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Parent Company Only Condensed Financial Information (Tables)
12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule of 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,

 

2022

 

 

2021

 

BALANCE SHEETS

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

Cash

 

$

104,497

 

 

$

92,076

 

Investment in subsidiaries

 

 

 

 

 

 

Bank

 

 

261,631

 

 

 

453,695

 

Farmers Trust

 

 

13,598

 

 

 

13,667

 

Captive

 

 

2,722

 

 

 

2,588

 

Other investments

 

 

600

 

 

 

0

 

Total assets

 

$

383,048

 

 

$

562,026

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Other liabilities

 

$

2,542

 

 

$

1,836

 

Subordinated debt

 

 

88,211

 

 

 

87,758

 

Total liabilities

 

 

90,753

 

 

 

89,594

 

Total stockholders' equity

 

 

292,295

 

 

 

472,432

 

Total liabilities and stockholders' equity

 

$

383,048

 

 

$

562,026

 

 

STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Income:

 

 

 

 

 

 

 

 

 

Dividends from subsidiaries

 

 

 

 

 

 

 

 

 

Bank

 

$

30,000

 

 

$

45,620

 

 

$

28,646

 

Farmers Trust

 

 

8,000

 

 

 

2,800

 

 

 

2,300

 

Captive Insurance

 

 

1,400

 

 

 

1,135

 

 

 

1,000

 

Interest and dividends on securities

 

 

0

 

 

 

11

 

 

 

12

 

Security gains/(losses)

 

 

0

 

 

 

130

 

 

 

(28

)

Total Income

 

 

39,400

 

 

 

49,696

 

 

 

31,930

 

Interest on borrowings

 

 

(3,428

)

 

 

(918

)

 

 

(361

)

Other expenses

 

 

(3,451

)

 

 

(2,792

)

 

 

(2,746

)

Income before income tax benefit and undistributed
   subsidiary income

 

 

32,521

 

 

 

45,986

 

 

 

28,823

 

Income tax benefit

 

 

1,345

 

 

 

611

 

 

 

592

 

Equity in undistributed net income of subsidiaries
   (dividends in excess of net income)

 

 

 

 

 

 

 

 

 

Bank

 

 

25,935

 

 

 

4,412

 

 

 

12,244

 

Farmers Trust

 

 

662

 

 

 

412

 

 

 

237

 

Captive

 

 

134

 

 

 

423

 

 

 

(20

)

Net Income

 

$

60,597

 

 

$

51,844

 

 

$

41,876

 

 

STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

2,022

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

60,597

 

 

$

51,844

 

 

$

41,876

 

Adjustments to reconcile net income to net cash from
   operating activities:

 

 

 

 

 

 

 

 

 

Dividends in excess of net income (Equity in
   undistributed net income of subsidiaries)

 

 

(26,731

)

 

 

(5,247

)

 

 

(12,461

)

Other

 

 

559

 

 

 

6,846

 

 

 

1,167

 

Net cash from operating activities

 

 

34,425

 

 

 

53,443

 

 

 

30,582

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Net cash paid in business combinations

 

 

0

 

 

 

(29,618

)

 

 

(20,423

)

Net cash from investing activities

 

 

0

 

 

 

(29,618

)

 

 

(20,423

)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds from long term borrowings

 

 

0

 

 

 

73,749

 

 

 

0

 

Repurchase of common shares

 

 

0

 

 

 

(164

)

 

 

(14,238

)

Cash dividends paid

 

 

(22,004

)

 

 

(14,072

)

 

 

(12,654

)

Net cash from financing activities

 

 

(22,004

)

 

 

59,513

 

 

 

(26,892

)

Net change in cash and cash equivalents

 

 

12,421

 

 

 

83,338

 

 

 

(16,733

)

 

 

 

 

 

 

 

 

 

 

Beginning cash and cash equivalents

 

 

92,076

 

 

 

8,738

 

 

 

25,471

 

Ending cash and cash equivalents

 

$

104,497

 

 

$

92,076

 

 

$

8,738