8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2020

LCNB CORP.

(Exact name of Registrant as specified in its Charter)

Ohio	001-35292	31-1626393
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification Number)

2 North Broadway, Lebanon, Ohio 45036

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (513) 932-1414

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 20, 2020, LCNB Corp. issued an earnings release announcing its financial results for the three and nine months ended September 30, 2020. A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit 99.2) are attached and are furnished under this Item 2.02.

Item 7.01 Regulation FD Disclosure.

On October 20, 2020, LCNB Corp. issued an earnings release announcing its financial results for the three and nine months ended September 30, 2020. A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit 99.2) are attached and are furnished under this Item 7.01.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit No.        Description

99.1    Earnings Press Release Dated October 20, 2020

99.2    Unaudited Financial Highlights

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	LCNB CORP.
Date: October 20, 2020	By: /s/ Robert C. Haines II
		Robert C. Haines II Chief Financial Officer

EX-99.1

Exhibit 99.1

Press Release

October 20, 2020

LCNB CORP. REPORTS FINANCIAL RESULTS FOR

THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020

LEBANON, Ohio — LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and nine months ended September 30, 2020.

Net income for the third quarter 2020 was $4,250,000, compared to $4,727,000 for the same period last year.Earnings per basic and diluted share for the third quarter 2020 were $0.33, compared to $0.36 for the same period last year.Net income for the nine-month period ended September 30, 2020 was $14,333,000, compared to $14,082,000 for the same period last year.Earnings per basic and diluted share for the nine-month period ended September 30, 2020 were $1.11 compared to $1.07 for the same period last year.

Earnings, before provisions for loan losses and income taxes, increased 3.4% to $6,154,000 for the third quarter 2020 compared to $5,952,000 for the same period last year.For the nine-month period ended September 30, 2020, earnings, before provisions for loan losses and income taxes, increased 12.4% to $19,300,000, compared to $17,170,000 for the nine-month period ended September 30, 2019.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “LCNB’s third quarter financial results demonstrate the resiliency of our business, employees, customers, and communities, as we navigate the unprecedented impacts of the COVID-19 pandemic.While our asset quality remains relatively stable, we prudently increased our allowance for loan and lease losses to account for uncertainty regarding the long-term economic impacts of the COVID-19 crisis.I am encouraged that our core earnings before provision and tax expenses increased 3.4% during the third quarter and are up 12.4% year-to-date, as we benefit from our diverse non-interest income generating businesses and improvements in our cost of funds.Third quarter non-interest income increased 27.5% over the prior year period, and now represents 21.8% of total revenues, compared to 17.0% of total revenues in the 2019 third quarter primarily due to strong residential mortgage demand and higher fiduciary income.”

Mr. Meilstrup continued, “We are working hard to support our local communities and I am encouraged by the growth we experienced in net loans and total deposits which increased 7.6% and 6.1%, respectively, since December 31, 2019.Since the COVID-19 pandemic began, we have also supported our communities by offering customers impacted by the COVID-19 crisis the ability to defer certain loan payments and over the past three months we have experienced a material decline in the amount of deferrals.Overall, I am pleased with the underlying performance of our loan portfolio as third quarter 2020 net charge-offs were only $18,000, compared to $209,000 for the same period last year.”

“As we enter the fourth quarter, we remain focused on providing our communities with personalized financial services and we have started assisting our Paycheck Protection Program loan customers through the Small Business Administration forgiveness process.I am extremely proud of the continued dedication and hard work of LCNB’s employees and the positive contributions they provide our customers and communities,” concluded Mr. Meilstrup.

Net interest income for the three months ended September 30, 2020 was $13,529,000, compared to $13,578,000 for the comparable period in 2019. The slight decline for the three-month period was primarily due to market driven decreases in the average rates earned on loans and investments, partially offset by growth in the average balance of the loan portfolio.Net interest income for the nine-month period ended September 30, 2020 increased $1,146,000 to $41,705,000, as compared to the nine month period ended September 30, 2019.The increase for the nine-month period was primarily due to growth in the average balance of LCNB's loan portfolio, partially offset by a decrease in the average rate earned on that portfolio.Favorably contributing to the variances for both the three and nine month periods were market driven decreases in the average rates paid on deposits.

The provision for loan losses for the three and nine months ended September 30, 2020 were, respectively, $712,000 and $1,952,000 greater than the comparable periods in 2019 partially due to adjustments for estimated impacts from the economic downturn caused by the COVID-19 pandemic. Non-accrual loans and loans past due 90 days or more and still accruing interest increased $994,000, from $3,210,000, or 0.26%, of total loans at December 31, 2019 to $4,204,000, or 0.31%, of total loans at September 30, 2020. The increase was primarily due to three loans that were newly classified during 2020.

Non-interest income for the three and nine months ended September 30, 2020 was, respectively, $922,000 and $2,310,000 greater than the comparable periods in 2019 primarily due to increases in fiduciary income and gains from sales of loans, partially offset by a decrease in service charges and fees on deposit accounts. The increase for the nine month period included gains from the sale of equity securities, which is recorded in other operating income in the consolidated condensed statements of income, gains from the sale of debt securities, and an increase in income from bank owned life insurance. Income from bank owned life insurance increased year-to-date partially due to new policies purchased in the third quarter 2019 and partially due to a mortality benefit received during the first quarter 2020.

Non-interest expense for the three and nine months ended September 30, 2020 was, respectively, $671,000 and $1,326,000 greater than the comparable periods in 2019, primarily due to increases in salaries and employee benefits and other non-interest expenses. Salaries and employee benefits increased primarily due to salary and wage increases and newly hired employees, including additional business development positions. An increase in health insurance costs also contributed to the increase in employee benefits. Partially offsetting the increase for the nine month period was a decrease in FDIC insurance premiums due to a small bank assessment credit received during both the first and second quarters 2020. LCNB used the credit in full during those two quarters and the premium payment returned to a normal level for the third quarter 2020.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more about LCNB Corp. at www.lcnb.com.

Certain statements made in this news release regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “plan”, and similar expressions. Please refer to LCNB’s Annual Report on Form 10-K for the year ended December 31, 2019, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB’s business and operations. Additionally, LCNB’s financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:

1.the success, impact, and timing of the implementation of LCNB’s business strategies;

2.the significant risks and uncertainties for LCNB's business, results of operations and financial condition, as well as its regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on financial markets, the effectiveness of LCNB's work from home arrangements and staffing levels in operational facilities, the impact of market participants on which LCNB relies and actions taken by governmental authorities and other third parties in response to the pandemic;

3.LCNB’s ability to integrate recent and future acquisitions may be unsuccessful, or may be more difficult, time-consuming or costly than expected;

4.LCNB may incur increased charge-offs in the future;

5.LCNB may face competitive loss of customers;

6.changes in the interest rate environment may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;

7.changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;

8.changes in regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results;

9.LCNB may experience difficulties growing loan and deposit balances;

10.United States trade relations with foreign countries could negatively impact the financial condition of LCNB's customers, which could adversely affect LCNB 's operating results and financial condition;

11.deterioration in the financial condition of the U.S. banking system may impact the valuations of investments LCNB has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments;

12.difficulties with technology or data security breaches, including cyberattacks, that could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;

13.adverse weather events and natural disasters and global and/or national epidemics; and

14.government intervention in the U.S. financial system, including the effects of recent legislative, tax, accounting and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, and the Tax Cuts and Jobs Act. 

Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of LCNB and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. LCNB undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made. 

EX-99.2

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)

	Three Months Ended											Nine Months Ended
	9/30/2020			6/30/2020		3/31/2020		12/31/2019		9/30/2019		9/30/2020		9/30/2019
Condensed Income Statement
Interest income	$	15,322		15,957		16,556		16,424		16,329		47,835		48,770
Interest expense	1,793			1,959		2,378		2,577		2,751		6,130		8,211
Net interest income	13,529			13,998		14,178		13,847		13,578		41,705		40,559
Provision (credit) for loan losses	976			16		1,173		(6)		264		2,165		213
Net interest income after provision	12,553			13,982		13,005		13,853		13,314		39,540		40,346
Non-interest income	4,278			3,319		3,839		3,222		3,356		11,436		9,126
Non-interest expense	11,653			11,116		11,072		11,007		10,982		33,841		32,515
Income before income taxes	5,178			6,185		5,772		6,068		5,688		17,135		16,957
Provision for income taxes	928			1,128		746		1,238		961		2,802		2,875
Net income	$	4,250		5,057		5,026		4,830		4,727		14,333		14,082
Amort/Accret income on acquired loans	$	181		294		667		400		302		1,142		881
Amort/Accret expenses on acquired interest-bearing liabilities	$	—		2		3		3		4		5		290
Tax-equivalent net interest income	$	13,594		14,066		14,254		13,937		13,679		41,914		40,915
Per Share Data
Dividends per share	$	0.18		0.18		0.18		0.18		0.17		0.54		0.51
Basic earnings per common share	$	0.33		0.39		0.39		0.37		0.36		1.11		1.07
Diluted earnings per common share	$	0.33		0.39		0.39		0.37		0.36		1.11		1.07
Book value per share	$	18.46		18.27		18.00		17.63		17.44		18.46		17.44
Tangible book value per share	$	13.66		13.47		13.18		12.78		12.57		13.66		12.57
Weighted average common shares outstanding:
Basic	12,937,865			12,940,975		12,926,077		12,912,106		12,932,950		12,934,987		13,135,134
Diluted	12,937,901			12,941,001		12,927,666		12,916,000		12,937,145		12,935,388		13,139,100
Shares outstanding at period end	12,926,686			12,975,879		12,969,076		12,936,783		12,927,463		12,926,686		12,927,463
Selected Financial Ratios
Return on average assets	0.97		%	1.19	%	1.23	%	1.17	%	1.13	%	1.13	%	1.15	%
Return on average equity	7.08		%	8.63	%	8.75	%	8.42	%	8.33	%	8.14	%	8.42	%
Return on average tangible equity	9.56		%	11.74	%	12.00	%	11.63	%	11.57	%	11.07	%	11.75	%
Dividend payout ratio	54.55		%	46.15	%	46.15	%	48.65	%	47.22	%	48.65	%	47.66	%
Net interest margin (tax equivalent)	3.47		%	3.70	%	3.92	%	3.76	%	3.67	%	3.69	%	3.70	%
Efficiency ratio (tax equivalent)	65.20		%	63.94	%	61.19	%	64.15	%	64.47	%	63.43	%	64.98	%
Selected Balance Sheet Items
Cash and cash equivalents	$	24,485		42,736		24,795		20,765		22,826
Debt and equity securities	199,044			194,883		183,123		219,791		239,730
Loans:
Commercial and industrial	$	124,628		125,492		85,356		78,306		71,576
Commercial, secured by real estate	843,943			833,286		829,461		804,953		797,842
Residential real estate	327,689			334,349		318,009		322,533		320,703
Consumer	36,504			32,859		28,955		25,232		23,918
Agricultural	8,920			11,071		10,519		11,509		11,525
Other, including deposit overdrafts	403			283		436		1,193		456
Deferred net origination fees	(1,927)			(1,902)		(349)		(275)		(128)
Loans, gross	1,340,160			1,335,438		1,272,387		1,243,451		1,225,892
Less allowance for loan losses	5,974			5,016		5,008		4,045		4,167
Loans, net	$	1,334,186		1,330,422		1,267,379		1,239,406		1,221,725
Total earning assets	$	1,547,538		1,554,537		1,462,485		1,466,988		1,470,074
Total assets	1,725,615			1,735,332		1,636,280		1,639,308		1,644,447
Total deposits	1,430,394			1,438,921		1,345,872		1,348,280		1,355,383

	Three Months Ended											Nine Months Ended
	9/30/2020			6/30/2020		3/31/2020		12/31/2019		9/30/2019		9/30/2020		9/30/2019
Selected Balance Sheet Items, continued
Long-term debt	31,999			33,998		35,996		40,994		41,990
Total shareholders’ equity	238,585			237,047		233,478		228,048		225,492
Equity to assets ratio	13.83		%	13.66	%	14.27	%	13.91	%	13.71	%
Loans to deposits ratio	93.69		%	92.81	%	94.54	%	92.22	%	90.45	%
Tangible common equity (TCE)	$	176,624		174,823		170,994		165,304		162,485
Tangible common assets (TCA)	1,663,654			1,673,108		1,573,796		1,576,564		1,581,440
TCE/TCA	10.62		%	10.45	%	10.87	%	10.49	%	10.27	%
Selected Average Balance Sheet Items
Cash and cash equivalents	$	42,661		46,292		25,101		26,501		28,293		37,988		27,600
Debt and equity securities	197,788			182,371		204,912		231,115		243,553		195,033		253,113
Loans	$	1,339,608		1,318,753		1,252,554		1,230,845		1,227,806		1,303,770		1,218,183
Less allowance for loan losses	5,250			4,998		3,938		4,076		3,986		4,730		4,049
Net loans	$	1,334,358		1,313,755		1,248,616		1,226,769		1,223,820		1,299,040		1,214,134
Total earning assets	$	1,558,886		1,528,610		1,462,946		1,469,469		1,480,096		1,516,967		1,479,983
Total assets	1,741,998			1,704,303		1,638,486		1,643,793		1,654,034		1,695,103		1,642,186
Total deposits	1,445,573			1,412,082		1,346,770		1,352,101		1,365,702		1,401,636		1,350,678
Short-term borrowings	0			82		1,415		622		468		497		7,898
Long-term debt	33,020			34,964		38,325		41,742		41,988		35,427		43,067
Total shareholders’ equity	238,990			235,587		231,058		227,595		225,216		235,225		223,644
Equity to assets ratio	13.72		%	13.82	%	14.10	%	13.85	%	13.62	%	13.88	%	13.62	%
Loans to deposits ratio	92.67		%	93.39	%	93.00	%	91.03	%	89.90	%	93.02	%	90.19	%
Asset Quality
Net charge-offs	$	18		8		210		115		209		236		92
Other real estate owned	—			—		—		197		197		—		197
Non-accrual loans	4,110			3,876		2,829		3,210		3,523		4,110		3,523
Loans past due 90 days or more and still accruing	94			38		39		—		—		94		—
Total nonperforming loans	$	4,204		3,914		2,868		3,210		3,523		4,204		3,523
Net charge-offs to average loans	0.01		%	0.00	%	0.07	%	0.04	%	0.07	%	0.02	%	0.01	%
Allowance for loan losses to total loans	0.45		%	0.38	%	0.39	%	0.33	%	0.34	%	0.45	%	0.34	%
Nonperforming loans to total loans	0.31		%	0.29	%	0.23	%	0.26	%	0.29	%	0.31	%	0.29	%
Nonperforming assets to total assets	0.24		%	0.23	%	0.18	%	0.21	%	0.23	%	0.24	%	0.23	%
Assets Under Management
LCNB Corp. total assets	$	1,725,615		1,735,332		1,636,280		1,639,308		1,644,447
Trust and investments (fair value)	524,502			516,076		455,974		435,664		411,724
Mortgage loans serviced	120,546			100,189		94,805		93,596		90,784
Cash management	119,520			116,615		77,471		75,948		117,530
Brokerage accounts (fair value)	267,307			255,276		235,278		268,059		262,038
Total assets managed	$	2,757,490		2,723,488		2,499,808		2,512,575		2,526,523

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

	September 30, 2020 (Unaudited)		December 31, 2019
ASSETS:
Cash and due from banks	$	16,151	17,019
Interest-bearing demand deposits	8,334		3,746
Total cash and cash equivalents	24,485		20,765
Investment securities:
Equity securities with a readily determinable fair value, at fair value	2,213		2,312
Equity securities without a readily determinable fair value, at cost	2,099		2,099
Debt securities, available-for-sale, at fair value	157,936		178,000
Debt securities, held-to-maturity, at cost	26,941		27,525
Federal Reserve Bank stock, at cost	4,652		4,652
Federal Home Loan Bank stock, at cost	5,203		5,203
Loans, net	1,334,186		1,239,406
Premises and equipment, net	35,309		34,787
Operating leases right of use asset	5,729		5,444
Goodwill	59,221		59,221
Core deposit and other intangibles	3,539		4,006
Bank owned life insurance	41,871		41,667
Interest receivable	9,559		3,926
Other assets	12,672		10,295
TOTAL ASSETS	$	1,725,615	1,639,308
LIABILITIES:
Deposits:
Noninterest-bearing	$	426,989	354,391
Interest-bearing	1,003,405		993,889
Total deposits	1,430,394		1,348,280
Long-term debt	31,999		40,994
Operating lease liabilities	5,790		5,446
Accrued interest and other liabilities	18,847		16,540
TOTAL LIABILITIES	1,487,030		1,411,260
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 14,157,303 and 14,111,810 shares at September 30, 2020 and December 31, 2019, respectively; outstanding 12,926,686 and 12,936,783 shares at September 30, 2020 and December 31, 2019, respectively	142,310		141,791
Retained earnings	111,760		104,431
Treasury shares at cost, 1,230,617 and 1,175,027 shares at September 30, 2020 and December 31, 2019, respectively	(19,639)		(18,847)
Accumulated other comprehensive income, net of taxes	4,154		673
TOTAL SHAREHOLDERS' EQUITY	238,585		228,048
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,725,615	1,639,308

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended September 30,			Nine Months Ended  September 30,
	2020		2019	2020	2019
INTEREST INCOME:
Interest and fees on loans	$	14,379	14,872	44,428	44,072
Dividends on equity securities with a readily determinable fair value	13		15	40	47
Dividends on equity securities without a readily determinable fair value	5		16	33	48
Interest on debt securities, taxable	633		918	2,250	2,720
Interest on debt securities, non-taxable	249		379	788	1,340
Interest on interest-bearing time deposits	—		3	—	11
Other investments	43		126	296	532
TOTAL INTEREST INCOME	15,322		16,329	47,835	48,770
INTEREST EXPENSE:
Interest on deposits	1,567		2,475	5,416	7,225
Interest on short-term borrowings	—		3	7	224
Interest on long-term debt	226		273	707	762
TOTAL INTEREST EXPENSE	1,793		2,751	6,130	8,211
NET INTEREST INCOME	13,529		13,578	41,705	40,559
PROVISION FOR LOAN LOSSES	976		264	2,165	213
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	12,553		13,314	39,540	40,346
NON-INTEREST INCOME:
Fiduciary income	1,275		1,123	3,579	3,215
Service charges and fees on deposit accounts	1,506		1,616	4,038	4,421
Net gains (losses) on sales of debt securities	—		(20)	221	(37)
Bank owned life insurance income	275		289	1,163	654
Gains from sales of loans	999		114	1,436	207
Other operating income	223		234	999	666
TOTAL NON-INTEREST INCOME	4,278		3,356	11,436	9,126
NON-INTEREST EXPENSE:
Salaries and employee benefits	6,863		6,403	20,279	18,808
Equipment expenses	341		322	917	866
Occupancy expense, net	740		751	2,145	2,258
State financial institutions tax	424		433	1,280	1,307
Marketing	471		410	906	1,009
Amortization of intangibles	263		263	783	780
FDIC insurance premiums, net	112		(13)	142	225
Contracted services	435		455	1,312	1,394
Other real estate owned	2		1	(7)	52
Merger-related expenses	—		27	—	114
Other non-interest expense	2,002		1,930	6,084	5,702
TOTAL NON-INTEREST EXPENSE	11,653		10,982	33,841	32,515
INCOME BEFORE INCOME TAXES	5,178		5,688	17,135	16,957
PROVISION FOR INCOME TAXES	928		961	2,802	2,875
NET INCOME	$	4,250	4,727	14,333	14,082
Dividends declared per common share	$	0.18	0.17	0.54	0.51
Earnings per common share:
Basic	0.33		0.36	1.11	1.07
Diluted	0.33		0.36	1.11	1.07
Weighted average common shares outstanding:
Basic	12,937,865		12,932,950	12,934,987	13,135,134
Diluted	12,937,901		12,937,145	12,935,388	13,139,100

Contacts

LCNB Corp.

Eric J. Meilstrup, CEO and President, 800-344-BANK

Robert C. Haines II, Executive Vice President and CFO, 800-344-BANK

XML

Cover	9 Months Ended
	Sep. 30, 2020
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 20, 2020
Entity Registrant Name	LCNB CORP.
Entity Tax Identification Number	31-1626393
Entity Incorporation, State or Country Code	OH
Entity File Number	001-35292
Entity Address, Address Line One	2 North Broadway
Entity Address, State or Province	OH
Entity Address, City or Town	Lebanon
Entity Address, Postal Zip Code	45036
City Area Code	(513)
Local Phone Number	932-1414
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	LCNB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001074902