On November 17, 2021, Farmers National Banc Corp. (the ?Company?) completed the issuance and sale of $75 million aggregate principal amount of its 3.125% fixed-to-floating rate subordinated notes due 2031 (the ?Notes?) in a private placement (the ?Private Placement?) exempt from the registration requirements under the Securities Act of 1933, as amended (the ?Securities Act?). The Company intends to use the net proceeds from the offering for general corporate purposes. The Private Placement of the Notes was completed pursuant to a Subordinated Note Purchase Agreement dated as of November 17, 2021 (the ?Purchase Agreement?), entered into by the Company with certain ?qualified institutional buyers? as defined in Rule 144A under the Securities Act and/or institutional ?accredited investors? as defined in Rule 501 of Regulation D under the Securities Act. The Purchase Agreement contains customary representations, warranties, covenants and agreements, including the terms and conditions of the issuance and sale of the Notes in the Private Placement, and other terms and conditions customarily contained in agreements of this type. The Notes will initially bear interest at 3.125% per annum, from and including November 17, 2021 to, but excluding, December 15, 2026 or the earlier redemption of the Notes, payable semi-annually in arrears on December 15 and June 15 of each year. From and including December 15, 2026 to, but excluding, the maturity date or the earlier redemption of the Notes, the Notes will bear interest at a rate per annum, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (SOFR) (provided, however, that in the event three-month SOFR is less than zero, three-month SOFR will be deemed to be zero) plus 220 basis points, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year. If three-month SOFR cannot be determined on a given date, a different index will be determined and used in accordance with the terms of the Notes.