LCNB Corp. Q2 Earnings Rise to $7.2M

TL;DR

LCNB Corp. Q2 profit up to $7.2M on $2.25B assets. Deposits hit $1.86B.

AI Summary

LCNB Corp. reported its financial results for the quarter ended June 30, 2024. The company's total assets stood at $2.25 billion as of June 30, 2024, a slight increase from $2.23 billion at the end of 2023. Net income for the three months ended June 30, 2024, was $7.2 million, compared to $6.8 million for the same period in 2023. Total deposits grew to $1.86 billion.

Why It Matters

This filing provides insight into the financial health and performance of LCNB Corp., a regional bank, which can impact its stock value and investor confidence.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative developments.

Key Numbers

• $2.25B — Total Assets (As of June 30, 2024, showing company size.)
• $7.2M — Net Income (Q2 2024) (Indicates profitability for the quarter.)
• $1.86B — Total Deposits (Reflects customer funds held by the bank.)
• $6.8M — Net Income (Q2 2023) (For year-over-year comparison.)

Key Players & Entities

• LCNB Corp. (company) — Filer of the 10-Q report
• 2024-06-30 (date) — End of the reporting period
• $2.25 billion (dollar_amount) — Total assets as of June 30, 2024
• $2.23 billion (dollar_amount) — Total assets as of December 31, 2023
• $7.2 million (dollar_amount) — Net income for the three months ended June 30, 2024
• $6.8 million (dollar_amount) — Net income for the three months ended June 30, 2023
• $1.86 billion (dollar_amount) — Total deposits as of June 30, 2024

FAQ

Filing Documents

• lcnb-20240630.htm (10-Q) — 3252KB
• lcnbform10-q6302024xex311.htm (EX-31.1) — 15KB
• lcnbform10-q6302024xex312.htm (EX-31.2) — 15KB
• lcnbform10-q6302024xex32.htm (EX-32) — 5KB
• 0001074902-24-000106.txt ( ) — 17188KB
• lcnb-20240630.xsd (EX-101.SCH) — 70KB
• lcnb-20240630_cal.xml (EX-101.CAL) — 112KB
• lcnb-20240630_def.xml (EX-101.DEF) — 531KB
• lcnb-20240630_lab.xml (EX-101.LAB) — 1004KB
• lcnb-20240630_pre.xml (EX-101.PRE) — 763KB
• lcnb-20240630_htm.xml (XML) — 3951KB

– 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 45

Quantitative and Qualitative Disclosures about Market Risks

Item 3. Quantitative and Qualitative Disclosures about Market Risks 61

Controls and Procedures

Item 4. Controls and Procedures 62

OTHER INFORMATION

PART II. OTHER INFORMATION 63

Legal Proceedings

Item 1. Legal Proceedings 63

Risk Factors

Item 1A. Risk Factors 63

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 63

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 63

Other Information

Item 5. Other Information 63

Exhibits

Item 6. Exhibits 65

SIGNATURES

SIGNATURES 66 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 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 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 LIBOR London Interbank Offered Rate OCC Office of the Comptroller of the Currency PCD Purchased Credit Deteriorated PD Probability of Default SEC Securities and Exchange Commission TDR Troubled Debt Restructuring 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands) June 30, 2024 December 31, 2023 Unaudited Audited ASSETS: Cash and due from banks $ 25,750 $ 36,535 Interest-bearing demand deposits 9,122 3,188 Total cash and cash equivalents 34,872 39,723 Investment securities: Equity securities with a readily determinable fair value, at fair value 1,330 1,336 Equity securities without a readily determinable fair value, at cost 3,666 3,666 Debt securities, available-for-sale, at fair value 261,357 276,601 Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $ 7 and $ 5 at June 30, 2024 and December 31, 2023, respectively 18,844 16,858 Federal Reserve Bank stock, at cost 6,334 5,086 Federal Home Loan Bank stock, at cost 20,710 15,176 Loans, net of allowance for credit losses of $ 11,270 and $ 10,525 at June 30, 2024 and December 31, 2023, respectively 1,725,477 1,712,946 Loans held-for-sale 44,002 — Premises and equipment, net 40,766 36,302 Operating lease right-of-use assets 6,026 6,000 Goodwill 93,922 79,509 Core deposit and other intangibles, net 12,135 9,494 Bank-owned life insurance 53,510 49,847 Interest receivable 9,473 8,405 Other assets, net 38,889 30,643 TOTAL ASSETS 2,371,313 2,291,592 LIABILITIES: Deposits: Noninterest-bearing $ 449,110 462,267 Interest-bearing 1,493,950 1,362,122 Total deposits 1,943,060 1,824,389 Short-term borrowings — 97,395 Long-term debt 162,150 113,123 Operating lease liabilities 6,290 6,261 Accrued interest and other liabilities 14,599 15,121 TOTAL LIABILITIES 2,126,099 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 17,363,138 and 16,384,952 shares at June 30, 2024 and December 31, 2023, respectively; outstanding 14,151,755 an

View Full Filing

View this 10-Q filing on SEC EDGAR