| Condensed Financial Information |
NOTE 23—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, |
|
2015 |
|
|
2014 |
|
|
BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,357 |
|
|
$ |
1,564 |
|
|
Investment in subsidiaries |
|
|
|
|
|
|
|
|
|
Bank |
|
|
184,253 |
|
|
|
107,704 |
|
|
Trust |
|
|
10,188 |
|
|
|
10,115 |
|
|
NAI |
|
|
3,391 |
|
|
|
3,604 |
|
|
Securities available for sale |
|
|
231 |
|
|
|
172 |
|
|
Other |
|
|
1,319 |
|
|
|
916 |
|
|
TOTAL ASSETS |
|
$ |
200,739 |
|
|
$ |
124,075 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
$ |
241 |
|
|
$ |
163 |
|
|
Note payable |
|
|
350 |
|
|
|
350 |
|
|
Subordinate debt |
|
|
2,099 |
|
|
|
0 |
|
|
Other accounts payable |
|
|
2 |
|
|
|
2 |
|
|
TOTAL LIABILITIES |
|
|
2,692 |
|
|
|
515 |
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
198,047 |
|
|
|
123,560 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
200,739 |
|
|
$ |
124,075 |
|
|
STATEMENTS OF INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank |
|
$ |
23,744 |
|
|
$ |
4,013 |
|
|
$ |
4,333 |
|
|
Trust |
|
|
750 |
|
|
|
2,000 |
|
|
|
980 |
|
|
NAI |
|
|
400 |
|
|
|
0 |
|
|
|
0 |
|
|
Interest and dividends on securities |
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
Security gains/(losses) |
|
|
0 |
|
|
|
0 |
|
|
|
21 |
|
|
Other income |
|
|
0 |
|
|
|
764 |
|
|
|
0 |
|
|
TOTAL INCOME |
|
|
24,896 |
|
|
|
6,778 |
|
|
|
5,336 |
|
|
Interest on borrowings |
|
|
(35 |
) |
|
|
(15 |
) |
|
|
(16 |
) |
|
Other expenses |
|
|
(4,817 |
) |
|
|
(1,492 |
) |
|
|
(1,659 |
) |
|
Income before income tax benefit and undistributed subsidiary income |
|
|
20,044 |
|
|
|
5,271 |
|
|
|
3,661 |
|
|
Income tax benefit |
|
|
991 |
|
|
|
512 |
|
|
|
562 |
|
|
Equity in undistributed net income of subsidiaries (dividends in excess
of net income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank |
|
|
(12,837 |
) |
|
|
4,987 |
|
|
|
4,162 |
|
|
Trust |
|
|
71 |
|
|
|
(1,134 |
) |
|
|
(449 |
) |
|
NAI |
|
|
(214 |
) |
|
|
(671 |
) |
|
|
(156 |
) |
|
NET INCOME |
|
$ |
8,055 |
|
|
$ |
8,965 |
|
|
$ |
7,780 |
|
|
STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
8,055 |
|
|
$ |
8,965 |
|
|
$ |
7,780 |
|
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security (gains)/losses |
|
|
0 |
|
|
|
0 |
|
|
|
(24 |
) |
|
Impairment of securities |
|
|
0 |
|
|
|
0 |
|
|
|
3 |
|
|
Dividends in excess of net income (Equity in undistributed net
income of subsidiary) |
|
|
12,980 |
|
|
|
(3,182 |
) |
|
|
(3,557 |
) |
|
Other |
|
|
(269 |
) |
|
|
(982 |
) |
|
|
(270 |
) |
|
NET CASH FROM OPERATING ACTIVITIES |
|
|
20,766 |
|
|
|
4,801 |
|
|
|
3,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from maturities of available for sale securities |
|
|
0 |
|
|
|
0 |
|
|
|
56 |
|
|
Purchase of National Associates, Inc. |
|
|
0 |
|
|
|
0 |
|
|
|
(2,111 |
) |
|
Net cash paid in business combinations |
|
|
(18,077 |
) |
|
|
0 |
|
|
|
0 |
|
|
NET CASH FROM INVESTING ACTIVITIES |
|
|
(18,077 |
) |
|
|
0 |
|
|
|
(2,055 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from reissuance of treasury shares |
|
|
0 |
|
|
|
32 |
|
|
|
0 |
|
|
Purchase of treasury shares |
|
|
(213 |
) |
|
|
(2,882 |
) |
|
|
(1,606 |
) |
|
Cash dividends paid |
|
|
(2,683 |
) |
|
|
(2,236 |
) |
|
|
(2,248 |
) |
|
NET CASH FROM FINANCING ACTIVITIES |
|
|
(2,896 |
) |
|
|
(5,086 |
) |
|
|
(3,854 |
) |
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
(207 |
) |
|
|
(285 |
) |
|
|
(1,977 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning cash and cash equivalents |
|
|
1,564 |
|
|
|
1,849 |
|
|
|
3,826 |
|
|
Ending cash and cash equivalents |
|
$ |
1,357 |
|
|
$ |
1,564 |
|
|
$ |
1,849 |
|
|