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): July 24, 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 July 24, 2024, Farmers National Banc Corp. (the “Company”) announced earnings for the quarter ended June 30, 2024. A copy of the press release and certain financial information for that period is attached as Exhibit 99.1 hereto and incorporated by reference herein.

Also on July 24, 2024, the Company first provided investors with a supplemental presentation regarding first 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 are 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 July 24, 2024, the Company first provided investors with a supplemental presentation regarding first 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 July 24, 2024

99.2		Investor Presentation, dated July 24, 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: July 24, 2024

Exhibit 99.1

July 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. REPORTS

EARNINGS FOR SECOND QUARTER OF 2024

•

Earnings per diluted share of $0.31 ($0.33 excluding certain items, non-GAAP) for the second quarter of 2024

•

166 consecutive quarters of profitability

•

Sequential net interest margin stabilization and expansion

•

Loan growth of $56.1 million, or 7.0% annualized, for the second quarter of 2024

•

Strong asset quality as non-performing loans to total loans were 0.40% at June 30, 2024

CANFIELD, Ohio (July 24, 2024) – Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today announced net income of $11.8 million, or $0.31 per diluted share, for the three months ended June 30, 2024, compared to $15.0 million, or $0.40 per diluted share, for the three months ended June 30, 2023. Net income for the second quarter of 2024 included pretax items of $515,000 for the loss on the sale of investment securities and write downs on certain other assets held for sale. Excluding these items (non-GAAP), net income for the second quarter of 2024 was $12.2 million, or $0.33 per diluted share.

Kevin J. Helmick, President and CEO, stated “Our second quarter financial results are encouraging as we experienced strong loan growth along with sequential improvement in net interest income. We are pleased that asset quality also continues to be a source of strength. Over the near term, we remain focused on supporting the financial needs of our communities, while ensuring the Company is well positioned to create long-term value for our shareholders.”

Balance Sheet

Total assets were $5.16 billion at June 30, 2024, up from $5.08 billion at March 31, 2024, and $5.08 billion at December 31, 2023. Loans increased to $3.24 billion at June 30, 2024 compared to $3.18 billion at March 31, 2024 and $3.20 billion at December 31, 2023. While loan growth accelerated sharply in the second quarter of 2024, the Company still anticipates total loan growth of approximately 1.5% - 2% in 2024, reflecting the challenging economic and interest rate environment, as well as the Company’s focus on maintaining excellent asset quality.

The Company had securities available for sale of $1.25 billion at June 30, 2024, compared to $1.27 billion at March 31, 2024, and $1.30 billion at December 31, 2023. Gross unrealized losses on the portfolio totaled $242.3 million at June 30, 2024, an increase from $234.2 million at March 31, 2024, and $217.1 million at December 31, 2023. The Company expects bond market volatility to continue in 2024 and anticipates that it will continue to reduce the size of the securities portfolio via runoff to optimize profitability and enhance liquidity.

Total deposits increased to $4.21 billion at June 30, 2024, up slightly from $4.20 billion at March 31, 2024, and $4.18 billion at December 31, 2023. Noninterest bearing deposits declined to $968.7 million at June 30, 2024, from $977.5 million at March 31, 2024, and $1.03 billion at December 31, 2023 even as growth in interest bearing deposits offset this decline. Customers continue to seek higher rates on their deposit balances but the pace of activity continues to slow.

Total stockholders’ equity was $396.7 million at June 30, 2024, compared to $397.0 million at March 31, 2024, and $404.4 million at December 31, 2023. The decline since December has been driven by an increase in the unrealized losses on investment securities offset by earnings net of dividend payments to shareholders.

Credit Quality

The Company’s non-performing loans increased slightly to $12.9 million at June 30, 20024, compared to $12.0 million at March 31, 2024, but were down from $15.1 million at December 31, 2023. Non-performing loans to total loans were 0.40% at June 30, 2024, 0.38% at March 31, 2024, and 0.47% at December 31, 2023. Non-performing assets to total assets were 0.25% at June 30, 2024, 0.24% at March 31, 2024, and 0.30% at December 31, 2023. The Company’s loans which were 30-89 days delinquent were $18.5 million at June 30, 2024, or 0.57% of total loans, compared to $16.7 million, or 0.52% of total loans, at December 31, 2023.

The provision for credit losses and unfunded commitments totaled $1.1 million for the three months ended June 30, 2024, compared to $25,000 for the three months ended June 30, 2023. The increased provision for credit losses was primarily due to loan growth of $56.1 million in the second quarter of 2024 compared to loan shrinkage of $2.9 million in the second quarter of 2023. Annualized net charge-offs as a percentage of average loans were 0.07% for the second quarter of 2024, compared to 0.10% for the second quarter of 2023. The allowance for credit losses to total loans was 1.05% at June 30, 2024, compared to 1.04% at March 31, 2024 and 1.08% at December 31, 2023.

Net Interest Income

Net interest income for the second quarter of 2024 was $32.1 million compared to $34.6 million in the second quarter of 2023. Average interest earning assets are down $5.4 million when comparing the second quarter of 2024 to the second quarter of 2023. The net interest margin has declined from 2.92% for the second quarter of 2023 to 2.71% for the second quarter of 2024. This decline in net interest margin was due to increased 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 runoff of deposit balances which are being replaced with more costly wholesale funding. Excluding acquisition marks and PPP interest, non-GAAP, the Company’s net interest margin was 2.51% in the second quarter of 2024 compared to 2.68% in the second quarter of 2023.

Noninterest Income

The Company recorded noninterest income of $9.6 million for the second quarter of 2024 compared to $9.4 million for the second quarter of 2023. This increase is due to increases in several categories of noninterest income offset by declines in other noninterest income and losses on the sale of securities.

Service charges on deposit accounts were $1.8 million for the second quarter of 2024 compared to $1.5 million for the same period 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. Bank owned life insurance income increased from $584,000 in the second quarter of 2023 to $652,000 in the second quarter of 2024 as crediting rates on the insurance policies continue to increase. Trust fees increased to $2.6 million in the second quarter of 2024 from $2.2 million in the second quarter of 2023 due to continued strong growth in this line of business. Losses on the sale of securities totaled $124,000 in the second quarter of 2024 compared to gains on the sale of securities of $13,000 during the second quarter of 2023. Other noninterest income declined from $463,000 in the second quarter of 2023 to $162,000 in the second quarter of 2024. The Company recorded write downs totaling $391,000 on other assets held for sale during the second quarter of 2024. No write downs occurred in the second quarter of 2023.

Noninterest Expense

The Company’s noninterest expense totaled $26.4 million for the three months ended June 30, 2024 compared to $26.4 million for the three months ended June 30, 2023. The second quarter of 2023 included $442,000 of merger related charges. There were no merger related expenses during the second quarter of 2024. Salaries and employee benefits were $14.6 million in the second quarter of 2024 compared to $13.6 million in the second 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 $309,000 to $1.2 million for the first three months of 2024 compared to $1.5 million for the first three months of 2023 due to lower FDIC premiums. Intangible amortization declined to $630,000 in the second quarter of 2024 from $1.2 million for the second quarter of 2023. This decrease was driven by accelerated amortization that occurred in the second quarter of 2023 that did not reoccur in 2024 and amortization from a prior acquisition running off. Other noninterest expense increased $545,000 in the second quarter of 2024 compared to the second quarter of 2023. Timing surrounding postage expense and ATM/debit card charges drove much of this increase.

Liquidity

The Company’s loan to deposit ratio was 77.0% at June 30, 2024 while the Company’s average deposit balance per account (excluding collateralized deposits) was $22,375 for the same period. At June 30, 2024, the Company had access to an additional $679.7 million of FHLB borrowing capacity, along with $238.1 million in available for sale securities that are not pledged.

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 June 30, 2024 are $3.7 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 Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,			Percent
	2024			2024			2023			2023			2023			2024			2023			Change
Total interest income	$	56,846		$	55,054		$	55,069		$	54,229		$	52,804		$	111,900		$	104,037			7.6	%
Total interest expense		24,780			23,367			22,239			20,461			18,226			48,147			32,849			46.6	%

Net interest income		32,066			31,687			32,830			33,768			34,578			63,753			71,188			-10.4	%
Provision (credit) for credit losses		1,112			(449	)		286			243			25			663			8,624			-92.3	%
Noninterest income		9,606			8,357			12,156			9,831			9,449			17,963			19,874			-9.6	%
Acquisition related costs		0			0			452			268			442			0			4,755			-100.0	%
Other expense		26,403			27,039			26,520			27,448			25,944			53,442			52,353			2.1	%

Income before income taxes		14,157			13,454			17,728			15,640			17,616			27,611			25,330			9.0	%
Income taxes		2,374			2,214			3,151			2,326			2,650			4,588			3,289			39.5	%

Net income	$	11,783		$	11,240		$	14,577		$	13,314		$	14,966		$	23,023		$	22,041			4.5	%

Average diluted shares outstanding		37,487			37,479			37,426			37,379			37,320			37,480			37,624
Basic earnings per share		0.32			0.30			0.39			0.36			0.40			0.62			0.59
Diluted earnings per share		0.31			0.30			0.39			0.36			0.40			0.61			0.59
Cash dividends per share		0.17			0.17			0.17			0.17			0.17			0.34			0.34
Performance Ratios
Net Interest Margin (Annualized)		2.71	%		2.70	%		2.78	%		2.86	%		2.92	%		2.70	%		3.00	%
Efficiency Ratio (Tax equivalent basis)		60.80	%		61.54	%		57.84	%		60.11	%		56.28	%		61.17	%		59.50	%
Return on Average Assets (Annualized)		0.93	%		0.90	%		1.17	%		1.06	%		1.18	%		0.91	%		0.87	%
Return on Average Equity (Annualized)		12.15	%		11.47	%		17.98	%		14.49	%		16.12	%		11.76	%		11.94	%
Dividends to Net Income		54.04	%		56.65	%		43.68	%		47.82	%		42.54	%		55.61	%		58.09	%
Other Performance Ratios (Non-GAAP)
Return on Average Tangible Assets		0.97	%		0.93	%		1.22	%		1.09	%		1.23	%		0.95	%		0.90	%
Return on Average Tangible Equity		23.74	%		21.88	%		43.77	%		30.29	%		33.55	%		22.79	%		25.05	%

Consolidated Statements of Financial Condition


	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2024		2024		2023		2023		2023
Assets
Cash and cash equivalents	$	180,987	$	148,630	$	103,658	$	93,923	$	116,063
Debt securities available for sale		1,246,730		1,270,149		1,299,701		1,210,736		1,316,878
Other investments		37,594		34,619		35,311		35,342		44,975
Loans held for sale		2,577		1,854		3,711		1,910		2,197
Loans		3,237,369		3,181,318		3,198,127		3,168,554		3,155,200
Less allowance for credit losses		33,991		33,159		34,440		34,753		34,957

Net Loans		3,203,378		3,148,159		3,163,687		3,133,801		3,120,243

Other assets		485,587		476,599		472,282		495,451		473,098

Total Assets	$	5,156,853	$	5,080,010	$	5,078,350	$	4,971,163	$	5,073,454

Liabilities and Stockholders’ Equity
Deposits
Noninterest-bearing	$	968,693	$	977,475	$	1,026,630	$	1,039,524	$	1,084,232
Interest-bearing		3,237,142		3,220,650		3,150,756		3,217,869		3,165,381
Brokered time deposits		0		0		0		254,257		21,135

Total deposits		4,205,835		4,198,125		4,177,386		4,511,650		4,270,748
Other interest-bearing liabilities		494,890		433,777		443,663		88,550		388,437
Other liabilities		59,434		51,082		52,886		54,981		47,278

Total liabilities		4,760,159		4,682,984		4,673,935		4,655,181		4,706,463
Stockholders’ Equity		396,694		397,026		404,415		315,982		366,991

Total Liabilities and Stockholders’ Equity	$	5,156,853	$	5,080,010	$	5,078,350	$	4,971,163	$	5,073,454

Period-end shares outstanding		37,575		37,546		37,503		37,489		37,457
Book value per share	$	10.56	$	10.57	$	10.78	$	8.43	$	9.80
Tangible book value per share (Non-GAAP)*		5.53		5.52		5.71		3.33		4.67

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


	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
Capital and Liquidity	2024			2024			2023			2023			2023			2024			2023
Common Equity Tier 1 Capital Ratio (a)		10.95	%		10.88	%		10.61	%		10.37	%		10.25	%
Total Risk Based Capital Ratio (a)		14.39	%		14.38	%		14.06	%		13.83	%		13.76	%
Tier 1 Risk Based Capital Ratio (a)		11.44	%		11.37	%		11.10	%		10.86	%		10.74	%
Tier 1 Leverage Ratio (a)		8.26	%		8.19	%		8.02	%		7.84	%		7.68	%
Equity to Asset Ratio		7.69	%		7.82	%		7.96	%		6.36	%		7.23	%
Tangible Common Equity Ratio (b)		4.18	%		4.24	%		4.38	%		2.61	%		3.58	%
Net Loans to Assets		62.12	%		61.97	%		62.30	%		63.04	%		61.50	%
Loans to Deposits		76.97	%		75.78	%		76.56	%		70.23	%		73.88	%
Asset Quality
Non-performing loans	$	12,870		$	11,951		$	15,063		$	18,368		$	17,956
Non-performing assets		12,975			12,215			15,321			18,522			18,167
Loans 30 - 89 days delinquent		18,546			14,069			16,705			13,314			12,321
Charged-off loans		661			1,282			972			525			971			1,943			1,440
Recoveries		98			271			172			139			172			369			370
Net Charge-offs		563			1,011			800			386			799			1,574			1,070
Annualized Net Charge-offs to Average Net Loans		0.07	%		0.13	%		0.10	%		0.05	%		0.10	%		0.10	%		0.07	%
Allowance for Credit Losses to Total Loans		1.05	%		1.04	%		1.08	%		1.10	%		1.11	%
Non-performing Loans to Total Loans		0.40	%		0.38	%		0.47	%		0.58	%		0.57	%
Loans 30 - 89 Days Delinquent to Total Loans		0.57	%		0.44	%		0.52	%		0.42	%		0.39	%
Allowance to Non-performing Loans		264.11	%		277.46	%		228.64	%		189.20	%		194.68	%
Non-performing Assets to Total Assets		0.25	%		0.24	%		0.30	%		0.37	%		0.36	%

(a)	June 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
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
End of Period Loan Balances	2024		2024		2023		2023		2023
Commercial real estate	$	1,348,675	$	1,339,372	$	1,335,806	$	1,295,847	$	1,284,974
Commercial		343,694		335,747		346,354		357,691		362,664
Residential real estate		849,561		836,252		843,697		842,729		849,533
HELOC		151,511		143,696		142,441		140,772		138,535
Consumer		268,606		256,846		259,784		261,136		260,326
Agricultural loans		265,035		260,425		261,288		261,738		250,807

Total, excluding net deferred loan costs	$	3,227,082	$	3,172,338	$	3,189,370	$	3,159,913	$	3,146,839


	For the Three Months Ended
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
End of Period Customer Deposit Balances	2024		2024		2023		2023		2023
Noninterest-bearing demand	$	968,693	$	977,474	$	1,026,630	$	1,039,524	$	1,084,232
Interest-bearing demand		1,380,266		1,381,383		1,362,609		1,426,349		1,383,326
Money market		677,058		646,308		593,975		588,043		610,051
Savings		433,166		452,949		468,890		488,991		511,642
Certificate of deposit		746,652		740,011		725,282		714,486		660,362

Total customer deposits	$	4,205,835	$	4,198,125	$	4,177,386	$	4,257,393	$	4,249,613


	For the Three Months Ended													For the Six Months Ended
	June 30,			March 31,			Dec. 31,		Sept. 30,			June 30,		June 30,			June 30,
Noninterest Income	2024			2024			2023		2023			2023		2024			2023
Service charges on deposit accounts	$	1,846		$	1,583		$	1,677	$	1,712		$	1,501	$	3,429		$	2,933
Bank owned life insurance income, including death benefits		652			707			617		694			584		1,359			1,131
Trust fees		2,638			2,793			2,656		2,617			2,248		5,431			4,835
Insurance agency commissions		1,255			1,528			1,540		1,116			1,332		2,783			2,788
Security gains (losses), including fair value changes for equity securities		(124	)		(2,120	)		19		(624	)		13		(2,244	)		134
Retirement plan consulting fees		330			334			357		360			382		664			689
Investment commissions		478			432			589		520			476		910			869
Net gains on sale of loans		417			297			1,280		395			406		714			716
Other mortgage banking fee income (loss), net		192			125			139		185			234		317			387
Debit card and EFT fees		1,760			1,567			1,697		1,763			1,810		3,327			3,599
Other noninterest income		162			1,111			1,585		1,093			463		1,273			1,793

Total Noninterest Income	$	9,606		$	8,357		$	12,156	$	9,831		$	9,449	$	17,963		$	19,874


	For the Three Months Ended										For the Six Months Ended
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		June 30,		June 30,
Noninterest Expense	2024		2024		2023		2023		2023		2024		2023
Salaries and employee benefits	$	14,558	$	15,069	$	14,871	$	14,233	$	13,625	$	29,627	$	28,270
Occupancy and equipment		3,815		3,730		3,896		3,810		3,859		7,545		7,728
FDIC insurance and state and local taxes		1,185		1,345		1,484		1,648		1,494		2,530		2,716
Professional fees		1,194		1,254		1,004		1,043		1,190		2,448		2,304
Merger related costs		0		0		452		268		442		0		4,755
Advertising		445		431		414		492		478		876		887
Intangible amortization		630		688		578		725		1,222		1,318		2,131
Core processing charges		1,099		1,135		1,057		1,274		1,144		2,234		2,308
Other noninterest expenses		3,477		3,387		3,216		4,223		2,932		6,864		6,009

Total Noninterest Expense	$	26,403	$	27,039	$	26,972	$	27,716	$	26,386	$	53,442	$	57,108

Average Balance Sheets and Related Yields and Rates

(Dollar Amounts in Thousands)


	Three Months Ended							Three Months Ended
	June 30, 2024							June 30, 2023
	AVERAGE				YIELD/			AVERAGE				YIELD/
	BALANCE		INTEREST (1)		RATE (1)			BALANCE		INTEREST (1)		RATE (1)
EARNING ASSETS
Loans (2)	$	3,215,141	$	46,590		5.80	%	$	3,144,461	$	42,422		5.40	%
Taxable securities		1,118,598		6,813		2.44			1,157,284		6,654		2.30
Tax-exempt securities (2)		379,761		2,973		3.13			415,003		3,278		3.16
Other investments		33,441		322		3.85			41,361		594		5.74
Federal funds sold and other		78,591		743		3.78			72,801		551		3.03

Total earning assets		4,825,532		57,441		4.76			4,830,910		53,499		4.43
Nonearning assets		218,984							225,131

Total assets	$	5,044,516						$	5,056,041

INTEREST-BEARING LIABILITIES
Time deposits	$	744,422	$	7,233		3.89	%	$	646,782	$	4,525		2.80	%
Brokered time deposits		0		0		0.00			59,402		686		4.62
Savings deposits		1,102,443		4,117		1.49			1,133,371		2,402		0.85
Demand deposits - interest bearing		1,391,767		8,810		2.53			1,428,409		6,878		1.93

Total interest-bearing deposits		3,238,632		20,160		2.49			3,267,964		14,491		1.77
Short term borrowings		299,543		3,585		4.79			213,549		2,727		5.11
Long term borrowings		88,834		1,035		4.66			88,382		1,008		4.56

Total borrowed funds		388,377		4,620		4.76			301,931		3,735		4.95

Total interest-bearing liabilities		3,627,009		24,780		2.73			3,569,895		18,226		2.04
NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand deposits - noninterest bearing		972,290							1,067,605
Other liabilities		57,336							47,120
Stockholders’ equity		387,881							371,421

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	5,044,516						$	5,056,041

Net interest income and interest rate spread			$	32,661		2.03	%			$	35,273		2.39	%

Net interest margin						2.71	%						2.92	%

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

(2)

For 2024, adjustments of $77 thousand and $518 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2023, adjustments of $91 thousand and $604 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.


	Six Months Ended							Six Months Ended
	June 30, 2024							June 30, 2023
	AVERAGE				YIELD/			AVERAGE				YIELD/
	BALANCE		INTEREST (1)		RATE (1)			BALANCE		INTEREST (1)		RATE (1)
EARNING ASSETS
Loans (2)	$	3,198,239	$	91,686		5.73	%	$	3,140,500	$	83,365		5.31	%
Taxable securities		1,109,972		13,227		2.38			1,164,400		13,204		2.27
Tax-exempt securities (2)		393,918		6,182		3.14			426,743		6,797		3.19
Other investments		33,924		684		4.03			38,976		970		4.98
Federal funds sold and other		75,174		1,369		3.64			77,870		1,161		2.98

Total earning assets		4,811,227		113,148		4.70			4,848,489		105,497		4.35
Nonearning assets		223,014							221,955

Total assets	$	5,034,241						$	5,070,444

INTEREST-BEARING LIABILITIES
Time deposits	$	738,159	$	14,281		3.87	%	$	618,637	$	7,864		2.54	%
Brokered time deposits		0		0		0.00			144,747		3,007		4.15
Savings deposits		1,093,511		7,716		1.41			1,143,539		4,356		0.76
Demand deposits - interest bearing		1,371,058		16,553		2.41			1,423,211		11,971		1.68

Total interest-bearing deposits		3,202,728		38,550		2.41			3,330,134		27,198		1.63
Short term borrowings		312,167		7,524		4.82			147,436		3,648		4.95
Long term borrowings		88,778		2,073		4.67			88,326		2,003		4.54

Total borrowed funds		400,945		9,597		4.79			235,762		5,651		4.79

Total interest-bearing liabilities		3,603,673		48,147		2.67			3,565,896		32,849		1.84
NONINTEREST-BEARING LIABILITIES
AND STOCKHOLDERS’ EQUITY
Demand deposits - noninterest bearing	$	983,728						$	1,087,403
Other liabilities		55,125							47,996
Stockholders’ equity		391,715							369,149

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	5,034,241						$	5,070,444

Net interest income and interest rate spread			$	65,001		2.03	%			$	72,648		2.51	%

Net interest margin						2.70	%						3.00	%

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

(2)

For 2024, adjustments of $156 thousand and $1.1 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2023, adjustments of $178 thousand and $1.3 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 Six Months Ended
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		June 30,		June 30,
	2024		2024		2023		2023		2023		2024		2023
Total Assets	$	5,156,853	$	5,080,010	$	5,078,350	$	4,971,163	$	5,073,454	$	5,156,853	$	5,073,454
Less Goodwill and other intangibles		188,970		189,599		190,288		191,326		192,052		188,970		192,052

Tangible Assets	$	4,967,883	$	4,890,411	$	4,888,062	$	4,779,837	$	4,881,402	$	4,967,883	$	4,881,402

Average Assets		5,044,516		5,023,966		4,980,314		5,058,969		5,070,444		5,034,241		5,070,444
Less average Goodwill and other intangibles		189,382		190,040		191,108		191,804		192,972		189,712		193,169

Average Tangible Assets	$	4,855,134	$	4,833,926	$	4,789,206	$	4,867,165	$	4,877,472	$	4,844,529	$	4,877,275

Reconciliation of Common Stockholders’ Equity to Tangible Common Equity


	For the Three Months Ended										For the Six Months Ended
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		June 30,		June 30,
	2024		2024		2023		2023		2023		2024		2023
Stockholders’ Equity	$	396,694	$	397,026	$	404,415	$	315,982	$	366,991	$	396,694	$	366,991
Less Goodwill and other intangibles		188,970		189,599		190,288		191,326		192,052		188,970		192,052

Tangible Common Equity	$	207,724	$	207,427	$	214,127	$	124,656	$	174,939	$	207,724	$	174,939

Average Stockholders’ Equity		387,881		395,549		324,332		367,600		371,421		391,715		369,149
Less average Goodwill and other intangibles		189,382		190,040		191,108		191,804		192,972		189,712		193,169

Average Tangible Common Equity	$	198,499	$	205,509	$	133,224	$	175,796	$	178,449	$	202,003	$	175,980

Reconciliation of Net Income, Less Merger and Certain Items


	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
	2024			2024			2023			2023			2023			2024			2023
Net income	$	11,783		$	11,240		$	14,577		$	13,314		$	14,966		$	23,023		$	22,041
Acquisition related costs - after tax		0			0			358			234			354			0			3,803
Acquisition related provision - after tax		0			0			0			0			0			0			6,077
Employee severence - after tax		0			0			798			0			0			0			0
Lawsuit settlement expense - after tax		0			0			0			620			0			0			0
Net (gain) on loan sale - after tax		0			0			(723	)		0			0			0			0
Net loss (gain) on asset/security sales - after tax		407			1,675			171			604			(5	)		2,082			(77	)

Net income - Adjusted	$	12,190		$	12,915		$	15,181		$	14,772		$	15,315		$	25,105		$	31,844

Diluted EPS excluding merger and certain items	$	0.33		$	0.34		$	0.41		$	0.40		$	0.41		$	0.67		$	0.85

Return on Average Assets excluding merger and certain items (Annualized)		0.97	%		1.03	%		1.22	%		1.17	%		1.21	%		1.00	%		1.26	%
Return on Average Equity excluding merger and certain items (Annualized)		12.57	%		13.06	%		18.72	%		16.07	%		16.49	%		12.82	%		17.25	%
Return on Average Tangible Equity excluding acquisition costs and certain items (Annualized)		24.56	%		25.14	%		45.58	%		33.61	%		34.33	%		24.86	%		36.19	%

Efficiency ratio excluding certain items


	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
	2024			2024			2023			2023			2023			2024			2023
Net interest income, tax equated	$	32,661		$	32,341		$	33,494		$	34,448		$	35,273		$	65,001		$	72,648
Noninterest income		9,606			8,357			12,156			9,831			9,449			17,963			19,874
Net (gain) on loan sale		0			0			(915	)		0			0			0			0
Net loss (gain) on asset/security sales		515			2,120			217			764			(6	)		2,635			(97	)

Net interest income and noninterest income adjusted		42,782			42,818			44,952			45,043			44,716			85,599			92,425
Noninterest expense less intangible amortization		25,773			26,351			26,394			26,991			25,163			52,124			54,976
Legal settlement expense		0			0			0			785			0			0			0
Employee severence		0			0			1,010			0			0			0			0
Acquisition related costs		0			0			452			268			442			0			4,755

Noninterest expense adjusted		25,773			26,351			24,932			25,938			24,721			52,124			50,221

Efficiency ratio excluding certain items		60.24	%		61.54	%		55.46	%		57.58	%		55.28	%		60.89	%		54.34	%

Net interest margin excluding acquisition marks and PPP interest and fees


	For the Three Months Ended															For the Six Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			June 30,			June 30,
	2024			2024			2023			2023			2023			2024			2023
Net interest income, tax equated	$	32,661		$	32,341		$	33,494		$	34,448		$	35,273		$	65,001		$	72,648
Acquisition marks		2,391			2,370			2,475			2,959			2,884			4,761			5,512
PPP interest and fees		1			1			1			1			2			2			3

Adjusted and annualized net interest income		121,076			119,880			124,072			125,952			129,548			120,476			134,266

Average earning assets		4,825,532			4,796,922			4,816,409			4,820,888			4,830,910			4,811,227			4,848,489

Less PPP average balances		171			213			229			247			277			192			271

Adjusted average earning assets		4,825,361			4,796,709			4,816,180			4,820,641			4,830,633			4,811,035			4,848,218

Net interest margin excluding marks and PPP interest and fees		2.51	%		2.50	%		2.58	%		2.61	%		2.68	%		2.50	%		2.77	%

Exhibit 99.2 Q2 2024 Investor Presentation NASDAQ: FMNB

Disclosure Statement Forward-LookingStatements 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 • $3.7 billion in wealth management assets under care • $0.68 (4.8%) annualized dividend yield* • Named a Best Employer in Ohio the past 2 years** • Founded in 1887 • 166 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 July 19, 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 Invest in our Franchise Drive Financial Excellence • 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 into compelling banking markets Company (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 June 30, 2024

Financial Performance NASDAQ: FMNB

Balance Sheet Strengths (1) 6/30/24 12/31/23 6/30/23 Customer Deposits* $4.2 billion $4.2 billion $4.2 billion Cash Balances $181.0 million $103.7 million $116.1 million (1) Loan-to-Deposit Ratio 77.0% 76.6% 73.4% Nonperforming Loans to Total Loans 0.40% 0.47% 0.57% Allowance to Nonperforming Loans 264.1% 228.6% 194.7% *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 $35,000 $25,105 $25,000 $15,000 $5,000 2020 2021 2022 2023 YTD 6/30/2024 Core EPS Core Return on Assets 1.83% $2.50 $2.13 1.55% 1.54% $1.89 $2.00 $1.65 1.23% $1.57 $1.50 1.00% $1.00 $0.67 $0.50 $0.00 2020 2021 2022 2023 YTD 6/30/2024 2020 2021 2022 2023 YTD 6/30/2024 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 $3.2 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% 62.1% 58.3% $2,500.00 55.6% $2,000.00 $1,500.00 $1,000.00 $500.00 $0.00 2020 2021 2022 2023 6/30/2024 2020 2021 2022 2023 6/30/2024 CRE C&I Agricultural Residential Mortgage Consumer 9

CRE Overview CRE Breakdown Construction, • Well diversified portfolio 7% Owner Multifamily, • Strong credit culture Occupied, 29% 12% • Independent loan review Non-owner Occupied, 52% CRE Categories Loans by Industry Type 8% Category Balance % of CRE % of Port Retail $ 342,090 25% 11% 11% Warehouse/Industrial $ 186,884 14% 6% Commercial Real Estate Office $ 181,994 14% 6% 42% Residential Real Estate Multifamily $ 160,967 12% 5% Consumer 13% Medical $ 147,153 11% 5% Commercial & Industrial Special Purpose $ 92, 952 7% 3% Agricultural Restaurant $ 53,885 4% 2% Multifamily - Construction $ 49, 942 4% 2% 26% Hotel $ 43,314 3% 1% Remainder $ 88, 446 7% 3% Total $ 1, 347,627 10

Asset Quality Trends Overview Annualized Net Charge-Offs to Avg. Net Loans • Early-stage delinquencies were $18.5 million, or 0.57% of total 0.11% 0.10% loans at June 30, 2024, compared to $16.7 million, or 0.52% of total loans at December 31, 2023 0.07% 0.07% • Conservative underwriting practices • Sound reserve levels under CECL 0.04% 2020 2021 2022 2023 YTD 6/30/2024 NPLs/Total Loans & Leases ($ in thousands) ACL to Total Loans 1.26% $20,000 0.90% 0.80% 0.70% $15,000 0.60% 1.12% 0.50% 1.08% $10,000 1.07% 0.40% 1.05% 0.30% $5,000 0.20% 0.10% $- 0.00% 2020 2021 2022 2023 6/30/2024 2020 2021 2022 2023 6/30/2024 NPLs NPLs / Total Loans 11

Securities Portfolio Overview CMOs, 7.8% Mortgage Corporates, 1.7% • All of the Investment securities portfolio is categorized as Backed available for sale U.S. Government, 9.5% Securities • All MBS and CMOs are U.S. government agency issued 40.1% • All municipal securities are investment grade, majority with credit enhancements • The duration of the available for sale securities portfolio is 7.0 years at June 30, 2024 • Assuming no changes to interest rates, the AOCI is expected to have accretion of approximately $27.3 million, or 11.3% over the next four quarters • Over the next three years, the AOCI is expected to have accretion of approximately $76.9 million, or 31.7%, assuming no changes to interest rates Municipals, 40.9% 12

Deposit Trends Customer Deposit Composition (in millions) Overview • We are proud to say our bank is built on core deposits $4,500 • Total deposits: $4.2 billion $4,000 • Noninterest-bearing stood at 23.0% of total deposits $3,500 $3,000 $2,500 Customer Deposit Composition (in millions) $2,000 $4,000 $1,500 $3,151 $3,237 $3,000 $1,000 $2,000 $500 $1,026 $969 $1,000 $0 $- 2020 2021 2022 2023 6/30/2024 31-Dec-23 30-Jun-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 June 30, 2024: • $51.4 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 June 30, 2024: • $178.0 million of cash and equivalents • $679.7 million of additional borrowing capacity at the FHLB • $25.0 million of unsecured lines of credit with a zero balance • $238.1 million of available for sale securities that are not pledged • Brokered CDs • Securities roll-off of approximately $73.9 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 6/30/2024 Net Interest Margin (annualized) Loans to Deposits 3.70% 90.00% 3.45% 3.18% 80.00% 2.91% 2.70% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2020 2021 2022 2023 YTD 6/30/2024 2020 2021 2022 2023 6/30/2024 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 6/30/2024 Noninterest Income to Total Revenue* Components of Noninterest Income* (in thousands) $40,000 27.3% 26.1% 24.4% $35,000 22.9% 22.4% $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $- 2020 2021 2022 2023 YTD 6/30/2024 2020 2021 2022 2023 YTD 6/30/2024 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% 2.05% 2.07% 1.98% underway. • Track record of prudent expense management 2020 2021 2022 2023 YTD 6/30/2024 (2) (1) Noninterest Expense (in thousands) Efficiency Ratio $120,000 60.9% $100,000 55.4% 49.4% 49.0% 46.3% $80,000 $60,000 $40,000 $20,000 $- 2020 2021 2022 2023 YTD 6/30/24 2020 2021 2022 2023 YTD 6/30/2024 (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 7.66% 7.57% • Strong dividend payout 9.94% 9.15% 4.18% 4.38% 4.79% 2020 2021 2022 2023 6/30/2024 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% 14.39% 14.08% 8.26% 8.02% 2020 2021 2022 2023 6/30/2024* 2020 2021 2022 2023 6/30/2024* * Estimate 18

Appendix – Non GAAP Reconciliations Net income $ 41,876 $ 51,844 $ 60,597 $ 49,932 $ 23, 023 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, 082 Gain on sale of non-mortgage loans - after tax - (189) - 698 - Core net income $ 45,531 $ 62,316 $ 63,994 $ 61,797 $ 25, 105 Reported diluted EPS $ 1.47 $ 1.77 $ 1.79 $ 1.33 $ 0. 61 Core diluted EPS $ 1.60 $ 2.13 $ 1.89 $ 1.65 $ 0. 67 Reported return on average assets (annualized) 1.46% 1.52% 1.46% 0.99% 0.91% Core return on average assets (annualized) 1.59% 1.83% 1.54% 1.23% 1.00% Net interest income, reported $ 96,191 $ 107,990 $ 124,166 $ 137,786 $ 63, 753 Net interest income, tax equated $ 98,582 $ 110,835 $ 127,530 $ 140,588 $ 65, 001 Noninterest income 36,161 38,193 44,202 41,861 17, 963 Legal settlement income - - ( 8,375) - - Net loss (gain) on asset/security sales 511 (757) 435 883 2, 635 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 20, 598 Net interest income and noninterest income adjusted 135,254 148,032 163,792 182,417 85, 599 Noninterest expense less intangible amortization 70,001 77,817 92,438 108,361 52, 124 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 52, 124 Reported efficiency ratio (tax equivalent basis) 52.55% 51.13% 53.68% 59.24% 61.17% Efficiency ratio excluding certain items 49.37% 46.33% 49.02% 55.42% 60.89% 19

Appendix – Non GAAP Reconciliations 2020 2021 2022 2023 6/30/2024 Total assets $ 3,071,148 $ 4,142,749 $ 4,082,200 $ 5,078,350 $ 5, 156,853 Less goodw ill and other intangibles 49,617 102,606 101,666 190,287 188, 970 Tangible Assets $ 3,021,531 $ 4,040,143 $ 3,980,534 $ 4,888,063 $ 4, 967,883 Gross unrealized losses $ 27,889 $ 11,718 $ ( 266,487) $ ( 217,140) $ (242,341) Tangible assets less gross unrealized gains (losses) $ 2,993,642 $ 4,028,425 $ 4,247,021 $ 5,105,203 $ 5, 210,224 Stockholders' Equity $ 350,097 $ 472,432 $ 292,295 $ 404,415 $ 396, 694 Less goodw ill and other intangibles 49,617 102,606 101,666 190,287 188, 970 Tangible common equity 300,480 369,826 190,629 214,128 207, 724 Accumulated othe comprehensive income (loss) (AOCI) 22,032 9,295 ( 210,490) ( 172,554) (191,233) Tangible common equity less AOCI $ 278,448 $ 360,531 $ 401,119 $ 386,682 $ 398, 957 Equity to assets 11.40% 11.40% 7.16% 7.96% 7.69% Tangible equity to tangible assets 9.94% 9.15% 4.79% 4.38% 4.18% Tangible equity less AOCI to tangible assets less gross unrealized gains (losses) 9.30% 8.95% 9.44% 7.57% 7.66% 20

Document and Entity Information	Jul. 24, 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	Jul. 24, 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