Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent Company Only Condensed Financial Information

NOTE 26 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Below is condensed financial information of Farmers National Banc Corp. (parent company only). This information should be read in conjunction with the consolidated financial statements and related notes.

December 31,	2019		2018
BALANCE SHEETS
Assets:
Cash	$	25,471	$	4,131
Investment in subsidiaries
Bank		259,628		244,577
Farmers Trust		13,106		13,070
Captive		2,186		1,654
Equity securities		432		367
Other		1,273		1,393
TOTAL ASSETS	$	302,096	$	265,192

Liabilities:
Other liabilities	$	131	$	264
Note payable		350		350
Subordinate debt		2,306		2,258
TOTAL LIABILITIES		2,787		2,872
TOTAL STOCKHOLDERS' EQUITY		299,309		262,320
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	302,096	$	265,192

STATEMENTS OF INCOME
Years ended December 31,	2019			2018			2017
Income:
Dividends from subsidiaries
Bank	$	33,896		$	7,864		$	8,373
Farmers Trust		2,300			1,900			1,225
Captive Insurance		535			850			0
Interest and dividends on securities		15			8			5
Security gains/(losses)		41			(20	)		0
TOTAL INCOME		36,787			10,602			9,603
Interest on borrowings		(154	)		(133	)		(103	)
Other expenses		(2,352	)		(2,087	)		(2,294	)
Income before income tax benefit and undistributed subsidiary income		34,281			8,382			7,206
Income tax benefit		470			450			876
Equity in undistributed net income of subsidiaries (dividends in excess of net income)
Bank		508			23,687			13,529
Farmers Trust		(31	)		(20	)		161
Captive		532			70			939
NET INCOME	$	35,760		$	32,569		$	22,711

STATEMENTS OF CASH FLOWS
Years ended December 31,	2019			2018			2017
Cash flows from operating activities:
Net income	$	35,760		$	32,569		$	22,711
Adjustments to reconcile net income to net cash from operating activities:
Dividends in excess of net income (Equity in undistributed net income of subsidiary)		(1,009	)		(23,737	)		(14,629	)
Other		(30	)		1			78
NET CASH FROM OPERATING ACTIVITIES		34,721			8,833			8,160

Cash flows from investing activities:
Net cash paid in business combinations		0			0			(1,154	)
NET CASH FROM INVESTING ACTIVITIES		0			0			(1,154	)

Cash flows from financing activities:
Repurchase of common shares		(2,842	)		0			0
Cash dividends paid		(10,539	)		(8,316	)		(6,012	)
NET CASH FROM FINANCING ACTIVITIES		(13,381	)		(8,316	)		(6,012	)
NET CHANGE IN CASH AND CASH EQUIVALENTS		21,340			517			994

Beginning cash and cash equivalents		4,131			3,614			2,620
Ending cash and cash equivalents	$	25,471		$	4,131		$	3,614