LCNB Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>LCNB Corp has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial data and corporate information.</b>

AI Summary

LCNB CORP (LCNB) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. LCNB Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data from previous periods, including December 31, 2023, and March 31, 2023, are referenced. The report includes information on common stock, retained earnings, treasury stock, and accumulated other comprehensive income. The company is incorporated in Ohio and operates under SIC code 6021 (National Commercial Banks).

Why It Matters

For investors and stakeholders tracking LCNB CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of LCNB Corp for the first quarter of 2024. The detailed financial data allows for comparison with previous periods, aiding in the assessment of the company's trends and stability.

Risk Assessment

Risk Level: low — LCNB CORP shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not indicate any unusual or significant events.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand LCNB Corp's performance and financial health in Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of 2024)
• 2023-12-31 — Previous Year End Date (Reference date for financial data)

Key Players & Entities

• LCNB CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• OH (location) — State of incorporation
• 6021 (industry) — Standard Industrial Classification
• 2 NORTH BROADWAY (address) — Business address street 1
• LEBANON (location) — Business address city
• 5139321414 (phone) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

SIC Code

Standard Industrial Classification code used to classify businesses. (Helps categorize LCNB Corp within the National Commercial Banks industry.)

Filing Documents

• lcnb-20240331.htm (10-Q) — 2629KB
• lcnbform10-q3312024xex311.htm (EX-31.1) — 15KB
• lcnbform10-q3312024xex312.htm (EX-31.2) — 15KB
• lcnbform10-q3312024xex32.htm (EX-32) — 5KB
• 0001074902-24-000079.txt (&nbsp;) — 14595KB
• lcnb-20240331.xsd (EX-101.SCH) — 65KB
• lcnb-20240331_cal.xml (EX-101.CAL) — 107KB
• lcnb-20240331_def.xml (EX-101.DEF) — 503KB
• lcnb-20240331_lab.xml (EX-101.LAB) — 838KB
• lcnb-20240331_pre.xml (EX-101.PRE) — 681KB
• lcnb-20240331_htm.xml (XML) — 3297KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

Financial Statements

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

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures about Market Risks

Item 3. Quantitative and Qualitative Disclosures about Market Risks 51

Controls and Procedures

Item 4. Controls and Procedures 52

OTHER INFORMATION

PART II. OTHER INFORMATION 53

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 55

SIGNATURES

SIGNATURES 56 1 Table of Contents 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 CEO Chief Executive Officer CFO Chief Financial Officer 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 FOMC Federal Open Market Committee of the Federal Reserve System 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 LIBOR London Interbank Offered Rate LIHTC Low Income Housing Tax Credit OCC Office of the Comptroller of the Currency PCD Purchased Credit Deteriorated PD Probability of Default SEC Securities and Exchange Commission 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited, dollars in thousands) March 31, 2024 December 31, 2023 ASSETS: Cash and due from banks $ 24,950 $ 36,535 Interest-bearing demand deposits 8,001 3,188 Total cash and cash equivalents 32,951 39,723 Investment securities: Equity securities with a readily determinable fair value, at fair value 1,334 1,336 Equity securities without a readily determinable fair value, at cost 3,666 3,666 Debt securities, available-for-sale, at fair value 262,786 276,601 Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $ 5 and $ 5 at March 31, 2024 and December 31, 2023, respectively 16,746 16,858 Federal Reserve Bank stock, at cost 5,774 5,086 Federal Home Loan Bank stock, at cost 16,469 15,176 Loans, net of allowance for credit losses of $ 10,557 and $ 10,525 at March 31, 2024 and December 31, 2023, respectively 1,645,797 1,712,946 Loans held for sale 75,581 — Premises and equipment, net 36,690 36,302 Operating lease right-of-use assets 5,838 6,000 Goodwill 79,559 79,509 Core deposit and other intangibles, net 8,903 9,494 Bank-owned life insurance 50,165 49,847 Interest receivable 9,115 8,405 Other assets, net 31,777 30,643 TOTAL ASSETS 2,283,151 2,291,592 LIABILITIES: Deposits: Noninterest-bearing $ 435,580 462,267 Interest-bearing 1,422,913 1,362,122 Total deposits 1,858,493 1,824,389 Short-term borrowings 10,000 97,395 Long-term debt 162,638 113,123 Operating lease liabilities 6,123 6,261 Accrued interest and other liabilities 12,234 15,121 TOTAL LIABILITIES 2,049,488 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 16,435,659 and 16,384,952 shares at March 31, 2024 and December 31, 2023, respectively; outstanding 13,224,276 an

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View this 10-Q filing on SEC EDGAR