LCNB Corp Files 2023 Annual Report Amendment

TL;DR

LCNB Corp filed an amendment to its 2023 10-K, check for updates on financials.

AI Summary

LCNB Corp filed an amendment (10-K/A) to its 2023 annual report on October 21, 2024. The filing pertains to the fiscal year ending December 31, 2023. LCNB Corp, headquartered in Lebanon, Ohio, operates as a national commercial bank and is incorporated in Ohio.

Why It Matters

This amendment provides updated or corrected information for LCNB Corp's 2023 fiscal year, which is crucial for investors and analysts to assess the company's financial health and performance.

Risk Assessment

Risk Level: low — This filing is an amendment to a standard annual report, indicating it's likely for corrections or clarifications rather than new material risks.

Key Numbers

• 2023 — Fiscal Year End (The primary period covered by the amended report.)
• 20241021 — Filing Date (The date the amendment was submitted to the SEC.)

Key Players & Entities

• LCNB Corp (company) — Filer of the 10-K/A
• 20231231 (date) — Fiscal year end for the report
• 20241021 (date) — Filing date of the amendment
• Lebanon, OH (location) — Company headquarters and mailing address

FAQ

Key Financial Figures

• $14.76 — per share closing price on that date of $14.76 as quoted on the NASDAQ Capital Market,

Filing Documents

• lcnb-20231231.htm (10-K/A) — 3047KB
• lcnbform10-k12312023ex2313.htm (EX-23.1) — 2KB
• lcnbform10-k12312023ex2323.htm (EX-23.2) — 2KB
• lcnbform10-k12312023ex3113.htm (EX-31.1) — 11KB
• lcnbform10-k12312023ex3123.htm (EX-31.2) — 11KB
• lcnbform10-k12312023ex323.htm (EX-32) — 9KB
• 0001074902-24-000123.txt ( ) — 19263KB
• lcnb-20231231.xsd (EX-101.SCH) — 97KB
• lcnb-20231231_cal.xml (EX-101.CAL) — 148KB
• lcnb-20231231_def.xml (EX-101.DEF) — 732KB
• lcnb-20231231_lab.xml (EX-101.LAB) — 1242KB
• lcnb-20231231_pre.xml (EX-101.PRE) — 1030KB
• lcnb-20231231_htm.xml (XML) — 4268KB

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 5 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 5

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 9

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 64

SIGNATURES

SIGNATURES 66 -3- Table of Contents LCNB CORP. AND SUBSIDIARIES Glossary of Abbreviations and Acronyms ACL Allowance for Credit Losses AFS Available-for-Sale ASC Accounting Standards Codification ASU Accounting Standards Update Bank LCNB National Bank BSA Bank Secrecy Act CARES Act Coronavirus Aid, Relief, and Economic Security Act CECL Current Expected Credit Losses CEO Chief Executive Officer CFO Chief Financial Officer CFPB Consumer Financial Protection Bureau Citizens National Citizens National Bank CFB Columbus First Bancorp, Inc. CNNB Cincinnati Bancorp, Inc. Company LCNB Corp. and its consolidated subsidiaries as a whole CRA Community Reinvestment Act of 1977 DCF Discounted Cash Flow DDA Demand Deposit Account DIF Deposit Insurance Fund Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act Eaton National Eaton National Bank & Trust Co. Economic Aid Act Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FFIEC Financial Institutions Examination Council FHLB Federal Home Loan Bank First Capital First Capital Bancshares, Inc. FOMC Federal Open Market Committee of the Federal Reserve System GAAP Generally Accepted Accounting Principles HTM Held-to-Maturity ICS Insured Cash Sweep IRA Individual Retirement Account LCNB LCNB Corp. and its consolidated subsidiaries as a whole LDA Loss Driver Analysis LGD Loss Given Default LIBOR London Interbank Offered Rate NOW Negotiable Order of Withdrawal OCC Office of the Comptroller of the Currency PCD Purchased Credit Deteriorated PD Probability of Default PPP Paycheck Protection Program SEC Securities and Exchange Commission WARM Weighted Average Remaining Maturity -4- Table of Contents LCNB CORP. AND SUBSIDIARIES PART II

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of LCNB Corp. Opinion on the Financial Statements We have audited the accompanying balance sheets of LCNB Corp. and its subsidiaries (the "Company") as of December 31, 2023 and 2022, the related statements of income, comprehensive income, stockholders' equity, and cash flows for each of the years in the two year period ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and December 31, 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 2 to the financial statements, the Corporation has changed its method of accounting for credit losses effective January 1, 2023 due to the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Codification No. 326, Financial Instruments - Credit Losses ("ASC 326"). The Corporation adopted the new credit loss standard using the modified retrospective method such that prior period amounts are not adjusted and continue to be reported in accordance with previously applicable generally accepted accounting principles. Basis for Opinion The Company's management is responsible for these financial statements. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federa

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA LCNB CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS At December 31, (Dollars in thousands) 2023 2022 ASSETS: Cash and due from banks $ 36,535 20,244 Interest-bearing demand deposits 3,188 2,457 Total cash and cash equivalents 39,723 22,701 Investment securities: Equity securities with a readily determinable fair value, at fair value 1,336 2,273 Equity securities without a readily determinable fair value, at cost 3,666 2,099 Debt securities, available-for-sale, at fair value 276,601 289,850 Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $ 5 at December 31, 2023 16,858 19,878 Federal Reserve Bank stock, at cost 5,086 4,652 Federal Home Loan Bank stock, at cost 15,176 4,415 Loans, net of allowance for credit losses of $ 10,525 and $ 5,646 at December 31, 2023 and 2022, respectively 1,712,946 1,395,632 Premises and equipment, net 36,302 33,042 Operating lease right-of-use assets 6,000 6,525 Goodwill 79,509 59,221 Core deposit and other intangibles, net 9,494 1,827 Bank owned life insurance 49,847 44,298 Interest receivable 8,405 7,482 Other assets, net 30,643 25,503 TOTAL ASSETS $ 2,291,592 1,919,398 LIABILITIES: Deposits: Non-interest-bearing $ 462,267 505,824 Interest-bearing 1,362,122 1,099,146 Total deposits 1,824,389 1,604,970 Short-term borrowings 97,395 71,455 Long-term debt 113,123 19,072 Operating lease liabilities 6,261 6,647 Accrued interest and other liabilities 15,121 16,579 TOTAL LIABILITIES 2,056,289 1,718,723 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 at December 31, 2023 and 2022; issued 16,384,952 and 14,270,550 shares at December 31, 2023 and 2022, respectively; outstanding 13,173,569 and 11,259,080 at December 31, 2023 and 2022, respectively 173,637 144,069 R

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View this 10-K/A filing on SEC EDGAR