Farmers National Banc Corp. Files 10-Q for Q1 2024

TL;DR

<b>Farmers National Banc Corp. filed its Q1 2024 10-Q report on May 9, 2024.</b>

AI Summary

FARMERS NATIONAL BANC CORP /OH/ (FMNB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filing is a 10-Q for the period ending March 31, 2024. Company is Farmers National Banc Corp. /OH/ (FMNB). Filed on May 9, 2024. Standard Industrial Classification: State Commercial Banks [6022]. Fiscal year ends December 31.

Why It Matters

For investors and stakeholders tracking FARMERS NATIONAL BANC CORP /OH/, this filing contains several important signals. This 10-Q filing provides the latest quarterly financial performance and operational details for Farmers National Banc Corp. Investors and analysts can use this report to assess the bank's financial health, risk exposure, and strategic direction as of March 31, 2024.

Risk Assessment

Risk Level: low — FARMERS NATIONAL BANC CORP /OH/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures.

Analyst Insight

Monitor future filings for trends in loan performance, deposit growth, and net interest margin.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• FARMERS NATIONAL BANC CORP /OH/ (company) — COMPANY CONFORMED NAME
• FMNB (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• 6022 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• OH (location) — STATE OF INCORPORATION
• 1934 Act (regulation) — SEC ACT
• 001-35296 (identifier) — SEC FILE NUMBER

FAQ

Industry Context

Farmers National Banc Corp. operates within the State Commercial Banks sector, providing financial services.

Regulatory Implications

As a publicly traded bank, Farmers National Banc Corp. is subject to regulations from the SEC and banking authorities.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze trends in loan portfolios and deposit bases.
3. Compare key financial metrics against industry peers.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

SIC

Standard Industrial Classification code used to categorize businesses by industry. (Helps identify the company's primary business sector (State Commercial Banks).)

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior period comparison is available within this data.

Filing Documents

• fmnb-20240331.htm (10-Q) — 6027KB
• fmnb-ex10_1.htm (EX-10.1) — 15KB
• fmnb-ex10_2.htm (EX-10.2) — 72KB
• fmnb-ex10_3.htm (EX-10.3) — 59KB
• fmnb-ex10_4.htm (EX-10.4) — 73KB
• fmnb-ex31_1.htm (EX-31.1) — 11KB
• fmnb-ex31_2.htm (EX-31.2) — 11KB
• fmnb-ex32_1.htm (EX-32.1) — 6KB
• fmnb-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-056702.txt (&nbsp;) — 30923KB
• fmnb-20240331.xsd (EX-101.SCH) — 2352KB
• fmnb-20240331_htm.xml (XML) — 9790KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) Included in Part I of this report: Farmers National Banc Corp. and Subsidiaries Consolidated Condensed Balance Sheets (Unaudited) 2 Consolidated Condensed Statements of Income (Unaudited) 3 Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) 4 Consolidated Condensed Statements of Stockholders' Equity (Unaudited) 5 Consolidated Condensed Statements of Cash Flows (Unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 4

Controls and Procedures

Controls and Procedures 52

- OTHER INFORMATION

PART II - OTHER INFORMATION 52 Item 1

Legal Proceedings

Legal Proceedings 52 Item 1A

Risk Factors

Risk Factors 52 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3 Defaults Upon Senior Securities 53 Item 4 Mine Safety Disclosures 53 Item 5 Other Information 53 Item 6 Exhibits 54

SIGNATURES

SIGNATURES 55 10-Q Certifications Section 906 Certifications 1 CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) FARMERS NATIONAL BANC CORP. AND SUBSIDIARIES (In Thousands of Dollars) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 22,965 $ 28,896 Federal funds sold and other 125,665 74,762 TOTAL CASH AND CASH EQUIVALENTS 148,630 103,658 Securities available for sale (Amortized cost $ 1,504,331 in 2024 and $ 1,516,841 in 2023) 1,270,149 1,299,701 Other investments 34,619 35,311 Loans held for sale, at fair value 1,854 3,711 Loans 3,181,318 3,198,127 Less allowance for credit losses 33,159 34,440 NET LOANS 3,148,159 3,163,687 Premises and equipment, net 45,109 44,364 Goodwill 167,446 167,446 Other intangibles, net 22,153 22,842 Bank owned life insurance 100,189 99,482 Affordable housing investments 17,486 17,893 Other assets 124,216 120,255 TOTAL ASSETS $ 5,080,010 $ 5,078,350 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 977,475 $ 1,026,630 Interest-bearing 3,220,650 3,150,756 Brokered time deposits 0 0 TOTAL DEPOSITS 4,198,125 4,177,386 Short-term borrowings 345,000 355,000 Long-term borrowings 88,777 88,663 Other liabilities 51,082 52,886 TOTAL LIABILITIES 4,682,984 4,673,935 Commitments and contingent liabilities Stockholders' Equity: Common Stock, no par value; 50,000,000 shares authorized; 39,321,709 shares issued in 2024 and 2023; 37,545,864 and 37,502,773 shares outstanding, respectively 364,843 365,305 Retained earnings 241,628 236,757 Accumulated other comprehensive (loss) ( 184,954 ) ( 172,554 ) Treasury stock, at cost; 1,775,845 and 1,818,936 shares in 2024 and 2023, respectively ( 24,491 ) ( 25,093 ) TOTAL STOCKHOLDERS' EQUITY 397,026 404,415 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,0

View Full Filing

View this 10-Q filing on SEC EDGAR