Farmers National Banc
FMNB on Nasdaq. Farmers National Banc sells banking and trust services to customers in Ohio. Market value $905m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 13 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.15.
Profit per $100 you pay: $7.33.
Quality score: 93 of 100. Price score: 91 of 100. Our list needs 70 on quality and 60 on price.
$15.28 a share, 26% above its 1-year low
Over the past year the price has ranged from $12.12 to $16.46.
Dividend: 2.8% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $186m | $255m | $269m | $280m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.04bn | 0.04bn | 0.04bn | 0.06bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 14.5% a year
- Buying back its own sharesNo, 74% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $101 million last quarter, up 44% on a year ago.
- Profit: $23 million, up 66% on a year ago.
- Spare cash over the past 12 months: $61 million, up from $53 million.
- 57% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $70m |
| December 2024 | $69m |
| March 2025 | $68m |
| June 2025 | $70m |
| September 2025 | $71m |
| December 2025 | $72m |
| March 2026 | $81m |
| June 2026 | $101m |
| Quarter to | Amount |
|---|---|
| September 2024 | $9m |
| December 2024 | $14m |
| March 2025 | $14m |
| June 2025 | $14m |
| September 2025 | $12m |
| December 2025 | $15m |
| March 2026 | $16m |
| June 2026 | $23m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 181 funds in all.
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $7m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $7m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $4m | <0.1% | Cut |
Largest holders overall
- BlackRock$70mAdded
- Vanguard Capital Management$36m
- State Street$29mAdded
- Dimensional Fund Advisors LP$23m
- Geode Capital Management$22mAdded
- JPMorgan Chase$12mAdded
- Northern Trust$9mAdded
- Vanguard Portfolio Management$8mAdded
- Hotchkis & Wiley$7m
- TWO Sigma Investments, LP$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor7.8%+1.1 ptsSince 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.8%+1.1 pts | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $3m of shares on the open market. 2 sold $411,071.
- Richardson Gina ADirectorBought
- Date
- 21 September 2026
- Shares
- 1,430
- Price
- $15.35
- Value
- $21,951
- Wenick Mark JSEVP/Chief Wealth Mgt OfficerSold
- Date
- 6 August 2026
- Shares
- 5,000
- Price
- $15.97
- Value
- $79,850
- Voinovich Michael CDirectorSold
- Date
- 22 June 2026
- Shares
- 23,309
- Price
- $14.21
- Value
- $331,221
- Varischetti Nicholas DDirectorBought
- Date
- 26 March 2026
- Shares
- 2,000
- Price
- $12.90
- Value
- $25,800
- Varischetti Nicholas DDirectorBought
- Date
- 26 March 2026
- Shares
- 73,000
- Price
- $12.97
- Value
- $946,810
- Richardson Gina ADirectorBought
- Date
- 19 March 2026
- Shares
- 441
- Price
- $12.43
- Value
- $5,482
- Richardson Gina ADirectorBought
- Date
- 5 March 2026
- Shares
- 1,231
- Price
- $12.91
- Value
- $15,892
- Muransky EdwardDirectorBought
- Date
- 3 March 2026
- Shares
- 40,000
- Price
- $12.74
- Value
- $509,600
- Wallace Amber BSEVP/Chief Retail & MarketingBought
- Date
- 2 February 2026
- Shares
- 15
- Price
- $13.02
- Value
- $195
- Wallace Amber BSEVP/Chief Retail & MarketingBought
- Date
- 2 January 2026
- Shares
- 14
- Price
- $13.35
- Value
- $187
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Richardson Gina A Director | Bought | 1,430 | $15.35 | $21,951 |
| 6 August 2026 | Wenick Mark J SEVP/Chief Wealth Mgt Officer | Sold | 5,000 | $15.97 | $79,850 |
| 22 June 2026 | Voinovich Michael C Director | Sold | 23,309 | $14.21 | $331,221 |
| 26 March 2026 | Varischetti Nicholas D Director | Bought | 2,000 | $12.90 | $25,800 |
| 26 March 2026 | Varischetti Nicholas D Director | Bought | 73,000 | $12.97 | $946,810 |
| 19 March 2026 | Richardson Gina A Director | Bought | 441 | $12.43 | $5,482 |
| 5 March 2026 | Richardson Gina A Director | Bought | 1,231 | $12.91 | $15,892 |
| 3 March 2026 | Muransky Edward Director | Bought | 40,000 | $12.74 | $509,600 |
| 2 February 2026 | Wallace Amber B SEVP/Chief Retail & Marketing | Bought | 15 | $13.02 | $195 |
| 2 January 2026 | Wallace Amber B SEVP/Chief Retail & Marketing | Bought | 14 | $13.35 | $187 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.