LCNB Corp. Q3 2024: Net Income Jumps to $19M

TL;DR

LCNB Corp. Q3 2024: Profits up to $19M, EPS $0.66. Stronger year!

AI Summary

LCNB Corp. filed its 10-Q for the period ending September 30, 2024, reporting total assets of $1.87 billion and total liabilities of $1.70 billion. Net income for the nine months ended September 30, 2024, was $19.0 million, a significant increase from $16.4 million in the same period of 2023. The company's diluted earnings per share were $0.66 for the nine months ended September 30, 2024.

Why It Matters

This filing shows LCNB Corp. experienced substantial profit growth in the first nine months of 2024, indicating improved financial performance and potentially a stronger market position.

Risk Assessment

Risk Level: low — The filing indicates a stable financial performance with increased net income, suggesting low immediate risk.

Key Numbers

• $1.87B — Total Assets (As of September 30, 2024, indicating the company's overall size.)
• $1.70B — Total Liabilities (As of September 30, 2024, showing the company's debt obligations.)
• $19.0M — Net Income (9 months ended Sep 30, 2024) (Represents a significant increase from the prior year, showing profitability.)
• $0.66 — Diluted EPS (9 months ended Sep 30, 2024) (Key metric for shareholder value and profitability.)
• $16.4M — Net Income (9 months ended Sep 30, 2023) (Provides a year-over-year comparison for performance evaluation.)

Key Players & Entities

• LCNB Corp. (company) — Filer of the 10-Q report
• September 30, 2024 (date) — End of the reporting period
• $1.87 billion (dollar_amount) — Total assets reported
• $1.70 billion (dollar_amount) — Total liabilities reported
• $19.0 million (dollar_amount) — Net income for the nine months ended September 30, 2024
• $16.4 million (dollar_amount) — Net income for the nine months ended September 30, 2023
• $0.66 (dollar_amount) — Diluted earnings per share for the nine months ended September 30, 2024

FAQ

Filing Documents

• lcnb20240930_10q.htm (10-Q) — 4529KB
• ex_712600.htm (EX-31.1) — 13KB
• ex_712601.htm (EX-31.2) — 13KB
• ex_712602.htm (EX-32) — 6KB
• 0001437749-24-033634.txt ( ) — 20588KB
• lcnb-20240930.xsd (EX-101.SCH) — 99KB
• lcnb-20240930_cal.xml (EX-101.CAL) — 105KB
• lcnb-20240930_def.xml (EX-101.DEF) — 686KB
• lcnb-20240930_lab.xml (EX-101.LAB) — 611KB
• lcnb-20240930_pre.xml (EX-101.PRE) — 741KB
• lcnb20240930_10q_htm.xml (XML) — 5748KB

– 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 44

Quantitative and Qualitative Disclosures about Market Risks

Item 3. Quantitative and Qualitative Disclosures about Market Risks 59

Controls and Procedures

Item 4. Controls and Procedures 60

OTHER INFORMATION

PART II. OTHER INFORMATION 61

Legal Proceedings

Item 1. Legal Proceedings 61

Risk Factors

Item 1A. Risk Factors 61

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 61

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 61

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 62

SIGNATURES

SIGNATURES 63 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 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 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) 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 s

View Full Filing

View this 10-Q filing on SEC EDGAR