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Share Name | Share Symbol | Market | Type |
---|---|---|---|
LCNB Corporation | NASDAQ:LCNB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -1.01% | 13.71 | 12.78 | 16.02 | 14.08 | 13.51 | 13.97 | 44,583 | 22:16:11 |
Non-interest income increased 9.7% year-over-year to $3.9 million
Strengthening balance sheet as cash and cash equivalents grew by 3.4% and debt and equity securities decreased by 6.5%
Asset quality remains excellent with total nonperforming loans to total loans of 0.20% at March 31, 2024
LCNB successfully completed the Eagle Financial Bancorp, Inc. acquisition on April 12, 2024
Management expects earnings growth will reaccelerate in the fourth quarter of 2024
LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2024.
Commenting on the financial results, LCNB President and Chief Executive Officer, Eric Meilstrup said, “Our first quarter performance reflects our near-term focus on integrating the November 2023 Cincinnati Federal acquisition and completing the merger with Eagle Financial Bancorp, Inc. (“EFBI” or “Eagle”), which I am pleased to report closed on April 12, 2024. I am excited by the opportunities underway to leverage the benefits of these two acquisitions and serve compelling communities within the greater Cincinnati region. While we expect one-time merger-related expenses will continue throughout the first half of 2024, we believe we are well positioned for earnings growth to reaccelerate in the fourth quarter of 2024.”
“We are simultaneously pursuing organic growth opportunities while providing our communities with best-in-class and local financial services. Total assets managed by LCNB Wealth Management increased 19.4% year-over-year and are up 8.6% over the past three months. The continued growth of LCNB Wealth Management demonstrates the value our financial, trust, and investment products provide to our local communities,” Mr. Meilstrup continued.
“In addition to the growth strategies underway, we are also focused on maintaining excellent asset quality and pursuing initiatives that strengthen our balance sheet. As we successfully execute these actions over the coming quarters, we believe we will enhance our earnings power, strengthen our competitive advantage, and position LCNB National Bank for long-term success. I am proud of the direction LCNB is headed, and I look forward to updating shareholders on the progress we are making,” concluded Mr. Meilstrup.
Income Statement
Net income for the 2024 first quarter was $1.9 million, compared to net income of $4.2 million for the same period last year. Earnings per basic and diluted share for the 2024 first quarter were $0.15, compared to $0.37 for the same period last year.
Adjusted net income accounts for the impact of one-time merger-related expenses, net of tax, associated with the Cincinnati Federal and EFBI acquisitions. Adjusted net income for the 2024 first quarter was $2.6 million, or $0.20 per diluted share, compared to $4.2 million, or $0.37 per diluted share, for the same period last year.
Net interest income for the three months ended March 31, 2024, was $13.9 million, compared to $13.9 million for the comparable period in 2023. An increase in interest income from loans due to a higher volume of average loans outstanding and the average rates earned on these loans was offset by increased interest expense from higher IRA and time certificate balances, increased long-term debt, and interest rate-related variances.
For the 2024 first quarter, LCNB’s tax equivalent net interest margin was 2.73%, compared to 3.28% for the same period last year. The decrease in the net interest margin reflects the current interest rate environment. As depositors moved funds from non-interest bearing deposits into higher rate products, the average rate paid on interest-bearing liabilities increased 142 basis points. During the same period, the average rate earned from interest-earning assets increased a more gradual 66 basis points.
Non-interest income for the three months ended March 31, 2024 was $3.9 million, compared to $3.6 million for the same period last year. The increase in non-interest income for the three-month period was primarily due to higher fiduciary income and higher gains on sales of loans due to a higher volume of loans sold. Management considers various factors when determining the volume of loans to sell, including liquidity needs and sources and pricing available in the secondary market. LCNB's inventory of new loans is also a factor. The first quarter 2024 was the first quarter that LCNB operated in the expanded market it obtained through the merger with Cincinnati Federal. Partially offsetting the increases in non-interest income during the quarter was a $214,000 pretax loss on the sale of approximately $9.8 million of debt securities.
Non-interest expense for the three months ended March 31, 2024 was $2.9 million higher than the comparable period in 2023, primarily due to higher personnel and operating expenses primarily associated with the integration of Cincinnati Federal and $775,000 of one-time expenses associated with the Cincinnati Federal and EFBI acquisitions.
Capital Allocation
During the three months ended March 31, 2024, LCNB did not repurchase any of its outstanding shares. At March 31, 2024, LCNB had 315,047 shares remaining under its February 2023 share repurchase program.
For the first quarter ended March 31, 2024, LCNB paid $0.22 per share in dividends, a 4.8% increase from $0.21 per share in the first quarter of last year.
Balance Sheet
Total assets at March 31, 2024 increased 18.6% to $2.28 billion from $1.92 billion at March 31, 2023. Net loans at March 31, 2024 increased 18.7% to $1.65 billion, compared to $1.39 billion at March 31, 2023. The year-over-year improvement resulted primarily from the contribution of continued organic loan growth and the completion of the Cincinnati Federal acquisition. Not including the Cincinnati Federal acquisition, total net loans increased 2.0% organically, or by $27.8 million from the same period a year ago.
Loans held for sale totaled $75.6 million at March 31, 2024 and are primarily composed of loans scheduled to be sold to an investor during the second quarter of 2024. LCNB anticipates that proceeds from the sale will be used for general corporate purposes, which may include supporting loan growth, paying down short-term borrowings and long-term debt, and adding to liquidity balances.
Total deposits at March 31, 2024 increased 15.9% to $1.86 billion, compared to $1.60 billion at March 31, 2023. Not including the Cincinnati Federal acquisition, total deposits increased 4.5% organically, or by $71.4 million since March 31, 2023.
Assets Under Management
Total assets managed at March 31, 2024 were a record $3.98 billion, compared to $3.16 billion at March 31, 2023. The year-over-year increase in total assets managed was primarily due to the Cincinnati Federal acquisition and organic growth in LCNB Corp. total assets, trust and investments, and brokerage accounts. Organically, trust and investments and brokerage accounts increased due to a higher number of new LCNB Wealth Management customer accounts and an increase in the fair value of managed assets. Mortgage loans serviced increased primarily due to the Cincinnati Federal acquisition.
Asset Quality
For the 2024 first quarter, LCNB recorded a provision for credit losses of $125,000, compared to a recovery of credit losses of $57,000 for the 2023 first quarter.
Net charge-offs for the 2024 first quarter were $45,000, or 0.01% of average loans, compared to net charge-offs of $16,000, or 0.00% of average loans, annualized, for the same period last year.
Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $3.2 million, or 0.19% of total loans at March 31, 2024, compared to $701,000 or 0.05% of total loans at March 31, 2023. The year-over-year increase in nonaccrual loans was primarily due to one commercial real estate relationship, representing a balance of $2.6 million. The nonperforming assets to total assets ratio was 0.14% at March 31, 2024, compared to 0.04% at March 31, 2023.
Merger Agreement with Eagle Financial Bancorp, Inc.
On April 12, 2024, LCNB completed the acquisition of EFBI and the merger of EAGLE.bank with and into LCNB National Bank. EAGLE.bank operated three full-service banking offices in Cincinnati, Ohio.
With the addition of EFBI, LCNB now operates 36 full-service banking offices in Ohio and one branch office in Northern Kentucky. Assuming the transaction had been completed as of March 31, 2024, LCNB would have had total deposits of $1.99 billion and total loans of $1.79 billion at March 31, 2024.
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 and Northern Kentucky. 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 also provides community-oriented banking services to customers in Northern Kentucky through a bank office in Boone County, Kentucky. 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, 2023, 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.
Exhibit 99.2
LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
03-31-2024
12-31-2023
09-30-2023
06-30-2023
03-31-2023
Condensed Income Statement
Interest income
$
24,758
$
23,310
19,668
18,703
17,918
Interest expense
10,863
8,651
6,097
4,526
3,976
Net interest income
13,895
14,659
13,571
14,177
13,942
Provision for (recovery of) credit losses
125
2,218
(114
)
30
(57
)
Net interest income after provision for (recovery of) credit losses
13,770
12,441
13,685
14,147
13,999
Non-interest income
3,929
4,606
3,578
3,646
3,581
Non-interest expense
15,472
17,576
12,244
12,078
12,525
Income (loss) before income taxes
2,227
(529
)
5,019
5,715
5,055
Provision for (benefit from) income taxes
312
(236
)
949
1,021
898
Net income (loss)
$
1,915
$
(293
)
$
4,070
$
4,694
4,157
Supplemental Income Statement Information
Amort/Accret income on acquired loans
$
776
$
410
—
—
75
Tax-equivalent net interest income
$
13,933
$
14,703
13,617
14,223
13,989
Per Share Data
Dividends per share
$
0.22
$
0.22
0.21
0.21
0.21
Basic earnings (loss) per common share
$
0.15
$
(0.02
)
0.37
0.42
0.37
Diluted earnings (loss) per common share
$
0.15
$
(0.02
)
0.37
0.42
0.37
Book value per share
$
17.67
$
17.86
18.10
18.20
18.22
Tangible book value per share
$
11.03
$
11.16
12.72
12.81
12.86
Weighted average common shares outstanding:
Basic
13,112,302
12,378,289
11,038,720
11,056,308
11,189,170
Diluted
13,112,302
12,378,289
11,038,720
11,056,308
11,189,170
Shares outstanding at period end
13,224,276
13,173,569
11,123,382
11,116,080
11,202,063
Selected Financial Ratios
Return on average assets
0.34
%
(0.05
)%
0.82
%
0.98
%
0.88
%
Return on average equity
3.28
%
(0.53
)%
7.92
%
9.22
%
8.33
%
Return on average tangible common equity
4.39
%
(0.72
)%
11.21
%
13.07
%
11.85
%
Dividend payout ratio
146.67
%
NM
56.76
%
50.00
%
56.76
%
Net interest margin (tax equivalent)
2.72
%
2.99
%
3.04
%
3.28
%
3.28
%
Efficiency ratio (tax equivalent)
86.62
%
91.02
%
71.21
%
67.59
%
71.29
%
Selected Balance Sheet Items
Cash and cash equivalents
$
32,951
$
39,723
43,422
26,020
31,876
Debt and equity securities
306,775
318,723
309,094
314,763
328,194
Loans:
Commercial and industrial
$
122,229
$
120,411
125,751
127,553
124,240
Commercial, secured by real estate
1,099,601
1,107,556
981,787
961,173
932,208
Residential real estate
398,250
459,073
313,286
312,338
303,051
Consumer
24,137
25,578
27,018
29,007
28,611
Agricultural
12,647
10,952
11,278
9,955
7,523
Other, including deposit overdrafts
73
82
80
69
62
Deferred net origination fees
(583
)
(181
)
(796
)
(844
)
(865
)
Loans, gross
1,656,354
1,723,471
1,458,404
1,439,251
1,394,830
Less allowance for credit losses
10,557
10,525
7,932
7,956
7,858
Loans, net
$
1,645,797
1,712,946
1,450,472
1,431,295
1,386,972
Loans held for sale
75,581
—
—
—
—
NM - Not Meaningful
Three Months Ended
03-31-2024
12-31-2023
09-30-2023
06-30-2023
03-31-2023
Selected Balance Sheet Items, continued
Allowance for Credit Losses on Loans:
Allowance for credit losses, beginning of period
$
10,525
7,932
7,956
7,858
5,646
Cumulative change in accounting principle - ASC 326
—
—
—
—
2,196
Fair value adjustment for purchased credit deteriorated loans
—
493
—
—
—
Provision for credit losses
77
2,203
9
131
32
Losses charged off
(78
)
(126
)
(57
)
(49
)
(36
)
Recoveries
33
23
24
16
20
Allowance for credit losses, end of period
$
10,557
10,525
7,932
7,956
7,858
Total earning assets
$
1,971,130
$
2,045,382
1,787,796
1,756,157
$
1,736,829
Total assets
2,283,151
2,291,592
1,981,668
1,950,763
1,924,531
Total deposits
1,858,493
1,824,389
1,616,890
1,596,709
1,603,881
Short-term borrowings
10,000
97,395
30,000
112,289
76,500
Long-term debt
162,638
113,123
112,641
18,122
18,598
Total shareholders’ equity
233,663
235,303
201,349
202,316
204,072
Equity to assets ratio
10.23
%
10.27
%
10.16
%
10.37
%
10.60
%
Loans to deposits ratio
89.12
%
94.47
%
90.20
%
90.14
%
86.97
%
Tangible common equity (TCE)
$
145,850
$
146,999
141,508
142,362
144,006
Tangible common assets (TCA)
2,195,338
2,203,288
1,921,827
1,890,809
1,864,457
TCE/TCA
6.64
%
6.67
%
7.36
%
7.53
%
7.72
%
Selected Average Balance Sheet Items
Cash and cash equivalents
$
51,366
$
49,436
36,177
30,742
35,712
Debt and equity securities
310,771
310,274
313,669
321,537
327,123
Loans, including loans held for sale
$
1,722,568
$
1,622,911
1,451,153
1,405,939
1,389,385
Less allowance for credit losses on loans
10,523
8,826
7,958
7,860
7,522
Net loans
$
1,712,045
1,614,085
1,443,195
1,398,079
1,381,863
Total earning assets, including loans held for sale
$
2,056,656
$
1,952,121
1,775,713
1,737,256
1,729,008
Total assets
2,294,766
2,182,477
1,971,269
1,927,956
1,921,742
Total deposits
1,824,546
1,759,677
1,610,508
1,604,346
1,583,857
Short-term borrowings
65,052
64,899
63,018
79,485
94,591
Long-term debt
150,177
115,907
72,550
18,514
18,983
Total shareholders’ equity
235,119
220,678
203,967
204,085
202,419
Equity to assets ratio
10.25
%
10.11
%
10.35
%
10.59
%
10.53
%
Loans to deposits ratio
94.41
%
92.23
%
90.11
%
87.63
%
87.72
%
Asset Quality
Net charge-offs
$
45
$
102
33
33
16
Other real estate owned
—
—
—
—
—
Non-accrual loans
$
2,719
$
80
85
451
701
Loans past due 90 days or more and still accruing
524
72
176
256
—
Total nonperforming loans
$
3,243
152
261
707
701
Net charge-offs to average loans
0.01
%
0.02
%
0.01
%
0.01
%
0.00
%
Allowance for credit losses on loans to total loans
0.64
%
0.61
%
0.54
%
0.55
%
0.56
%
Nonperforming loans to total loans
0.20
%
0.01
%
0.02
%
0.05
%
0.05
%
Nonperforming assets to total assets
0.14
%
0.01
%
0.01
%
0.04
%
0.04
%
Three Months Ended
03-31-2024
12-31-2023
09-30-2023
06-30-2023
03-31-2023
Assets Under Management
LCNB Corp. total assets
$
2,283,151
2,291,592
1,981,668
1,950,763
1,924,531
Trust and investments (fair value)
890,800
806,770
731,342
744,149
716,578
Mortgage loans serviced
386,490
391,800
146,483
143,093
142,167
Cash management
13,314
2,375
2,445
2,668
1,831
Brokerage accounts (fair value)
411,211
392,390
368,854
384,889
374,066
Total assets managed
$
3,984,966
3,884,927
3,230,792
3,225,562
3,159,173
Reconciliation of Net Income Less Tax-Effected Merger-Related Costs
Net income (loss)
$
1,915
(293
)
4,070
4,694
4,157
Merger expenses
775
3,914
302
415
25
Provision for credit losses on non-PCD loans
—
1,722
—
—
—
Tax effect
(90
)
(1,102
)
(3
)
(63
)
(4
)
Adjusted net income
$
2,600
4,241
4,369
5,046
4,178
Adjusted basic and diluted earnings per share
$
0.20
$
0.34
0.40
0.45
0.37
Adjusted return on average assets
0.46
%
0.77
%
0.88
%
1.05
%
0.88
%
Adjusted return on average equity
4.45
%
7.62
%
8.50
%
9.92
%
8.37
%
Three Months Ended March 31,
Three Months Ended December 31,
2024
2023
2023
Average
Outstanding
Balance
Interest
Earned/
Paid
Average
Yield/
Rate
Average
Outstanding
Balance
Interest
Earned/
Paid
Average
Yield/
Rate
Average
Outstanding
Balance
Interest
Earned/
Paid
Average
Yield/
Rate
Loans (1)
$
1,722,568
22,682
5.30
%
$
1,389,385
16,143
4.71
%
$
1,622,911
21,113
5.16
%
Interest-bearing demand deposits
23,317
324
5.59
%
12,500
157
5.09
%
18,936
280
5.87
%
Federal Reserve Bank stock
5,509
(4
)
(0.29
)%
4,652
—
—
%
4,930
144
11.59
%
Federal Home Loan Bank stock
16,239
341
8.45
%
6,796
62
3.70
%
12,607
273
8.59
%
Investment securities:
Equity securities
4,995
40
3.22
%
4,337
37
3.46
%
4,415
62
5.57
%
Debt securities, taxable
265,164
1,232
1.87
%
286,369
1,343
1.90
%
265,736
1,273
1.90
%
Debt securities, non-taxable (2)
18,864
181
3.86
%
24,969
223
3.62
%
22,586
209
3.67
%
Total earnings assets
2,056,656
24,796
4.85
%
1,729,008
17,965
4.21
%
1,952,121
23,354
4.75
%
Non-earning assets
248,633
200,256
239,182
Allowance for credit losses
(10,523
)
(7,522
)
(8,826
)
Total assets
$
2,294,766
$
1,921,742
$
2,182,477
Interest-bearing demand and money market deposits
$
643,199
3,917
2.45
%
$
505,382
1,245
1.00
%
$
574,349
2,710
1.87
%
Savings deposits
368,049
206
0.23
%
415,873
139
0.14
%
402,791
323
0.32
%
IRA and time certificates
370,130
4,067
4.42
%
185,297
1,072
2.35
%
302,434
3,321
4.36
%
Short-term borrowings
65,052
935
5.78
%
94,591
1,304
5.59
%
64,899
918
5.61
%
Long-term debt
150,177
1,738
4.65
%
18,983
216
4.61
%
115,907
1,379
4.72
%
Total interest-bearing liabilities
1,596,607
10,863
2.74
%
1,220,126
3,976
1.32
%
1,460,380
8,651
2.35
%
Demand deposits
443,168
477,305
480,103
Other liabilities
19,872
21,892
21,316
Equity
235,119
202,419
220,678
Total liabilities and equity
$
2,294,766
$
1,921,742
$
2,182,477
Net interest rate spread (3)
2.11
%
2.89
%
2.40
%
Net interest income and net interest margin on a taxable-equivalent basis (4)
13,933
2.72
%
13,989
3.28
%
14,703
2.99
%
Ratio of interest-earning assets to interest-bearing liabilities
128.81
%
141.71
%
133.67
%
(1)
Includes non-accrual loans and loans held for sale
(2)
Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%.
(3)
The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities.
(4)
The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets.
Exhibit 99.2
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
March 31, 2024
(Unaudited)
December 31, 2023
ASSETS:
Cash and due from banks
$
24,950
36,535
Interest-bearing demand deposits
8,001
3,188
Total cash and cash equivalents
32,951
39,723
Investment securities:
Equity securities with a readily determinable fair value, at fair value
1,334
1,336
Equity securities without a readily determinable fair value, at cost
3,666
3,666
Debt securities, available-for-sale, at fair value
262,786
276,601
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $5 and $5 at March 31, 2024 and December 31, 2023, respectively
16,746
16,858
Federal Reserve Bank stock, at cost
5,774
5,086
Federal Home Loan Bank stock, at cost
16,469
15,176
Loans, net of allowance for credit losses of $10,557 and 10,525 at March 31, 2024 and December 31, 2023, respectively
1,645,797
1,712,946
Loans held for sale
75,581
—
Premises and equipment, net
36,690
36,302
Operating lease right-of-use assets
5,838
6,000
Goodwill
79,559
79,509
Core deposit and other intangibles, net
8,903
9,494
Bank-owned life insurance
50,165
49,847
Interest receivable
9,115
8,405
Other assets, net
31,777
30,643
TOTAL ASSETS
$
2,283,151
2,291,592
LIABILITIES:
Deposits:
Noninterest-bearing
$
435,580
462,267
Interest-bearing
1,422,913
1,362,122
Total deposits
1,858,493
1,824,389
Short-term borrowings
10,000
97,395
Long-term debt
162,638
113,123
Operating lease liabilities
6,123
6,261
Accrued interest and other liabilities
12,234
15,121
TOTAL LIABILITIES
2,049,488
2,056,289
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 16,435,659 and 16,384,952 shares at March 31, 2024 and December 31, 2023, respectively; outstanding 13,224,276 and 13,173,569 shares at March 31, 2024 and December 31, 2023, respectively
174,082
173,637
Retained earnings
139,050
140,017
Treasury shares at cost, 3,211,383 and 3,211,383 shares at March 31, 2024 and December 31, 2023, respectively
(56,015
)
(56,015
)
Accumulated other comprehensive loss, net of taxes
(23,454
)
(22,336
)
TOTAL SHAREHOLDERS' EQUITY
233,663
235,303
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
2,283,151
$
2,291,592
Exhibit 99.2
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
2024
2023
INTEREST INCOME:
Interest and fees on loans
$
22,682
16,143
Dividends on equity securities:
With a readily determinable fair value
9
17
Without a readily determinable fair value
31
20
Interest on debt securities:
Taxable
1,232
1,343
Non-taxable
143
176
Other investments
661
219
TOTAL INTEREST INCOME
24,758
17,918
INTEREST EXPENSE:
Interest on deposits
8,190
2,456
Interest on short-term borrowings
935
1,304
Interest on long-term debt
1,738
216
TOTAL INTEREST EXPENSE
10,863
3,976
NET INTEREST INCOME
13,895
13,942
PROVISION FOR (RECOVERY OF) CREDIT LOSSES
125
(57
)
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES
13,770
13,999
NON-INTEREST INCOME:
Fiduciary income
1,973
1,740
Service charges and fees on deposit accounts
1,384
1,482
Net gains from sales of debt securities, available-for-sale
(214
)
—
Bank-owned life insurance income
318
271
Net gains from sales of loans
522
6
Other operating income
(54
)
82
TOTAL NON-INTEREST INCOME
3,929
3,581
NON-INTEREST EXPENSE:
Salaries and employee benefits
8,554
7,349
Equipment expenses
390
361
Occupancy expense, net
1,005
963
State financial institutions tax
428
397
Marketing
174
192
Amortization of intangibles
236
111
FDIC insurance premiums, net
504
215
Contracted services
784
641
Merger-related expenses
775
25
Other non-interest expense
2,622
2,271
TOTAL NON-INTEREST EXPENSE
15,472
12,525
INCOME BEFORE INCOME TAXES
2,227
5,055
PROVISION FOR INCOME TAXES
312
898
NET INCOME
$
1,915
4,157
Earnings per common share:
Basic
$
0.15
0.37
Diluted
$
0.15
0.37
Weighted average common shares outstanding:
Basic
13,112,302
11,189,170
Diluted
13,112,302
11,189,170
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429430727/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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