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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.16 | 6.07 | 15.75 | 0 | 09:09:41 |
Second quarter results include the initial contribution of the April 12, 2024 Eagle Financial Bancorp, Inc. acquisition and the growing benefits of the November 1, 2023 Cincinnati Bancorp, Inc. acquisition
LCNB ended the quarter with record total assets, record LCNB Wealth Management assets, and record total assets managed of $4.21 billion
Non-interest income for the 2024 second quarter increased 11.9% year-over-year to $4.1 million, and up 3.8% from the first quarter
Net interest margin for the 2024 second quarter increased 14 basis points from the 2024 first quarter
Management continues to expect year-over-year earnings growth to reaccelerate in the fourth quarter of 2024
LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months and six months ended June 30, 2024.
Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “Our second quarter results demonstrate the initial contribution of the April 12, 2024 Eagle Financial Bancorp, Inc. (“EFBI” or “Eagle”) acquisition and the growing benefits of the November 1, 2023 Cincinnati Bancorp, Inc. (“Cincinnati Federal”) acquisition. As a result of these transformative transactions, LCNB's scale increased to $4.21 billion in total assets managed, becoming one of the largest independent community banks in Ohio. I am extremely proud of how our teams have come together to successfully integrate the Eagle and Cincinnati Federal acquisitions. During the 2024 second quarter, we completed the data and customer conversion of the Eagle transaction, and we are now on one system under the LCNB brand.”
Mr. Meilstrup continued, “We believe our financial results are beginning to reflect the benefits of our larger scale and the opportunities to provide additional financial services to customers across our Ohio and Kentucky markets, including expanded wealth management solutions, greater mortgage loan capabilities, and additional cash management offerings. As a result, we experienced year-over-year and sequential growth in non-interest income, and we saw a 14-basis point sequential increase in our tax equivalent net interest margin. In addition, I am encouraged by the significant improvement in adjusted net income, a non-GAAP financial measure that excludes certain nonrecurring items, over the past three months, as our 2024 second quarter adjusted net income increased by 56.8% to $4.1 million, or $0.29 per diluted share.”
“We believe we are well positioned for continued improvements in profitability as a result of the completion of our integration efforts, our excellent asset quality, and the initiatives we are pursuing to strengthen our balance sheet. I look forward to updating shareholders on the progress we are making, as we focus on providing leading financial services and expanding our product offerings to more customers throughout our Ohio and Kentucky communities,” concluded Mr. Meilstrup.
Income Statement
Net income for the 2024 second quarter was $0.9 million, compared to net income of $4.7 million for the same period last year. Earnings per basic and diluted share for the 2024 second quarter were $0.07, compared to $0.42 for the same period last year. Net income for the six-month period ended June 30, 2024 was $2.8 million, compared to $8.9 million for the same period last year. Earnings per basic and diluted share for the six-month period ended June 30, 2024 were $0.21, compared to $0.79 for the same period last year.
Adjusted net income for the 2024 second quarter was $4.1 million, or $0.29 per basic and diluted share, compared to $5.0 million, or $0.45 per basic and diluted share, for the same period last year. Adjusted net income for the first half ended June 30, 2024 was $6.7 million, or $0.49 per basic and diluted share, compared to $9.2 million, or $0.82 per basic and diluted share, in the prior year period.
Net interest income for the three months ended June 30, 2024 was $15.2 million, compared to $14.2 million for the comparable period in 2023. Net interest income for the six-month period ended June 30, 2024 was $29.1 million, as compared to $28.1 million in the same period last year. 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 partially offset by higher average balances in interest-bearing demand and money market deposits, IRA and time certificates, and long-term debt and an increase in rates paid for these liabilities. For the 2024 second quarter, LCNB’s tax equivalent net interest margin was 2.86%, compared to 3.28% for the same period last year. Net interest margin for the six-month period ended June 30, 2024 was 2.80%, as compared to 3.28% in the same period last year.
Non-interest income for the three months ended June 30, 2024 was $4.1 million, compared to $3.6 million for the same period last year. For the six months ended June 30, 2024, non-interest income increased $782,000, or by 10.8%, to $8.0 million, compared to $7.2 million for the same period last year. The increase in non-interest income for both the three- and six-month periods was primarily due to higher fiduciary income and higher gains on sales of loans. Partially offsetting non-interest income during the quarter was a $843,000 pretax loss on the sale of approximately $48.9 million of below market rate loans acquired from Cincinnati Federal. The Company estimates an earn-back period of three to four months on the sale associated with reduced interest expense.
Non-interest expense for the three months ended June 30, 2024 was $17.8 million, compared to $12.1 million for the same period last year. The $5.7 million increase was primarily due to higher personnel and operating expenses, as well as one-time merger related expenses, associated with the Cincinnati Federal and Eagle acquisitions. For the six months ended June 30, 2024, non-interest expense was $8.7 million higher than the comparable period in 2023, partially due to an increase of $3.2 million in salaries and employee benefit costs, a $459,000 increase in FDIC insurance premiums, and a $2.7 million increase in merger-related expenses. In addition, non-interest expense for the 2023 second quarter benefited from a $425,000 gain recognized on the sale of an office building that had been closed as a result of LCNB's office consolidation strategy. The remaining net increase can be attributed to smaller increases in various other accounts.
Capital Allocation
During the six months ended June 30, 2024, LCNB did not repurchase any of its outstanding shares. At June 30, 2024, LCNB had 315,047 shares remaining under its share repurchase program.
For the second quarter ended June 30, 2024, LCNB paid $0.22 per share in dividends, a 4.8% increase from $0.21 per share in the second quarter of last year. Year-to-date, LCNB paid $0.44 per share in dividends, compared to $0.42 per share for the first half of last year.
Balance Sheet
Total assets at June 30, 2024 increased 21.6%, to $2.37 billion, from $1.95 billion at June 30, 2023. Net loans at June 30, 2024 increased 20.9%, to $1.73 billion, compared to $1.43 billion at June 30, 2023. The year-over-year improvement resulted primarily from the contribution of continued organic loan growth and the completion of the Cincinnati Federal and Eagle acquisitions. Not including the Cincinnati Federal and Eagle acquisitions, total net loans increased 2.1% organically, or by $30.4 million, from the same period a year ago.
Loans held for sale totaled $44.0 million, compared to $75.6 million at March 31, 2024, and are primarily composed of loans scheduled to be sold to an investor during the remainder of 2024. LCNB anticipates that proceeds from the sale will be used for general corporate purposes, which may include supporting loan growth, paying down long-term debt, and adding to liquidity balances.
Total deposits at June 30, 2024 increased 21.7% to $1.94 billion, compared to $1.60 billion at June 30, 2023. Not including the Cincinnati Federal and Eagle acquisitions, total deposits increased 6.8% organically, or by $108.7 million, from June 30, 2023.
As of the transaction date, the fair value of loans acquired from Eagle totaled $127.0 million and the fair value of deposits acquired totaled $132.4 million. Core deposit intangibles totaled $3.8 million and the increase to goodwill was $14.0 million.
Assets Under Management
Total assets managed at June 30, 2024 were a record $4.21 billion, compared to $3.23 billion at June 30, 2023. The year-over-year increase in total assets managed was primarily due to the Cincinnati Federal and Eagle acquisitions and organic growth in LCNB total assets, trust and investments, mortgage loans serviced, 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 second quarter, LCNB recorded a provision for credit losses of $528,000, compared to a provision for credit losses of $30,000 for the 2023 second quarter. For the six months ended June 30, 2024, LCNB recorded a total provision for credit losses of $653,000, compared to a total recovery of credit losses of $27,000 for the six months ended June 30, 2023.
Net charge-offs for the 2024 second quarter were $18,000, or 0.00% of average loans, compared to net charge-offs of $33,000, or 0.01% of average loans, annualized, for the same period last year. For the 2024 six-month period, net charge-offs were $63,000, or 0.01% of average loans, compared to net charge-offs of $49,000, or 0.01% of average loans, for the 2023 six-month period.
Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $3.0 million, or 0.17% of total loans, at June 30, 2024, compared to $707,000, or 0.05% of total loans, at June 30, 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. LCNB does not foresee a loss on this loan as it is deemed to have adequate provision based on management’s current review of the property value. The nonperforming assets to total assets ratio was 0.13% at June 30, 2024, compared to 0.04% at June 30, 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 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
Six Months Ended
06-30-2024
03-31-2024
12-31-2023
09-30-2023
06-30-2023
06-30-2024
06-30-2023
Condensed Income Statement
Interest income
$
26,965
$
24,758
$
23,310
19,668
18,703
51,723
36,621
Interest expense
11,748
10,863
8,651
6,097
4,526
22,611
8,502
Net interest income
15,217
13,895
14,659
13,571
14,177
29,112
28,119
Provision for (recovery of) credit losses
528
125
2,218
(114
)
30
653
(27
)
Net interest income after provision for (recovery of) credit losses
14,689
13,770
12,441
13,685
14,147
28,459
28,146
Non-interest income
4,080
3,929
4,606
3,578
3,646
8,009
7,227
Non-interest expense
17,825
15,472
17,576
12,244
12,078
33,297
24,603
Income (loss) before income taxes
944
2,227
(529
)
5,019
5,715
3,171
10,770
Provision for (benefit from) income taxes
19
312
(236
)
949
1,021
331
1,919
Net income (loss)
$
925
$
1,915
$
(293
)
$
4,070
4,694
2,840
8,851
Supplemental Income Statement Information
Amort/Accrete income on acquired loans
$
1,248
$
776
$
410
—
—
2,024
74
Amort/Accrete expenses on acquired interest-bearing liabilities
$
638
$
459
$
309
—
—
1,096
—
Tax-equivalent net interest income
$
15,256
$
13,933
$
14,703
13,617
14,223
29,189
28,212
Per Share Data
Dividends per share
$
0.22
$
0.22
$
0.22
0.21
0.21
0.44
0.42
Basic earnings (loss) per common share
$
0.07
$
0.15
$
(0.02
)
0.37
0.42
0.21
0.79
Diluted earnings (loss) per common share
$
0.07
$
0.15
$
(0.02
)
0.37
0.42
0.21
0.79
Book value per share
$
17.33
$
17.67
$
17.86
18.10
18.20
17.33
18.20
Tangible book value per share
$
10.08
$
11.26
$
11.42
12.72
12.81
10.08
12.81
Weighted average common shares outstanding:
Basic
14,033,264
13,112,302
12,378,289
11,038,720
11,056,308
13,610,854
11,122,371
Diluted
14,033,264
13,112,302
12,378,289
11,038,720
11,056,308
13,610,854
11,122,371
Shares outstanding at period end
14,151,755
13,224,276
13,173,569
11,123,382
11,116,080
14,151,755
11,116,080
Selected Financial Ratios
Return on average assets
0.15
%
0.34
%
(0.05
)%
0.82
%
0.98
%
0.24
%
0.93
%
Return on average equity
1.53
%
3.28
%
(0.53
)%
7.92
%
9.22
%
2.38
%
8.78
%
Return on average tangible common equity
2.02
%
4.39
%
(0.72
)%
11.21
%
13.07
%
3.17
%
12.46
%
Dividend payout ratio
314.29
%
146.67
%
NM
56.76
%
50.00
%
209.52
%
53.16
%
Net interest margin (tax equivalent)
2.86
%
2.72
%
2.99
%
3.04
%
3.28
%
2.80
%
3.28
%
Efficiency ratio (tax equivalent)
92.19
%
86.62
%
91.02
%
71.21
%
67.59
%
89.51
%
69.42
%
Selected Balance Sheet Items
Cash and cash equivalents
$
34,872
$
32,951
$
39,723
43,422
26,020
Debt and equity securities
312,241
306,775
318,723
309,094
314,763
Loans:
Commercial and industrial
$
125,703
$
122,229
$
120,411
125,751
127,553
Commercial, secured by real estate
1,117,798
1,099,601
1,107,556
981,787
961,173
Residential real estate
458,949
398,250
459,073
313,286
312,338
Consumer
22,912
24,137
25,578
27,018
29,007
Agricultural
11,685
12,647
10,952
11,278
9,955
Other, including deposit overdrafts
233
73
82
80
69
Deferred net origination fees
(533
)
(583
)
(181
)
(796
)
(844
)
Loans, gross
1,736,747
1,656,354
1,723,471
1,458,404
1,439,251
Less allowance for credit losses
11,270
10,557
10,525
7,932
7,956
Loans, net
$
1,725,477
1,645,797
1,712,946
1,450,472
1,431,295
Loans held for sale
44,002
75,581
—
—
—
NM - Not Meaningful
Three Months Ended
Six Months Ended
06-30-2024
03-31-2024
12-31-2023
09-30-2023
06-30-2023
06-30-2024
06-30-2023
Selected Balance Sheet Items, continued
Allowance for Credit Losses on Loans:
Allowance for credit losses, beginning of period
$
10,557
10,525
7,932
7,956
7,858
Fair value adjustment for purchased credit deteriorated loans
189
—
493
—
—
Provision for credit losses
542
77
2,203
9
131
Losses charged off
(87
)
(78
)
(126
)
(57
)
(49
)
Recoveries
69
33
23
24
16
Allowance for credit losses, end of period
$
11,270
10,557
10,525
7,932
7,956
Total earning assets
$
2,058,110
$
1,971,130
$
2,045,382
1,787,796
$
1,756,157
Total assets
2,371,313
2,283,151
2,291,592
1,981,668
1,950,763
Total deposits
1,943,060
1,858,493
1,824,389
1,616,890
1,596,709
Short-term borrowings
—
10,000
97,395
30,000
112,289
Long-term debt
162,150
162,638
113,123
112,641
18,122
Total shareholders’ equity
245,214
233,663
235,303
201,349
202,316
Equity to assets ratio
10.34
%
10.23
%
10.27
%
10.16
%
10.37
%
Loans to deposits ratio
89.38
%
89.12
%
94.47
%
90.20
%
90.14
%
Tangible common equity (TCE)
$
142,679
$
145,850
$
146,999
141,508
142,362
Tangible common assets (TCA)
2,268,778
2,195,338
2,203,288
1,921,827
1,890,809
TCE/TCA
6.29
%
6.64
%
6.67
%
7.36
%
7.53
%
Selected Average Balance Sheet Items
Cash and cash equivalents
$
39,396
$
51,366
$
49,436
36,177
30,742
45,378
33,205
Debt and equity securities
309,668
310,771
310,274
313,669
321,537
310,222
324,320
Loans, including loans held for sale
$
1,818,253
$
1,722,568
$
1,622,911
1,451,153
1,405,939
1,770,410
1,397,708
Less allowance for credit losses on loans
11,386
10,523
8,826
7,958
7,860
10,954
7,692
Net loans
$
1,806,867
1,712,045
1,614,085
1,443,195
1,398,079
1,759,456
1,390,016
Total earning assets, including loans held for sale
$
2,142,064
$
2,056,656
$
1,952,121
1,775,713
1,737,256
2,099,362
1,733,160
Total assets
2,404,782
2,294,766
2,182,477
1,971,269
1,927,956
2,349,774
1,925,004
Total deposits
1,965,987
1,824,546
1,759,677
1,610,508
1,604,346
1,895,268
1,594,159
Short-term borrowings
11,291
65,052
64,899
63,018
79,485
38,171
86,996
Long-term debt
162,555
150,177
115,907
72,550
18,514
156,366
18,747
Total shareholders’ equity
243,927
235,119
220,678
203,967
204,085
239,523
203,257
Equity to assets ratio
10.14
%
10.25
%
10.11
%
10.35
%
10.59
%
10.19
%
10.56
%
Loans to deposits ratio
92.49
%
94.41
%
92.23
%
90.11
%
87.63
%
93.41
%
87.68
%
Asset Quality
Net charge-offs
$
18
$
45
$
102
33
33
63
49
Other real estate owned
—
—
—
—
—
—
—
Non-accrual loans
$
2,845
$
2,719
$
80
85
451
2,845
451
Loans past due 90 days or more and still accruing
159
524
72
176
256
159
256
Total nonperforming loans
$
3,004
3,243
152
261
707
3,004
707
Net charge-offs to average loans
0.00
%
0.01
%
0.02
%
0.01
%
0.01
%
0.01
%
0.01
%
Allowance for credit losses on loans to total loans
0.65
%
0.64
%
0.61
%
0.54
%
0.55
%
Nonperforming loans to total loans
0.17
%
0.20
%
0.01
%
0.02
%
0.05
%
Nonperforming assets to total assets
0.13
%
0.14
%
0.01
%
0.01
%
0.04
%
Three Months Ended
Six Months Ended
06-30-2024
03-31-2024
12-31-2023
09-30-2023
06-30-2023
06-30-2024
06-30-2023
Assets Under Management
LCNB Corp. total assets
$
2,371,313
2,283,151
2,291,592
1,981,668
1,950,763
Trust and investments (fair value)
897,746
890,800
806,770
731,342
744,149
Mortgage loans serviced
422,951
386,490
391,800
146,483
143,093
Cash management
93,842
13,314
2,375
2,445
2,668
Brokerage accounts (fair value)
419,646
411,211
392,390
368,854
384,889
Total assets managed
$
4,205,498
3,984,966
3,884,927
3,230,792
3,225,562
Reconciliation of Net Income Less Tax-Effected Merger-Related Costs
Net income (loss)
$
925
1,915
(293
)
4,070
4,694
2,840
8,851
Merger expenses
2,320
775
3,914
302
415
3,095
440
Provision for credit losses on non-PCD loans
763
—
1,722
—
—
763
—
Loss on sale of below-market acquired loans
843
—
—
—
—
843
—
Tax effect
(773
)
(90
)
(1,102
)
(3
)
(63
)
(863
)
(67
)
Adjusted net income
$
4,078
2,600
4,241
4,369
5,046
6,678
9,224
Adjusted basic and diluted earnings per share
$
0.29
$
0.20
$
0.34
0.40
0.45
0.49
0.82
Adjusted return on average assets
0.68
%
0.46
%
0.77
%
0.88
%
1.05
%
0.57
%
0.97
%
Adjusted return on average equity
6.72
%
4.45
%
7.62
%
8.50
%
9.92
%
5.61
%
9.15
%
Three Months Ended June 30,
Three Months Ended March 31,
2024
2023
2024
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)
$
1,818,253
24,836
5.49
%
$
1,405,939
16,763
4.78
%
$
1,722,568
22,682
5.30
%
Interest-bearing demand deposits
14,143
215
6.11
%
9,780
144
5.91
%
23,317
324
5.59
%
Federal Reserve Bank stock
6,248
180
11.59
%
4,652
140
12.07
%
5,509
(4
)
(0.29
)%
Federal Home Loan Bank stock
20,152
367
7.32
%
6,713
121
7.23
%
16,239
341
8.45
%
Investment securities:
Equity securities
4,985
39
3.15
%
3,386
38
4.50
%
4,995
40
3.22
%
Debt securities, taxable
259,768
1,183
1.83
%
282,325
1,323
1.88
%
265,164
1,232
1.87
%
Debt securities, non-taxable (2)
18,515
184
4.00
%
24,461
220
3.61
%
18,864
181
3.86
%
Total earnings assets
2,142,064
27,004
5.07
%
1,737,256
18,749
4.33
%
2,056,656
24,796
4.85
%
Non-earning assets
274,104
198,560
248,633
Allowance for credit losses
(11,386
)
(7,860
)
(10,523
)
Total assets
$
2,404,782
$
1,927,956
$
2,294,766
Interest-bearing demand and money market deposits
$
648,772
3,575
2.22
%
$
521,422
1,597
1.23
%
$
643,199
3,917
2.45
%
Savings deposits
372,240
307
0.33
%
395,367
134
0.14
%
368,049
206
0.23
%
IRA and time certificates
493,297
5,808
4.74
%
215,403
1,604
2.99
%
370,130
4,067
4.42
%
Short-term borrowings
11,291
181
6.45
%
79,485
1,008
5.09
%
65,052
935
5.78
%
Long-term debt
162,555
1,877
4.64
%
18,514
183
3.96
%
150,177
1,738
4.65
%
Total interest-bearing liabilities
1,688,155
11,748
2.80
%
1,230,191
4,526
1.48
%
1,596,607
10,863
2.74
%
Demand deposits
451,678
472,154
443,168
Other liabilities
21,022
21,526
19,872
Equity
243,927
204,085
235,119
Total liabilities and equity
$
2,404,782
$
1,927,956
$
2,294,766
Net interest rate spread (3)
2.27
%
2.85
%
2.11
%
Net interest income and net interest margin on a taxable-equivalent basis (4)
15,256
2.86
%
14,223
3.28
%
13,933
2.72
%
Ratio of interest-earning assets to interest-bearing liabilities
126.89
%
141.22
%
128.81
%
(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
(Unaudited, dollars in thousands)
June 30, 2024
December 31, 2023
ASSETS:
Cash and due from banks
$
25,750
36,535
Interest-bearing demand deposits
9,122
3,188
Total cash and cash equivalents
34,872
39,723
Investment securities:
Equity securities with a readily determinable fair value, at fair value
1,330
1,336
Equity securities without a readily determinable fair value, at cost
3,666
3,666
Debt securities, available-for-sale, at fair value
261,357
276,601
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $7 and $5 at June 30, 2024 and December 31, 2023, respectively
18,844
16,858
Federal Reserve Bank stock, at cost
6,334
5,086
Federal Home Loan Bank stock, at cost
20,710
15,176
Loans, net of allowance for credit losses of $11,270 and 10,525 at June 30, 2024 and December 31, 2023, respectively
1,725,477
1,712,946
Loans held for sale
44,002
—
Premises and equipment, net
40,766
36,302
Operating lease right-of-use assets
6,026
6,000
Goodwill
93,922
79,509
Core deposit and other intangibles, net
12,135
9,494
Bank-owned life insurance
53,510
49,847
Interest receivable
9,473
8,405
Other assets, net
38,889
30,643
TOTAL ASSETS
$
2,371,313
2,291,592
LIABILITIES:
Deposits:
Noninterest-bearing
$
449,110
462,267
Interest-bearing
1,493,950
1,362,122
Total deposits
1,943,060
1,824,389
Short-term borrowings
—
97,395
Long-term debt
162,150
113,123
Operating lease liabilities
6,290
6,261
Accrued interest and other liabilities
14,599
15,121
TOTAL LIABILITIES
2,126,099
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 17,363,138 and 16,384,952 shares at June 30, 2024 and December 31, 2023, respectively; outstanding 14,151,755 and 13,173,569 shares at June 30, 2024 and December 31, 2023, respectively
187,195
173,637
Retained earnings
136,883
140,017
Treasury shares at cost, 3,211,383 shares at June 30, 2024 and December 31, 2023
(56,015
)
(56,015
)
Accumulated other comprehensive loss, net of taxes
(22,849
)
(22,336
)
TOTAL SHAREHOLDERS' EQUITY
245,214
235,303
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
2,371,313
$
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 June 30,
Six Months Ended June 30,
2024
2023
2024
2023
INTEREST INCOME:
Interest and fees on loans
$
24,836
16,763
47,518
32,906
Dividends on equity securities:
With a readily determinable fair value
9
8
18
25
Without a readily determinable fair value
30
30
61
50
Interest on debt securities:
Taxable
1,183
1,323
2,415
2,666
Non-taxable
145
174
288
350
Other investments
762
405
1,423
624
TOTAL INTEREST INCOME
26,965
18,703
51,723
36,621
INTEREST EXPENSE:
Interest on deposits
9,690
3,335
17,880
5,791
Interest on short-term borrowings
181
1,008
1,116
2,312
Interest on long-term debt
1,877
183
3,615
399
TOTAL INTEREST EXPENSE
11,748
4,526
22,611
8,502
NET INTEREST INCOME
15,217
14,177
29,112
28,119
PROVISION FOR (RECOVERY OF) CREDIT LOSSES
528
30
653
(27
)
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES
14,689
14,147
28,459
28,146
NON-INTEREST INCOME:
Fiduciary income
2,067
1,787
4,040
3,527
Service charges and fees on deposit accounts
1,537
1,445
2,921
2,927
Net losses from sales of debt securities, available-for-sale
—
—
(214
)
—
Bank-owned life insurance income
341
277
659
548
Net gains from sales of loans
50
3
572
9
Other operating income
85
134
31
216
TOTAL NON-INTEREST INCOME
4,080
3,646
8,009
7,227
NON-INTEREST EXPENSE:
Salaries and employee benefits
9,006
7,061
17,560
14,410
Equipment expenses
395
417
785
778
Occupancy expense, net
944
599
1,949
1,562
State financial institutions tax
476
396
904
793
Marketing
210
320
384
512
Amortization of intangibles
298
112
534
223
FDIC insurance premiums, net
394
224
898
439
Contracted services
844
666
1,628
1,307
Merger-related expenses
2,320
415
3,095
440
Other non-interest expense
2,938
1,868
5,560
4,139
TOTAL NON-INTEREST EXPENSE
17,825
12,078
33,297
24,603
INCOME BEFORE INCOME TAXES
944
5,715
3,171
10,770
PROVISION FOR INCOME TAXES
19
1,021
331
1,919
NET INCOME
$
925
4,694
2,840
8,851
Earnings per common share:
Basic
$
0.07
0.42
0.21
0.79
Diluted
$
0.07
0.42
0.21
0.79
Weighted average common shares outstanding:
Basic
14,033,264
11,056,308
13,610,854
11,122,371
Diluted
14,033,264
11,056,308
13,610,854
11,122,371
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723682222/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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