LCNB CORP
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
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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 March 31, 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 May 9, 2024 was 14,142,960 shares.
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 | 38 |
| Item 3. Quantitative and Qualitative Disclosures about Market Risks | 51 |
| Item 4. Controls and Procedures | 52 |
| PART II. OTHER INFORMATION | 53 |
| Item 1. Legal Proceedings | 53 |
| Item 1A. Risk Factors | 53 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 53 |
| Item 3. Defaults Upon Senior Securities | 53 |
| Item 4. Mine Safety Disclosures | 53 |
| Item 5. Other Information | 53 |
| Item 6. Exhibits | 55 |
| SIGNATURES | 56 |
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 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.