PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

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


Condensed Balance Sheets:
December 31,	2020		2019
Assets:
Cash on deposit with subsidiary	$	3,648	3,252
Cash on deposit with unrelated depository institution	175		23
Equity securities, at fair value	1,001		971
Investment in subsidiaries	235,857		223,735
Other assets	164		84
Total assets	$	240,845	228,065

Liabilities	$	20	17

Shareholders' equity	240,825		228,048
Total liabilities and shareholders' equity	$	240,845	228,065


Condensed Statements of Income
Year ended December 31,	2020		2019	2018
Income:
Dividends from subsidiaries	$	12,070	18,300	10,383
Interest and dividends	29		31	35

Other income	147		215	(66)
Total income	12,246		18,546	10,352

Total expenses	1,326		1,369	1,668

Income before income tax expense/benefit and equity in undistributed income of subsidiaries	10,920		17,177	8,684
Income tax benefit	404		222	341
Equity in undistributed income of subsidiaries	8,751		1,513	5,820
Net income	$	20,075	18,912	14,845


Condensed Statements of Cash Flows
Year ended December 31,	2020		2019	2018
Cash flows from operating activities:
Net income	$	20,075	18,912	14,845
Adjustments for non-cash items -
Increase in undistributed income of subsidiaries	(8,751)		(1,513)	(5,820)
Other, net	(89)		476	(383)
Net cash flows provided by operating activities	11,235		17,875	8,642

Cash flows from investing activities:
Purchases of equity securities	(346)		(337)	(90)

Proceeds from sales of equity securities	463		397	107

Cash paid for business acquisition, net of cash received	—		—	(268)
Net cash flows provided by (used in) investing activities	117		60	(251)

Cash flows from financing activities:

Proceeds from issuance of common stock	401		446	416
Payments to repurchase common stock	(1,872)		(6,834)	(348)

Cash dividends paid on common stock	(9,448)		(9,028)	(8,124)
Other	115		41	72
Net cash flows used in financing activities	(10,804)		(15,375)	(7,984)
Net change in cash	548		2,560	407
Cash at beginning of year	3,275		715	308
Cash at end of year	$	3,823	3,275	715