171 consecutive quarters of profitability
Solid loan growth of $34.4 million for the quarter, or 4.2% annualized
Commercial loan balances grew $30.1 million for the quarter, or 6.0% annualized
Net interest margin increased from 2.91% in the second quarter of 2025 to 3.00% in the third quarter of 2025
Restructured $28.5 million in securities expanding yield by approximately 220 basis points
Enhancing core platform through the strategic decision to transition to Jack Henry's Silverlake in 2026

Farmers National Banc Corp. ("Farmers" or the "Company") (NASDAQ:FMNB) today announced net income of $12.5 million, or $0.33 per diluted share, for the third quarter of 2025 compared to $8.5 million, or $0.23 per diluted share, for the third quarter of 2024. Net income for the third quarter of 2025 included pretax losses for the sale of investment securities and other assets totaling $1.0 million and a charge of $3.1 million for consulting services associated with the strategic decision to transition core platform vendors. The new core platform contract will save the Company approximately $2.0 million per year, or $0.04 in diluted earnings per share, once the conversion is complete in August of 2026. Excluding these items (non-GAAP), net income for the third quarter of 2025 was $15.7 million, or $0.42 per diluted share.

Kevin J. Helmick, President and CEO, stated: "Farmers continues to deliver strong financial results, demonstrating the value our diversified financial services provide to customers across our Ohio and Pennsylvania communities. Throughout 2025, we have taken deliberate actions to further strengthen our operating platform and enhance our financial model, ensuring the Company is well positioned to drive sustainable growth and profitability for many years to come."

"Today, we also announced the merger of the Middlefield Banc Corp, which is expected to close in the first quarter of 2026. Upon completion, Farmers will have more than $7.4 billion in assets, serving customers across attractive markets in Northeast and Central Ohio and Western Pennsylvania. Middlefield is a high-quality franchise with complementary markets and a strong community banking culture, and we believe the combination offers significant upside for our shareholders. I look forward to updating our investors as we focus on the successful completion and integration of this merger in the coming quarters," concluded Mr. Helmick.

Balance Sheet

Total assets increased to $5.24 billion in the third quarter of 2025 from $5.18 billion at June 30, 2025 and $5.12 billion at December 31, 2024. Loans increased to $3.34 billion at September 30, 2025 from $3.30 billion at June 30, 2025 and $3.27 billion at December 31, 2024. The increase from the prior quarter was primarily due to strong growth in the commercial area with an increase in balances of $30.1 million, or 6.0% annualized growth.

Securities available for sale totaled $1.30 billion at September 30, 2025 compared to $1.27 billion as of June 30, 2025, and $1.27 billion at December 31, 2024. The mark to market adjustment improved by $27.4 million between June 30 and September 30 as interest rates declined. The Company anticipates continued rate volatility in the bond market in 2025, which will continue to affect the value of the portfolio.

Total deposits increased slightly between June 30, 2025 and September 30, 2025 but are up $133.7 million since December 31, 2024. During the third quarter of 2025, the Company paid off its brokered CDs totaling $75.0 million, while public funds increased $65.7 million primarily due to seasonality. Excluding public funds and brokered CDs, the Company has experienced excellent deposit growth with an increase of $108.3 million, or 4.2% annualized growth, since December 31, 2024.

Total stockholders' equity increased to $465.9 million at September 30, 2025, compared to $437.7 million at June 30, 2025, and $406.0 million at December 31, 2024. The increase was primarily due to an improvement in accumulated other comprehensive income along with increased retained earnings.

Credit Quality

Non-performing loans increased to $35.3 million at September 30, 2025 from $27.8 million at June 30, 2025, and $22.8 million at December 31, 2024. A single loan relationship totaling $7.3 million moved into nonaccrual this quarter. The loan is secured by an apartment building in Troy, Michigan. The Company is working to have resolution on this relationship by December 31, 2025. Nonperforming loans to total loans were 1.06% at September 30, 2025, 0.84% at June 30, 2025, and 0.70% at December 31, 2024. The Company's loans which were 30-89 days delinquent were $16.1 million at September 30, 2025, or 0.48% of total loans, compared to $17.7 million at June 30, 2025, and $13.0 million at December 31, 2024.

The provision for credit losses and unfunded commitments totaled $1.4 million for the third quarter of 2025 compared to $7.0 million for the third quarter of 2024. The provision in the third quarter of 2024 was impacted by a single commercial office loan that resulted in a charge-off of $4.4 million and the establishment of a specific reserve on the credit in the amount of $1.2 million. Annualized net charge-offs as a percentage of average loans were 0.07% for the third quarter of 2025, compared to 0.07% for the second quarter of 2025 and 0.58% for the third quarter of 2024. The allowance for credit losses to total loans was 1.18% at September 30, 2025, 1.17% at June 30, 2025, and 1.10% at December 31, 2024.

Net Interest Income

The Company reported net interest income of $36.3 million for the third quarter of 2025, compared to $31.9 million in the third quarter of 2024. Average interest earning assets increased to $4.92 billion in the third quarter of 2025 compared to $4.89 billion in the third quarter of 2024. The increase was primarily driven by an increase in average loan balances of $69.9 million. The net interest margin improved to 3.00% in the third quarter of 2025 compared to 2.91% in the second quarter of 2025 and 2.66% in the third quarter of 2024. The year-over-year increase in net interest margin was due to higher yields on earning assets and lower funding costs on interest bearing liabilities. The Federal Reserve rate cuts in the back half of 2024 have benefitted funding costs, while the lag effects of assets repricing continued to drive earning asset yields higher. The yield on interest earning assets increased from 4.79% in the third quarter of 2024 to 4.88% in the third quarter of 2025, while the cost of interest-bearing liabilities declined from 2.84% in the third quarter of 2024 to 2.51% in the third quarter of 2025. With the Federal Reserve beginning another round of rate cuts, the Company expects its net interest margin will continue to expand into 2026 as the Company remains liability sensitive and will benefit greatly from falling interest rates. Excluding acquisition marks and PPP interest, non-GAAP, the Company's net interest margin was 2.86% in the third quarter of 2025, 2.77% in the second quarter of 2025, and 2.48% in the third quarter of 2024.

Noninterest Income

Noninterest income declined to $11.4 million in the third quarter of 2025 from $12.3 million in the third quarter of 2024. The decline was primarily due to larger losses on the sale of securities in the third quarter of 2025 along with lower SBIC income in 2025. Service charge income on deposit accounts declined $118,000 to $1.9 million in the third quarter of 2025 compared to $2.0 million for the third quarter of 2024 as overdraft fees continue to lag levels seen in 2024. Bank owned life insurance (BOLI) income increased $164,000 during the third quarter of 2025 to $852,000 compared to $688,000 in the third quarter of 2024. The Company purchased an additional $15.0 million in policies during the first quarter of 2025 and policy crediting rates have increased over the last twelve months. Trust fees increased to $2.7 million in the third quarter of 2025 from $2.5 million in the third quarter of 2024. The Company continues to grow this line of business through deeper penetration in its acquired markets. Losses on the sale of available for sale securities were $927,000 in the third quarter of 2025 compared to a loss of $403,000 in the third quarter of 2024.

The Company restructured $28.5 million of securities in the third quarter of 2025 and reinvested the proceeds into securities yielding approximately 220 basis points more than the securities sold. Retirement plan consulting fees increased from $677,000 in the third quarter of 2024 to $1.1 million in the third quarter of 2025 primarily due to the acquisition of Crest Retirement Advisors LLC in late December of 2024. Investment commissions grew to $658,000 in the third quarter of 2025 from $476,000 in the third quarter of 2024. This business unit continues to grow as the Company has added additional financial advisors over the last 12 months. Other noninterest income was $954,000 in the third quarter of 2025 compared to $2.6 million in the third quarter of 2024. SBIC income was $1.1 million in the third quarter of 2024 compared to $258,000 in the third quarter of 2025. In addition, the Company recorded $565,000 in the third quarter of 2024 for recoveries on loans that were charged off prior to acquisition while the Company did not receive any recovery income in 2025. The Company also realized gains on the sale of assets of $404,000 in the third quarter of 2024 compared to losses on the sale of assets of $102,000 in the third quarter of 2025.

Noninterest Expense

Noninterest expense increased to $31.7 million in the third quarter of 2025 from $27.2 million in the third quarter of 2024. Salaries and employee benefits increased by $1.1 million to $16.0 million in the third quarter of 2025, from $14.9 million in the third quarter of 2024. The increase was primarily driven by annual raises, the acquisition of Crest Retirement in the fourth quarter of 2024 and higher commission expense from increased revenue in the fee-based businesses. Occupancy and equipment expense increased to $4.4 million in the third quarter of 2025 from $4.0 million in the third quarter of 2024 due to increased maintenance costs in 2025. FDIC and state and local taxes improved by $268,000 to $1.2 million in the third quarter of 2025 compared to $1.5 million in the third quarter of 2024. The Company incurred $3.1 million in expense in the third quarter of 2025 related to consulting services associated with the strategic decision to transition core platform vendors. Core processing expense increased to $1.4 million for the quarter ended September 30, 2025, from $1.2 million for the quarter ended September 30, 2024. The increase was due to annual increases and timing differences

Liquidity

The Company had access to an additional $618.1 million in FHLB borrowing capacity at September 30, 2025, along with $353.2 million in available for sale securities that are available for pledging. The Company's loan to deposit ratio was 75.9% at September 30, 2025 while the Company's average deposit balance per account (excluding collateralized deposits) was $26,235 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 trust offices and offers services in the same geographic markets. Total wealth management assets under care at September 30, 2025 are $4.6 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, U.S. and foreign country tariff policies, and possibility of a recession; and the other factors contained in Farmers' Annual Report on Form 10-K for the year ended December 31, 2024 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
		2025			2025			2025			2024			2024			2025			2024		Change
Total interest income	$	59,366		$	57,702		$	57,305		$	57,909		$	57,923		$	174,374		$	169,823		2.7	%
Total interest expense		23,059			22,781			23,110			25,170			26,047			68,949			74,194		-7.1	%
Net interest income		36,307			34,921			34,195			32,739			31,876			105,425			95,629		10.2	%
Provision (credit) for credit losses		1,419			3,548			(204	)		295			7,008			4,763			7,671		-37.9	%
Noninterest income		11,430			12,122			10,481			11,413			12,340			34,032			30,302		12.3	%
System conversion / Acquisition related costs		3,123			0			0			92			0			3,123			0		0.0	%
Other expense		28,556			27,175			28,526			26,082			27,075			84,258			80,517		4.6	%
Income before income taxes		14,639			16,320			16,354			17,683			10,133			47,313			37,743		25.4	%
Income taxes		2,178			2,410			2,776			3,292			1,598			7,364			6,185		19.1	%
Net income	$	12,461		$	13,910		$	13,578		$	14,391		$	8,535		$	39,949		$	31,558		26.6	%

Average diluted shares outstanding		37,677			37,622			37,626			37,616			37,567			37,626			37,495
Basic earnings per share		0.33			0.37			0.36			0.38			0.23			1.07			0.85
Diluted earnings per share		0.33			0.37			0.36			0.38			0.23			1.06			0.84
Cash dividends per share		0.17			0.17			0.17			0.17			0.17			0.51			0.51
Performance Ratios
Net Interest Margin (Annualized)		3.00	%		2.91	%		2.85	%		2.72	%		2.66	%		2.92	%		2.69	%
Efficiency Ratio (Tax equivalent basis)		62.66	%		56.66	%		59.60	%		56.42	%		58.47	%		59.68	%		60.24	%
Efficiency Ratio (Tax equivalent basis) excluding core conversion, acquisition costs and other extraordinary items (b)		56.43	%		55.66	%		59.57	%		56.10	%		59.05	%		57.20	%		60.26	%
Return on Average Assets (Annualized)		0.96	%		1.08	%		1.06	%		1.12	%		0.66	%		1.04	%		0.83	%
Return on Average Equity (Annualized)		11.26	%		13.08	%		13.12	%		13.43	%		8.18	%		12.46	%		10.51	%
Other Performance Ratios (Non-GAAP)
Return on Average Tangible Assets		1.00	%		1.13	%		1.10	%		1.16	%		0.69	%		1.07	%		0.86	%
Return on Average Tangible Equity		19.46	%		23.37	%		24.02	%		23.95	%		14.94	%		22.18	%		19.95	%

Consolidated Statements of Financial Condition
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
		2025			2025			2025			2024			2024
Assets
Cash and cash equivalents	$	92,345		$	90,740		$	113,256		$	85,738		$	189,136
Debt securities available for sale		1,301,766			1,274,899			1,281,413			1,266,553			1,293,350
Other investments		44,245			42,410			40,334			45,405			33,617

Loans held for sale		4,975			2,174			2,973			5,005			2,852
Loans		3,337,780			3,303,359			3,251,391			3,268,346			3,280,517
Less allowance for credit losses		39,528			38,563			35,549			35,863			36,186
Net Loans		3,298,252			3,264,796			3,215,842			3,232,483			3,244,331

Other assets		493,992			503,409			503,222			483,740			473,217
Total Assets	$	5,235,575		$	5,178,428		$	5,157,040		$	5,118,924		$	5,236,503

Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing	$	994,604		$	995,865		$	979,142		$	965,507		$	969,682
Interest-bearing		3,405,911			3,325,564			3,342,182			3,226,321			3,317,223
Brokered time deposits		0			74,988			159,964			74,951			74,932
Total deposits		4,400,515			4,396,417			4,481,288			4,266,779			4,361,837
Other interest-bearing liabilities		321,581			289,428			188,275			391,150			371,038
Other liabilities		47,530			54,835			58,343			54,967			63,950
Total liabilities		4,769,626			4,740,680			4,727,906			4,712,896			4,796,825
Stockholders' Equity		465,949			437,748			429,134			406,028			439,678
Total Liabilities and Stockholders' Equity	$	5,235,575		$	5,178,428		$	5,157,040		$	5,118,924		$	5,236,503

Period-end shares outstanding		37,647			37,642			37,615			37,586			37,574
Book value per share	$	12.38		$	11.69		$	11.41		$	10.80		$	11.70
Tangible book value per share (Non-GAAP)*		7.44			6.70			6.42			5.80			6.69

* 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		2025			2025			2025			2024			2024		2025		2024
Common Equity Tier 1 Capital Ratio (a)		11.74	%		11.56	%		11.44	%		11.14	%		10.91	%
Total Risk Based Capital Ratio (a)		15.23	%		15.04	%		14.87	%		14.55	%		14.34	%
Tier 1 Risk Based Capital Ratio (a)		12.22	%		12.05	%		11.92	%		11.62	%		11.39	%
Tier 1 Leverage Ratio (a)		8.75	%		8.67	%		8.52	%		8.36	%		8.20	%
Equity to Asset Ratio		8.90	%		8.45	%		8.32	%		7.93	%		8.40	%
Tangible Common Equity Ratio (b)		5.54	%		5.03	%		4.86	%		4.42	%		4.98	%
Net Loans to Assets		63.00	%		63.05	%		62.36	%		63.15	%		61.96	%
Loans to Deposits		75.85	%		75.14	%		72.55	%		76.60	%		75.21	%
Asset Quality
Non-performing loans	$	35,344		$	27,819		$	20,724		$	22,818		$	19,076
Non-performing assets		35,519			28,052			20,902			22,903			19,137
Loans 30 - 89 days delinquent		16,083			17,727			11,192			13,032			15,562
Charged-off loans		869			748			698			928			5,116		2,315		7,059
Recoveries		333			176			362			293			504		871		873
Net Charge-offs		536			572			336			635			4,612		1,444		6,186
Annualized Net Charge-offs to Average Net Loans		0.07	%		0.07	%		0.04	%		0.08	%		0.58	%	0.06	%	0.26	%
Allowance for Credit Losses to Total Loans		1.18	%		1.17	%		1.09	%		1.10	%		1.10	%
Non-performing Loans to Total Loans		1.06	%		0.84	%		0.64	%		0.70	%		0.58	%
Loans 30 - 89 Days Delinquent to Total Loans		0.48	%		0.54	%		0.34	%		0.40	%		0.47	%
Allowance to Non-performing Loans		111.84	%		138.62	%		171.54	%		157.17	%		189.69	%
Non-performing Assets to Total Assets		0.68	%		0.54	%		0.41	%		0.45	%		0.37	%

(a) September 30, 2025 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		2025			2025			2025			2024			2024
Commercial real estate	$	1,428,583		$	1,385,162		$	1,370,661		$	1,382,714		$	1,372,374
Commercial		351,213			363,009			336,600			349,966			358,247
Residential real estate		850,112			849,443			846,639			845,081			852,444
HELOC		176,609			171,312			161,991			158,014			155,967
Consumer		251,557			253,363			257,310			259,954			269,231
Agricultural loans		269,025			270,599			267,737			262,392			261,773
Total, excluding net deferred loan costs	$	3,327,099		$	3,292,888		$	3,240,938		$	3,258,121		$	3,270,036


	For the Three Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
End of Period Customer Deposit Balances		2025			2025			2025			2024			2024
Noninterest-bearing demand	$	994,604		$	995,866		$	979,142		$	965,507		$	969,682
Interest-bearing demand		1,443,422			1,388,596			1,468,424			1,366,255			1,453,288
Money market		761,788			748,770			718,083			682,558			676,664
Savings		410,165			416,795			416,162			414,796			418,771
Certificate of deposit		790,536			771,403			739,512			762,712			768,500
Total customer deposits	$	4,400,515		$	4,321,430		$	4,321,323		$	4,191,828		$	4,286,905

Memo: Public funds included in above numbers	$	867,253		$	801,561		$	873,200		$	766,853		$	879,618




	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		2025		2025			2025		2024			2024			2025			2024
Service charges on deposit accounts	$	1,874		$	1,749	$	1,758		$	1,890	$	1,992		$	5,381		$	5,421
Bank owned life insurance income, including death benefits		852			832		810			613		688			2,494			2,046
Trust fees		2,745			2,596		2,641			2,700		2,544			7,982			7,398
Insurance agency commissions		1,395			1,828		1,741			1,273		1,416			4,964			4,199
Security gains (losses), including fair value changes for equity securities		(927	)		36		(1,313	)		10		(403	)		(2,205	)		(2,647	)
Retirement plan consulting fees		1,060			783		798			719		677			2,641			1,918
Investment commissions		658			721		529			621		476			1,908			1,386
Net gains on sale of loans		559			329		326			282		506			1,214			1,219
Other mortgage banking fee income (loss), net		192			27		147			285		(168	)		366			150
Debit card and EFT fees		2,068			2,017		1,866			2,164		1,993			5,951			5,320
Other noninterest income		954			1,204		1,178			856		2,619			3,336			3,892
Total Noninterest Income	$	11,430		$	12,122	$	10,481		$	11,413	$	12,340		$	34,032		$	30,302


	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		2025		2025			2025		2024			2024			2025			2024
Salaries and employee benefits	$	15,992		$	14,722	$	16,166		$	14,424	$	14,874		$	46,880		$	44,501
Occupancy and equipment		4,370			4,119		4,138			4,075		3,968			12,627			11,512
FDIC insurance and state and local taxes		1,212			1,262		1,262			1,019		1,480			3,736			4,010
Professional fees		990			1,026		1,196			785		1,084			3,213			3,532
System conversion / Merger related costs		3,123			0		0			92		0			3,123			0
Advertising		466			454		456			192		435			1,376			1,312
Intangible amortization		718			735		735			914		629			2,188			1,947
Core processing charges		1,412			1,401		1,397			1,202		1,186			4,210			3,420
Other noninterest expenses		3,396			3,456		3,176			3,471		3,419			10,028			10,283
Total Noninterest Expense	$	31,679		$	27,175	$	28,526		$	26,174	$	27,075		$	87,381		$	80,517





Average Balance Sheets and Related Yields and Rates
(Dollar Amounts in Thousands)

	Three Months Ended						Three Months Ended
	September 30, 2025						September 30, 2024
	AVERAGE				YIELD/		AVERAGE				YIELD/
	BALANCE		INTEREST (1)		RATE (1)		BALANCE		INTEREST (1)		RATE (1)
EARNING ASSETS
Loans (2)	$	3,311,535	$	48,713	5.88	%	$	3,241,603	$	47,060	5.81	%
Taxable securities		1,134,806		7,466	2.63			1,104,264		6,761	2.45
Tax-exempt securities (2)		363,171		2,895	3.19			379,551		2,992	3.15
Other investments		40,940		459	4.48			34,873		346	3.97
Federal funds sold and other		71,823		466	2.60			130,053		1,371	4.22
Total earning assets		4,922,275		59,999	4.88			4,890,344		58,530	4.79
Nonearning assets		256,723						243,718
Total assets	$	5,178,998					$	5,134,062
INTEREST-BEARING LIABILITIES
Time deposits	$	782,861	$	6,825	3.49	%	$	753,163	$	7,584	4.03	%
Brokered time deposits		48,094		527	4.38			26,062		286	4.39
Savings deposits		1,177,080		4,566	1.55			1,103,269		4,372	1.59
Demand deposits - interest bearing		1,431,878		8,454	2.36			1,411,520		9,305	2.64
Total interest-bearing deposits		3,439,913		20,372	2.37			3,294,014		21,547	2.62

Short term borrowings		150,022		1,681	4.48			289,652		3,477	4.80
Long term borrowings		86,506		1,006	4.65			87,368		1,023	4.68
Total borrowed funds		236,528		2,687	4.54			377,020		4,500	4.77

Total interest-bearing liabilities		3,676,441		23,059	2.51			3,671,034		26,047	2.84

NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS' EQUITY
Demand deposits - noninterest bearing		1,007,534						983,274
Other liabilities		52,467						62,427
Stockholders' equity		442,556						417,327
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY	$	5,178,998					$	5,134,062
Net interest income and interest rate spread			$	36,940	2.37	%			$	32,483	1.95	%
Net interest margin					3.00	%					2.66	%

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.
(2) For 2025, adjustments of $110,000 and $523,000, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2024, adjustments of $71,000 and $536,000, 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.




	For the Nine Months Ended						For the Nine Months Ended
	September 30, 2025						September 30, 2024
	AVERAGE				YIELD/		AVERAGE				YIELD/
	BALANCE		INTEREST (1)		RATE (1)		BALANCE		INTEREST (1)		RATE (1)
EARNING ASSETS
Loans (2)	$	3,282,794	$	142,683	5.80	%	$	3,212,799	$	138,746	5.76	%
Taxable securities		1,137,393		21,946	2.57			1,108,055		19,988	2.41
Tax-exempt securities (2)		368,209		8,785	3.18			389,094		9,174	3.14
Other investments		41,760		1,462	4.67			34,243		1,030	4.01
Federal funds sold and other		70,407		1,405	2.66			93,601		2,740	3.90
Total earning assets		4,900,563		176,281	4.80			4,837,792		171,678	4.73
Nonearning assets		243,133						229,966
Total assets	$	5,143,696					$	5,067,758
INTEREST-BEARING LIABILITIES
Time deposits	$	751,144	$	20,041	3.56	%	$	741,450	$	21,865	3.93	%
Brokered time deposits		95,634		3,112	4.34			8,751		286	4.36
Savings deposits		1,146,098		12,861	1.50			1,096,788		12,087	1.47
Demand deposits - interest bearing		1,421,764		24,314	2.28			1,386,390		25,857	2.49
Total interest-bearing deposits		3,414,640		60,328	2.36			3,233,379		60,095	2.48

Short term borrowings		168,480		5,634	4.46			304,607		11,000	4.81
Long term borrowings		86,358		2,987	4.61			88,304		3,098	4.68
Total borrowed funds		254,838		8,621	4.51			392,911		14,098	4.78

Total interest-bearing liabilities		3,669,478		68,949	2.51			3,626,290		74,193	2.73

NONINTEREST-BEARING LIABILITIES
AND STOCKHOLDERS' EQUITY
Demand deposits - noninterest bearing	$	992,824						983,576
Other liabilities		54,014						57,577
Stockholders' equity		427,380						400,315
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY	$	5,143,696					$	5,067,758
Net interest income and interest rate spread			$	107,332	2.29	%			$	97,485	2.00	%
Net interest margin					2.92	%					2.69	%

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.
(2) For 2025, adjustments of $322,000 and $1.6 million, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2024, adjustments of $228,000 and $1.6 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,
		2025			2025			2025			2024			2024			2025			2024
Total Assets	$	5,235,575		$	5,178,428		$	5,157,040		$	5,118,924		$	5,236,503		$	5,235,575		$	5,236,503
Less Goodwill and other intangibles		186,013			186,731			187,466			188,200			188,340			186,013			188,340
Tangible Assets	$	5,049,562		$	4,991,697		$	4,969,574		$	4,930,724		$	5,048,163		$	5,049,562		$	5,048,163
Average Assets		5,178,998			5,132,661			5,118,767			5,159,901			5,134,062			5,143,696			5,067,758
Less average Goodwill and other intangibles		186,479			187,209			187,947			188,256			188,755			187,207			189,391
Average Tangible Assets	$	4,992,519		$	4,945,452		$	4,930,820		$	4,971,645		$	4,945,307		$	4,956,489		$	4,878,367


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,
		2025			2025			2025			2024			2024			2025			2024
Stockholders' Equity	$	465,949		$	437,748		$	429,134		$	406,028		$	439,678		$	465,949		$	439,678
Less Goodwill and other intangibles		186,013			186,731			187,466			188,200			188,340			186,013			188,340
Tangible Common Equity	$	279,936		$	251,017		$	241,668		$	217,828		$	251,338		$	279,936		$	251,338
Average Stockholders' Equity		442,556			425,249			414,021			428,646			417,327			427,380			400,315
Less average Goodwill and other intangibles		186,479			187,209			187,947			188,256			188,755			187,207			189,391
Average Tangible Common Equity	$	256,077		$	238,040		$	226,074		$	240,390		$	228,572		$	240,173		$	210,924


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,
		2025			2025			2025			2024			2024			2025			2024
Net income	$	12,461		$	13,910		$	13,578		$	14,391		$	8,535		$	39,949		$	31,558
System conversion / Acquisition related costs - after tax		2,467			0			0			82			0			2,467			0
Net loss (gain) on asset/security sales - after tax		760			(137	)		1,056			70			(32	)		1,680			2,050
Net income - Adjusted	$	15,688		$	13,773		$	14,634		$	14,543		$	8,503		$	44,097		$	33,608
Diluted EPS excluding merger and certain items	$	0.42		$	0.37		$	0.39		$	0.39		$	0.23		$	1.17		$	0.90
Return on Average Assets excluding system conversion, merger and certain items (Annualized)		1.21	%		1.07	%		1.14	%		1.13	%		0.66	%		1.14	%		0.88	%
Return on Average Equity excluding system conversion, merger and certain items (Annualized)		14.18	%		12.96	%		14.14	%		13.57	%		8.15	%		13.76	%		11.19	%
Return on Average Tangible Equity excluding system conversion, merger costs and certain items (Annualized)		24.51	%		23.14	%		25.89	%		24.20	%		14.88	%		24.48	%		21.24	%


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,
		2025			2025			2025			2024			2024			2025			2024
Net interest income, tax equated	$	36,940		$	35,554		$	34,837		$	33,364		$	32,483		$	107,332		$	97,485
Noninterest income		11,430			12,122			10,481			11,413			12,340			34,032			30,302
Net loss (gain) on asset/security sales		962			(173	)		1,337			89			(41	)		2,127			2,594
Net interest income and noninterest income adjusted		49,332			47,503			46,655			44,866			44,782			143,491			130,381
Noninterest expense less intangible amortization		30,961			26,440			27,791			25,260			26,446			85,193			78,570
System conversion / Acquisition related costs		3,123			0			0			92			0			3,123			0
Noninterest expense adjusted		27,838			26,440			27,791			25,168			26,446			82,070			78,570
Efficiency ratio excluding certain items		56.43	%		55.66	%		59.57	%		56.10	%		59.05	%		57.20	%		60.26	%


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,
		2025			2025			2025			2024			2024			2025			2024
Net interest income, tax equated	$	36,940		$	35,554		$	34,837		$	33,364		$	32,483		$	107,332		$	97,485
Acquisition marks		1,677			1,731			2,151			1,953			2,123			5,559			6,884
PPP interest and fees		0			0			0			0			1			0			2
Adjusted and annualized net interest income		141,052			135,292			130,744			125,644			121,436			135,697			120,799
Average earning assets		4,922,275			4,886,771			4,892,311			4,912,702			4,890,344			4,900,563			4,837,792
Less PPP average balances		89			95			105			112			118			98			167
Adjusted average earning assets		4,922,186			4,886,676			4,892,206			4,912,590			4,890,226			4,900,465			4,837,625
Net interest margin excluding marks and PPP interest and fees		2.87	%		2.77	%		2.67	%		2.56	%		2.48	%		2.77	%		2.50	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20251021454456/en/

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 Third Quarter of 2025