Ended the Second Quarter with a Stable Deposit
Base and a 90.14% Loan to Deposit Ratio
Net Loans Increased 4.7% Year-over-Year to a
Record of $1.43 Billion
Asset Quality Remains Excellent with Total
Nonperforming Loans to Total Loans of 0.05% at June 30, 2023
LCNB Wealth Management Assets Up 21.4%
Year-over-Year to a Record $1.13 Billion
Cincinnati Bancorp, Inc. Acquisition Expected
to Close in the 2023 Fourth Quarter
LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial
results for the three and six months ended June 30, 2023.
Commenting on the financial results, LCNB President and Chief
Executive Officer Eric Meilstrup said, “I am pleased with our
favorable second quarter performance and the progress we are making
despite a difficult operating environment. During the second
quarter, we increased net income and earnings per share from first
quarter levels, maintained excellent asset quality, and achieved
record net loans, LCNB Wealth Management assets, and total assets.
In addition, our flexible balance sheet and solid capital levels
allowed us to support our organic growth strategies and return
capital back to our shareholders.”
“While we expect the challenging banking landscape to persist
throughout the second half of 2023, we remain focused on managing
the factors under our control. This includes controlling operating
expenses, managing our balance sheet, maintaining excellent asset
quality, and supporting our local communities. In addition, we
continue to make progress completing the acquisition of Cincinnati
Bancorp, which is expected to close during the 2023 fourth quarter.
Once finalized, we expect LCNB will have total assets of
approximately $2.3 billion with 33 banking offices in Ohio and one
branch office in Northern Kentucky. With an expanded position
within the greater Cincinnati and Northern Kentucky markets, we
believe this transaction should enhance LCNB’s long-term
profitability metrics and earnings growth rate in the future. We
are excited to complete the acquisition and welcome Cincinnati
Bancorp’s customers, employees, and shareholders to LCNB,”
concluded Mr. Meilstrup.
Income Statement
Net income for the 2023 second quarter was $4,694,000, compared
to $5,618,000 for the same period last year. Earnings per basic and
diluted share for the 2023 second quarter were $0.42, compared to
$0.49 for the same period last year. Net income for the six-month
period ended June 30, 2023 was $8,851,000, compared to $10,141,000
for the same period last year. Earnings per basic and diluted share
for the six-month period ended June 30, 2023 were $0.79, compared
to $0.87 for the same period last year.
Adjusted net income for the 2023 second quarter was $5.0
million, or $0.45 per diluted share, compared to $5.6 million, or
$0.49 per diluted share, in the prior year quarter. Adjusted net
income accounts for the impact of one-time merger-related expenses,
net of tax, associated with the Cincinnati Bancorp, Inc.
acquisition. Adjusted net income for the first half ended June 30,
2023 was $9.2 million, or $0.82 per diluted share, compared to
$10.1 million, or $0.87 per diluted share, in the prior year
period.
Net interest income for the three months ended June 30, 2023 was
$14,177,000, compared to $15,167,000 for the comparable period in
2022. Net interest income for the six-month period ended June 30,
2023 was $28,119,000, as compared to $29,390,000 in the same period
last year. Contributing to the variances for both the three and
six-month periods were increases in the amount of short-term
borrowings combined with higher interest expense associated with
the rapid year-over-year increase in the Effective Federal Funds
Rate. For the 2023 second quarter, LCNB’s tax equivalent net
interest margin was 3.28%, compared to 3.54% for the same period
last year.
Non-interest income for the three months ended June 30, 2023
increased $118,000, or by 3.3%, to $3,646,000, compared to
$3,528,000 for the same period last year. For the six months ended
June 30, 2023, non-interest income increased $149,000, or by 2.1%,
to $7,227,000, compared to $7,078,000 for the same period last
year. The increase in non-interest income for both the three and
six-month periods were primarily due to higher fiduciary income and
a decrease in net unrealized losses recognized on equity
securities, partially offset by lower gains on sales of loans. Also
contributing to the increase during the six-month period were gains
recognized on the sale of equity securities during the 2023 first
quarter.
Non-interest expense for the three months ended June 30, 2023
was $609,000 greater than the comparable period in 2022, primarily
due to $415,000 in one-time merger-related expenses. For the first
half ended June 30, 2023, non-interest expense was $884,000 higher
than the comparable period in 2022, partially due to $440,000 in
merger-related expenses. In addition, non-interest expense for the
2022 second quarter benefited from an $889,000 gain from the sale
of other real estate owned.
Capital Allocation
During the 2023 second quarter, LCNB invested $1.5 million to
repurchase 92,885 shares of its outstanding stock at an average
price of $15.86 per share. Year-to-date, LCNB invested $3.3 million
to repurchase 199,913 shares of its outstanding stock at an average
price of $16.47 per share. This equates to approximately 1.78% of
the Company’s outstanding common stock prior to the repurchase. At
June 30, 2023, LCNB had 315,047 shares remaining under its February
2023 share repurchase program. For the second quarter ended June
30, 2023, LCNB paid $0.21 per share in dividends, a 5.0% increase
from $0.20 per share for the second quarter last year.
Year-to-date, LCNB paid $0.42 per share in dividends, compared to
$0.40 per share for the first half last year.
Balance Sheet
Total assets at June 30, 2023 increased 1.9% to a record $1.95
billion from $1.91 billion at June 30, 2022. Net loans at June 30,
2023 increased 4.7% to a record $1.43 billion, compared to $1.37
billion at June 30, 2022.
Total deposits at June 30, 2023 decreased 3.7% to $1.60 billion,
compared to $1.66 billion at June 30, 2022, as LCNB experienced
greater competition for deposit accounts. LCNB’s uninsured deposits
to total deposits was approximately 11.7% for the quarter ended
June 30, 2023.
Assets Under Management
Total assets managed at June 30, 2023 were a record $3.23
billion, compared to $3.04 billion at June 30, 2022. The
year-over-year increase in total assets managed was primarily due
to increases in LCNB Corp. total assets, trust and investments, and
brokerage accounts. Trust and investments and brokerage accounts
increased due to a higher number of new LCNB Wealth Management
customer accounts opened over the past twelve months and an
increase in the fair value of managed assets associated with an
improving capital market environment, partially offset by decreases
in cash management accounts and mortgage loans serviced.
Asset Quality
For the 2023 second quarter, the total provision for credit
losses was $30,000, compared to a total provision for credit losses
of $377,000 for the 2022 second quarter. For the six months ended
June 30, 2023, LCNB recorded a total recovery of credit losses of
$27,000, compared to a total provision for credit losses of
$426,000 for the six months ended June 30, 2022.
Net charge-offs for the 2023 second quarter were $33,000, or
0.01% of average loans, compared to net charge-offs of $74,000, or
0.02% of average loans, for the same period last year. For the 2023
six-month period, net charge-offs were $49,000, or 0.01% of average
loans, compared to net charge-offs of $99,000, or 0.03% of average
loans, for the 2022 six-month period.
Total nonperforming loans, which includes non-accrual loans and
loans past due 90 days or more and still accruing interest,
increased $111,000 from $599,000 or 0.04% of total loans at June
30, 2022, to $710,000 or 0.05% of total loans at June 30, 2023.
Nonperforming assets to total assets was 0.04% at June 30, 2023,
compared to 0.03% at June 30, 2022.
Merger Agreement With Cincinnati Bancorp, Inc.
LCNB and Cincinnati Bancorp, Inc. (“CNNB”), the holding company
for Cincinnati Federal, a federally chartered stock savings and
loan association, signed a definitive merger agreement on May 18,
2023 whereby LCNB will acquire CNNB in a stock-and-cash
transaction. CNNB operates five full-service branch offices in
Cincinnati, Ohio and Northern Kentucky. When completed, the
transaction will significantly increase LCNB’s existing presence in
the Cincinnati market and expand LCNB’s community banking franchise
across the Ohio River into the Northern Kentucky market.
Subject to the terms of the merger agreement, which has been
approved by the Board of Directors of each company, CNNB
shareholders will have the opportunity to elect to receive either
0.9274 shares of LCNB stock or $17.21 per share in cash for each
share of CNNB common stock owned, subject to 80% of all CNNB shares
being exchanged for LCNB common stock. Subject to regulatory
approval, CNNB shareholder approval, and other customary conditions
set forth in the definitive merger agreement, the transaction is
anticipated to close in the fourth quarter of 2023.
About LCNB Corp.
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.
Forward-Looking Statements
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, 2022, 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:
- the success, impact, and timing of the implementation of LCNB’s
business strategies;
- the uncertainties for LCNB's business, results of operations
and financial condition resulting from the recovery from the
COVID-19 pandemic;
- LCNB’s ability to integrate future acquisitions may be
unsuccessful or may be more difficult, time-consuming, or costly
than expected;
- LCNB may incur increased loan charge-offs in the future and the
allowance for credit losses may be inadequate;
- LCNB may face competitive loss of customers;
- changes in the interest rate environment, which may include
further interest rate increases, may have results on LCNB’s
operations materially different from those anticipated by LCNB’s
market risk management functions;
- changes in general economic conditions and increased
competition could adversely affect LCNB’s operating results;
- 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;
- LCNB may experience difficulties growing loan and deposit
balances;
- 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;
- difficulties with technology or data security breaches,
including cyberattacks, could negatively affect LCNB's ability to
conduct business and its relationships with customers, vendors, and
others;
- adverse weather events and natural disasters and global and/or
national epidemics could negatively affect LCNB’s customers given
its concentrated geographic scope, which could impact LCNB’s
operating results; and
- government intervention in the U.S. financial system, including
the effects of legislative, tax, accounting and regulatory actions
and reforms, including the Coronavirus Aid, Relief, and Economic
Security ("CARES") Act, 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, and any such future regulatory actions or
reforms.
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.
LCNB Corp. and
Subsidiaries
Financial Highlights
(Dollars in thousands, except per
share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
06-30-2023
03-31-2023
12-31-2022
09-30-2022
06-30-2022
06-30-2023
06-30-2022
Condensed Income
Statement
Interest income
$
18,703
17,918
17,719
16,704
16,208
36,621
31,330
Interest expense
4,526
3,976
1,511
1,260
1,041
8,502
1,940
Net interest income
14,177
13,942
16,208
15,444
15,167
28,119
29,390
Provision for (recovery of) credit
losses
30
(57
)
(19
)
(157
)
377
(27
)
426
Net interest income after provision for
(recovery of) credit losses
14,147
13,999
16,227
15,601
14,790
28,146
28,964
Non-interest income
3,646
3,581
3,629
3,581
3,528
7,227
7,078
Non-interest expense
12,078
12,525
12,065
12,350
11,469
24,603
23,719
Income before income taxes
5,715
5,055
7,791
6,832
6,849
10,770
12,323
Provision for income taxes
1,021
898
1,383
1,253
1,231
1,919
2,182
Net income
$
4,694
4,157
6,408
5,579
5,618
8,851
10,141
Supplemental
Income Statement Information
Amort/Accret income on acquired loans
$
—
74
249
144
61
74
127
Tax-equivalent net interest income
$
14,223
13,989
16,257
15,495
15,217
28,212
29,490
Per Share
Data
Dividends per share
$
0.21
0.21
0.21
0.20
0.20
0.42
0.40
Basic earnings per common share
$
0.42
0.37
0.57
0.49
0.49
0.79
0.87
Diluted earnings per common share
$
0.42
0.37
0.57
0.49
0.49
0.79
0.87
Book value per share
$
18.20
18.22
17.82
17.31
17.84
18.20
17.84
Tangible book value per share
$
12.81
12.86
12.48
11.97
12.53
12.81
12.53
Weighted average common shares
outstanding:
Basic
11,056,308
11,189,170
11,211,328
11,284,225
11,337,805
11,122,371
11,576,873
Diluted
11,056,308
11,189,170
11,211,328
11,284,225
11,337,805
11,122,371
11,576,873
Shares outstanding at period end
11,116,080
11,202,063
11,259,080
11,293,639
11,374,515
11,116,080
11,374,515
Selected
Financial Ratios
Return on average assets
0.98
%
0.88
%
1.34
%
1.15
%
1.18
%
0.93
%
1.07
%
Return on average equity
9.22
%
8.33
%
12.90
%
10.80
%
10.96
%
8.78
%
9.48
%
Return on average tangible common
equity
13.07
%
11.85
%
18.59
%
15.30
%
15.52
%
12.46
%
13.18
%
Dividend payout ratio
50.00
%
56.76
%
36.84
%
40.82
%
40.82
%
53.16
%
45.98
%
Net interest margin (tax equivalent)
3.28
%
3.28
%
3.77
%
3.54
%
3.54
%
3.28
%
3.45
%
Efficiency ratio (tax equivalent)
67.59
%
71.29
%
60.67
%
64.74
%
61.18
%
69.42
%
64.86
%
Selected Balance
Sheet Items
Cash and cash equivalents
$
26,020
31,876
22,701
29,460
31.815
Debt and equity securities
314,763
328,194
323,167
325,801
337,952
Loans:
Commercial and industrial
$
127,553
124,240
120,236
114,694
114,971
Commercial, secured by real estate
961,173
932,208
938,022
908,130
905,703
Residential real estate
312,338
303,051
305,575
316,669
315,930
Consumer
29,007
28,611
28,290
29,451
30,308
Agricultural
9,955
7,523
10,054
8,630
7,412
Other, including deposit overdrafts
69
62
81
52
81
Deferred net origination fees
(844
)
(865
)
(980
)
(937
)
(928
)
Loans, gross
1,439,251
1,394,830
1,401,278
1,376,689
1,373,477
Less allowance for credit losses on
loans
7,956
7,858
5,646
5,644
5,833
Loans, net
$
1,431,295
1,386,972
1,395,632
1,371,045
1,367,644
Three Months Ended
Six Months Ended
06-30-2023
03-31-2023
12-31-2022
09-30-2022
06-30-2022
06-30-2023
06-30-2022
Selected Balance
Sheet Items, continued
Allowance for Credit Losses on
Loans:
Allowance for credit losses, beginning of
period
$
7,858
5,646
5,644
5,833
5,530
Cumulative change in accounting principle;
adoption of ASU 2016-13
—
2,196
—
—
—
Provision for (recovery of) credit
losses
131
32
(19
)
(157
)
377
Losses charged off
(49
)
(36
)
(60
)
(53
)
(116
)
Recoveries
16
20
81
21
42
Allowance for credit losses, end of
period
$
7,956
7,858
5,646
5,644
5,833
Total earning assets
$
1,756,157
1,736,829
1,726,902
1,714,196
$
1,722,853
Total assets
1,950,763
1,924,531
1,919,121
1,904,700
1,912,901
Total deposits
1,596,709
1,603,881
1,604,970
1,657,370
1,658,825
Short-term borrowings
112,289
76,500
71,455
4,000
5,000
Long-term debt
18,122
18,598
19,072
24,539
25,000
Total shareholders’ equity
202,316
204,072
200,675
195,439
202,960
Equity to assets ratio
10.37
%
10.60
%
10.46
%
10.26
%
10.61
%
Loans to deposits ratio
90.14
%
86.97
%
87.31
%
83.06
%
82.80
%
Tangible common equity (TCE)
$
142,362
144,006
140,498
135,149
142,557
Tangible common assets (TCA)
1,890,809
1,864,465
1,858,944
1,844,410
1,852,224
TCE/TCA
7.53
%
7.72
%
7.56
%
7.33
%
7.70
%
Selected Average
Balance Sheet Items
Cash and cash equivalents
$
30,742
35,712
24,330
35,763
$
28,787
$
33,205
$
30,788
Debt and equity securities
321,537
327,123
323,195
338,299
338,149
324,320
339,432
Loans
$
1,405,939
1,389,385
1,383,809
1,384,520
$
1,375,710
$
1,397,708
$
1,376,315
Less allowance for credit losses on
loans
7,860
7,522
5,647
5,830
5,532
7,692
5,517
Net loans
$
1,398,079
1,381,863
1,378,162
1,378,690
$
1,370,178
$
1,390,016
$
1,370,798
Total earning assets
$
1,737,256
1,729,008
1,711,524
1,736,031
1,722,503
1,733,160
1,724,938
Total assets
1,927,957
1,921,742
1,903,338
1,928,868
1,912,574
1,925,004
1,915,051
Total deposits
1,604,346
1,583,857
1,637,201
1,669,932
1,655,389
1,594,159
1,651,032
Short-term borrowings
79,485
94,591
21,433
5,728
18,263
86,996
15,399
Long-term debt
18,514
18,983
23,855
24,920
12,637
18,747
11,326
Total shareholders’ equity
204,085
202,419
197,014
205,051
205,645
203,257
215,629
Equity to assets ratio
10.59
%
10.53
%
10.35
%
10.63
%
10.75
%
10.56
%
11.26
%
Loans to deposits ratio
87.63
%
87.72
%
84.52
%
82.91
%
83.10
%
87.68
%
83.36
%
Asset
Quality
Net charge-offs (recoveries)
$
33
16
(21
)
32
74
49
99
Other real estate owned
—
—
—
—
—
—
—
Non-accrual loans
$
454
701
391
465
599
454
599
Loans past due 90 days or more and still
accruing
256
—
39
—
0
256
—
Total nonperforming loans
$
710
701
430
465
599
710
599
Net charge-offs (recoveries) to average
loans
0.01
%
0.00
%
(0.01
)%
0.01
%
0.02
%
0.01
%
0.03
%
Allowance for credit losses on loans to
total loans
0.55
%
0.56
%
0.40
%
0.41
%
0.42
%
Nonperforming loans to total loans
0.05
%
0.05
%
0.03
%
0.03
%
0.04
%
Nonperforming assets to total assets
0.04
%
0.04
%
0.02
%
0.02
%
0.03
%
Three Months Ended
Six Months Ended
06-30-2023
03-31-2023
12-31-2022
09-30-2022
06-30-2022
06-30-2023
06-30-2022
Assets Under
Management
LCNB Corp. total assets
$
1,950,763
1,924,531
1,919,121
1,904,700
1,912,901
Trust and investments (fair value)
744,149
716,578
678,366
611,409
625,984
Mortgage loans serviced
143,093
142,167
148,412
145,317
153,557
Cash management
2,668
1,831
1,925
53,199
38,914
Brokerage accounts (fair value)
384,889
374,066
347,737
314,144
303,663
Total assets managed
3,225,562
3,159,173
3,095,561
3,028,769
3,035,019
Reconciliation of
Net Income Less Tax-Effected Merger-Related Costs
Net income
$
4,694
4,157
6,408
5,579
5,618
8,851
10,141
Merger-related costs
415
25
—
—
—
440
—
Tax effect
(63
)
(4
)
—
—
—
(67
)
—
Adjusted net income
$
5,046
4,178
6,408
5,579
5,618
9,224
10,141
Adjusted basic and diluted earnings per
share
$
0.45
0.37
0.57
0.49
0.49
0.82
0.87
Adjusted return on average assets
1.05
%
0.88
%
1.34
%
1.15
%
1.18
%
0.97
%
1.07
%
Adjusted return on average equity
9.92
%
8.37
%
12.90
%
10.80
%
10.96
%
9.15
%
9.48
%
LCNB CORP. AND
SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE
SHEETS
(Dollars in thousands)
June 30, 2023 (Unaudited)
December 31, 2022
ASSETS:
Cash and due from banks
$
23,877
20,244
Interest-bearing demand deposits
2,143
2,457
Total cash and cash equivalents
26,020
22,701
Investment securities:
Equity securities with a readily
determinable fair value, at fair value
1,279
2,273
Equity securities without a readily
determinable fair value, at cost
2,099
2,099
Debt securities, available-for-sale, at
fair value
281,156
289,850
Debt securities, held-to-maturity, at
cost, net of allowance for credit losses
19,117
19,878
Federal Reserve Bank stock, at cost
4,652
4,652
Federal Home Loan Bank stock, at cost
6,460
4,415
Loans, net of allowance for credit
losses
1,431,295
1,395,632
Premises and equipment, net
33,145
33,042
Operating leases right of use asset
6,260
6,525
Goodwill
59,221
59,221
Core deposit and other intangibles
1,497
1,827
Bank owned life insurance
44,846
44,298
Interest receivable
7,811
7,482
Other assets
25,905
25,503
TOTAL ASSETS
$
1,950,763
1,919,398
LIABILITIES:
Deposits:
Noninterest-bearing
$
480,288
505,824
Interest-bearing
1,116,421
1,099,146
Total deposits
1,596,709
1,604,970
Short-term borrowings
112,289
71,455
Long-term debt
18,122
19,072
Operating lease liabilities
6,434
6,647
Allowance for credit losses on off-balance
sheet credit exposures
381
—
Accrued interest and other liabilities
14,512
16,579
TOTAL LIABILITIES
1,748,447
1,718,723
COMMITMENTS AND CONTINGENT
LIABILITIES
SHAREHOLDERS' EQUITY:
Preferred shares – no par value,
authorized 1,000,000 shares, none outstanding
123,422
122,839
Common shares –no par value, authorized
19,000,000; issued 14,327,463 and 14,270,550 shares at June 30,
2023 and December 31, 2022, respectively; outstanding 11,116,080
and 11,259,080 shares at March 31, 2023 and December 31, 2022,
respectively
21,249
21,230
Retained earnings
141,431
139,249
Treasury shares at cost, 3,211,383 and
3,011,470 shares at June 30, 2023 and December 31, 2022,
respectively
(56,015
)
(52,689
)
Accumulated other comprehensive loss, net
of taxes
(27,771
)
(29,954
)
TOTAL SHAREHOLDERS' EQUITY
202,316
200,675
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
$
1,950,763
1,919,398
LCNB CORP. AND
SUBSIDIARIES
CONSOLIDATED CONDENSED
STATEMENTS OF INCOME
(Dollars in thousands, except per
share data)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
INTEREST INCOME:
Interest and fees on loans
$
16,763
14,548
32,906
28,334
Dividends on equity securities with a
readily determinable fair value
8
14
25
26
Dividends on equity securities without a
readily determinable fair value
30
5
50
10
Interest on debt securities, taxable
1,323
1,254
2,666
2,349
Interest on debt securities,
non-taxable
174
188
350
377
Other investments
405
199
624
234
TOTAL INTEREST INCOME
18,703
16,208
36,621
31,330
INTEREST EXPENSE:
Interest on deposits
3,335
775
5,791
1,514
Interest on short-term borrowings
1,008
163
2,312
249
Interest on long-term debt
183
103
399
177
TOTAL INTEREST EXPENSE
4,526
1,041
8,502
1,940
NET INTEREST INCOME
14,177
15,167
28,119
29,390
Provision for credit losses on loans
132
377
164
426
Provision for (recovery of) credit losses
on debt securities, held-to-maturity
(1
)
—
(1
)
—
Recovery of credit losses on off-balance
sheet credit exposures
(101
)
—
(190
)
—
TOTAL PROVISION FOR (RECOVERY OF) CREDIT
LOSSES
30
377
(27
)
426
NET INTEREST INCOME AFTER PROVISION FOR
(RECOVERY OF) CREDIT LOSSES
14,147
14,790
28,146
28,964
NON-INTEREST INCOME:
Fiduciary income
1,787
1,643
3,527
3,338
Service charges and fees on deposit
accounts
1,445
1,546
2,927
2,952
Bank owned life insurance income
277
269
548
534
Gains from sales of loans
3
64
9
188
Other operating income
134
6
216
66
TOTAL NON-INTEREST INCOME
3,646
3,528
7,227
7,078
NON-INTEREST EXPENSE:
Salaries and employee benefits
7,061
7,014
14,410
14,229
Equipment expenses
417
428
778
836
Occupancy expense, net
599
735
1,562
1,510
State financial institutions tax
396
437
793
873
Marketing
320
368
512
630
Amortization of intangibles
112
112
223
252
FDIC insurance premiums, net
224
134
439
260
Contracted services
666
679
1,307
1,289
Other real estate owned, net
1
(879
)
2
(879
)
Merger-related expenses
415
—
440
—
Other non-interest expense
1,867
2,441
4,137
4,719
TOTAL NON-INTEREST EXPENSE
12,078
11,469
24,603
23,719
INCOME BEFORE INCOME TAXES
5,715
6,849
10,770
12,323
PROVISION FOR INCOME TAXES
1,021
1,231
1,919
2,182
NET INCOME
$
4,694
5,618
8,851
10,141
2023
2022
2023
2022
Earnings per common share:
Basic
0.42
0.49
0.79
0.87
Diluted
0.42
0.49
0.79
0.87
Weighted average common shares
outstanding:
Basic
11,056,308
11,337,805
11,122,371
11,576,873
Diluted
11,056,308
11,337,805
11,122,371
11,576,873
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230720470049/en/
Company Contact: Eric J. Meilstrup President and Chief
Executive Officer LCNB National Bank (513) 932-1414
shareholderrelations@lcnb.com
Investor and Media Contact: Andrew M. Berger Managing
Director SM Berger & Company, Inc. (216) 464-6400
andrew@smberger.com
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