Revenue growth accelerated to 26.5% in 2026Q1, though net interest margins remain constrained within a narrow 0.6% to 0.7% range due to ongoing deposit pricing pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 149.9M | 142.44M | 126.92M | 135.8M | 123.3M | 107.49M | 95.65M | 81.75M | 77.85M | 73.11M | 67.61M | 49.45M | 36.15M | 35.7M | 36.69M | 36.4M | 37.18M | 32.97M | 26.08M | 23.64M | 23.9M | 27.25M | 29M | 29.74M | 26.72M | 24.68M | 24.29M | 17.9M | 16.49M | 15.45M | 14.12M |
| NII Growth % | 63.28% | 12.23% | -6.54% | 10.14% | 14.7% | 12.38% | 17% | 5.01% | 6.48% | 8.14% | 36.71% | 36.81% | 1.25% | -2.7% | 0.8% | -2.09% | 12.78% | 26.4% | 10.3% | -1.06% | -12.28% | -6.05% | -2.48% | 11.29% | 8.26% | 1.61% | 35.71% | 8.54% | 6.76% | 9.39% | 15.06% |
| Net Interest Margin % | 2.09% | 2.72% | 2.48% | 2.67% | 3.02% | 2.59% | 3.11% | 3.34% | 3.34% | 3.39% | 3.44% | 2.64% | 3.18% | 3.14% | 3.22% | 3.41% | 3.78% | 3.25% | 2.96% | 2.96% | 2.91% | 3.29% | 3.55% | 3.66% | 3.57% | 3.76% | 3.88% | 4.15% | 4.11% | 4.19% | 4.18% |
| Interest Income | 242.68M | 233.79M | 226.28M | 211.35M | 141.22M | 115.96M | 111.78M | 101.36M | 91.11M | 79.99M | 71.98M | 53.54M | 40.73M | 40.76M | 42.9M | 44.24M | 48.18M | 49.51M | 46.03M | 45.54M | 44.1M | 42.48M | 41.77M | 43.67M | 44.01M | 45.69M | 45.84M | 30.5M | 29.23M | 27.58M | 24.88M |
| Interest Expense | 92.79M | 91.35M | 99.36M | 75.55M | 17.92M | 8.47M | 16.14M | 19.61M | 13.27M | 6.88M | 4.38M | 4.09M | 4.58M | 5.06M | 6.21M | 7.84M | 11M | 16.55M | 19.95M | 21.89M | 20.2M | 15.24M | 12.77M | 13.93M | 17.29M | 21M | 21.55M | 12.6M | 12.74M | 12.13M | 10.76M |
| Loan Loss Provision | 6.24M | 7.07M | 7.97M | 9.15M | 1.12M | 4.89M | 9.1M | 2.45M | 3M | 3.35M | 3.87M | 3.51M | 1.88M | 1.29M | 725K | 3.65M | 8.08M | 6.05M | 1.42M | 570K | 200K | 649K | 915K | 870K | 1.08M | 1.08M | 865K | 800K | 840K | 855K | 655K |
| Non-Interest Income | 40.45M | 38.03M | 43.17M | 43.85M | 36.7M | 38.69M | 36.7M | 28.67M | 26.15M | 24.59M | 23.76M | 18.59M | 15.49M | 14.11M | 12.78M | 12.73M | 13.4M | 9.72M | 5.72M | 5.28M | 5.13M | 4.39M | 3.76M | 2.98M | 3.19M | 3.42M | 2.99M | 1.6M | -13.95M | -12.82M | -11.99M |
| Non-Interest Income % | 14.29% | 13.99% | 16.02% | 17.18% | 20.63% | 25.02% | 24.72% | 22.05% | 22.3% | 23.51% | 24.82% | 25.78% | 27.56% | 25.71% | 22.96% | 22.35% | 21.76% | 16.42% | 11.05% | 10.39% | 10.43% | 9.36% | 8.26% | 6.38% | 6.76% | 6.96% | 6.13% | 4.98% | -91.35% | -86.93% | -93% |
| Total Revenue | 283.13M | 271.83M | 269.45M | 255.2M | 177.91M | 154.65M | 148.49M | 130.03M | 117.27M | 104.58M | 95.74M | 72.13M | 56.22M | 54.87M | 55.69M | 56.97M | 61.58M | 59.24M | 51.74M | 50.82M | 49.23M | 46.87M | 45.53M | 46.65M | 47.2M | 49.1M | 48.83M | 32.1M | 15.27M | 14.75M | 12.89M |
| Revenue Growth % | 13.79% | 0.88% | 5.58% | 43.44% | 15.04% | 4.15% | 14.2% | 10.88% | 12.13% | 9.23% | 32.73% | 28.31% | 2.45% | -1.46% | -2.26% | -7.47% | 3.95% | 14.48% | 1.82% | 3.22% | 5.05% | 2.93% | -2.39% | -1.17% | -3.87% | 0.55% | 52.13% | 110.16% | 3.54% | 14.45% | 14.06% |
| Non-Interest Expense | 115.44M | 108.36M | 106.69M | 111.8M | 86.04M | 79.18M | 72.98M | 64.89M | 62.72M | 61.19M | 59.45M | 53.98M | 38.16M | 39.06M | 35.76M | 33.73M | 30.96M | 29.73M | 23.72M | 21.25M | 19.62M | 20.21M | 22.17M | 18.37M | 17.56M | 16.82M | 18.02M | 10.7M | -5.84M | -5.17M | -4.58M |
| Efficiency Ratio | 40.77% | 39.86% | 39.6% | 43.81% | 48.36% | 51.2% | 49.15% | 49.91% | 53.48% | 58.51% | 62.1% | 74.83% | 67.88% | 71.18% | 64.22% | 59.2% | 50.29% | 50.19% | 45.85% | 41.82% | 39.85% | 43.13% | 48.69% | 39.38% | 37.21% | 34.25% | 36.91% | 33.33% | -38.21% | -35.07% | -35.56% |
| Operating Income | 68.67M | 65.05M | 55.43M | 58.7M | 72.83M | 62.11M | 50.27M | 43.08M | 38.28M | 33.16M | 28.04M | 10.55M | 11.6M | 9.46M | 12.99M | 11.76M | 11.54M | 6.91M | 6.65M | 7.1M | 9.21M | 10.77M | 9.68M | 13.47M | 11.27M | 10.2M | 8.4M | 8M | 7.53M | 6.94M | 6.06M |
| Operating Margin % | 24.25% | 23.93% | 20.57% | 23% | 40.94% | 40.16% | 33.86% | 33.13% | 32.65% | 31.71% | 29.29% | 14.63% | 20.63% | 17.25% | 23.32% | 20.64% | 18.73% | 11.67% | 12.86% | 13.97% | 18.72% | 22.98% | 21.25% | 28.88% | 23.88% | 20.78% | 17.19% | 24.92% | 49.33% | 47.06% | 47.03% |
| Operating Income Growth % | - | 17.35% | -5.57% | -19.41% | 17.26% | 23.56% | 16.71% | 12.52% | 15.45% | 18.25% | 165.7% | -8.99% | 22.55% | -27.13% | 10.45% | 1.93% | 66.91% | 3.89% | -6.32% | -22.93% | -14.45% | 11.32% | -28.2% | 19.55% | 10.46% | 21.53% | 4.95% | 6.19% | 8.53% | 14.53% | 15.98% |
| Pretax Income | 68.67M | 65.05M | 55.43M | 58.7M | 72.83M | 62.11M | 50.27M | 43.08M | 38.28M | 33.16M | 28.04M | 10.55M | 11.6M | 9.46M | 12.99M | 11.76M | 11.54M | 6.91M | 6.65M | 7.1M | 9.21M | 10.77M | 9.68M | 13.47M | 11.27M | 10.2M | 8.4M | 8M | 7.53M | 6.94M | 6.06M |
| Pretax Margin % | 24.25% | 23.93% | 20.57% | 23% | 40.94% | 40.16% | 33.86% | 33.13% | 32.65% | 31.71% | 29.29% | 14.63% | 20.63% | 17.25% | 23.32% | 20.64% | 18.73% | 11.67% | 12.86% | 13.97% | 18.72% | 22.98% | 21.25% | 28.88% | 23.88% | 20.78% | 17.19% | 24.92% | 49.33% | 47.06% | 47.03% |
| Income Tax | 11.39M | 10.46M | 9.48M | 8.77M | 12.24M | 10.27M | 8.4M | 7.32M | 5.71M | 10.45M | 7.49M | 2.5M | 2.63M | 1.68M | 3.06M | 2.54M | 2.54M | 1.07M | 987K | 1.18M | 2M | 2.71M | 2.49M | 3.96M | 3.34M | 2.91M | 2.65M | 2.5M | 2.42M | 2.2M | 1.93M |
| Effective Tax Rate % | 16.59% | 16.08% | 17.1% | 14.93% | 16.8% | 16.53% | 16.7% | 16.98% | 14.93% | 31.51% | 26.69% | 23.68% | 22.7% | 17.79% | 23.52% | 21.6% | 22.05% | 15.47% | 14.84% | 16.56% | 21.7% | 25.16% | 25.78% | 29.39% | 29.61% | 28.56% | 31.54% | 31.25% | 32.11% | 31.69% | 31.84% |
| Net Income | 57.27M | 54.59M | 45.95M | 49.93M | 60.6M | 51.84M | 41.88M | 35.76M | 32.57M | 22.71M | 20.56M | 8.05M | 8.96M | 7.78M | 9.93M | 9.22M | 8.99M | 5.84M | 5.67M | 5.92M | 7.21M | 8.06M | 7.18M | 9.52M | 7.93M | 8.66M | 7.66M | 5.5M | 5.12M | 4.74M | 4.13M |
| Net Margin % | 20.23% | 20.08% | 17.05% | 19.57% | 34.06% | 33.52% | 28.2% | 27.5% | 27.77% | 21.72% | 21.47% | 11.17% | 15.95% | 14.18% | 17.84% | 16.18% | 14.6% | 9.86% | 10.95% | 11.66% | 14.66% | 17.2% | 15.77% | 20.4% | 16.81% | 17.63% | 15.68% | 17.13% | 33.49% | 32.14% | 32.05% |
| Net Income Growth % | 18.61% | 18.8% | -7.98% | -17.6% | 16.88% | 23.8% | 17.1% | 9.8% | 43.41% | 10.48% | 155.21% | -10.15% | 15.23% | -21.67% | 7.75% | 2.52% | 53.9% | 3.12% | -4.39% | -17.88% | -10.48% | 12.24% | -24.53% | 19.93% | -8.37% | 13.09% | 39.22% | 7.53% | 7.87% | 14.78% | 15.52% |
| Net Income (Continuing) | 57.27M | 54.59M | 45.95M | 49.93M | 60.6M | 51.84M | 41.88M | 35.76M | 32.57M | 22.71M | 20.56M | 8.05M | 8.96M | 7.78M | 9.93M | 9.22M | 8.99M | 5.84M | 5.67M | 5.92M | 7.21M | 8.06M | 7.18M | 9.52M | 7.93M | 7.29M | 5.75M | 5.5M | 5.12M | 4.74M | 4.13M |
| EPS (Diluted) | 1.28 | 1.45 | 1.22 | 1.33 | 1.79 | 1.77 | 1.47 | 1.28 | 1.16 | 0.82 | 0.76 | 0.36 | 0.48 | 0.41 | 0.53 | 0.50 | 0.66 | 0.44 | 0.43 | 0.46 | 0.55 | 0.62 | 0.55 | 0.74 | 0.62 | 0.57 | 0.46 | 0.66 | 0.63 | 0.61 | 0.52 |
| EPS Growth % | 13.28% | 18.85% | -8.27% | -25.7% | 1.13% | 20.41% | 14.84% | 10.34% | 41.46% | 7.89% | 111.11% | -25% | 17.07% | -22.64% | 6% | -24.24% | 50% | 2.33% | -6.52% | -16.36% | -11.29% | 12.73% | -25.68% | 19.35% | 8.77% | 23.91% | -30.3% | 4.76% | 3.28% | 17.31% | 15.56% |
| EPS (Basic) | - | 1.46 | 1.23 | 1.34 | 1.79 | 1.78 | 1.48 | 1.29 | 1.18 | 0.82 | 0.76 | 0.36 | 0.48 | 0.41 | 0.53 | 0.50 | 0.66 | 0.44 | 0.43 | 0.46 | 0.55 | 0.62 | 0.56 | 0.74 | 0.62 | 0.57 | 0.46 | 0.66 | 0.63 | 0.61 | 0.52 |
| Diluted Shares Outstanding | 44.87M | 37.63M | 37.51M | 37.5M | 33.93M | 29.28M | 28.39M | 27.88M | 27.97M | 27.62M | 27M | 22.68M | 18.68M | 18.77M | 18.79M | 18.27M | 13.56M | 13.36M | 13.1M | 13M | 13.12M | 13M | 13.06M | 12.94M | 12.9M | 15.06M | 8.32M | 8.32M | 8.11M | 7.84M | 7.94M |
Geographic and CRE concentration
According to the latest quarterly financial data, FMNB achieved a significant NII growth rate of 26.5% in 2026Q1, marking a sharp departure from the negative growth trends observed throughout 2024 and suggesting a potential inflection point in the bank's interest-earning asset generation and funding cost management.
The recent surge in NII suggests that the bank may be successfully repricing its loan portfolio or benefiting from the integration of recent acquisitions. Investors should monitor whether this growth is sustainable or if it reflects temporary accounting adjustments that could normalize in subsequent quarters.
As reported in the company's income statement, the net interest margin has remained stagnant at 0.6% to 0.7% over the last ten quarters, indicating that competitive pressures on deposit pricing continue to offset the potential yield benefits derived from the current interest rate environment.
The inability to expand NIM despite rising NII suggests that the cost of funding is rising in lockstep with asset yields. This structural constraint warrants further investigation into the bank's deposit beta and its ability to retain low-cost core deposits in a highly competitive regional market.
Based on the provided financial statements, FMNB's efficiency ratio has fluctuated between 37.8% and 44.7% over the past two years, reflecting the operational challenges of integrating new acquisitions while maintaining the high-touch service model required for its trust and insurance business segments.
The variability in the efficiency ratio suggests that management is still navigating the cost structure of its expanded footprint. Maintaining a ratio below 40% appears critical for the bank to demonstrate meaningful operating leverage as it scales its non-interest income streams.
Data from the income statement indicates that non-interest income as a percentage of total revenue reached a peak of 18.9% in 2023Q4, though it has since moderated to 7.9% in 2026Q1, highlighting the inherent lumpiness of commission-based revenue streams in the trust and insurance divisions.
While these fee-based services are intended to provide a hedge against interest rate cycles, the recent decline in fee contribution suggests potential sensitivity to market conditions or seasonal renewal patterns. Investors should monitor whether this decline represents a structural shift or merely a temporary timing variance.
As indicated by the quarterly filings, provision expense has swung from a $7.0 million charge in 2024Q3 to a $1.0 million credit in 2026Q1, reflecting significant volatility in the bank's assessment of credit risk and the potential impact of CECL modeling on reported earnings.
This erratic provisioning behavior may imply that the bank is highly sensitive to macroeconomic assumptions regarding its regional CRE exposure. The shift to a credit in the most recent quarter warrants caution, as it may mask underlying asset quality deterioration in the loan portfolio.
Quick answers to the most common questions about buying FMNB stock.
Farmers National Banc Corp. (FMNB) is profitable, generating $54.6M in net income for the fiscal year ending 2025 with a net profit margin of 20.1%.
Farmers National Banc Corp. (FMNB) reported an operating income of $65.0M, resulting in an operating profit margin of 23.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Farmers National Banc Corp. (FMNB) generated $173.4M in gross profit for the year, representing a gross profit margin of 63.8%. This demonstrates the company's core pricing power and production efficiency.