Company Quick10K Filing
LCNB
Price17.79 EPS1
Shares13 P/E12
MCap234 P/FCF16
Net Debt-23 EBIT34
TEV211 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-04
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-06
10-Q 2018-09-30 Filed 2018-11-09
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10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-03-09
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-03-08
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-03-09
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-03-12
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-06
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-02-23
8-K 2020-10-20
8-K 2020-08-24
8-K 2020-07-20
8-K 2020-06-10
8-K 2020-04-22
8-K 2020-04-20
8-K 2020-03-04
8-K 2020-01-29
8-K 2019-10-21
8-K 2019-09-20
8-K 2019-08-07
8-K 2019-07-22
8-K 2019-05-30
8-K 2019-05-23
8-K 2019-05-02
8-K 2019-04-24
8-K 2019-04-18
8-K 2019-02-20
8-K 2019-01-29
8-K 2018-12-21
8-K 2018-10-19
8-K 2018-10-18
8-K 2018-10-01
8-K 2018-08-08
8-K 2018-07-19
8-K 2018-06-01
8-K 2018-05-01
8-K 2018-04-25
8-K 2018-04-18
8-K 2018-01-29

LCNB 10Q Quarterly Report

Part I - Financial Information
Item 1.Financial Statements
Note 1 - Basis of Presentation
Note 2 - Investment Securities
Note 3 - Loans
Note 4 - Acquired Credit Impaired Loans
Note 5 - Affordable Housing Tax Credit Limited Partnership
Note 6 - Borrowings
Note 7 - Leases
Note 8 - Income Taxes
Note 9 - Commitments and Contingent Liabilities
Note 10 - Accumulated Other Comprehensive Income (Loss)
Note 11 - Retirement Plans
Note 12 - Stock Based Compensation
Note 13 - Earnings per Common Share
Note 14 - Fair Value Measurements
Note 15 - Recent Accounting Pronouncements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-31.1 lcnbformex3119302020.htm
EX-31.2 lcnbformex3129302020.htm
EX-32 lcnbform10-qex329302020.htm

LCNB Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.10.10.10.00.00.02011201220132015
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

lcnb-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.   20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                                        to                                                      

Commission File Number 001-35292
LCNB Corp.
(Exact name of registrant as specified in its charter)
Ohio  31-1626393
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)

2 North Broadway, Lebanon, Ohio 45036
(Address of principal executive offices, including Zip Code)

(513) 932-1414
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, No Par ValueLCNBNASDAQ

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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 ☒                             Smaller 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 Act).
             Yes         No
The number of shares outstanding of the issuer's common stock, without par value, as of November 6, 2020 was 12,878,670 shares.


Table of Contents


LCNB CORP. AND SUBSIDIARIES

TABLE OF CONTENTS
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1

Table of Contents


PART I – FINANCIAL INFORMATION
 
Item 1.Financial Statements

LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands, except per share data)
September 30, 2020December 31,
2019
(Unaudited)
ASSETS:
Cash and due from banks$16,151 17,019 
Interest-bearing demand deposits8,334 3,746 
Total cash and cash equivalents24,485 20,765 
Investment securities:  
Equity securities with a readily determinable fair value, at fair value2,213 2,312 
Equity securities without a readily determinable fair value, at cost2,099 2,099 
Debt securities, available-for-sale, at fair value157,936 178,000 
Debt securities, held-to-maturity, at cost26,941 27,525 
Federal Reserve Bank stock, at cost4,652 4,652 
Federal Home Loan Bank stock, at cost5,203 5,203 
Loans, net1,334,186 1,239,406 
Premises and equipment, net35,309 34,787 
Operating lease right-of-use assets5,729 5,444 
Goodwill59,221 59,221 
Core deposit and other intangibles, net3,539 4,006 
Bank owned life insurance41,871 41,667 
Interest receivable9,559 3,926 
Other assets12,672 10,295 
TOTAL ASSETS$1,725,615 1,639,308 
LIABILITIES:  
Deposits:  
Noninterest-bearing$426,989 354,391 
Interest-bearing1,003,405 993,889 
Total deposits1,430,394 1,348,280 
Long-term debt31,999 40,994 
Operating lease liabilities5,790 5,446 
Accrued interest and other liabilities18,847 16,540 
TOTAL LIABILITIES1,487,030 1,411,260 
COMMITMENTS AND CONTINGENT LIABILITIES  
SHAREHOLDERS' EQUITY:  
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding  
Common shares – no par value; authorized 19,000,000 shares; issued 14,157,303 and 14,111,810 shares at September 30, 2020 and December 31, 2019, respectively; outstanding 12,926,686 and 12,936,783 shares at September 30, 2020 and December 31, 2019, respectively142,310 141,791 
Retained earnings111,760 104,431 
Treasury shares at cost, 1,230,617 and 1,175,027 shares at September 30, 2020 and December 31, 2019, respectively(19,639)(18,847)
Accumulated other comprehensive income, net of taxes4,154 673 
TOTAL SHAREHOLDERS' EQUITY238,585 228,048 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,725,615 1,639,308 

The accompanying notes to consolidated condensed financial statements are an integral part of these statements.

The consolidated condensed balance sheet as of December 31, 2019 has been derived from the audited consolidated balance sheet as of that date.
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LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended 
September 30,
 2020201920202019
INTEREST INCOME:
Interest and fees on loans$14,379 14,872 $44,428 44,072 
Dividends on equity securities:
With a readily determinable fair value13 15 40 47 
Without a readily determinable fair value5 16 33 48 
Interest on debt securities:
Taxable633 918 2,250 2,720 
Non-taxable249 379 788 1,340 
Interest on interest-bearing time deposits 3  11 
Other investments43 126 296 532 
TOTAL INTEREST INCOME15,322 16,329 47,835 48,770 
INTEREST EXPENSE:    
Interest on deposits1,567 2,475 5,416 7,225 
Interest on short-term borrowings 3 7 224 
Interest on long-term debt226 273 707 762 
TOTAL INTEREST EXPENSE1,793 2,751 6,130 8,211 
NET INTEREST INCOME13,529 13,578 41,705 40,559 
PROVISION FOR LOAN LOSSES976 264 2,165 213 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES12,553 13,314 39,540 40,346 
NON-INTEREST INCOME:    
Fiduciary income1,275 1,123 3,579 3,215 
Service charges and fees on deposit accounts1,506 1,616 4,038 4,421 
Net gains (losses) from sales of debt securities, available-for-sale (20)221 (37)
Bank owned life insurance income275 289 1,163 654 
Gains from sales of loans999 114 1,436 207 
Other operating income223 234 999 666 
TOTAL NON-INTEREST INCOME4,278 3,356 11,436 9,126 
NON-INTEREST EXPENSE:    
Salaries and employee benefits6,863 6,403 20,279 18,808 
Equipment expenses341 322 917 866 
Occupancy expense, net740 751 2,145 2,258 
State financial institutions tax424 433 1,280 1,307 
Marketing471 410 906 1,009 
Amortization of intangibles263 263 783 780 
FDIC insurance premiums (credit), net112 (13)142 225 
Contracted services435 455 1,312 1,394 
Other real estate owned2 1 (7)52 
Merger-related expenses 27  114 
Other non-interest expense2,002 1,930 6,084 5,702 
TOTAL NON-INTEREST EXPENSE11,653 10,982 33,841 32,515 
INCOME BEFORE INCOME TAXES5,178 5,688 17,135 16,957 
PROVISION FOR INCOME TAXES928 961 2,802 2,875 
NET INCOME$4,250 4,727 $14,333 14,082 
Dividends declared per common share$0.18 0.17 $0.54 0.51 
Earnings per common share:    
Basic$0.33 0.36 $1.11 1.07 
Diluted0.33 0.36 1.11 1.07 
Weighted average common shares outstanding:    
Basic12,937,865 12,932,950 12,934,987 13,135,134 
Diluted12,937,901 12,937,145 12,935,388 13,139,100 

The accompanying notes to consolidated condensed financial statements are an integral part of these statements.
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LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended 
September 30,
 2020201920202019
Net income$4,250 4,727 $14,333 14,082 
Other comprehensive income:    
Net unrealized gains on available-for-sale debt securities (net of taxes of $76 and $221 for the three months ended September 30, 2020 and 2019, respectively, and $972 and $1,457 for the nine months ended September 30, 2020 and 2019, respectively)286 829 3,655 5,482 
Reclassification adjustment for net realized (gains) losses on sales of available-for-sale debt securities included in net income (net of taxes of $- and $4 for the three months ended September 30, 2020 and 2019, respectively, and $46 and $8 for the nine months ended September 30, 2020 and 2019, respectively) 16 (175)29 
Change in nonqualified pension plan unrecognized net loss and unrecognized prior service cost (net of taxes of $- and $- for the three and nine months ended September 30, 2020, respectively)  1  
  Other comprehensive income, net of tax286 845 3,481 5,511 
TOTAL COMPREHENSIVE INCOME$4,536 5,572 $17,814 19,593 

The accompanying notes to consolidated condensed financial statements are an integral part of these statements.

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LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
 Common Shares OutstandingCommon StockRetained
Earnings
Treasury
Shares
Accumulated
Other
Comprehensive
Income (Loss)
Total Shareholders'
Equity
Three Months Ended September 30, 2020
Balance at June 30, 202012,975,879 $142,181 109,845 (18,847)3,868 237,047 
Net income  4,250   4,250 
Other comprehensive income, net of taxes   286 286 
Dividend Reinvestment and Stock Purchase Plan6,397 94   94 
Repurchase of common stock(55,590)(792)(792)
Compensation expense relating to restricted stock 35 35 
Common stock dividends, $0.18 per share  (2,335)  (2,335)
Balance at September 30, 202012,926,686 $142,310 111,760 (19,639)4,154 238,585 
Nine Months Ended September 30, 2020
Balance at December 31, 201912,936,783 $141,791 104,431 (18,847)673 228,048 
Net income  14,333   14,333 
Other comprehensive income, net of taxes   3,481 3,481 
Dividend Reinvestment and Stock Purchase Plan20,239 302   302 
Repurchase of common stock(55,590)(792)(792)
Exercise of stock options9,593 115 115 
Compensation expense relating to restricted stock15,661 102 102 
Common stock dividends, $0.54 per share  (7,004)  (7,004)
Balance at September 30, 202012,926,686 $142,310 111,760 (19,639)4,154 238,585 
Three Months Ended September 30, 2019
Balance at June 30, 201912,978,554 $141,479 99,400 (17,854)(53)222,972 
Net income  4,727   4,727 
Other comprehensive income, net of taxes    845 845 
Dividend Reinvestment and Stock Purchase Plan6,824 118    118 
Repurchase of common stock(57,915)(993)(993)
Compensation expense relating to restricted stock 21 21 
Common stock dividends, $0.17 per share  (2,198)  (2,198)
Balance at September 30, 201912,927,463 $141,618 101,929 (18,847)792 225,492 
Nine Months Ended September 30, 2019
Balance at December 31, 201813,295,276 $141,170 94,547 (12,013)(4,719)218,985 
Net income  14,082   14,082 
Other comprehensive income, net of taxes    5,511 5,511 
Dividend Reinvestment and Stock Purchase Plan19,683 336    336 
Repurchase of common stock(400,000)(6,834)(6,834)
Compensation expense relating to restricted stock12,504 112 112 
Common stock dividends, $0.51 per share  (6,700)  (6,700)
Balance at September 30, 201912,927,463 $141,618 101,929 (18,847)792 225,492 

The accompanying notes to consolidated condensed financial statements are an integral part of these statements.
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LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended 
September 30,
 20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$14,333 14,082 
Adjustments to reconcile net income to net cash flows from operating activities:  
Depreciation, amortization, and accretion1,960 2,438 
Provision for loan losses2,165 213 
Deferred income tax provision (benefit)(19)225 
Increase in cash surrender value of bank owned life insurance(846)(654)
Bank owned life insurance mortality benefits in excess of cash surrender value(317) 
Realized gain from equity securities(504)(207)
Realized (gain) loss from sales of debt securities, available-for-sale(221)37 
Realized gain from sales of premises and equipment(62)(1)
Realized (gain) loss from sales and impairment of other real estate owned and repossessed assets(11)47 
Origination of mortgage loans for sale(42,208)(10,449)
Realized gains from sales of loans(1,436)(207)
Proceeds from sales of mortgage loans43,175 10,561 
Compensation expense related to restricted stock102 112 
Changes in:  
Accrued income receivable(5,783)