Farmers National Banc Corp. Files Q3 2024 10-Q
Ticker: FMNB · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 709337
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
**FMNB Q3 2024 10-Q filed. Details financial position and performance.**
AI Summary
Farmers National Banc Corp. reported its Q3 2024 results on November 7, 2024, for the period ending September 30, 2024. The filing details the company's financial position and performance, including assets and liabilities, with specific references to financial reporting standards and segments like Commercial Real Estate. The company is incorporated in Ohio and operates under the SIC code 6022 for Commercial Banks.
Why It Matters
This 10-Q filing provides investors and analysts with a detailed look at Farmers National Banc Corp.'s financial health and operational performance for the third quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: medium — As a financial institution, Farmers National Banc Corp. is subject to inherent risks related to market fluctuations, credit, and regulatory changes, which are typically detailed in 10-Q filings.
Key Numbers
- Q3 2024 — Reporting Period (Indicates the quarter for which financial results are reported.)
- 2024-09-30 — As of Date (The specific date to which the financial data in the report pertains.)
Key Players & Entities
- FARMERS NATIONAL BANC CORP /OH/ (company) — Filer
- 20240930 (date) — Period of Report
- 20241107 (date) — Filing Date
- OH (location) — State of Incorporation
- 6022 (number) — Standard Industrial Classification
FAQ
What is the primary business of Farmers National Banc Corp. based on its SIC code?
Farmers National Banc Corp. operates under SIC code 6022, which corresponds to Commercial Banks.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on November 7, 2024.
For which fiscal period is this 10-Q report?
This 10-Q report is for the period ending September 30, 2024.
In which state is Farmers National Banc Corp. incorporated?
Farmers National Banc Corp. is incorporated in Ohio (OH).
What specific financial segment is mentioned in relation to 'SpecialMentionMember'?
The filing mentions 'CommercialRealEstateNonOwnerOccupiedPortfolioSegmentMember' in relation to 'SpecialMentionMember'.
Filing Stats: 4,348 words · 17 min read · ~14 pages · Grade level 17.2 · Accepted 2024-11-07 16:07:17
Filing Documents
- fmnb-20240930.htm (10-Q) — 7343KB
- fmnb-ex10_1.htm (EX-10.1) — 110KB
- 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
- 0000950170-24-123299.txt ( ) — 34600KB
- fmnb-20240930.xsd (EX-101.SCH) — 2397KB
- fmnb-20240930_htm.xml (XML) — 11042KB
- 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 44 Item 3
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 54 Item 4
Controls and Procedures
Controls and Procedures 55
- OTHER INFORMATION
PART II - OTHER INFORMATION 55 Item 1
Legal Proceedings
Legal Proceedings 55 Item 1A
Risk Factors
Risk Factors 55 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3 Defaults Upon Senior Securities 56 Item 4 Mine Safety Disclosures 56 Item 5 Other Information 56 Item 6 Exhibits 57
SIGNATURES
SIGNATURES 58 10-Q Certifications Section 906 Certifications 1 CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) FARMERS NATIONAL BANC CORP. AND SUBSIDIARIES (In Thousands of Dollars) September 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 21,149 $ 28,896 Federal funds sold and other 167,987 74,762 TOTAL CASH AND CASH EQUIVALENTS 189,136 103,658 Securities available for sale (Amortized cost $ 1,482,798 in 2024 and $ 1,516,841 in 2023) 1,293,350 1,299,701 Other investments 33,617 35,311 Loans held for sale, at fair value 2,852 3,711 Loans 3,280,517 3,198,127 Less allowance for credit losses 36,186 34,440 NET LOANS 3,244,331 3,163,687 Premises and equipment, net 48,095 44,364 Goodwill 167,446 167,446 Other intangibles, net 20,894 22,842 Bank owned life insurance 100,976 99,482 Affordable housing investments 22,567 17,893 Other assets 113,239 120,255 TOTAL ASSETS $ 5,236,503 $ 5,078,350 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $ 969,682 $ 1,026,630 Interest-bearing 3,317,223 3,150,756 Brokered time deposits 74,932 0 TOTAL DEPOSITS 4,361,837 4,177,386 Short-term borrowings 285,000 355,000 Long-term borrowings 86,038 88,663 Other liabilities 63,950 52,886 TOTAL LIABILITIES 4,796,825 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; 37,573,650 and 37,502,773 shares outstanding, respectively 365,542 365,305 Retained earnings 249,171 236,757 Accumulated other comprehensive (loss) ( 150,951 ) ( 172,554 ) Treasury stock, at cost; 1,748,059 and 1,818,936 shares in 2024 and 2023, respectively ( 24,084 ) ( 25,093 ) TOTAL STOCKHOLDERS' EQUITY 439,678 404,415 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY