10-Q 1 lcnb20240930_10q.htm FORM 10-Q lcnb20240930_10q.htm
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Table of Contents



 

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, 2024

 

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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, No Par Value

LCNB

NASDAQ

 

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, 2024 was 14,110,337 shares.

 



 

 

 

LCNB CORP. AND SUBSIDIARIES

 

TABLE OF CONTENTS

PART I  FINANCIAL INFORMATION

3

   

Item 1.  Financial Statements

3

   

CONSOLIDATED CONDENSED BALANCE SHEETS

3

   

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

4

   

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

5

   

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY

6

   

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

7

   

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

8

   

Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations

44

   

Item 3.  Quantitative and Qualitative Disclosures about Market Risks

59

   

Item 4.  Controls and Procedures

60

   

PART II.  OTHER INFORMATION

61

   

Item 1.   Legal Proceedings

61

   

Item 1A.  Risk Factors

61

   

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

61

   

Item 3.   Defaults Upon Senior Securities

61

   

Item 4.   Mine Safety Disclosures

61

   

Item 5.   Other Information

61

   

Item 6.   Exhibits

62

   

SIGNATURES

63

 

 

 

 

Glossary of Abbreviations and Acronyms

 

ACL

 

Allowance for Credit Losses

ASC

 

Accounting Standards Codification

ASU

 

Accounting Standards Update

Bank

 

LCNB National Bank

CECL

 

Current expected credit losses

CNNB

 

Cincinnati Bancorp, Inc.

Company

 

LCNB Corp. and its consolidated subsidiaries as a whole

DCF

 

Discounted Cash Flow

Dodd-Frank Act

 

Dodd-Frank Wall Street Reform and Consumer Protection Act

EFBI

 

Eagle Financial Bancorp, Inc.

FASB

 

Financial Accounting Standards Board

FDIC

 

Federal Deposit Insurance Corporation

FFIEC

 

Financial Institutions Examination Council

FHLB

 

Federal Home Loan Bank

FICO

 

Fair Isaac Corporation

FOMC

 

Federal Open Market Committee of the Federal Reserve System

FRB

 

Federal Reserve Bank

GAAP

 

Generally Accepted Accounting Principles

IRA

 

Individual Retirement Account

LCNB

 

LCNB Corp. and its consolidated subsidiaries as a whole

LDA

 

Loss Driver Analysis

LGD

 

Loss Given Default

OCC

 

Office of the Comptroller of the Currency

OAEM   Other Assets Especially Mentioned

PCD

 

Purchased Credit Deteriorated

PD

 

Probability of Default

SEC

 

Securities and Exchange Commission

TDR

 

Troubled Debt Restructuring

 

 

 

PART I FINANCIAL INFORMATION

 

 

Item 1.         Financial Statements

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

  

September 30, 2024

  

December 31, 2023

 
  

Unaudited

  

Audited

 

ASSETS:

        

Cash and due from banks

 $27,661  $36,535 

Interest-bearing demand deposits

  11,713   3,188 

Total cash and cash equivalents

  39,374   39,723 

Investment securities:

        

Equity securities with a readily determinable fair value, at fair value

 $1,388  $1,336 

Equity securities without a readily determinable fair value, at cost

  3,666   3,666 

Debt securities, available-for-sale, at fair value

  262,622   276,601 

Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $7 and $5 at September 30, 2024 and December 31, 2023, respectively

  18,730   16,858 

Federal Reserve Bank stock, at cost

  6,429   5,086 

Federal Home Loan Bank stock, at cost

  20,710   15,176 

Loans, net of allowance for credit losses of $11,867 and $10,525 at September 30, 2024 and December 31, 2023, respectively

  1,707,193   1,712,946 

Loans held for sale

  35,687    

Premises and equipment, net

  41,233   36,302 

Operating lease right-of-use assets

  5,853   6,000 

Goodwill

  90,209   79,509 

Core deposit and other intangibles, net

  11,605   9,494 

Bank-owned life insurance

  53,650   49,847 

Interest receivable

  9,450   8,405 

Other assets, net

  39,109   30,643 

TOTAL ASSETS

  2,346,908   2,291,592 
         

LIABILITIES:

        

Deposits:

        

Noninterest-bearing

 $446,626  $462,267 

Interest-bearing

  1,470,379   1,362,122 

Total deposits

  1,917,005   1,824,389 

Short-term borrowings

     97,395 

Long-term debt

  155,662   113,123 

Operating lease liabilities

  6,152   6,261 

Accrued interest and other liabilities

  14,843   15,121 

TOTAL LIABILITIES

  2,093,662   2,056,289 
         

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 17,321,593 and 16,384,952 shares at September 30, 2024 and December 31, 2023, respectively; outstanding 14,110,210 and 13,173,569 shares at September 30, 2024 and December 31, 2023, respectively

  186,716   173,637 

Retained earnings

  138,325   140,017 

Treasury shares at cost, 3,211,383 and 3,211,383 shares at September 30, 2024 and December 31, 2023, respectively

  (56,015)  (56,015)

Accumulated other comprehensive loss, net of taxes

  (15,780)  (22,336)

TOTAL SHAREHOLDERS' EQUITY

  253,246   235,303 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 $2,346,908  $2,291,592 

 

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

 

 

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

INTEREST INCOME:

                               

Interest and fees on loans

  $ 24,342       17,875       71,860       50,781  

Dividends on equity securities:

                               

With a readily determinable fair value

    10       9       28       34  

Without a readily determinable fair value

    30       29       91       79  

Interest on debt securities:

                               

Taxable

    1,181       1,296       3,596       3,962  

Non-taxable

    163       173       451       523  

Other investments

    672       286       2,095       910  

TOTAL INTEREST INCOME

    26,398       19,668       78,121       56,289  
                                 

INTEREST EXPENSE:

                               

Interest on deposits

    9,578       4,426       27,458       10,217  

Interest on short-term borrowings

          830       1,116       3,142  

Interest on long-term debt

    1,850       841       5,465       1,240  

TOTAL INTEREST EXPENSE

    11,428       6,097       34,039       14,599  

NET INTEREST INCOME

    14,970       13,571       44,082       41,690  
                                 

PROVISION FOR (RECOVERY OF) CREDIT LOSSES

    660       (114 )     1,313       (141 )

NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES

    14,310       13,685       42,769       41,831  
                                 

NON-INTEREST INCOME:

                               

Fiduciary income

    2,097       1,736       6,137       5,263  

Service charges and fees on deposit accounts

    1,899       1,397       4,820       4,324  

Net losses from sales of debt securities, available-for-sale

                (214 )      

Bank-owned life insurance income

    654       282       1,313       830  

Net gains from sales of loans

    1,625       29       2,197       38  

Other operating income

    132       134       163       350  

TOTAL NON-INTEREST INCOME

    6,407       3,578       14,416       10,805  
                                 

NON-INTEREST EXPENSE:

                               

Salaries and employee benefits

    9,025       7,044       26,585       21,454  

Equipment expenses

    420       397       1,205       1,175  

Occupancy expense, net

    966       805       2,915       2,367  

State financial institutions tax

    505       396       1,409       1,189  

Marketing

    320       223       704       735  

Amortization of intangibles

    304       113       838       336  

FDIC insurance premiums, net

    547       224       1,445       663  

Contracted services

    807       671       2,435       1,978  

Merger-related expenses

    281       302       3,376       742  

Other non-interest expense

    2,212       2,069       7,772       6,208  

TOTAL NON-INTEREST EXPENSE

    15,387       12,244       48,684       36,847  

INCOME BEFORE INCOME TAXES

    5,330       5,019       8,501       15,789  

PROVISION FOR INCOME TAXES

    798       949       1,129       2,868  

NET INCOME

  $ 4,532       4,070       7,372       12,921  
                                 

Earnings per common share:

                               

Basic

  $ 0.31       0.37       0.53       1.16  

Diluted

    0.31       0.37       0.53       1.16  

Weighted average common shares outstanding:

                               

Basic

    14,103,358       11,038,720       13,761,582       11,094,185  

Diluted

    14,103,358       11,038,720       13,761,582       11,094,185  

 

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

 

 

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Net income

 $4,532   4,070   7,372   12,921 

Other comprehensive income (loss):

                

Net unrealized gain (loss) on available-for-sale debt securities (net of tax expense (benefit) of $1,879 and $(782) for the three months ended September 30, 2024 and 2023, respectively, and $1,698 and $(203) for the nine months ended September 30, 2024 and 2023, respectively)

  7,069   (2,941)  6,387   (758)

Reclassification adjustment for net realized (gains) losses on sales of available-for-sale debt securities included in net income (net of tax expense (benefit) of $ and $(45) for the three and nine months ended September 30, 2024, respectively)

        169    

Other comprehensive income (loss), net of tax

  7,069   (2,941)  6,556   (758)

TOTAL COMPREHENSIVE INCOME

 $11,601   1,129   13,928   12,163 

 

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

 

 

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY

(Dollars in thousands, except per share data)

(Unaudited)

 

                  

Accumulated

     
  

Common

              

Other

  

Total

 
  

Shares

  

Common

  

Retained

  

Treasury

  

Comprehensive

  

Shareholders'

 
  

Outstanding

  

Stock

  

Earnings

  

Shares

  

Loss

  

Equity

 

Three Months Ended September 30, 2024

                        

Balance at July, 1 2024

  14,151,755  $187,195   136,883   (56,015)  (22,849)  245,214 

Net income

          4,532           4,532 

Other comprehensive income, net of taxes

                  7,069   7,069 

Dividend Reinvestment and Stock Purchase Plan

  8,582   131               131 

Adjustment to stock issued for acquisition of Eagle Financial Bancorp, Inc.

  (50,127)  (704)             (704)

Compensation expense relating to restricted stock

      94               94 

Common stock dividends, $0.22 per share

          (3,090)          (3,090)

Balance at September 30, 2024

  14,110,210  $186,716   138,325   (56,015)  (15,780)  253,246 
                         

Nine Months Ended September 30, 2024

                        

Balance at January 1, 2024

  13,173,569  $173,637   140,017   (56,015)  (22,336)  235,303 

Net income

          7,372           7,372 

Other comprehensive income, net of taxes

                  6,556   6,556 

Dividend Reinvestment and Stock Purchase Plan

  26,937   391               391 

Adjustment to stock issued for acquisition of Eagle Financial Bancorp, Inc.

  (50,127)  (704)              (704)

Stock issued for acquisition of Eagle Financial Bancorp, Inc.

  918,128   12,891            12,891 

Shares issued for restricted stock awards

  41,703                    

Compensation expense relating to restricted stock

      501               501 

Common stock dividends, $0.66 per share

          (9,064)          (9,064)

Balance at September 30, 2024

  14,110,210  $186,716   138,325   (56,015)  (15,780)  253,246 
                         

Three Months Ended September 30, 2023

                        

Balance at July, 1 2023

  11,116,080  $144,671   141,431   (56,015)  (27,771)  202,316 

Net income

          4,070           4,070 

Other comprehensive loss, net of taxes

                  (2,941)  (2,941)

Dividend Reinvestment and Stock Purchase Plan

  7,302   111               111 

Compensation expense relating to restricted stock

     83               83 

Common stock dividends, $0.21 per share

          (2,290)          (2,290)

Balance at September 30, 2023

  11,123,382  $144,865   143,211   (56,015)  (30,712)  201,349 
                         

Nine Months Ended September 30, 2023

                        

Balance at January 1, 2023

  11,259,080  $144,069   139,249   (52,689)  (29,954)  200,675 

Cumulative change in accounting principle - ASC 326

          (1,922)          (1,922)

Balance at January 1, 2023, adjusted

  11,259,080   144,069   137,327   (52,689)  (29,954)  198,753 

Net income

          12,921           12,921 

Other comprehensive income, net of taxes

                  (758)  (758)

Dividend Reinvestment and Stock Purchase Plan

  20,065   315               315 

Repurchase of common stock

  (199,913)          (3,326)      (3,326)

Shares issued for restricted stock awards

  44,150                     

Compensation expense relating to restricted stock

      481               481 

Common stock dividends, $0.63 per share

          (7,037)          (7,037)

Balance at September 30, 2023

  11,123,382  $144,865   143,211   (56,015)  (30,712)  201,349 

 

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

 

 

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

   

Nine Months Ended

 
   

September 30,

 
   

2024

   

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

               

Net income

  $ 7,372       12,921  

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

               

Depreciation, amortization, and accretion

    755       2,395  

Provision for (recovery of) credit losses

    1,313       (141 )

Deferred income tax provision (benefit)

    (1,421 )     (793 )

Increase in cash surrender value of bank-owned life insurance

    (1,007 )     (830 )

Bank-owned life insurance death benefits in excess of cash surrender value

    (306 )      

Realized and unrealized (gains) losses from equity securities, net

    (25 )     78  

Realized losses from sales of debt securities, available-for-sale

    214        

Realized (gains) losses from sales of premises and equipment

    (454 )     (427 )

Origination of mortgage loans for sale

    (104,719 )     (2,205 )

Realized gains from sales of mortgage loans

    (3,040 )     (38 )

Proceeds from sales of mortgage loans

    107,357       2,218  

Realized losses from sales of acquired loans

    842        

Proceeds from sales of acquired loans

    47,718        

Compensation expense related to restricted stock

    501       481  

Changes in:

               

Accrued interest receivable

    (754 )     (605 )

Other assets

    (223 )     1,497  

Other liabilities

    (1,008 )     (2,300 )