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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Quarterly period ended September 30, 2020
Commission file number 001-35296
FARMERS NATIONAL BANC CORP.
(Exact name of registrant as specified in its charter)
Ohio |
|
34-1371693 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No) |
|
|
|
20 South Broad Street Canfield, OH |
|
44406 |
(Address of principal executive offices) |
|
(Zip Code) |
(330) 533-3341
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☒ |
|
|
|
|
Non-accelerated filer |
|
☐ |
|
Small reporting company |
|
☐ |
|
|
|
|
|
|
|
Emerging growth company |
|
☐ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Common Stock, No Par Value |
FMNB |
The NASDAQ Stock Market |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class |
|
Outstanding at October 30, 2020 |
Common Stock, No Par Value |
|
28,260,376 shares |
1
CONSOLIDATED BALANCE SHEETS
FARMERS NATIONAL BANC CORP. AND SUBSIDIARIES
|
|
(In Thousands of Dollars) |
|
(Unaudited) |
|
September 30,
2020 |
|
|
December 31,
2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
22,592 |
|
|
$ |
23,229 |
|
Federal funds sold and other |
|
|
176,983 |
|
|
|
47,531 |
|
TOTAL CASH AND CASH EQUIVALENTS |
|
|
199,575 |
|
|
|
70,760 |
|
Securities available for sale |
|
|
481,509 |
|
|
|
432,233 |
|
Equity securities |
|
|
8,307 |
|
|
|
7,909 |
|
Loans held for sale |
|
|
7,076 |
|
|
|
2,600 |
|
Loans |
|
|
2,147,158 |
|
|
|
1,811,539 |
|
Less allowance for loan losses |
|
|
19,341 |
|
|
|
14,487 |
|
NET LOANS |
|
|
2,127,817 |
|
|
|
1,797,052 |
|
Premises and equipment, net |
|
|
25,952 |
|
|
|
23,817 |
|
Goodwill |
|
|
47,434 |
|
|
|
38,201 |
|
Other intangibles, net |
|
|
4,174 |
|
|
|
4,444 |
|
Bank owned life insurance |
|
|
36,134 |
|
|
|
35,527 |
|
Other assets |
|
|
51,201 |
|
|
|
36,615 |
|
TOTAL ASSETS |
|
$ |
2,989,179 |
|
|
$ |
2,449,158 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
577,334 |
|
|
$ |
434,126 |
|
Interest-bearing |
|
|
1,903,998 |
|
|
|
1,490,763 |
|
Brokered time deposits |
|
|
57,000 |
|
|
|
84,075 |
|
TOTAL DEPOSITS |
|
|
2,538,332 |
|
|
|
2,008,964 |
|
Short-term borrowings |
|
|
5,192 |
|
|
|
77,050 |
|
Long-term borrowings |
|
|
76,498 |
|
|
|
45,147 |
|
Other liabilities |
|
|
29,189 |
|
|
|
18,688 |
|
TOTAL LIABILITIES |
|
|
2,649,211 |
|
|
|
2,149,849 |
|
Commitments and contingent liabilities |
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
Common Stock - Authorized 50,000,000 shares; issued 29,577,827 in 2020 and 28,179,598 in 2019 |
|
|
208,644 |
|
|
|
186,345 |
|
Retained earnings |
|
|
129,818 |
|
|
|
108,851 |
|
Accumulated other comprehensive income |
|
|
20,550 |
|
|
|
9,826 |
|
Treasury stock, at cost; 1,391,584 shares in 2020 and 508,859 in 2019 |
|
|
(19,044 |
) |
|
|
(5,71 |