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LCNB Corp. Reports Financial Results for The Three Months Ended March 31, 2022

Loans, Net Increased 3.4% Year-over-Year to a Quarterly Record of $1.37 Billion

Credit Quality Remains Strong with Total Nonperforming Loans Declining to $1.5 Million, or 0.11% of Total Loans

LCNB Wealth Assets Up 5.5% Year-over-Year to $1.03 Billion

First Quarter Earnings of $0.38 Per Diluted Share

LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2022.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “I am pleased with LCNB’s first quarter performance, which is a testament to our compelling Ohio markets and our dedicated and seasoned team. During the first quarter, we experienced year-over-year growth in loans and deposits, both of which ended the quarter at record levels. LCNB Wealth Management assets, which comprises trust and investments and brokerage accounts, also experienced robust year-over-year growth of 5.5%, contributing to higher fiduciary and noninterest income. Balance sheet growth, strong asset quality, and the benefits of our share repurchases helped us achieve first quarter earnings of $0.38 per diluted share.”

Mr. Meilstrup continued, “As economic and interest rate uncertainty has increased since the beginning of the year, we remain committed to serving the financial needs of our customers, maintaining strong asset quality, managing expenses, and returning capital to our shareholders. In addition, we believe LCNB is entering this new economic and interest rate cycle from a position of strength, with diversified sources of revenue, record total assets managed, and historically low nonperforming loans. As a result, we will continue to deliver on our strategic objectives to make 2022 another great year for LCNB and its stakeholders,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2022 first quarter decreased 13.7% to $4.5 million compared to $5.2 million for the same period last year. Earnings per basic and diluted share for the 2022 first quarter were $0.38, compared to $0.41 for the same period last year.

Net interest income for the three months ended March 31, 2022, was $14.2 million, compared to $14.4 million for the comparable period in 2021. The 1.0% year-over-year decrease for the three-month period was primarily due to a decline in interest income from loans, partially due to a decrease in fees recognized on PPP loans, partially offset by higher interest income on taxable debt securities and lower interest expense on deposits.

Non-interest income for the three months ended March 31, 2022, was $3.6 million, compared to $3.5 million for the same period last year. The increase in non-interest income was primarily due to higher fiduciary income, service charges and fees on deposit accounts, and gains on sales of loans, partially offset by lower other operating income.

Non-interest expense for the three months ended March 31, 2022, was $758,000 greater than the comparable period in 2021, primarily due to higher salaries and employee benefits, which included increases in salaries and wages, increased bonus expense accruals, increased compensation expense for restricted stock grants, increased FICA matching expense, and to a higher percentage of personnel expenses deferred in 2021 attributable to the high volume of PPP loans originated in that period.

Capital Allocation

During the 2022 first quarter, LCNB invested $21.1 million to repurchase 1,051,688 shares of its outstanding stock at an average price of $20.00 per share. This equates to approximately 8.5% of the Company’s outstanding common stock prior to the repurchase. At March 31, 2022, LCNB had 21,191 shares remaining under its August 2020 share repurchase program.

For the first quarter ended March 31, 2022, LCNB paid $0.20 per share in dividends, a 5.3% increase from $0.19 per share for the first quarter last year.

Balance Sheet

Total assets at March 31, 2022, increased 4.5% to $1.90 billion from $1.82 billion at March 31, 2021. Net loans at March 31, 2022, increased 3.4% to a record $1.37 billion, compared to $1.33 billion at March 31, 2021. Over the past 12 months, LCNB has helped its customers receive $31.8 million of PPP forgiveness payments, including $5.5 million during the first quarter of 2022. The balance of PPP loans outstanding at March 31, 2022, was $1.4 million.

Total deposits at March 31, 2022, increased 6.5% to a record $1.64 billion, compared to $1.54 billion at March 31, 2021 as LCNB continues attracting interest-bearing and non-interest-bearing accounts to the Bank.

Asset Quality

For the 2022 first quarter, LCNB recorded a provision for loan losses of $49,000, compared to a $52,000 credit for the 2021 first quarter.

Net charge-offs for the 2022 first quarter were $25,000, or 0.01% of average loans, annualized, compared to net recoveries of $3,000, or 0.00% of average loans, annualized, for the same period last year.

Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest, decreased $1.9 million, from $3.4 million or 0.25% of total loans at March 31, 2021, to $1.5 million, or 0.11% of total loans at March 31, 2022. Nonperforming assets to total assets was 0.08% at March 31, 2022, compared to 0.19% at March 31, 2021.

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, 2021, 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:

  1. the success, impact, and timing of the implementation of LCNB’s business strategies;
  2. the significant risks and uncertainties for LCNB's business, results of operations and financial condition, as well as its regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on financial markets, the effectiveness of LCNB's work from home arrangements and staffing levels in operational facilities, the impact of market participants on which LCNB relies, and actions taken by governmental authorities and other third parties in response to the pandemic;
  3. the disruption of global, national, state, and local economies associated with the COVID-19 pandemic and the Russia/Ukraine conflict, which could affect LCNB's liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses;
  4. LCNB’s ability to integrate future acquisitions may be unsuccessful, or may be more difficult, time-consuming, or costly than expected;
  5. LCNB may incur increased loan charge-offs in the future;
  6. LCNB may face competitive loss of customers;
  7. changes in the interest rate environment may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
  8. changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
  9. 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;
  10. LCNB may experience difficulties growing loan and deposit balances;
  11. 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;
  12. deterioration in the financial condition of the U.S. banking system may impact the valuations of investments LCNB has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments;
  13. difficulties with technology or data security breaches, including cyberattacks, that could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;
  14. adverse weather events and natural disasters and global and/or national epidemics; and
  15. government intervention in the U.S. financial system, including the effects of recent 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.

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

 

Three Months Ended

 

3/31/2022

 

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

3/31/2022

 

3/31/2021

Condensed Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

15,122

 

 

15,189

 

 

 

15,024

 

 

15,429

 

 

15,535

 

 

15,122

 

 

15,535

 

Interest expense

 

899

 

 

879

 

 

 

951

 

 

1,060

 

 

1,163

 

 

899

 

 

1,163

 

Net interest income

 

14,223

 

 

14,310

 

 

 

14,073

 

 

14,369

 

 

14,372

 

 

14,223

 

 

14,372

 

Provision (credit) for loan losses

 

49

 

 

(508

)

 

 

306

 

 

(15

)

 

(52

)

 

49

 

 

(52

)

Net interest income after provision (credit) for loan losses

 

14,174

 

 

14,818

 

 

 

13,767

 

 

14,384

 

 

14,424

 

 

14,174

 

 

14,424

 

Non-interest income

 

3,550

 

 

4,347

 

 

 

4,106

 

 

4,314

 

 

3,465

 

 

3,550

 

 

3,465

 

Non-interest expense

 

12,250

 

 

12,311

 

 

 

12,029

 

 

12,208

 

 

11,492

 

 

12,250

 

 

11,492

 

Income before income taxes

 

5,474

 

 

6,854

 

 

 

5,844

 

 

6,490

 

 

6,397

 

 

5,474

 

 

6,397

 

Provision for income taxes

 

951

 

 

1,227

 

 

 

1,027

 

 

1,200

 

 

1,157

 

 

951

 

 

1,157

 

Net income

$

4,523

 

 

5,627

 

 

 

4,817

 

 

5,290

 

 

5,240

 

 

4,523

 

 

5,240

 

Amort/Accret income on acquired loans

$

66

 

 

116

 

 

 

132

 

 

216

 

 

249

 

 

66

 

 

249

 

Tax-equivalent net interest income

$

14,273

 

 

14,365

 

 

 

14,129

 

 

14,427

 

 

14,432

 

 

14,273

 

 

14,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.20

 

 

0.20

 

 

 

0.19

 

 

0.19

 

 

0.19

 

 

0.20

 

 

0.19

 

Basic earnings per common share

$

0.38

 

 

0.45

 

 

 

0.39

 

 

0.41

 

 

0.41

 

 

0.38

 

 

0.41

 

Diluted earnings per common share

$

0.38

 

 

0.45

 

 

 

0.39

 

 

0.41

 

 

0.41

 

 

0.38

 

 

0.41

 

Book value per share

$

18.14

 

 

19.22

 

 

 

19.17

 

 

18.99

 

 

18.66

 

 

18.14

 

 

18.66

 

Tangible book value per share

$

12.84

 

 

14.33

 

 

 

14.28

 

 

14.15

 

 

13.87

 

 

12.84

 

 

13.87

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

11,818,614

 

 

12,370,702

 

 

 

12,455,276

 

 

12,743,726

 

 

12,794,824

 

 

11,818,614

 

 

12,794,824

 

Diluted

 

11,818,614

 

 

12,370,702

 

 

 

12,455,276

 

 

12,743,726

 

 

12,794,852

 

 

11,818,614

 

 

12,794,852

 

Shares outstanding at period end

 

11,401,503

 

 

12,414,956

 

 

 

12,434,084

 

 

12,634,845

 

 

12,820,108

 

 

11,401,503

 

 

12,820,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.96

%

 

1.18

%

 

 

1.02

%

 

1.15

%

 

1.20

%

 

0.96

%

 

1.20

%

Return on average equity

 

8.13

%

 

9.33

%

 

 

7.93

%

 

8.78

%

 

8.80

%

 

8.13

%

 

8.80

%

Return on average tangible common equity

 

11.11

%

 

12.51

%

 

 

10.62

%

 

11.76

%

 

11.81

%

 

11.11

%

 

11.81

%

Dividend payout ratio

 

52.63

%

 

44.44

%

 

 

48.72

%

 

46.34

%

 

46.34

%

 

52.63

%

 

46.34

%

Net interest margin (tax equivalent)

 

3.35

%

 

3.34

%

 

 

3.32

%

 

3.51

%

 

3.68

%

 

3.35

%

 

3.68

%

Efficiency ratio (tax equivalent)

 

68.73

%

 

65.79

%

 

 

65.96

%

 

65.14

%

 

64.21

%

 

68.73

%

 

64.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

19,941

 

 

18,136

 

 

 

23,852

 

 

22,909

 

 

41,144

 

 

 

 

 

Debt and equity securities

 

330,715

 

 

345,649

 

 

 

352,066

 

 

349,199

 

 

276,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

105,805

 

 

101,792

 

 

 

91,246

 

 

97,240

 

 

107,630

 

 

 

 

 

Commercial, secured by real estate

 

906,140

 

 

889,108

 

 

 

862,202

 

 

836,085

 

 

855,894

 

 

 

 

 

Residential real estate

 

328,034

 

 

334,547

 

 

 

343,318

 

 

341,447

 

 

328,265

 

 

 

 

 

Consumer

 

32,445

 

 

34,190

 

 

 

35,349

 

 

35,257

 

 

35,799

 

 

 

 

 

Agricultural

 

7,980

 

 

10,647

 

 

 

8,852

 

 

8,765

 

 

8,698

 

 

 

 

 

Other, including deposit overdrafts

 

45

 

 

122

 

 

 

247

 

 

369

 

 

346

 

 

 

 

 

Deferred net origination fees

 

(928

)

 

(961

)

 

 

(1,055

)

 

(1,398

)

 

(1,531

)

 

 

 

 

Loans, gross

 

1,379,521

 

1,369,445

 

 

1,340,159

 

 

1,317,765

 

 

1,335,101

 

 

 

 

 

Less allowance for loan losses

 

5,530

 

 

5,506

 

 

 

5,828

 

 

5,652

 

 

5,679

 

 

 

 

 

Loans, net

$

1,373,991

 

 

1,363,939

 

 

 

1,334,331

 

 

1,312,113

 

 

1,329,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

3/31/2022

 

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

3/31/2022

 

3/31/2021

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,712,115

 

 

1,716,420

 

 

 

1,695,281

 

 

1,671,462

 

 

1,634,818

 

 

 

 

 

Total assets

 

1,899,630

 

 

1,903,629

 

 

 

1,884,252

 

 

1,856,670

 

 

1,818,321

 

 

 

 

 

Total deposits

 

1,636,606

 

 

1,628,819

 

 

 

1,603,203

 

 

1,577,345

 

 

1,537,116

 

 

 

 

 

Short-term borrowings

 

24,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

10,000

 

 

10,000

 

 

 

15,000

 

 

15,000

 

 

17,000

 

 

 

 

 

Total shareholders’ equity

 

206,875

 

 

238,604

 

 

 

238,419

 

 

239,952

 

 

239,246

 

 

 

 

 

Equity to assets ratio

 

10.89

%

 

12.53

%

 

 

12.65

%

 

12.92

%

 

13.16

%

 

 

 

 

Loans to deposits ratio

 

84.29

%

 

84.08

%

 

 

83.59

%

 

83.54

%

 

86.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

$

146,360

 

 

177,949

 

 

 

177,501

 

 

178,771

 

 

177,805

 

 

 

 

 

Tangible common assets (TCA)

 

1,839,115

 

 

1,842,974

 

 

 

1,823,334

 

 

1,795,489

 

 

1,756,880

 

 

 

 

 

TCE/TCA

 

7.96

%

 

9.66

%

 

 

9.73

%

 

9.96

%

 

10.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

32,826

 

 

29,614

 

 

 

34,557

 

 

45,414

 

 

37,269

 

 

32,826

 

 

37,269

 

Debt and equity securities

 

340,666

 

 

348,150

 

 

 

356,214

 

 

312,596

 

 

260,147

 

 

340,666

 

 

260,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,376,926

 

 

1,351,762

 

 

 

1,321,629

 

 

1,328,760

 

 

1,313,803

 

 

1,376,926

 

 

1,313,803

 

Less allowance for loan losses

 

5,503

 

 

5,843

 

 

 

5,567

 

 

5,678

 

 

5,715

 

 

5,503

 

 

5,715

 

Net loans

$

1,371,423

 

 

1,345,919

 

 

 

1,316,062

 

 

1,323,082

 

 

1,308,088

 

 

1,371,423

 

 

1,308,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,727,335

 

 

1,708,392

 

 

 

1,688,589

 

 

1,666,126

 

 

1,589,582

 

 

1,727,335

 

 

1,589,582

 

Total assets

 

1,917,226

 

 

1,896,530

 

 

 

1,879,314

 

 

1,852,035

 

 

1,775,154

 

 

1,917,226

 

 

1,775,154

 

Total deposits

 

1,646,627

 

 

1,615,020

 

 

 

1,595,773

 

 

1,570,070

 

 

1,488,156

 

 

1,646,627

 

 

1,488,156

 

Short-term borrowings

 

12,503

 

 

893

 

 

 

1,320

 

 

716

 

 

342

 

 

12,503

 

 

342

 

Long-term debt

 

10,000

 

 

14,402

 

 

 

15,000

 

 

15,571

 

 

19,689

 

 

10,000

 

 

19,689

 

Total shareholders’ equity

 

225,725

 

 

239,174

 

 

 

240,976

 

 

241,651

 

 

241,517

 

 

225,725

 

 

241,517

 

Equity to assets ratio

 

11.77

%

 

12.61

%

 

 

12.82

%

 

13.05

%

 

13.61

%

 

11.77

%

 

13.61

%

Loans to deposits ratio

 

83.62

%

 

83.70

%

 

 

82.82

%

 

84.63

%

 

88.28

%

 

83.62

%

 

88.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

25

 

 

(186

)

 

$

130

 

 

12

 

 

(3

)

 

25

 

 

(3

)

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

$

1,455

 

 

1,481

 

 

 

2,629

 

 

3,338

 

 

3,365

 

 

1,455

 

 

3,365

 

Loans past due 90 days or more and still accruing

 

 

 

56

 

 

 

13

 

 

 

 

 

 

 

 

 

Total nonperforming loans

$

1,455

 

 

1,537

 

 

$

2,642

 

 

3,338

 

 

3,365

 

 

1,455

 

 

3,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries) to average loans

 

0.01

%

 

(0.05

) %

 

 

0.04

%

 

0.00

%

 

0.00

%

 

0.01

%

 

0.00

%

Allowance for loan losses to total loans

 

0.40

%

 

0.40

%

 

 

0.43

%

 

0.43

%

 

0.43

%

 

0.40

%

 

0.43

%

Nonperforming loans to total loans

 

0.11

%

 

0.11

%

 

 

0.20

%

 

0.25

%

 

0.25

%

 

0.11

%

 

0.25

%

Nonperforming assets to total assets

 

0.08

%

 

0.08

%

 

 

0.14

%

 

0.18

%

 

0.19

%

 

0.08

%

 

0.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

$

1,899,630

 

 

1,903,629

 

 

 

1,884,252

 

 

1,856,670

 

 

1,818,321

 

 

 

 

 

Trust and investments (fair value)

 

700,353

 

 

722,093

 

 

 

713,936

 

 

701,838

 

 

673,742

 

 

 

 

 

Mortgage loans serviced

 

152,271

 

 

149,382

 

 

 

140,147

 

 

126,924

 

 

127,290

 

 

 

 

 

Cash management

 

75,302

 

 

34,009

 

 

 

72,622

 

 

80,177

 

 

118,494

 

 

 

 

 

Brokerage accounts (fair value)

 

326,290

 

 

334,670

 

 

 

319,495

 

 

314,491

 

 

299,355

 

 

 

 

 

Total assets managed

$

3,153,846

 

 

3,143,783

 

 

 

3,130,452

 

 

3,080,100

 

 

3,037,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

 

 

 

 

March 31, 2022 (Unaudited)

 

December 31, 2021

ASSETS:

 

 

 

Cash and due from banks

$

18,062

 

 

16,810

 

Interest-bearing demand deposits

 

1,879

 

 

1,326

 

Total cash and cash equivalents

 

19,941

 

 

18,136

 

Investment securities:

 

 

 

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

 

2,424

 

 

2,546

 

Equity securities without a readily determinable fair value, at cost

 

2,099

 

 

2,099

 

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

 

293,464

 

 

308,177

 

Debt securities, held-to-maturity, at cost

 

22,873

 

 

22,972

 

Federal Reserve Bank stock, at cost

 

4,652

 

 

4,652

 

Federal Home Loan Bank stock, at cost

 

5,203

 

 

5,203

 

Loans, net

 

1,373,991

 

 

1,363,939

 

Premises and equipment, net

 

34,940

 

 

35,385

 

Operating leases right of use asset

 

6,191

 

 

6,357

 

Goodwill

 

59,221

 

 

59,221

 

Core deposit and other intangibles

 

2,328

 

 

2,473

 

Bank owned life insurance

 

43,488

 

 

43,224

 

Interest receivable

 

8,364

 

 

7,999

 

Other assets

 

20,451

 

 

21,246

 

TOTAL ASSETS

$

1,899,630

 

 

1,903,629

 

 

 

 

 

LIABILITIES:

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

517,621

 

 

501,531

 

Interest-bearing

 

1,118,985

 

 

1,127,288

 

Total deposits

 

1,636,606

 

 

1,628,819

 

Short-term borrowings

 

24,746

 

 

 

Long-term debt

 

10,000

 

 

10,000

 

Operating lease liabilities

 

6,337

 

 

6,473

 

Accrued interest and other liabilities

 

15,066

 

 

19,733

 

TOTAL LIABILITIES

 

1,692,755

 

 

1,665,025

 

 

 

 

 

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 14,252,027 and 14,213,792 shares at March 31, 2022 and December 31, 2021, respectively; outstanding 11,401,503 and 12,414,956 shares at March 31, 2022 and December 31, 2021, respectively

 

143,432

 

 

143,130

 

Retained earnings

 

128,555

 

 

126,312

 

Treasury shares at cost, 2,850,524 and 1,798,836 shares at March 31, 2022 and December 31, 2021, respectively

 

(50,115

)

 

(29,029

)

Accumulated other comprehensive loss, net of taxes

 

(14,997

)

 

(1,809

)

TOTAL SHAREHOLDERS' EQUITY

 

206,875

 

 

238,604

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,899,630

 

 

1,903,629

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

Three Months Ended

March 31,

 

 

2022

 

2021

 

INTEREST INCOME:

 

 

 

 

Interest and fees on loans

 

13,786

 

14,535

 

Dividends on equity securities with a readily determinable fair value

 

12

 

13

 

Dividends on equity securities without a readily determinable fair value

 

5

 

6

 

Interest on debt securities, taxable

 

1,095

 

718

 

Interest on debt securities, non-taxable

 

189

 

224

 

Other investments

 

35

 

39

 

TOTAL INTEREST INCOME

 

15,122

 

15,535

 

INTEREST EXPENSE:

 

 

 

 

Interest on deposits

 

739

 

1,028

 

Interest on short-term borrowings

 

86

 

1

 

Interest on long-term debt

 

74

 

134

 

TOTAL INTEREST EXPENSE

 

899

 

1,163

 

NET INTEREST INCOME

 

14,223

 

14,372

 

PROVISION (CREDIT) FOR LOAN LOSSES

 

49

 

(52

)

NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES

 

14,174

 

14,424

 

NON-INTEREST INCOME:

 

 

 

 

Fiduciary income

 

1,695

 

1,529

 

Service charges and fees on deposit accounts

 

1,406

 

1,366

 

Bank owned life insurance income

 

265

 

267

 

Gains from sales of loans

 

124

 

43

 

Other operating income

 

60

 

260

 

TOTAL NON-INTEREST INCOME

 

3,550

 

3,465

 

NON-INTEREST EXPENSE:

 

 

 

 

Salaries and employee benefits

 

7,215

 

6,433

 

Equipment expenses

 

408

 

368

 

Occupancy expense, net

 

775

 

794

 

State financial institutions tax

 

436

 

444

 

Marketing

 

262

 

268

 

Amortization of intangibles

 

140

 

257

 

FDIC insurance premiums, net

 

126

 

113

 

Contracted services

 

610

 

540

 

Other non-interest expense

 

2,278

 

2,275

 

TOTAL NON-INTEREST EXPENSE

 

12,250

 

11,492

 

INCOME BEFORE INCOME TAXES

 

5,474

 

6,397

 

PROVISION FOR INCOME TAXES

 

951

 

1,157

 

NET INCOME

 

4,523

 

5,240

 

 

 

 

 

 

Dividends declared per common share

 

0.20

 

0.19

 

Earnings per common share:

 

 

 

 

Basic

 

0.38

 

0.41

 

Diluted

 

0.38

 

0.41

 

Weighted average common shares outstanding:

 

 

 

 

Basic

 

11,818,614

 

12,794,824

 

Diluted

 

11,818,614

 

12,794,852

 

 

Contacts

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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