<SEC-DOCUMENT>0001193125-24-185479.txt : 20240919
<SEC-HEADER>0001193125-24-185479.hdr.sgml : 20240919
<ACCEPTANCE-DATETIME>20240726083127
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-185479
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240726

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FARMERS NATIONAL BANC CORP /OH/
		CENTRAL INDEX KEY:			0000709337
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				341371693
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		20 S BROAD STREET
		STREET 2:		P O BOX 555
		CITY:			CANFIELD
		STATE:			OH
		ZIP:			44406
		BUSINESS PHONE:		3305333341

	MAIL ADDRESS:	
		STREET 1:		20 S BROAD STREET
		STREET 2:		PO BOX 555
		CITY:			CANFIELD
		STATE:			OH
		ZIP:			44406
</SEC-HEADER>
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<TITLE>CORRESP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g839688g0725174525329.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>20 S<SMALL>OUTH</SMALL> B<SMALL>ROAD</SMALL> S<SMALL>TREET</SMALL>, C<SMALL>ANFIELD</SMALL>,
O<SMALL>HIO</SMALL> </B>44406 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;26, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Via
EDGAR </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities&nbsp;&amp; Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shannon Davis </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Farmers National Banc Corp. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;7, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-35296</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Davis, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter responds to the comment letter
from the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;), dated July&nbsp;18, 2024 (the &#147;Comment Letter&#148;), in connection with the review of the Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filed by Farmers National Banc Corp. (the &#147;Company&#148;) on March&nbsp;7, 2024 for the fiscal year ended December&nbsp;31, 2023 (&#147;2023 Form <FONT STYLE="white-space:nowrap">10-K&#148;).</FONT> For
convenience, we have set forth below each of the Commission&#146;s comments and the corresponding responses of the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2023 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;7. Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations Loan Portfolio, page 36 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note your tabular disclosure on page 36 which indicates that your commercial real estate (&#147;CRE&#148;)
loan portfolio comprised 41.6% of total net loans as of December&nbsp;31, 2023. We also note disclosure in Exhibit 99.2 of your Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on January&nbsp;24, 2024 that provides detailed disclosures of
your CRE loan portfolio as of December&nbsp;31, 2023. Please revise future filings to further disaggregate the composition of your CRE loan portfolio to disclose and quantify material geographic and industry concentrations (e.g., office, retail,
hotel and multifamily), as well as current weighted average and/or range of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">loan-to-value</FONT></FONT> ratios and occupancy rates to enhance an investor&#146;s understanding of these
loan categories. See Item 303 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company
will revise its future filings, including its Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period ended June&nbsp;30, 2024, to further disaggregate the composition of our CRE loan portfolio to disclose and
quantify material geographic and industry concentrations (e.g., office, retail, hotel and multifamily), as well as current weighted average and/or range of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">loan-to-value</FONT></FONT>
ratios. The Company will work to revise future filings to include the current weighted average and/or range of occupancy rates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;7A.
Quantitative and Qualitative Disclosures About Market Risk, page 49 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note the discussion in which you disclose plans to prioritize loan growth in response to exceeding internal
policy limits for Economic Value of Equity derived from simulation analysis used to manage interest rate risk in up rate scenarios explained in conjunction with your related tabular information. We also note your disclosure on page 18 that certain
loans including real estate-related credit risks are a significant concern for you. Please revise future filings to describe the specific details of any risk management policies, procedures or other actions undertaken by management to address
management&#146;s noted plans to expand loan growth despite credit risk concerns, and in response to the current environment. We note Item 305 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P></TD></TR></TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company will revise its future filings, including its Quarterly Report
on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period ended June&nbsp;30, 2024, to describe the specific details of any risk management policies, procedures or other actions undertaken by management to address
management&#146;s noted plans to expand loan growth despite credit risk concerns, and in response to the current environment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We note that the consent of your independent registered public accounting firm, which was filed as Exhibit
23.1, did not include a date for Crowe LLP&#146;s audit report. Please revise or advise. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company
will amend its 2023 Form <FONT STYLE="white-space:nowrap">10-K</FONT> solely for the purpose of filing a corrected Exhibit 23.1, Consent of Independent Registered Public Accounting Firm, to replace and supersede the Exhibit 23.1 originally filed as
exhibit to the 2023 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions with respect to the foregoing or require further
information, please contact the undersigned at (330) <FONT STYLE="white-space:nowrap">533-5070.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Troy Adair</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Troy Adair</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, Secretary and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief
Financial Officer</P></TD></TR>
</TABLE></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
