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LCNB Corp. Reports Financial Results for the Three and Twelve Months Ended December 31, 2019

January 29, 2020 GMT

LEBANON, Ohio--(BUSINESS WIRE)--Jan 29, 2020--

LCNB Corp. (“LCNB”) (NASDAQ: LCNB) today announced net income of $4,830,000 (total basic and diluted earnings per share of $0.37) and $18,912,000 (total basic and diluted earnings per share of $1.44) for the three and twelve months ended December 31, 2019, respectively. This compares to net income of $5,193,000 (total basic and diluted earnings per share of $0.40) and $14,845,000 (total basic and diluted earnings per share of $1.24) for the same three and twelve month periods in 2018.

Commenting on the financial results, LCNB Chief Executive Officer Eric Meilstrup said, “We are pleased to report strong earnings for the three and twelve months ended December 31, 2019. Return on average assets for 2019 was 1.15% and return on average equity was 8.42%, compared to respective ratios of 1.00% and 7.90% for 2018. Net income during 2019 was $4,067,000 greater than during 2018, fueled by a $6,237,000 increase in net interest income that resulted primarily from a $44.8 million, or 3.7%, increase in our net loan portfolio during 2019. Part of the increase in net interest income was also due to a full year of net earnings on loans, deposits, and borrowings obtained through our merger with Columbus First Bancorp, Inc. and its wholly-owned subsidiary, Columbus First Bank (collectively “CFB”) on May 31, 2018. Positive earnings growth allowed for increased shareholder dividends, from $0.65 per share for 2018 to $0.69 per share for 2019.”

Net interest income for the three and twelve months ended December 31, 2019 was, respectively, $337,000 and $6,237,000 greater than the comparable periods in 2018, due to growth in the average balance of LCNB’s loan portfolio and to an increase in the average rate earned on that portfolio, partially offset by a decrease in average investment securities and increases in average deposits and long-term borrowings and increases in the average rates paid for the deposits and borrowings. Loans, deposits, and long-term borrowings obtained through the merger with CFB were considerable components of the growth in the average balance of LCNB’s loan portfolio and the increases in the average balances of deposits and long-term borrowings.

The provision for loan losses for the three and twelve months ended December 31, 2019 was, respectively, $33,000 greater and $716,000 less than the comparable periods in 2018. Non-accrual loans and loans past due 90 days or more and still accruing interest increased $110,000, from $3,100,000 or 0.26% of total loans at December 31, 2018 to $3,210,000 or 0.26% of total loans at December 31, 2019.

Non-interest income for the three and twelve months ended December 31, 2019 was, respectively, $520,000 and $1,298,000 greater than the comparable periods in 2018, primarily due to increases in fiduciary income, service charges and fees on deposit accounts, and bank owned life insurance income. Also contributing to the increase were market-driven increases in the fair value of equity security investments, which were recorded in other operating income in the consolidated statements of income.

Non-interest expense for the three and twelve months ended December 31, 2019 was, respectively, $1,082,000 and $3,020,000 greater than the comparable periods in 2018, primarily due to increases in salaries and employee benefits and state financial institutions tax. Increases in marketing and contracted services expenses also contributed to the increase for the twelve-month period. Salaries and employee benefits increased primarily due to salary and wage increases and newly hired employees, including additional business development positions and CFB employees retained. An increase in health insurance costs also contributed to the increase in salaries and employee benefits. State financial institutions tax expense increased due to a larger capital base (Ohio financial institutions tax is based on capital, not income), largely caused by stock issued to CFB stockholders as merger consideration. Marketing expense increased primarily due to promotion costs for new checking products introduced in 2018, increased marketing activities in the Columbus area, and expanded use of broadcast and digital media. Contracted services increased due to additional fees paid for loan and deposit system upgrades and improvements and to general price increases on other contracted services. A decrease in merger related expenses and the absence of losses recognized on the sale of two of LCNB’s office buildings during 2018 partially offset these increases.

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, 2018, 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:

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

 

Year Ended

 

12/31/2019

 

9/30/2019

 

6/30/2019

 

3/31/2019

 

12/31/2018

 

12/31/2019

 

12/31/2018

Condensed Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

16,424

 

 

16,329

 

 

16,328

 

 

16,113

 

 

15,844

 

 

65,194

 

 

54,594

 

Interest expense

2,577

 

 

2,751

 

 

2,738

 

 

2,722

 

 

2,334

 

 

10,788

 

 

6,425

 

Net interest income

13,847

 

 

13,578

 

 

13,590

 

 

13,391

 

 

13,510

 

 

54,406

 

 

48,169

 

Provision (credit) for loan losses

(6

)

 

264

 

 

54

 

 

(105

)

 

(39

)

 

207

 

 

923

 

Net interest income after provision

13,853

 

 

13,314

 

 

13,536

 

 

13,496

 

 

13,549

 

 

54,199

 

 

47,246

 

Non-interest income

3,222

 

 

3,356

 

 

2,998

 

 

2,772

 

 

2,702

 

 

12,348

 

 

11,050

 

Non-interest expense

11,007

 

 

10,982

 

 

10,833

 

 

10,700

 

 

9,925

 

 

43,522

 

 

40,502

 

Income before income taxes

6,068

 

 

5,688

 

 

5,701

 

 

5,568

 

 

6,326

 

 

23,025

 

 

17,794

 

Provision for income taxes

1,238

 

 

961

 

 

973

 

 

941

 

 

1,133

 

 

4,113

 

 

2,949

 

Net income

$

4,830

 

 

4,727

 

 

4,728

 

 

4,627

 

 

5,193

 

 

18,912

 

 

14,845

 

Amort/Accret income on acquired loans

$

400

 

 

302

 

 

355

 

 

224

 

 

229

 

 

1,281

 

 

567

 

Amort/Accret expenses on acquired interest-bearing liabilities

$

3

 

 

4

 

 

142

 

 

144

 

 

149

 

 

293

 

 

363

 

Tax-equivalent net interest income

$

13,937

 

 

13,679

 

 

13,700

 

 

13,536

 

 

13,680

 

 

54,852

 

 

48,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.18

 

 

0.17

 

 

0.17

 

 

0.17

 

 

0.17

 

 

0.69

 

 

0.65

 

Basic earnings per common share

$

0.37

 

 

0.36

 

 

0.36

 

 

0.35

 

 

0.40

 

 

1.44

 

 

1.24

 

Diluted earnings per common share

$

0.37

 

 

0.36

 

 

0.36

 

 

0.35

 

 

0.40

 

 

1.44

 

 

1.24

 

Book value per share

$

17.63

 

 

17.44

 

 

17.18

 

 

16.83

 

 

16.47

 

 

17.63

 

 

16.47

 

Tangible book value per share

$

12.78

 

 

12.57

 

 

12.31

 

 

12.05

 

 

11.67

 

 

12.78

 

 

11.67

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

12,912,106

 

 

12,932,950

 

 

13,192,691

 

 

13,283,634

 

 

13,285,386

 

 

13,078,920

 

 

11,935,350

 

Diluted

12,916,000

 

 

12,937,145

 

 

13,196,665

 

 

13,287,338

 

 

13,290,499

 

 

13,082,893

 

 

11,942,253

 

Shares outstanding at period end

12,936,783

 

 

12,927,463

 

 

12,978,554

 

 

13,314,148

 

 

13,295,276

 

 

12,936,783

 

 

13,295,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

1.17

%

 

1.13

%

 

1.16

%

 

1.15

%

 

1.27

%

 

1.15

%

 

1.00

%

Return on average equity

8.42

%

 

8.33

%

 

8.46

%

 

8.47

%

 

9.55

%

 

8.42

%

 

7.90

%

Dividend payout ratio

48.65

%

 

47.22

%

 

47.22

%

 

48.57

%

 

42.50

%

 

47.92

%

 

52.42

%

Net interest margin (tax equivalent)

3.76

%

 

3.67

%

 

3.72

%

 

3.71

%

 

3.69

%

 

3.71

%

 

3.63

%

Efficiency ratio (tax equivalent)

64.15

%

 

64.47

%

 

64.87

%

 

65.61

%

 

60.58

%

 

64.76

%

 

67.58

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

20,765

 

 

22,826

 

 

23,185

 

 

19,527

 

 

20,040

 

 

 

 

 

Debt and equity securities

219,791

 

 

239,730

 

 

246,701

 

 

264,559

 

 

282,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

78,306

 

 

71,576

 

 

79,513

 

 

79,725

 

 

77,740

 

 

 

 

 

Commercial, secured by real estate

804,953

 

 

797,842

 

 

793,863

 

 

764,424

 

 

740,647

 

 

 

 

 

Residential real estate

322,533

 

 

320,703

 

 

326,029

 

 

334,227

 

 

349,127

 

 

 

 

 

Consumer

25,232

 

 

23,918

 

 

19,649

 

 

17,409

 

 

17,283

 

 

 

 

 

Agricultural

11,509

 

 

11,525

 

 

10,843

 

 

10,900

 

 

13,297

 

 

 

 

 

Other, including deposit overdrafts

1,193

 

 

456

 

 

373

 

 

409

 

 

450

 

 

 

 

 

Deferred net origination costs (fees)

(275

)

 

(128

)

 

(9

)

 

40

 

 

79

 

 

 

 

 

Loans, gross

1,243,451

 

 

1,225,892

 

 

1,230,261

 

 

1,207,134

 

 

1,198,623

 

 

 

 

 

Less allowance for loan losses

4,045

 

 

4,167

 

 

4,112

 

 

4,126

 

 

4,046

 

 

 

 

 

Loans, net

$

1,239,406

 

 

1,221,725

 

 

1,226,149

 

 

1,203,008

 

 

1,194,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,466,988

 

 

1,470,074

 

 

1,482,913

 

 

1,476,862

 

 

1,483,166

 

 

 

 

 

Total assets

1,639,308

 

 

1,644,447

 

 

1,642,012

 

 

1,632,387

 

 

1,636,927

 

 

 

 

 

Total deposits

1,348,280

 

 

1,355,383

 

 

1,357,959

 

 

1,347,857

 

 

1,300,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

12/31/2019

 

9/30/2019

 

6/30/2019

 

3/31/2019

 

12/31/2018

 

12/31/2019

 

12/31/2018

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

 

 

 

 

 

 

56,230

 

 

 

 

 

Long-term debt

40,994

 

 

41,990

 

 

41,986

 

 

42,982

 

 

47,032

 

 

 

 

 

Total shareholders’ equity

228,048

 

 

225,492

 

 

222,972

 

 

224,018

 

 

218,985

 

 

 

 

 

Equity to assets ratio

13.91

%

 

13.71

%

 

13.58

%

 

13.72

%

 

13.38

%

 

 

 

 

Loans to deposits ratio

92.22

%

 

90.45

%

 

90.60

%

 

89.56

%

 

92.14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

$

165,304

 

 

162,485

 

 

159,702

 

 

160,488

 

 

155,197

 

 

 

 

 

Tangible common assets (TCA)

1,576,564

 

 

1,581,440

 

 

1,578,742

 

 

1,568,857

 

 

1,573,139

 

 

 

 

 

TCE/TCA

10.49

%

 

10.27

%

 

10.12

%

 

10.23

%

 

9.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

26,501

 

 

28,293

 

 

29,523

 

 

25,080

 

 

20,685

 

 

27,321

 

 

23,910

 

Debt and equity securities

231,115

 

 

243,553

 

 

249,954

 

 

266,081

 

 

291,433

 

 

247,569

 

 

303,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,230,845

 

 

1,227,806

 

 

1,217,726

 

 

1,208,809

 

 

1,177,061

 

 

1,221,375

 

 

1,038,159

 

Less allowance for loan losses

4,076

 

 

3,986

 

 

4,088

 

 

4,074

 

 

4,016

 

 

4,056

 

 

3,822

 

Net loans

$

1,226,769

 

 

1,223,820

 

 

1,213,638

 

 

1,204,735

 

 

1,173,045

 

 

1,217,319

 

 

1,034,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,469,469

 

 

1,480,096

 

 

1,479,225

 

 

1,480,634

 

 

1,471,650

 

 

1,477,333

 

 

1,347,162

 

Total assets

1,643,793

 

 

1,654,034

 

 

1,637,645

 

 

1,635,416

 

 

1,626,029

 

 

1,642,591

 

 

1,488,941

 

Total deposits

1,352,101

 

 

1,365,702

 

 

1,352,449

 

 

1,333,529

 

 

1,333,673

 

 

1,351,036

 

 

1,258,075

 

Short-term borrowings

622

 

 

468

 

 

243

 

 

23,235

 

 

36,348

 

 

6,064

 

 

13,967

 

Long-term debt

41,742

 

 

41,988

 

 

42,567

 

 

44,676

 

 

25,536

 

 

42,733

 

 

16,789

 

Total shareholders’ equity

227,595

 

 

225,216

 

 

224,203

 

 

221,470

 

 

215,739

 

 

224,639

 

 

187,915

 

Equity to assets ratio

13.85

%

 

13.62

%

 

13.69

%

 

13.54

%

 

13.27

%

 

13.68

%

 

12.62

%

Loans to deposits ratio

91.03

%

 

89.90

%

 

90.04

%

 

90.65

%

 

88.26

%

 

90.40

%

 

82.52

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

115

 

 

209

 

 

68

 

 

(185

)

 

(68

)

 

207

 

 

280

 

Other real estate owned

197

 

 

197

 

 

197

 

 

244

 

 

244

 

 

197

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

3,210

 

 

3,523

 

 

2,962

 

 

2,845

 

 

2,951

 

 

3,210

 

 

2,951

 

Loans past due 90 days or more and still accruing

 

 

 

 

24

 

 

177

 

 

149

 

 

 

 

149

 

Total nonperforming loans

$

3,210

 

 

3,523

 

 

2,986

 

 

3,022

 

 

3,100

 

 

3,210

 

 

3,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries) to average loans

0.04

%

 

0.07

%

 

0.02

%

 

(0.06

)%

 

(0.02

)%

 

0.02

%

 

0.03

%

Allowance for loan losses to total loans

0.33

%

 

0.34

%

 

0.33

%

 

0.34

%

 

0.34

%

 

0.33

%

 

0.34

%

Nonperforming loans to total loans

0.26

%

 

0.29

%

 

0.24

%

 

0.25

%

 

0.26

%

 

0.26

%

 

0.26

%

Nonperforming assets to total assets

0.21

%

 

0.23

%

 

0.19

%

 

0.20

%

 

0.20

%

 

0.21

%

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

$

1,639,308

 

 

1,644,447

 

 

1,642,012

 

 

1,632,387

 

 

1,636,927

 

 

 

 

 

Trust and investments (fair value)

435,664

 

 

411,724

 

 

382,462

 

 

367,649

 

 

337,549

 

 

 

 

 

Mortgage loans serviced

93,596

 

 

90,784

 

 

88,444

 

 

89,049

 

 

97,685

 

 

 

 

 

Cash management

75,948

 

 

117,530

 

 

71,973

 

 

55,981

 

 

48,906

 

 

 

 

 

Brokerage accounts (fair value)

268,059

 

 

262,038

 

 

260,202

 

 

245,758

 

 

233,751

 

 

 

 

 

Total assets managed

$

2,512,575

 

 

2,526,523

 

 

2,445,093

 

 

2,390,824

 

 

2,354,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

4,830

 

 

4,727

 

 

4,728

 

 

4,627

 

 

5,193

 

 

18,912

 

 

14,845

 

Add: merger-related expenses, net of tax

0

 

 

21

 

 

16

 

 

53

 

 

148

 

 

90

 

 

1,753

 

Adjusted net income

$

4,830

 

 

4,748

 

 

4,744

 

 

4,680

 

 

5,341

 

 

19,002

 

 

16,598

 

Basic adjusted earnings per share

0.37

 

 

0.37

 

 

0.36

 

 

0.36

 

 

0.41

 

 

1.46

 

 

1.39

 

Diluted adjusted earnings per share

0.37

 

 

0.37

 

 

0.36

 

 

0.36

 

 

0.41

 

 

1.46

 

 

1.39

 

Adjusted return on average assets

1.17

%

 

1.14

%

 

1.16

%

 

1.16

%

 

1.30

%

 

1.16

%

 

1.11

%

Adjusted return on average equity

8.42

%

 

8.36

%

 

8.49

%

 

8.57

%

 

9.82

%

 

8.46

%

 

8.83

%

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

December 31,
2019 (Unaudited)

 

December 31,
2018

ASSETS:

 

 

 

Cash and due from banks

$

17,019

 

 

18,310

 

Interest-bearing demand deposits

3,746

 

 

1,730

 

Total cash and cash equivalents

20,765

 

 

20,040

 

Interest-bearing time deposits

 

 

996

 

Investment securities:

 

 

 

Equity securities with a readily determinable fair value, at fair value

2,312

 

 

2,078

 

Equity securities without a readily determinable fair value, at cost

2,099

 

 

2,099

 

Debt securities, available-for-sale, at fair value

178,000

 

 

238,421

 

Debt securities, held-to-maturity, at cost

27,525

 

 

29,721

 

Federal Reserve Bank stock, at cost

4,652

 

 

4,653

 

Federal Home Loan Bank stock, at cost

5,203

 

 

4,845

 

Loans, net

1,239,406

 

 

1,194,577

 

Premises and equipment, net

34,787

 

 

32,627

 

Operating leases right of use asset

5,444

 

 

 

Goodwill

59,221

 

 

59,221

 

Core deposit and other intangibles

4,006

 

 

5,042

 

Bank owned life insurance

41,667

 

 

28,723

 

Other assets

14,221

 

 

13,884

 

TOTAL ASSETS

$

1,639,308

 

 

1,636,927

 

 

 

 

 

LIABILITIES:

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

354,391

 

 

322,571

 

Interest-bearing

993,889

 

 

978,348

 

Total deposits

1,348,280

 

 

1,300,919

 

Short-term borrowings

 

 

56,230

 

Long-term debt

40,994

 

 

47,032

 

Operating leases liability

5,446

 

 

 

Accrued interest and other liabilities

16,540

 

 

13,761

 

TOTAL LIABILITIES

1,411,260

 

 

1,417,942

 

 

 

 

 

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 at December 31, 2019 and 2018; issued 14,111,810 and 14,070,303 shares at December 31, 2019 and 2018, respectively

141,791

 

 

141,170

 

Retained earnings

104,431

 

 

94,547

 

Treasury shares at cost, 1,175,027 and 775,027 shares at December 31, 2019 and 2018, respectively

(18,847

)

 

(12,013

)

Accumulated other comprehensive income (loss), net of taxes

673

 

 

(4,719

)

TOTAL SHAREHOLDERS' EQUITY

228,048

 

 

218,985

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,639,308

 

 

1,636,927

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

2019

 

2018

 

2019

 

2018

INTEREST INCOME:

 

 

 

 

 

 

 

Interest and fees on loans

$

14,937

 

 

14,010

 

 

59,009

 

 

47,489

 

Dividends on equity securities with a readily determinable fair value

15

 

 

17

 

 

62

 

 

65

 

Dividends on equity securities without a readily determinable fair value

17

 

 

17

 

 

65

 

 

39

 

Interest on debt securities, taxable

881

 

 

900

 

 

3,601

 

 

3,666

 

Interest on debt securities, non-taxable

337

 

 

641

 

 

1,677

 

 

2,686

 

Interest on interest-bearing time deposits

 

 

24

 

 

11

 

 

58

 

Other investments

237

 

 

235

 

 

769

 

 

591

 

TOTAL INTEREST INCOME

16,424

 

 

15,844

 

 

65,194

 

 

54,594

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

Interest on deposits

2,301

 

 

1,976

 

 

9,526

 

 

5,753

 

Interest on short-term borrowings

3

 

 

223

 

 

227

 

 

311

 

Interest on long-term debt

273

 

 

135

 

 

1,035

 

 

361

 

TOTAL INTEREST EXPENSE

2,577

 

 

2,334

 

 

10,788

 

 

6,425

 

NET INTEREST INCOME

13,847

 

 

13,510

 

 

54,406

 

 

48,169

 

PROVISION (CREDIT) FOR LOAN LOSSES

(6

)

 

(39

)

 

207

 

 

923

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

13,853

 

 

13,549

 

 

54,199

 

 

47,246

 

NON-INTEREST INCOME:

 

 

 

 

 

 

 

Fiduciary income

1,139

 

 

971

 

 

4,354

 

 

3,958

 

Service charges and fees on deposit accounts

1,454

 

 

1,420

 

 

5,875

 

 

5,590

 

Net losses on sales of debt securities

(4

)

 

 

 

(41

)

 

(8

)

Bank owned life insurance income

289

 

 

185

 

 

943

 

 

738

 

Gains from sales of loans

121

 

 

41

 

 

328

 

 

223

 

Other operating income

223

 

 

85

 

 

889

 

 

549

 

TOTAL NON-INTEREST INCOME

3,222

 

 

2,702

 

 

12,348

 

 

11,050

 

NON-INTEREST EXPENSE:

 

 

 

 

 

 

 

Salaries and employee benefits

6,512

 

 

5,488

 

 

25,320

 

 

21,279

 

Equipment expenses

343

 

 

341

 

 

1,209

 

 

1,138

 

Occupancy expense, net

703

 

 

742

 

 

2,961

 

 

2,861

 

State financial institutions tax

362

 

 

299

 

 

1,669

 

 

1,197

 

Marketing

310

 

 

321

 

 

1,319

 

 

1,119

 

Amortization of intangibles

263

 

 

263

 

 

1,043

 

 

922

 

FDIC insurance premiums, net

 

 

130

 

 

225

 

 

419

 

Contracted services

471

 

 

454

 

 

1,865

 

 

1,547

 

Other real estate owned

1

 

 

16

 

 

53

 

 

20

 

Merger-related expenses

 

 

164

 

 

114

 

 

2,123

 

Other non-interest expense

2,042

 

 

1,707

 

 

7,744

 

 

7,877

 

TOTAL NON-INTEREST EXPENSE

11,007

 

 

9,925

 

 

43,522

 

 

40,502

 

INCOME BEFORE INCOME TAXES

6,068

 

 

6,326

 

 

23,025

 

 

17,794

 

PROVISION FOR INCOME TAXES

1,238

 

 

1,133

 

 

4,113

 

 

2,949

 

NET INCOME

$

4,830

 

 

5,193

 

 

18,912

 

 

14,845

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.18

 

 

0.17

 

 

0.69

 

 

0.65

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

0.37

 

 

0.40

 

 

1.44

 

 

1.24

 

Diluted

0.37

 

 

0.40

 

 

1.44

 

 

1.24

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

12,912,106

 

 

13,285,386

 

 

13,078,920

 

 

11,935,350

 

Diluted

12,916,000

 

 

13,290,499

 

 

13,082,893

 

 

11,942,253

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20200129005791/en/

CONTACT: LCNB Corp.

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

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

KEYWORD: OHIO INDIANA KENTUCKY UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: LCNB Corp.

Copyright Business Wire 2020.

PUB: 01/29/2020 05:10 PM/DISC: 01/29/2020 05:10 PM

http://www.businesswire.com/news/home/20200129005791/en