Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Condensed Financial Information

NOTE 24 – 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,	2023		2022
BALANCE SHEETS
Assets:
Cash	$	57,071	$	104,497
Investment in subsidiaries
Bank		424,393		261,631
Farmers Trust		13,431		13,598
Captive		0		2,722
Other investments		424		600
Total assets	$	495,319	$	383,048

Liabilities:
Other liabilities	$	2,241	$	2,542
Subordinated debt		88,663		88,211
Total liabilities		90,904		90,753
Total stockholders' equity		404,415		292,295
Total liabilities and stockholders' equity	$	495,319	$	383,048


STATEMENTS OF INCOME
Years ended December 31,		2023			2022			2021
Income:
Dividends from subsidiaries
Bank	$	20,000		$	30,000		$	45,620
Farmers Trust		4,000			8,000			2,800
Captive Insurance		0			1,400			1,135
Interest and dividends on securities		44			0			11
Security gains/(losses)		0			0			130
Total Income		24,044			39,400			49,696
Interest on borrowings		4,086			3,428			918
Other expenses		4,109			3,451			2,792
Income before income tax benefit and undistributed subsidiary income		15,849			32,521			45,986
Income tax benefit		1,624			1,345			611
Equity in undistributed net income of subsidiaries (dividends in excess of net income)
Bank		30,848			25,935			4,412
Farmers Trust		(320	)		662			412
Captive		1,931			134			423
Net Income	$	49,932		$	60,597		$	51,844

Comprehensive Income	$	87,868		$	(159,188	)	$	39,107


STATEMENTS OF CASH FLOWS
Years ended December 31,		2023			2022			2021
Cash flows from operating activities:
Net income	$	49,932		$	60,597		$	51,844
Adjustments to reconcile net income to net cash from operating activities:
Dividends in excess of net income (Equity in undistributed net income of subsidiaries)		(32,459	)		(26,731	)		(5,247	)
Other		5,481			559			6,846
Net cash from operating activities		22,954			34,425			53,443

Cash flows from investing activities:
Net cash paid in business combinations		(33,440	)		0			(29,618	)
Net cash from investing activities		(33,440	)		0			(29,618	)

Cash flows from financing activities:
Proceeds from long term borrowings		0			0			73,749
Repurchase of common shares		(11,544	)		0			(164	)
Cash dividends paid		(25,396	)		(22,004	)		(14,072	)
Net cash from financing activities		(36,940	)		(22,004	)		59,513
Net change in cash and cash equivalents		(47,426	)		12,421			83,338

Beginning cash and cash equivalents		104,497			92,076			8,738
Ending cash and cash equivalents	$	57,071		$	104,497		$	92,076