
Farmers National Banc Corp. is trading at an attractive earnings multiple but at a 90% premium to tangible book value. Q2 saw net interest income surge 60% year-over-year, driven by the Middlefield Banc acquisition, with EPS at $0.39 and a dividend payout ratio under 50%. I am monitoring Q3 for Middlefield integration progress, declining acquisition-related expenses, and loan portfolio performance, especially in commercial real estate and farmland.










