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 2020-06-30 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
10-Q 2018-06-30 Filed 2018-08-09
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 2020-08-24 Other Events, Exhibits
8-K 2020-07-20 Earnings, Regulation FD, Exhibits
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 ex3116302020.htm
EX-31.2 ex3126302020.htm
EX-32 ex326302020.htm

LCNB Earnings 2020-06-30

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-20200630
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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 June 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 (Do not check if a smaller reporting company)  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 August 4, 2020 was 12,976,074 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)
June 30, 2020December 31,
2019
(Unaudited)
ASSETS:
Cash and due from banks$18,520  17,019  
Interest-bearing demand deposits24,216  3,746  
Total cash and cash equivalents42,736  20,765  
Investment securities:  
Equity securities with a readily determinable fair value, at fair value2,163  2,312  
Equity securities without a readily determinable fair value, at cost2,099  2,099  
Debt securities, available-for-sale, at fair value153,529  178,000  
Debt securities, held-to-maturity, at cost27,237  27,525  
Federal Reserve Bank stock, at cost4,652  4,652  
Federal Home Loan Bank stock, at cost5,203  5,203  
Loans, net1,330,422  1,239,406  
Premises and equipment, net35,383  34,787  
Operating lease right-of-use assets5,532  5,444  
Goodwill59,221  59,221  
Core deposit and other intangibles, net3,558  4,006  
Bank owned life insurance41,596  41,667  
Interest receivable8,215  3,926  
Other assets13,786  10,295  
TOTAL ASSETS$1,735,332  1,639,308  
LIABILITIES:  
Deposits:  
Noninterest-bearing$431,697  354,391  
Interest-bearing1,007,224  993,889  
Total deposits1,438,921  1,348,280  
Long-term debt33,998  40,994  
Operating lease liabilities5,558  5,446  
Accrued interest and other liabilities19,808  16,540  
TOTAL LIABILITIES1,498,285  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 14,150,906 and 14,111,810 shares at June 30, 2020 and December 31, 2019, respectively; outstanding 12,975,879 and 12,936,783 shares at June 30, 2020 and December 31, 2019, respectively142,181  141,791  
Retained earnings109,845  104,431  
Treasury shares at cost, 1,175,027 shares at June 30, 2020 and December 31, 2019(18,847) (18,847) 
Accumulated other comprehensive income, net of taxes3,868  673  
TOTAL SHAREHOLDERS' EQUITY237,047  228,048  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,735,332  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
June 30,
Six Months Ended 
June 30,
 2020201920202019
INTEREST INCOME:
Interest and fees on loans$14,822  14,662  $30,049  29,200  
Dividends on equity securities:
With a readily determinable fair value13  15  27  32  
Without a readily determinable fair value12  16  28  32  
Interest on debt securities:
Taxable667  933  1,617  1,802  
Non-taxable254  417  539  961  
Interest on interest-bearing time deposits  3    8  
Other investments189  282  253  406  
TOTAL INTEREST INCOME15,957  16,328  32,513  32,441  
INTEREST EXPENSE:    
Interest on deposits1,732  2,464  3,849  4,750  
Interest on short-term borrowings  2  7  221  
Interest on long-term debt227  272  481  489  
TOTAL INTEREST EXPENSE1,959  2,738  4,337  5,460  
NET INTEREST INCOME13,998  13,590  28,176  26,981  
PROVISION (CREDIT) FOR LOAN LOSSES16  54  1,189  (51) 
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES13,982  13,536  26,987  27,032  
NON-INTEREST INCOME:    
Fiduciary income1,201  1,058  2,304  2,092  
Service charges and fees on deposit accounts1,237  1,497  2,532  2,805  
Net gains (losses) from sales of debt securities, available-for-sale  1  221  (17) 
Bank owned life insurance income287  183  888  365  
Gains from sales of loans317  64  437  93  
Other operating income277  195  776  432  
TOTAL NON-INTEREST INCOME3,319  2,998  7,158  5,770  
NON-INTEREST EXPENSE:    
Salaries and employee benefits6,648  6,243  13,416  12,405  
Equipment expenses289  278  576  544  
Occupancy expense, net723  744  1,405  1,507  
State financial institutions tax420  436  856  874  
Marketing258  297  435  599  
Amortization of intangibles260  260  520  517  
FDIC insurance premiums (credit), net31  112  30  238  
Contracted services475  475  877  939  
Other real estate owned1  48  (9) 51  
Merger-related expenses  20    87  
Other non-interest expense2,011  1,920  4,082  3,772  
TOTAL NON-INTEREST EXPENSE11,116  10,833  22,188  21,533  
INCOME BEFORE INCOME TAXES6,185  5,701  11,957  11,269  
PROVISION FOR INCOME TAXES1,128  973  1,874  1,914  
NET INCOME$5,057  4,728  $10,083  9,355  
Dividends declared per common share$0.18  0.17  $0.36  0.34  
Earnings per common share:    
Basic$0.39  0.36  $0.78  0.71  
Diluted0.39  0.36  0.78  0.71  
Weighted average common shares outstanding:    
Basic12,940,975  13,192,691  12,933,528  13,237,909  
Diluted12,941,001  13,196,665  12,934,158  13,241,752  

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
June 30,
Six Months Ended 
June 30,
 2020201920202019
Net income$5,057  4,728  $10,083  9,355  
Other comprehensive income:    
Net unrealized gains on available-for-sale debt securities (net of taxes of $190 and $577 for the three months ended June 30, 2020 and 2019, respectively, and $896 and $1,236 for the six months ended June 30, 2020 and 2019, respectively)711  2,178  3,369  4,653  
Reclassification adjustment for net realized (gains) losses on sales of available-for-sale debt securities included in net income (net of taxes of $- and $- for the three months ended June 30, 2020 and 2019, respectively, and $46 and $4 for the six months ended June 30, 2020 and 2019, respectively)  (1) (175) 13  
Change in nonqualified pension plan unrecognized net loss and unrecognized prior service cost (net of taxes of $- and $- for the three and six months ended June 30, 2020, respectively)1    1    
  Other comprehensive income, net of tax712  2,177  3,195  4,666  
TOTAL COMPREHENSIVE INCOME$5,769  6,905  $13,278  14,021  

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 June 30, 2020
Balance at March 31, 202012,969,076  $142,046  107,123  (18,847) 3,156  233,478  
Net income  5,057    5,057  
Other comprehensive income, net of taxes   712  712  
Dividend Reinvestment and Stock Purchase Plan6,803  101    101  
Compensation expense relating to restricted stock  34  34  
Common stock dividends, $0.18 per share  (2,335)   (2,335) 
Balance at June 30, 202012,975,879  $142,181  109,845  (18,847) 3,868  237,047  
Six Months Ended June 30, 2020
Balance at December 31, 201912,936,783  $141,791  104,431  (18,847) 673  228,048  
Net income  10,083    10,083  
Other comprehensive income, net of taxes   3,195  3,195  
Dividend Reinvestment and Stock Purchase Plan13,842  208    208  
Exercise of stock options9,593