PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2019

Condensed financial information for LCNB Corp., parent company only, follows (in thousands):



Condensed Balance Sheets:
December 31,	2019		2018
Assets:
Cash on deposit with subsidiary	$	3,252	715
Cash on deposit with unrelated depository institution	23		—
Equity securities, at fair value	971		816
Investment in subsidiaries	223,735		216,830
Other assets	84		624
Total assets	$	228,065	218,985

Liabilities	$	17	—

Shareholders' equity	228,048		218,985
Total liabilities and shareholders' equity	$	228,065	218,985



Condensed Statements of Income
Year ended December 31,	2019		2018		2017
Income:
Dividends from subsidiaries	$	18,300	10,383		6,800
Interest and dividends	31		35		36
Net gain on sales of securities	—		—		14
Other income	215		(66	)	—
Total income	18,546		10,352		6,850

Total expenses	1,369		1,668		1,290

Income before income tax expense/benefit and equity in undistributed income of subsidiaries	17,177		8,684		5,560
Income tax benefit	222		341		380
Equity in undistributed income of subsidiaries	1,513		5,820		7,032
Net income	$	18,912	14,845		12,972



Condensed Statements of Cash Flows
Year ended December 31,	2019			2018		2017
Cash flows from operating activities:
Net income	$	18,912		14,845		12,972
Adjustments for non-cash items -
Increase in undistributed income of subsidiaries	(1,513		)	(5,820	)	(7,032	)
Other, net	476			(383	)	84
Net cash flows provided by operating activities	17,875			8,642		6,024

Cash flows from investing activities:
Purchases of equity securities	(337		)	(90	)	(54	)
Proceeds from sales of equity securities	397			107		93
Investments in subsidiaries	—			—		(250	)
Cash paid for business acquisition, net of cash received	—			(268	)	—
Net cash flows provided by (used in) investing activities	60			(251	)	(211	)

Cash flows from financing activities:
Proceeds from issuance of common stock	446			416		360
Payments to repurchase common stock	(6,834		)	(348	)	—
Cash dividends paid on common stock	(9,028		)	(8,124	)	(6,407	)
Other	41			72		51
Net cash flows used in financing activities	(15,375		)	(7,984	)	(5,996	)
Net change in cash	2,560			407		(183	)
Cash at beginning of year	715			308		491
Cash at end of year	$	3,275		715		308