Farmers National Banc Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Farmers National Banc Corp. filed its 2023 10-K, detailing financial performance and segment data.</b>

AI Summary

FARMERS NATIONAL BANC CORP /OH/ (FMNB) filed a Annual Report (10-K) with the SEC on March 7, 2024. Filing is a 10-K annual report for Farmers National Banc Corp. /OH/ for the fiscal year ending December 31, 2023. The company is classified under SIC code 6022 (State Commercial Banks). Key dates include the filing date of March 7, 2024, and the period of report ending December 31, 2023. The filing includes data points related to various financial assets, liabilities, and portfolio segments. Specific segments mentioned include Commercial Real Estate, Residential Portfolio, and Consumer Portfolio.

Why It Matters

For investors and stakeholders tracking FARMERS NATIONAL BANC CORP /OH/, this filing contains several important signals. This 10-K provides a comprehensive overview of Farmers National Banc Corp.'s financial health and operational activities for the fiscal year 2023, crucial for investors and stakeholders to assess performance. The detailed segment information, including commercial real estate and residential portfolios, offers insights into the company's lending activities and associated risks.

Risk Assessment

Risk Level: — FARMERS NATIONAL BANC CORP /OH/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive report, but lacks specific financial performance metrics in the provided snippet, requiring deeper analysis of the full document to assess risk.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to make informed investment decisions.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240307 — Filing Date (Filed as of date)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• FARMERS NATIONAL BANC CORP /OH/ (company) — Filer name
• 0000709337 (company) — Central Index Key
• 6022 (regulator) — Standard Industrial Classification
• OH (company) — State of Incorporation
• 20231231 (dollar_amount) — Conformed period of report
• 20240307 (dollar_amount) — Filed as of date

FAQ

Industry Context

Farmers National Banc Corp. operates within the State Commercial Banks industry (SIC 6022).

Regulatory Implications

As a state-chartered commercial bank, the company is subject to regulations from state banking authorities and federal agencies like the FDIC and Federal Reserve.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's strategy, performance drivers, and outlook.
3. Review the Risk Factors section for potential challenges and uncertainties facing Farmers National Banc Corp.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial snippet provided for the 2023 10-K filing; comparison to prior filings requires access to those documents.

Key Financial Figures

• $40.00 — the right to receive, without interest, $40.00 in cash (the "Cash Consideration") or 2
• $50,000 — bonuses to associates making less than $50,000 annually, waived medical plan cost-shar

Filing Documents

• fmnb-20231231.htm (10-K) — 7508KB
• fmnb-ex4_1.htm (EX-4.1) — 46KB
• fmnb-ex10_18.htm (EX-10.18) — 3KB
• fmnb-ex21.htm (EX-21) — 4KB
• fmnb-ex23_1.htm (EX-23.1) — 8KB
• fmnb-ex23_2.htm (EX-23.2) — 4KB
• fmnb-ex24.htm (EX-24) — 50KB
• fmnb-ex31_1.htm (EX-31.1) — 12KB
• fmnb-ex31_2.htm (EX-31.2) — 12KB
• fmnb-ex32_1.htm (EX-32.1) — 9KB
• fmnb-ex32_2.htm (EX-32.2) — 7KB
• fmnb-ex97_1.htm (EX-97.1) — 47KB
• img132740936_0.jpg (GRAPHIC) — 38KB
• img132740936_1.jpg (GRAPHIC) — 38KB
• img178226832_0.jpg (GRAPHIC) — 10KB
• img178226832_1.jpg (GRAPHIC) — 58KB
• 0000950170-24-027780.txt (&nbsp;) — 34316KB
• fmnb-20231231.xsd (EX-101.SCH) — 3219KB
• fmnb-20231231_htm.xml (XML) — 9419KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 27 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. Reserved 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A. Quantitative and Qualitative Disclosure about Market Risk 49 Item 8.

Financial Statements and Supplementary Financial Data

Financial Statements and Supplementary Financial Data 51 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108 Item 9A.

Controls and Procedures

Controls and Procedures 108 Item 9B. Other Information 108 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III Item 10. Directors, Executive Officers and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110 Item 13. Certain Relationships and Related Transactions, and Director Independence 110 Item 14. Principal Accountant Fees and Services 110 PART IV Item 15. Exhibits, Financial Statement Schedules. 110 Item 16. Form 10-K Summary 110

SIGNATURES

SIGNATURES 114 PART I

B usiness

Item 1. B usiness. General Farmers National Banc Corp. Farmers National Banc Corp. (the "Company," "Farmers," "we," "our" or "us"), is a financial holding company and was organized as a one-bank holding company in 1983 under the laws of the State of Ohio and registered under the Bank Holding Company Act of 1956, as amended (the "BHCA"). Amendments to the BHCA in 1999 allowed for a bank holding company to declare itself a financial holding company and thereby engage in financial activities, including securities underwriting and dealing, insurance agency and underwriting activities, and merchant banking activities. The Company made the declaration to become a financial holding company in 2016. For a bank holding company to be eligible to declare itself a financial holding company, all of the depository institution subsidiaries must be well-capitalized and well-managed and have satisfactory or better ratings under the Community Reinvestment Act. The Company operates principally through its wholly-owned subsidiaries, The Farmers National Bank of Canfield (the "Bank" or "Farmers Bank"), Farmers Trust Company ("Farmers Trust"), and Farmers National Captive, Inc. ("Captive"). The Captive was dissolved in November of 2023. Farmers National Insurance, LLC ("Farmers Insurance") and Farmers of Canfield Investment Co. ("Investments or "Farmers Investments") are wholly-owned subsidiaries of the Bank. The Company and its subsidiaries operate in the domestic banking, trust, retirement consulting, insurance and financial management industries. The Company's principal business consists of owning and supervising its subsidiaries. Although Farmers directs the overall policies of its subsidiaries, including lending practices and financial resources, most day-to-day affairs are managed by their respective officers. The Company's principal executive offices are located at 20 South Broad Street, Canfield, Ohio 44406, and its telephone number is (330) 533-3341. Farmers' common sh

View Full Filing

View this 10-K filing on SEC EDGAR