640			37,743			40,970			-7.9	%
Income taxes		1,598			2,374			2,214			3,151			2,326			6,185			5,614			10.2	%

Net income	$	8,535		$	11,783		$	11,240		$	14,577		$	13,314		$	31,558		$	35,356			-10.7	%

Average diluted shares outstanding		37,567			37,487			37,479			37,426			37,379			37,495			37,533
Basic earnings per share		0.23			0.32			0.30			0.39			0.36			0.85			0.94
Diluted earnings per share		0.23			0.31			0.30			0.39			0.36			0.84			0.94
Cash dividends per share		0.17			0.17			0.17			0.17			0.17			0.51			0.51
Performance Ratios
Net Interest Margin (Annualized)		2.66	%		2.71	%		2.70	%		2.78	%		2.86	%		2.69	%		2.95	%
Efficiency Ratio (Tax equivalent basis)		58.47	%		60.80	%		61.54	%		57.84	%		60.11	%		60.24	%		59.70	%
Return on Average Assets (Annualized)		0.66	%		0.93	%		0.90	%		1.17	%		1.06	%		0.83	%		0.93	%
Return on Average Equity (Annualized)		8.18	%		12.15	%		11.47	%		17.98	%		14.49	%		10.51	%		12.79	%
Other Performance Ratios (Non-GAAP)
Return on Average Tangible Assets		0.69	%		0.97	%		0.93	%		1.22	%		1.09	%		0.86	%		0.97	%
Return on Average Tangible Equity		14.94	%		23.74	%		21.88	%		43.77	%		30.29	%		19.95	%		26.80	%


Consolidated Statements of Financial Condition
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2024		2024		2024		2023		2023
Assets
Cash and cash equivalents	$	189,136	$	180,987	$	148,630	$	103,658	$	93,923
Debt securities available for sale		1,293,350		1,246,730		1,270,149		1,299,701		1,210,736
Other investments		33,617		37,594		34,619		35,311		35,342
Loans held for sale		2,852		2,577		1,854		3,711		1,910
Loans		3,280,517		3,237,369		3,181,318		3,198,127		3,168,554
Less allowance for credit losses		36,186		33,991		33,159		34,440		34,753

Net Loans		3,244,331		3,203,378		3,148,159		3,163,687		3,133,801

Other assets		473,217		485,587		476,599		472,282		495,451

Total Assets	$	5,236,503	$	5,156,853	$	5,080,010	$	5,078,350	$	4,971,163

Liabilities and Stockholders’ Equity
Deposits
Noninterest-bearing	$	969,682	$	968,693	$	977,475	$	1,026,630	$	1,039,524
Interest-bearing		3,317,223		3,237,142		3,220,650		3,150,756		3,217,869
Brokered time deposits		74,932		0		0		0		254,257

Total deposits		4,361,837		4,205,835		4,198,125		4,177,386		4,511,650
Other interest-bearing liabilities		371,038		494,890		433,777		443,663		88,550
Other liabilities		63,950		59,434		51,082		52,886		54,981

Total liabilities		4,796,825		4,760,159		4,682,984		4,673,935		4,655,181
Stockholders’ Equity		439,678		396,694		397,026		404,415		315,982

Total Liabilities and Stockholders’ Equity	$	5,236,503	$	5,156,853	$	5,080,010	$	5,078,350	$	4,971,163

Period-end shares outstanding		37,574		37,575		37,546		37,503		37,489
Book value per share	$	11.70	$	10.56	$	10.57	$	10.78	$	8.43
Tangible book value per share (Non-GAAP)*		6.69		5.53		5.52		5.71		3.33

*	Tangible book value per share is calculated by dividing tangible common equity by outstanding shares


	For the Three Months Ended															For the Nine Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Sept. 30,			Sept. 30,
Capital and Liquidity	2024			2024			2024			2023			2023			2024			2023
Common Equity Tier 1 Capital Ratio (a)		10.96	%		10.94	%		10.88	%		10.61	%		10.37	%
Total Risk Based Capital Ratio (a)		14.35	%		14.42	%		14.38	%		14.06	%		13.83	%
Tier 1 Risk Based Capital Ratio (a)		11.44	%		11.43	%		11.37	%		11.10	%		10.86	%
Tier 1 Leverage Ratio (a)		8.22	%		8.26	%		8.19	%		8.02	%		7.84	%
Equity to Asset Ratio		8.40	%		7.69	%		7.82	%		7.96	%		6.36	%
Tangible Common Equity Ratio (b)		4.98	%		4.18	%		4.24	%		4.38	%		2.61	%
Net Loans to Assets		61.96	%		62.12	%		61.97	%		62.30	%		63.04	%
Loans to Deposits		75.21	%		76.97	%		75.78	%		76.56	%		70.23	%
Asset Quality
Non-performing loans	$	19,076		$	12,870		$	11,951		$	15,063		$	18,368
Non-performing assets		19,137			12,975			12,215			15,321			18,522
Loans 30 - 89 days delinquent		15,562			18,546			14,069			16,705			13,314
Charged-off loans		5,116			661			1,282			972			525			7,059			1,965
Recoveries		504			98			271			172			139			873			509
Net Charge-offs		4,612			563			1,011			800			386			6,186			1,456
Annualized Net Charge-offs to Average Net Loans		0.58	%		0.07	%		0.13	%		0.10	%		0.05	%		0.26	%		0.06	%
Allowance for Credit Losses to Total Loans		1.10	%		1.05	%		1.04	%		1.08	%		1.10	%
Non-performing Loans to Total Loans		0.58	%		0.40	%		0.38	%		0.47	%		0.58	%
Loans 30 - 89 Days Delinquent to Total Loans		0.47	%		0.57	%		0.44	%		0.52	%		0.42	%
Allowance to Non-performing Loans		189.69	%		264.11	%		277.46	%		228.64	%		189.20	%
Non-performing Assets to Total Assets		0.37	%		0.25	%		0.24	%		0.30	%		0.37	%

(a)	September 30, 2024 ratio is estimated

(b)	This is a non-GAAP financial measure. A reconciliation to GAAP is shown below


			For the Three Months Ended
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
End of Period Loan Balances	2024		2024		2024		2023		2023
Commercial real estate	$	1,372,374	$	1,348,675	$	1,339,372	$	1,335,806	$	1,295,847
Commercial		358,247		343,694		335,747		346,354		357,691
Residential real estate		852,444		849,561		836,252		843,697		842,729
HELOC		155,967		151,511		143,696		142,441		140,772
Consumer		269,231		268,606		256,846		259,784		261,136
Agricultural loans		261,773		265,035		260,425		261,288		261,738

Total, excluding net deferred loan costs	$	3,270,036	$	3,227,082	$	3,172,338	$	3,189,370	$	3,159,913


			For the Three Months Ended
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
End of Period Customer Deposit Balances	2024		2024		2024		2023		2023
Noninterest-bearing demand	$	969,682	$	968,693	$	977,474	$	1,026,630	$	1,039,524
Interest-bearing demand		1,453,288		1,380,266		1,381,383		1,362,609		1,426,349
Money market		676,664		677,058		646,308		593,975		588,043
Savings		418,771		433,166		452,949		468,890		488,991
Certificate of deposit		768,500		746,652		740,011		725,282		714,486

Total customer deposits	$	4,286,905	$	4,205,835	$	4,198,125	$	4,177,386	$	4,257,393


	For the Three Months Ended														For the Nine Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,		Sept. 30,			Sept. 30,			Sept. 30,
Noninterest Income	2024			2024			2024			2023		2023			2024			2023
Service charges on deposit accounts	$	1,992		$	1,846		$	1,583		$	1,677	$	1,712		$	5,421		$	4,646
Bank owned life insurance income, including death benefits		688			652			707			617		694			2,046			1,825
Trust fees		2,544			2,345			2,510			2,382		2,327			7,398			6,665
Insurance agency commissions		1,416			1,255			1,528			1,540		1,116			4,199			3,904
Security gains (losses), including fair value changes for equity securities		(403	)		(124	)		(2,120	)		19		(624	)		(2,647	)		(490	)
Retirement plan consulting fees		677			623			617			631		650			1,918			1,837
Investment commissions		476			478			432			589		520			1,386			1,389
Net gains on sale of loans		506			417			297			1,280		395			1,219			1,111
Other mortgage banking fee income (loss), net		(168	)		192			125			139		185			150			571
Debit card and EFT fees		1,993			1,760			1,567			1,697		1,763			5,320			5,362
Other noninterest income		2,619			162			1,111			1,585		1,093			3,892			2,885

Total Noninterest Income	$	12,340		$	9,606		$	8,357		$	12,156	$	9,831		$	30,302		$	29,705


	For the Three Months Ended										For the Nine Months Ended
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
Noninterest Expense	2024		2024		2024		2023		2023		2024		2023
Salaries and employee benefits	$	14,874	$	14,558	$	15,069	$	14,871	$	14,233	$	44,501	$	42,503
Occupancy and equipment		3,968		3,815		3,730		3,896		3,810		11,512		11,538
FDIC insurance and state and local taxes		1,480		1,185		1,345		1,484		1,648		4,010		4,365
Professional fees		1,084		1,194		1,254		1,004		1,043		3,532		3,347
Merger related costs		0		0		0		452		268		0		5,022
Advertising		435		445		431		414		492		1,312		1,379
Intangible amortization		629		630		688		578		725		1,947		2,856
Core processing charges		1,186		1,099		1,135		1,057		1,274		3,420		3,582
Other noninterest expenses		3,419		3,477		3,387		3,216		4,223		10,283		10,232

Total Noninterest Expense	$	27,075	$	26,403	$	27,039	$	26,972	$	27,716	$	80,517	$	84,824

Average Balance Sheets and Related Yields and Rates

(Dollar Amounts in Thousands)


	Three Months Ended							Three Months Ended
	September 30, 2024							September 30, 2023
	AVERAGE				YIELD/			AVERAGE				YIELD/
	BALANCE		INTEREST (1)		RATE (1)			BALANCE		INTEREST (1)		RATE (1)
EARNING ASSETS
Loans (2)	$	3,241,603	$	47,060		5.81	%	$	3,153,309	$	43,928		5.57	%
Taxable securities		1,104,264		6,761		2.45			1,132,959		6,492		2.29
Tax-exempt securities (2)		379,551		2,992		3.15			413,117		3,251		3.15
Other investments		34,873		346		3.97			42,581		487		4.57
Federal funds sold and other		130,053		1,371		4.22			78,922		751		3.81

Total earning assets		4,890,344		58,530		4.79			4,820,888		54,909		4.56
Nonearning assets		243,718							215,445

Total assets	$	5,134,062						$	5,036,333

INTEREST-BEARING LIABILITIES
Time deposits	$	753,163	$	7,584		4.03	%	$	677,291	$	5,308		3.13	%
Brokered time deposits		26,062		286		4.39			145,839		1,882		5.16
Savings deposits		1,103,269		4,372		1.59			1,099,682		2,625		0.95
Demand deposits - interest bearing		1,411,520		9,305		2.64			1,412,922		7,647		2.16

Total interest-bearing deposits		3,294,014		21,547		2.62			3,335,734		17,462		2.09
Short term borrowings		289,652		3,477		4.80			141,717		1,961		5.53
Long term borrowings		87,368		1,023		4.68			88,494		1,038		4.69

Total borrowed funds		377,020		4,500		4.77			230,211		2,999		5.21

Total interest-bearing liabilities		3,671,034		26,047		2.84			3,565,945		20,461		2.30
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand deposits - noninterest bearing		983,274							1,052,062
Other liabilities		62,427							50,726
Stockholders’ equity		417,327							367,600

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	5,134,062						$	5,036,333

Net interest income and interest rate spread			$	32,483		1.95	%			$	34,448		2.26	%

Net interest margin						2.66	%						2.86	%

(1)	Interest and yields are calculated on a tax-equivalent basis where applicable.

(2)

For 2024, adjustments of $71 thousand and $536 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2023, adjustments of $90 thousand and $590 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances.


	Nine Months Ended							Nine Months Ended
	September 30, 2024							September 30, 2023
	AVERAGE				YIELD/			AVERAGE				YIELD/
	BALANCE		INTEREST (1)		RATE (1)			BALANCE		INTEREST (1)		RATE (1)
EARNING ASSETS
Loans (2)	$	3,212,799	$	138,746		5.76	%	$	3,144,817	$	127,293		5.40	%
Taxable securities		1,108,055		19,988		2.41			1,153,804		19,697		2.28
Tax-exempt securities (2)		389,094		9,174		3.14			422,151		10,048		3.17
Other investments		34,243		1,030		4.01			40,211		1,457		4.83
Federal funds sold and other		93,601		2,740		3.90			78,224		1,911		3.26

Total earning assets		4,837,792		171,678		4.73			4,839,207		160,406		4.42
Nonearning assets		229,966							219,762

Total assets	$	5,067,758						$	5,058,969

INTEREST-BEARING LIABILITIES
Time deposits	$	741,450	$	21,865		3.93	%	$	636,939	$	13,171		2.76	%
Brokered time deposits		8,751		286		4.36			145,115		4,889		4.49
Savings deposits		1,096,788		12,087		1.47			1,128,760		6,981		0.82
Demand deposits - interest bearing		1,386,390		25,857		2.49			1,421,208		19,619		1.84

Total interest-bearing deposits		3,233,379		60,095		2.48			3,332,022		44,660		1.79
Short term borrowings		304,607		11,000		4.81			145,509		5,608		5.14
Long term borrowings		88,304		3,098		4.68			88,382		3,043		4.59

Total borrowed funds		392,911		14,098		4.78			233,891		8,651		4.93

Total interest-bearing liabilities		3,626,290		74,193		2.73			3,565,913		53,311		1.99
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand deposits - noninterest bearing	$	983,576						$	1,075,493
Other liabilities		57,577							48,936
Stockholders’ equity		400,315							368,627

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	5,067,758						$	5,058,969

Net interest income and interest rate spread			$	97,485		2.00	%			$	107,095		2.43	%

Net interest margin						2.69	%						2.95	%

(1)	Interest and yields are calculated on a tax-equivalent basis where applicable.

(2)

For 2024, adjustments of $227 thousand and $1.6 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2023, adjustments of $268 thousand and $1.9 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances.


Reconciliation of Total Assets to Tangible Assets	For the Three Months Ended										For the Nine Months Ended
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
	2024		2024		2024		2023		2023		2024		2023
Total Assets	$	5,236,503	$	5,156,853	$	5,080,010	$	5,078,350	$	4,971,163	$	5,236,503	$	4,971,163
Less Goodwill and other intangibles		188,340		188,970		189,599		190,288		191,326		188,340		191,326

Tangible Assets	$	5,048,163	$	4,967,883	$	4,890,411	$	4,888,062	$	4,779,837	$	5,048,163	$	4,779,837

Average Assets		5,134,062		5,044,516		5,023,966		4,980,314		5,058,969		5,067,758		5,058,969
Less average Goodwill and other intangibles		188,755		189,382		190,040		191,108		191,804		189,391		192,709

Average Tangible Assets	$	4,945,307	$	4,855,134	$	4,833,926	$	4,789,206	$	4,867,165	$	4,878,367	$	4,866,260


Reconciliation of Common Stockholders’ Equity to Tangible Common Equity	For the Three Months Ended										For the Nine Months Ended
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Sept. 30,		Sept. 30,
	2024		2024		2024		2023		2023		2024		2023
Stockholders’ Equity	$	439,678	$	396,694	$	397,026	$	404,415	$	315,982	$	439,678	$	315,982
Less Goodwill and other intangibles		188,340		188,970		189,599		190,288		191,326		188,340		191,326

Tangible Common Equity	$	251,338	$	207,724	$	207,427	$	214,127	$	124,656	$	251,338	$	124,656

Average Stockholders’ Equity		417,327		387,881		395,549		324,332		367,600		400,315		368,627
Less average Goodwill and other intangibles		188,755		189,382		190,040		191,108		191,804		189,391		192,709

Average Tangible Common Equity	$	228,572	$	198,499	$	205,509	$	133,224	$	175,796	$	210,924	$	175,918


Reconciliation of Net Income, Less Merger and Certain Items	For the Three Months Ended															For the Nine Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Sept. 30,			Sept. 30,
	2024			2024			2024			2023			2023			2024			2023
Net income	$	8,535		$	11,783		$	11,240		$	14,577		$	13,314		$	31,558		$	35,356
Acquisition related costs - after tax		0			0			0			358			234			0			4,037
Acquisition related provision - after tax		0			0			0			0			0			0			6,077
Employee severence - after tax		0			0			0			798			0			0			0
Lawsuit settlement expense - after tax		0			0			0			0			620			0			620
Net (gain) on loan sale - after tax		0			0			0			(723	)		0			0			0
Net loss (gain) on asset/security sales - after tax		(32	)		407			1,675			171			604			2,050			527

Net income - Adjusted	$	8,503		$	12,190		$	12,915		$	15,181		$	14,772		$	33,608		$	46,617

Diluted EPS excluding merger and certain items	$	0.23		$	0.33		$	0.34		$	0.41		$	0.40		$	0.90		$	1.24

Return on Average Assets excluding merger and certain items (Annualized)		0.66	%		0.97	%		1.03	%		1.22	%		1.17	%		0.88	%		1.23	%
Return on Average Equity excluding merger and certain items (Annualized)		8.15	%		12.57	%		13.06	%		18.72	%		16.07	%		11.19	%		16.86	%
Return on Average Tangible Equity excluding acquisition costs and certain items (Annualized)		14.88	%		24.56	%		25.14	%		45.58	%		33.61	%		21.24	%		35.33	%


Efficiency ratio excluding certain items	For the Three Months Ended															For the Nine Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Sept. 30,			Sept. 30,
	2024			2024			2024			2023			2023			2024			2023
Net interest income, tax equated	$	32,483		$	32,661		$	32,341		$	33,494		$	34,448		$	97,485		$	107,095
Noninterest income		12,340			9,606			8,357			12,156			9,831			30,302			29,705
Net (gain) on loan sale		0			0			0			(915	)		0			0			0
Net loss (gain) on asset/security sales		(41	)		515			2,120			217			764			2,594			667

Net interest income and noninterest income adjusted		44,782			42,782			42,818			44,952			45,043			130,381			137,467
Noninterest expense less intangible amortization		26,446			25,773			26,351			26,394			26,991			78,570			81,968
Legal settlement expense		0			0			0			0			785			0			785
Employee severence		0			0			0			1,010			0			0			0
Acquisition related costs		0			0			0			452			268			0			5,022

Noninterest expense adjusted		26,446			25,773			26,351			24,932			25,938			78,570			76,161

Efficiency ratio excluding certain items		59.05	%		60.24	%		61.54	%		55.46	%		57.58	%		60.26	%		55.40	%


Net interest margin excluding acquisition marks and PPP interest and fees	For the Three Months Ended															For the Nine Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Sept. 30,			Sept. 30,
	2024			2024			2024			2023			2023			2024			2023
Net interest income, tax equated	$	32,483		$	32,661		$	32,341		$	33,494		$	34,448		$	97,485		$	107,095
Acquisition marks		2,123			2,391			2,370			2,475			2,959			6,884			8,471
PPP interest and fees		0			1			1			1			1			2			4

Adjusted and annualized net interest income		121,440			121,076			119,880			124,072			125,952			120,799			131,493

Average earning assets		4,890,344			4,825,532			4,796,922			4,816,409			4,820,888			4,837,792			4,839,207

Less PPP average balances		118			171			213			229			247			167			262

Adjusted average earning assets		4,890,226			4,825,361			4,796,709			4,816,180			4,820,641			4,837,625			4,838,945

Net interest margin excluding marks and PPP interest and fees		2.48	%		2.51	%		2.50	%		2.58	%		2.61	%		2.50	%		2.72	%

Exhibit 99.2 Q3 2024 Investor Presentation NASDAQ: FMNB

Disclosure Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, asset quality trends and profitability of Farmers National Banc Corp. (“Farmers”). Forward-looking statements are not historical facts but instead express only management’s current expectations and forecasts of future events or long-term-goals, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from those indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in the forward-looking statements include significant changes in near-term local, regional, and U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, and possibility of a recession; and the other factors contained in Farmers’ periodic reports and registration statements filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on Farmers’ website (www.farmersbankgroup.com) and on the Securities and Exchange Commission’s website (www.sec.gov). Forward- looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers undertakes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise. Use of Non-GAAP Financial Measures This presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures include “Core Deposits” and “Tangible Common Equity ratio.” Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of Farmers’ deposit profile and capital. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of “Core Deposits” and “Tangible Common Equity ratio,” this presentation may not be comparable to other similarly titled measures as calculated by other companies. 2

About Farmers National Banc Corp. • $5.2 billion in banking assets • $4.0 billion in wealth management assets under care • $0.68 (4.4%) annualized dividend yield* • Named a Best Employer in Ohio the past 2 years** • Founded in 1887 • 167 consecutive quarters of profitability • Strong and diverse franchise currently operating • 62 banking locations throughout Ohio and Pennsylvania • Growth plan focused on combining big bank capabilities with local bank service *Stock data as of October 17, 2024 3 **Source: Best Companies Group

Local, Established & Experienced Leadership Team Kevin Helmick (52) Troy Adair (58) Amber Wallace (58) Michael Matuszak (56) Timothy Shaffer (62) President & Senior Executive Vice President, Senior Executive Vice President, Senior Executive Vice President, Senior Executive Vice President, Chief Executive Officer Chief Financial Officer Chief Retail/Marketing Officer Chief Operating Officer Chief Credit Officer Mark Wenick (64) Brian Jackson (55) Michael Oberhaus (49) Mark Nicastro (53) William Shivers (63) Senior Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Senior Vice President, Chief Chief Wealth Management Officer Chief Information Officer Chief Risk Officer Chief Human Resources Officer Commercial Lending Officer Training Talent Acquisition Robust Succession Planning Alignment with Shareholders • Farmers Academy • Comprehensive recruitment • Annual review • Structure of STI and LTI programs program encourages sound business • In-house leadership/management • Multi-layered approach practices and appropriate levels of training program • High percentage of referrals come focused on core competencies of risk management from our employees position • Ohio Bankers League Bank • Recognition as Best Employer in − Linked to annual performance Management School • Retention of key executives Ohio in 2019, 2020, 2022 as voted appraisal and development plan by our employees* − Current executive team has been • Executive succession planning with the bank for over nine years • Key metrics of success reflected in reviewed at holding company consistent results board level 4 * Source: Best Companies Group

Farmers Strategic Vision Leveraging our History with Modern Banking Technologies to Support our Future Drive Financial Excellence Invest in our Franchise • Leverage technology • Strive for performance metrics in top quartile ranking vs. peer group • Drive efficiencies through Six Sigma operating framework • Focus on growing noninterest income • Strive to be customer centric and provide exceptional experiences • Proactive capital management • Assure Farmers is the best place to work • Maintain financial strength • Continued pursuit of organic and M&A opportunities • Prudent risk management and focus on asset quality 5

Proven Acquisition History and Strategy Long-term strategy of value-enhancing acquisitions $6,000 Emclaire Seven acquisitions in the Financial (2023) past eight years $5,000 Cortland Bancorp (2021) Target franchises with similar culture, compelling reputation, and strong $4,000 Maple Leaf customer base (2020) Bowers Insurance (2016) $3,000 Focus on businesses that support cross Farmers National sell opportunities and diversify footprint Trust Bancshares Company into compelling banking markets (2015) Private Client (2009) Services $2,000 (2012) Farmers Monitor National Bancorp Insurance (2017) Manageable initial tangible book value (2008) dilution st $1,000 Tri-state 1 Banc National (2015) Associates (2013) $- Reasonable price with a currency mix of 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 cash and stock Assets Wealth Management Assets • Graph in millions 6 • As of September 30, 2024

Financial Performance NASDAQ: FMNB

Balance Sheet Strengths (1) 9/30/24 12/31/23 9/30/23 Customer Deposits* $4.3 billion $4.2 billion $4.3 billion Cash Balances $189.1 million $103.7 million $93.3 million (1) Loan-to-Deposit Ratio 75.2% 76.6% 70.2% Nonperforming Loans to Total Loans 0.58% 0.47% 0.58% Allowance to Nonperforming Loans 189.7% 228.6% 189.2% *Excludes Brokered Time Deposits. 7

Core Results Overview Core Net Income $62,316 $63,994 $61,798 $65,000 • Core EPS remains strong through challenging environments $55,000 • Robust fee businesses provide stability $44,461 $45,000 $33,608 $35,000 $25,000 $15,000 $5,000 2020 2021 2022 2023 YTD 9/30/2024 Core EPS Core Return on Assets $2.50 1.83% $2.13 1.55% 1.54% $1.89 $2.00 $1.65 $1.57 1.23% $1.50 0.88% $0.90 $1.00 $0.50 $0.00 2020 2021 2022 2023 YTD 9/30/2024 2020 2021 2022 2023 YTD 9/30/2024 8 Core items exclude the impact of acquisition related provision and other items. See Non-GAAP reconciliation in appendix.

Loan Portfolio Overview Overview Rate Type Segments • Total loans $3.3 billion Variable, 15% • Diverse loan mix • Farmers’ practice is to lend primarily within its market area Fixed, 52% Adjustable, 33% Total Loans (in millions) Net Loans to Assets $3,500.00 66.9% $3,000.00 62.3% 62.0% 58.3% $2,500.00 55.6% $2,000.00 $1,500.00 $1,000.00 $500.00 $0.00 2020 2021 2022 2023 9/30/2024 2020 2021 2022 2023 9/30/2024 CRE C&I Agricultural Residential Mortgage Consumer 9

CRE Overview CRE Breakdown Construction, • Well diversified portfolio 9% Owner • Strong credit culture Occupied, 29% Multifamily, 12% • Independent loan review Non-owner Occupied, 50% CRE Categories Loans by Industry Type 8% Category Balance % of CRE % of Port 11% Retail $ 339,876 25% 10% Office $ 188,297 14% 6% Commercial Real Estate 42% Warehouse/Industrial $ 185,107 13% 6% Residential Real Estate Multifamily $ 168,528 12% 5% Consumer 13% Medical $ 149,113 11% 5% Commercial & Industrial Special Purpose $ 91,306 7% 3% Agricultural Restaurant $ 53,816 4% 2% Multifamily - Construction $ 61,214 4% 2% 26% Hotel $ 44,729 3% 1% Remainder $ 89,318 7% 3% Total $ 1,371,304 10

Asset Quality Trends Overview Annualized Net Charge-Offs to Avg. Net Loans • Early-stage delinquencies were $15.6 million, or 0.47% of total 0.26% loans at September 30, 2024, compared to $16.7 million, or 0.52% of total loans at December 31, 2023 • Conservative underwriting practices 0.11% • Sound reserve levels under CECL 0.07% 0.07% 0.04% 2020 2021 2022 2023 YTD 9/30/2024 NPLs/Total Loans & Leases ($ in thousands) ACL to Total Loans 1.26% $25,000 0.90% 0.80% $20,000 0.70% 0.60% $15,000 1.12% 0.50% 1.10% 0.40% 1.08% $10,000 1.07% 0.30% 0.20% $5,000 0.10% $- 0.00% 2020 2021 2022 2023 9/30/2024 2020 2021 2022 2023 9/30/2024 NPLs NPLs / Total Loans 11

Securities Portfolio Overview CMOs, 8.7% Mortgage Corporates, 1.6% • All of the Investment securities portfolio is categorized as Backed available for sale Securities U.S. Government, 39.6% 9.3% • All MBS and CMOs are U.S. government agency issued • All municipal securities are investment grade, majority with credit enhancements • The duration of the available for sale securities portfolio is 6.7 years at September 30, 2024 • Assuming no changes to interest rates, the AOCI is expected to have accretion of approximately $23.1 million, or 12.2% over the next four quarters • Over the next three years, the AOCI is expected to have accretion of approximately $66.9 million, or 35.4%, assuming no changes to interest rates Municipals, 40.8% 12

Deposit Trends Customer Deposit Composition (in millions) Overview • We are proud to say our bank is built on core deposits $4,500 • Total customer deposits: $4.3 billion $4,000 • Noninterest-bearing stood at 22.6% of total deposits $3,500 $3,000 $2,500 Customer Deposit Composition (in millions) $2,000 $4,000 $1,500 $3,151 $3,317 $3,000 $1,000 $2,000 $500 $1,026 $970 $1,000 $0 $- 2020 2021 2022 2023 9/30/2024 31-Dec-23 30-Sep-24 Noninterest-Bearing Interest-Bearing Demand Money Market Savings Time Deposits Noninterest-bearing Interest-bearing 13

Liquidity Farmers National Banc Corp. has the following sources of liquidity at the holding company as of September 30, 2024: • $54.8 million of cash and equivalents • $5.0 million in unsecured lines of credit with a zero balance Farmers National Bank has the following sources of liquidity as of September 30, 2024: • $187.3 million of cash and equivalents • $695.8 million of additional borrowing capacity at the FHLB • $25.0 million of unsecured lines of credit with a zero balance • $250.0 million of available for sale securities that are not pledged • Brokered CDs • Securities roll-off of approximately $98.4 million in next 12 months 14

Net Interest Income and NIM Trends Overview Net Interest Income (in thousands) $160,000 • Focused on growing loans to manage net interest margin $140,000 • Managing cost of funds and deposit betas through rising rate $120,000 environment $100,000 $80,000 $60,000 $40,000 $20,000 2020 2021 2022 2023 YTD 9/30/2024 Net Interest Margin (annualized) Loans to Deposits 3.70% 90.00% 3.45% 3.18% 80.00% 2.91% 2.69% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2020 2021 2022 2023 YTD 9/30/2024 2020 2021 2022 2023 9/30/2024 15

Noninterest Income Trends Overview Total Noninterest Income* (in thousands) $50,000 • Robust Trust, Wealth Management and Insurance businesses $40,000 • Diverse revenue sources • Working to increase noninterest income to total revenue $30,000 $20,000 $10,000 $- 2020 2021 2022 2023 YTD 9/30/2024 Noninterest Income to Total Revenue* Components of Noninterest Income* (in thousands) $40,000 27.3% 26.1% 25.6% $35,000 22.9% 22.4% $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $- 2020 2021 2022 2023 YTD 9/30/2024 2020 2021 2022 2023 YTD 9/30/2024 Wealth Mortgage Banking Svc Chgs/Debit Fees Other 16 *Noninterest income in 2022 excludes $8.4 million in income related to the proceeds of a one-time legal settlement. In 2023, it excludes $915,000 related to the gain recognized on the sale of commercial loans and in 2024, it excludes $2.6 million loss on sale of securities and other assets. See Non-GAAP reconciliation in appendix.

Noninterest Expense Trends 1) (1) Overview Noninterest Expense to Average Assets • Overall focus on driving efficiencies 2.43% • The Company has a number of process improvement projects 2.12% 2.07% 2.05% 1.98% underway. • Track record of prudent expense management 2020 2021 2022 2023 YTD 9/30/2024 (2) (1) Noninterest Expense (in thousands) Efficiency Ratio $120,000 60.3% $100,000 55.4% 49.4% 49.0% 46.3% $80,000 $60,000 $40,000 $20,000 $- 2020 2021 2022 2023 YTD 9/30/24 2020 2021 2022 2023 YTD 9/30/2024 (1) Ratios adjusted for certain items. See Non-GAAP reconciliation in appendix. 17 (2) All periods adjusted for certain items. See Non-GAAP reconciliation in appendix.

Capital Overview Tangible Equity to Tangible Assets • All regulatory capital ratios above well-capitalized threshold 8.95% 9.44% 9.30% • Announced 1,000,000 share repurchase program in Q1 2023 7.57% 7.68% • Strong dividend payout 9.94% 9.15% 4.98% 4.38% 4.79% 2020 2021 2022 2023 9/30/2024 Tangible Equity to Tangible Assets Tangible Equity less AOCI to Tangible Assets Less Unrealized Gains (Losses) Total Risk Based Capital Tier 1 Leverage Ratio 17.79% 17.60% 10.12% 9.84% 9.77% 14.72% 14.35% 14.08% 8.22% 8.02% 2020 2021 2022 2023 9/30/2024* 2020 2021 2022 2023 9/30/2024* * Estimate 18

Appendix – Non GAAP Reconciliations 2020 2021 2022 2023 9/30/2024 Net income $ 41,876 $ 51,844 $ 60,597 $ 49,932 $ 3 1,558 Acquisition related costs - after tax 2,585 5,731 3,290 4,395 - Acquisition related provision - after tax - 3,846 - 6,077 - Employee severance - - - 798 - Law suit settlement income - after tax - - (6,616) - - Law suit settlement contingent legal expense - after tax - - 1,639 620 - Charitable donation - after tax - - 4,740 - - FHLB prepayment penalties - after tax 666 1,682 - - - Net loss (gain) on asset/security sales - after tax 404 (598) 344 ( 723) 2,050 Gain on sale of non-mortgage loans - after tax - (189) - 698 - Core net income $ 45,531 $ 62,316 $ 63,994 $ 61,797 $ 3 3,608 Reported diluted EPS $ 1.47 $ 1.77 $ 1.79 $ 1.33 $ 0 .84 Core diluted EPS $ 1.60 $ 2.13 $ 1.89 $ 1.65 $ 0 .90 Reported return on average assets (annualized) 1.46% 1.52% 1.46% 0.99% 0.83% Core return on average assets (annualized) 1.59% 1.83% 1.54% 1.23% 0.88% Net interest income, reported $ 96,191 $ 107,990 $ 124,166 $ 137,786 $ 9 5,629 Net interest income, tax equated $ 98,582 $ 110,835 $ 127,530 $ 140,588 $ 9 7,485 Noninterest income 36,161 38,193 44,202 41,861 3 0,302 Legal settlement income - - (8,375) - - Net loss (gain) on asset/security sales 511 (757) 435 883 2,594 Net (gain) on commercial loan sale - - - - - Gain on sale of non-mortgage loans - (239) - ( 915) - Adjusted noninterest income 36,672 37,197 36,262 41,829 3 2,896 Net interest income and noninterest income adjusted 135,254 148,032 163,792 182,417 1 30,381 Noninterest expense less intangible amortization 70,001 77,817 92,438 108,361 7 8,570 Charitable donation - - 6,000 - - Contingent legal settlement expense - - 2,075 785 - Employee severance - - - 1,010 - Acquisition related costs 3,223 7,109 4,070 5,475 - FHLB prepayment penalties - 2,129 - - - Adjusted noninterest expense 66,778 68,579 80,293 101,091 7 8,570 Reported efficiency ratio (tax equivalent basis) 52.55% 51.13% 53.68% 59.24% 60.24% 19 Efficiency ratio excluding certain items 49.37% 46.33% 49.02% 55.42% 60.26%

Appendix – Non GAAP Reconciliations 2020 2021 2022 2023 9/30/2024 Total assets $ 3,071,148 $ 4,142,749 $ 4,082,200 $ 5,078,350 $ 5,236,503 Less goodw ill and other intangibles 49,617 102,606 101,666 190,287 1 88,340 Tangible Assets $ 3,021,531 $ 4,040,143 $ 3,980,534 $ 4,888,063 $ 5,048,163 Gross unrealized losses $ 27,889 $ 11,718 $ (266,487) $ ( 217,140) $ (189,448) Tangible assets less gross unrealized gains (losses) $ 2,993,642 $ 4,028,425 $ 4,247,021 $ 5,105,203 $ 5,237,611 Stockholders' Equity $ 350,097 $ 472,432 $ 292,295 $ 404,415 $ 4 39,678 Less goodw ill and other intangibles 49,617 102,606 101,666 190,287 1 88,340 Tangible common equity 300,480 369,826 190,629 214,128 2 51,338 Accumulated othe comprehensive income (loss) (AOCI) 22,032 9,295 (210,490) ( 172,554) (150,951) Tangible common equity less AOCI $ 278,448 $ 360,531 $ 401,119 $ 386,682 $ 4 02,289 Equity to assets 11.40% 11.40% 7.16% 7.96% 8.40% Tangible equity to tangible assets 9.94% 9.15% 4.79% 4.38% 4.98% Tangible equity less AOCI to tangible assets less gross unrealized gains (losses) 9.30% 8.95% 9.44% 7.57% 7.68% 20

Document and Entity Information	Oct. 23, 2024
Cover [Abstract]
Entity Registrant Name	FARMERS NATIONAL BANC CORP /OH/
Amendment Flag	false
Entity Central Index Key	0000709337
Document Type	8-K
Document Period End Date	Oct. 23, 2024
Entity Incorporation State Country Code	OH
Entity File Number	001-35296
Entity Tax Identification Number	34-1371693
Entity Address, Address Line One	20 South Broad Street
Entity Address, Address Line Two	P.O. Box 555
Entity Address, City or Town	Canfield
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44406-0555
City Area Code	(330)
Local Phone Number	533-3341
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, No Par Value
Trading Symbol	FMNB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false