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LCNB Corp. Reports Financial Results for the Three Months Ended March 31, 2023

Ended the First Quarter with a Stable Deposit Base and an 86.97% Loan to Deposit Ratio

Asset Quality Remains Excellent with Total Nonperforming Loans to Total Loans of 0.05% at March 31, 2023

Total Earning Assets Increased 1.4% Year-over-Year to a Record $1.74 Billion

LCNB Wealth Management Assets Up 6.2% Year-over-Year to a Record $1.09 Billion

First Quarter Earnings of $0.37 Per Diluted Share

LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2023.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “We continue to successfully navigate an extremely fluid operating environment as a result of the community banking values we have followed throughout our history, our prudent focus on risk management, and our commitment to our customers and communities. We believe these core operating principles not only position the bank for success in any economic environment, but also resonate with our customers and support our growth. We ended the quarter with record total assets under management driven by growing customer accounts and record assets within our LCNB Wealth Management group. This drove a 2.7% year-over-year increase in fiduciary income and helped grow non-interest income in the first quarter. I am encouraged by the positive momentum underway at LCNB Wealth Management as we leverage our local approach, growing scale, and expanding relationships.”

“LCNB’s long history of serving our communities helps us build longstanding relationships with our customers and builds a stable funding base. At March 31, 2023, we had over 60,000 consumer, public fund, small business and non-profit checking and savings accounts with an average balance of approximately $23,000 per account. With a loan-to-deposit ratio of 86.97% and an equity-to-asset ratio of 10.60% at March 31, 2023, we are well capitalized to support our loan portfolio. LCNB’s strong liquidity levels also continue to support our share repurchase program and during the first quarter we repurchased 107,028 shares of our common stock,” continued Mr. Meilstrup.

“LCNB has a solid foundation of experienced leaders, excellent asset quality, and strong capital levels. We are focused on leveraging this platform to navigate a more challenging and uncertain economic landscape, while continuing to pursue our long-term growth objectives and focus on returning excess capital back to our shareholders,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2023 first quarter decreased 8.1% to $4.2 million, compared to $4.5 million for the same period last year. Earnings per basic and diluted share for the 2023 first quarter were $0.37, compared to $0.38 for the same period last year.

Net interest income for the three months ended March 31, 2023, was $13.9 million, compared to $14.2 million for the comparable period in 2022. The 2.0% year-over-year decrease for the three-month period was primarily due to higher interest expense associated with the rapid year-over-year increase in the Effective Federal Funds Rate. For the 2023 first quarter, LCNB’s tax equivalent net interest margin was 3.28%, compared to 3.35% for the same period last year.

Non-interest income for the three months ended March 31, 2023, increased slightly to $3.58 million, compared to $3.55 million for the same period last year. The increase in non-interest income was primarily due to higher fiduciary income and service charges and fees on deposit accounts, partially offset by lower gains on sales of loans.

Non-interest expense for the three months ended March 31, 2023, was $275,000 greater than the comparable period in 2022, primarily due to higher salaries and employee benefits, occupancy expenses, and FDIC insurance premiums. These increases were partially offset by reduced equipment expenses, state financial institutions tax, and marketing expenses.

Capital Allocation

During the 2023 first quarter, LCNB invested $1.8 million to repurchase 107,028 shares of its outstanding stock at an average price of $17.00 per share. This equates to almost 1.0% of the Company’s outstanding common stock prior to the repurchase. At March 31, 2023, LCNB had 407,932 shares available to be repurchased under its February 2023 share repurchase program.

For the first quarter ended March 31, 2023, LCNB paid $0.21 per share in dividends, a 5.0% increase from $0.20 per share for the first quarter last year.

Balance Sheet

Total assets at March 31, 2023, increased 1.3% to a record $1.92 billion from $1.90 billion at March 31, 2022. Net loans at March 31, 2023 increased 0.9% to $1.39 billion, compared to $1.37 billion at March 31, 2022.

Total deposits at March 31, 2023 decreased 2.0% to $1.60 billion, compared to $1.64 billion at March 31, 2022, as LCNB experienced greater competition for interest-bearing accounts. LCNB’s uninsured deposits to total deposits were approximately 13.4% for the quarter ended March 31, 2023.

Assets Under Management

Total assets managed at March 31, 2023 were a record $3.16 billion, compared to $3.15 billion at March 31, 2022. The year-over-year increase in total assets managed was primarily due to increases in LCNB Corp. total assets, trust and investments, and brokerage accounts. Trust and investments and brokerage accounts increased due to a higher number of new LCNB Wealth Management customer accounts opened over the past twelve months and an increase in the fair value of managed assets associated with an improving capital market environment, partially offset by decreases in cash management accounts and mortgage loans serviced.

Asset Quality

For the 2023 first quarter, LCNB recorded a provision for credit losses on loans of $32,000, compared to a provision of $49,000 for the 2022 first quarter.

On January 1, 2023, LCNB adopted ASC 326, which provides for a current expected credit loss (“CECL”) model in estimating the allowance for credit losses and recorded a one-time decrease of $1.92 million, net of tax, to retained earnings as a result of the initial cumulative entry. The adoption of CECL did not have a material impact on the Bank’s regulatory capital ratios. As an overall percentage of loans, the allowance for credit losses on loans increased to 0.56% at March 31, 2023 compared to 0.40% at March 31, 2022.

Net charge-offs for the 2023 first quarter were $16,000, or 0.00% of average loans, annualized, compared to net charge-offs of $25,000, or 0.01% 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 $754,000 from $1.5 million, or 0.11% of total loans, at March 31, 2022, to $701,000, or 0.05% of total loans, at March 31, 2023. The nonperforming assets to total assets ratio was 0.04% at March 31, 2023, compared to 0.08% at March 31, 2022.

About LCNB Corp.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South-Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more about LCNB Corp. at www.lcnb.com.

Forward-Looking Statements

Certain statements made in this news release regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “plan”, and similar expressions. Please refer to LCNB’s Annual Report on Form 10-K for the year ended December 31, 2022, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB’s business and operations. Additionally, LCNB’s financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:

  1. the success, impact, and timing of the implementation of LCNB’s business strategies;
  2. the ongoing uncertainties for LCNB's business, results of operations and financial condition, as well as its regulatory capital and liquidity ratios and other regulatory requirements, resulting from the scope and duration of the COVID-19 pandemic;
  3. LCNB’s ability to integrate future acquisitions may be unsuccessful or may be more difficult, time-consuming, or costly than expected;
  4. LCNB may incur increased loan charge-offs in the future;
  5. LCNB may face competitive loss of customers;
  6. changes in the interest rate environment, which may include further interest rate increases, may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
  7. changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
  8. 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;
  9. LCNB may experience difficulties growing loan and deposit balances;
  10. 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;
  11. difficulties with technology or data security breaches, including cyberattacks, could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;
  12. adverse weather events and natural disasters and global and/or national epidemics could negatively affect LCNB’s customers given its concentrated geographic scope, which could impact LCNB’s operating results; and
  13. government intervention in the U.S. financial system, including the effects of legislative, tax, accounting and regulatory actions and reforms, including the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, and the Tax Cuts and Jobs Act, and any such future regulatory actions or reforms.

Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of LCNB and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. LCNB undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

3/31/2023

 

12/31/2022

 

9/30/2022

 

6/30/2022

 

3/31/2022

Condensed Income Statement

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

17,918

 

 

17,719

 

 

16,704

 

 

16,208

 

 

15,122

 

Interest expense

 

 

3,976

 

 

1,511

 

 

1,260

 

 

1,041

 

 

899

 

Net interest income

 

 

13,942

 

 

16,208

 

 

15,444

 

 

15,167

 

 

14,223

 

Provision for (recovery of) credit losses

 

 

(57

)

 

(19

)

 

(157

)

 

377

 

 

49

 

Net interest income after provision for (recovery of) credit losses

 

 

13,999

 

 

16,227

 

 

15,601

 

 

14,790

 

 

14,174

 

Non-interest income

 

 

3,581

 

 

3,629

 

 

3,581

 

 

3,528

 

 

3,550

 

Non-interest expense

 

 

12,525

 

 

12,065

 

 

12,350

 

 

11,469

 

 

12,250

 

Income before income taxes

 

 

5,055

 

 

7,791

 

 

6,832

 

 

6,849

 

 

5,474

 

Provision for income taxes

 

 

898

 

 

1,383

 

 

1,253

 

 

1,231

 

 

951

 

Net income

 

$

4,157

 

 

6,408

 

 

5,579

 

 

5,618

 

 

4,523

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Income Statement Information

 

 

 

 

 

 

 

 

Amort/Accret income on acquired loans

 

$

74

 

 

249

 

 

144

 

 

61

 

 

66

 

Tax-equivalent net interest income

 

$

13,989

 

 

16,257

 

 

15,495

 

 

15,217

 

 

14,273

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.21

 

 

0.21

 

 

0.20

 

 

0.20

 

 

0.20

 

Basic earnings per common share

 

$

0.37

 

 

0.57

 

 

0.49

 

 

0.49

 

 

0.38

 

Diluted earnings per common share

 

$

0.37

 

 

0.57

 

 

0.49

 

 

0.49

 

 

0.38

 

Book value per share

 

$

18.22

 

 

17.82

 

 

17.31

 

 

17.84

 

 

18.14

 

Tangible book value per share

 

$

12.86

 

 

12.48

 

 

11.97

 

 

12.53

 

 

12.84

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

11,189,170

 

 

11,211,328

 

 

11,284,225

 

 

11,337,805

 

 

11,818,614

 

Diluted

 

 

11,189,170

 

 

11,211,328

 

 

11,284,225

 

 

11,337,805

 

 

11,818,614

 

Shares outstanding at period end

 

 

11,202,063

 

 

11,259,080

 

 

11,293,639

 

 

11,374,515

 

 

11,401,503

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

0.88

%

 

1.34

%

 

1.15

%

 

1.18

%

 

0.96

%

Return on average equity

 

 

8.33

%

 

12.90

%

 

10.80

%

 

10.96

%

 

8.13

%

Return on average tangible common equity

 

 

11.85

%

 

18.59

%

 

15.30

%

 

15.52

%

 

11.11

%

Dividend payout ratio

 

 

56.76

%

 

36.84

%

 

40.82

%

 

40.82

%

 

52.63

%

Net interest margin (tax equivalent)

 

 

3.28

%

 

3.77

%

 

3.54

%

 

3.54

%

 

3.35

%

Efficiency ratio (tax equivalent)

 

 

71.29

%

 

60.67

%

 

64.74

%

 

61.18

%

 

68.73

%

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

31,876

 

 

22,701

 

 

29,460

 

 

31,815

 

 

19,941

 

Debt and equity securities

 

 

328,194

 

 

323,167

 

 

325,801

 

 

337,952

 

 

330,715

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

124,240

 

 

120,236

 

 

114,694

 

 

114,971

 

 

105,805

 

Commercial, secured by real estate

 

 

932,208

 

 

938,022

 

 

908,130

 

 

905,703

 

 

906,140

 

Residential real estate

 

 

303,051

 

 

305,575

 

 

316,669

 

 

315,930

 

 

328,034

 

Consumer

 

 

28,611

 

 

28,290

 

 

29,451

 

 

30,308

 

 

32,445

 

Agricultural

 

 

7,523

 

 

10,054

 

 

8,630

 

 

7,412

 

 

7,980

 

Other, including deposit overdrafts

 

 

62

 

 

81

 

 

52

 

 

81

 

 

45

 

Deferred net origination fees

 

 

(865

)

 

(980

)

 

(937

)

 

(928

)

 

(928

)

Loans, gross

 

 

1,394,830

 

 

1,401,278

 

 

1,376,689

 

 

1,373,477

 

 

1,379,521

 

Less allowance for credit losses on loans

 

 

7,858

 

 

5,646

 

 

5,644

 

 

5,833

 

 

5,530

 

Loans, net

 

$

1,386,972

 

 

1,395,632

 

 

1,371,045

 

 

1,367,644

 

 

1,373,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

3/31/2023

 

12/31/2022

 

9/30/2022

 

6/30/2022

 

3/31/2022

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses on Loans:

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses, beginning of period

 

 

5,646

 

 

5,644

 

 

5,833

 

 

5,530

 

 

5,506

 

Cumulative change in accounting principle; adoption of ASU 2016-13

 

 

2,196

 

 

 

 

 

 

 

 

 

Provision for (recovery of) credit losses

 

 

32

 

 

(19

)

 

(157

)

 

377

 

 

49

 

Losses charged off

 

 

(36

)

 

(60

)

 

(53

)

 

(116

)

 

(37

)

Recoveries

 

 

20

 

 

81

 

 

21

 

 

42

 

 

12

 

Allowance for credit losses, end of period

 

 

7,858

 

 

5,646

 

 

5,644

 

 

5,833

 

 

5,530

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

 

$

1,736,829

 

 

1,726,902

 

 

1,714,196

 

 

1,722,853

 

 

1,712,115

 

Total assets

 

 

1,924,531

 

 

1,919,121

 

 

1,904,700

 

 

1,912,627

 

 

1,899,630

 

Total deposits

 

 

1,603,881

 

 

1,604,970

 

 

1,657,370

 

 

1,658,825

 

 

1,636,606

 

Short-term borrowings

 

 

76,500

 

 

71,455

 

 

4,000

 

 

5,000

 

 

24,746

 

Long-term debt

 

 

18,598

 

 

19,072

 

 

24,539

 

 

25,000

 

 

10,000

 

Total shareholders’ equity

 

 

204,072

 

 

200,675

 

 

195,439

 

 

202,960

 

 

206,875

 

Equity to assets ratio

 

 

10.60

%

 

10.46

%

 

10.26

%

 

10.61

%

 

10.89

%

Loans to deposits ratio

 

 

86.97

%

 

87.31

%

 

83.06

%

 

82.80

%

 

84.29

%

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

 

$

144,006

 

 

140,498

 

 

135,149

 

 

142,557

 

 

146,360

 

Tangible common assets (TCA)

 

 

1,864,465

 

 

1,858,944

 

 

1,844,410

 

 

1,852,224

 

 

1,839,115

 

TCE/TCA

 

 

7.72

%

 

7.56

%

 

7.33

%

 

7.70

%

 

7.96

%

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

35,712

 

 

24,330

 

 

35,763

 

 

28,787

 

 

32,826

 

Debt and equity securities

 

 

327,123

 

 

323,195

 

 

338,299

 

 

338,149

 

 

340,666

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

1,389,385

 

 

1,383,809

 

 

1,384,520

 

 

1,375,710

 

 

1,376,926

 

Less allowance for credit losses on loans

 

 

7,522

 

 

5,647

 

 

5,830

 

 

5,532

 

 

5,503

 

Net loans

 

$

1,381,863

 

 

1,378,162

 

 

1,378,690

 

 

1,370,178

 

 

1,371,423

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

 

$

1,729,008

 

 

1,711,524

 

 

1,736,031

 

 

1,722,503

 

 

1,727,335

 

Total assets

 

 

1,921,742

 

 

1,903,338

 

 

1,928,868

 

 

1,912,574

 

 

1,917,226

 

Total deposits

 

 

1,583,857

 

 

1,637,201

 

 

1,669,932

 

 

1,655,389

 

 

1,646,627

 

Short-term borrowings

 

 

94,591

 

 

21,433

 

 

5,728

 

 

18,263

 

 

12,503

 

Long-term debt

 

 

18,983

 

 

23,855

 

 

24,920

 

 

12,637

 

 

10,000

 

Total shareholders’ equity

 

 

202,419

 

 

197,014

 

 

205,051

 

 

205,645

 

 

225,725

 

Equity to assets ratio

 

 

10.53

%

 

10.35

%

 

10.63

%

 

10.75

%

 

11.77

%

Loans to deposits ratio

 

 

87.72

%

 

84.52

%

 

82.91

%

 

83.10

%

 

83.62

%

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

 

$

16

 

 

(21

)

 

32

 

 

74

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

 

$

701

 

 

391

 

 

465

 

 

599

 

 

1,455

 

Loans past due 90 days or more and still accruing

 

 

 

 

39

 

 

 

 

 

 

 

Total nonperforming loans

 

$

701

 

 

430

 

 

465

 

 

599

 

 

1,455

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries) to average loans

 

 

0.00

%

 

(0.01

) %

 

0.01

%

 

0.02

%

 

0.01

%

Allowance for credit losses on loans to total loans

 

 

0.56

%

 

0.40

%

 

0.41

%

 

0.42

%

 

0.40

%

Nonperforming loans to total loans

 

 

0.05

%

 

0.03

%

 

0.03

%

 

0.04

%

 

0.11

%

Nonperforming assets to total assets

 

 

0.04

%

 

0.02

%

 

0.02

%

 

0.03

%

 

0.08

%

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

 

$

1,924,531

 

 

1,919,121

 

 

1,904,700

 

 

1,912,627

 

 

1,899,630

 

Trust and investments (fair value)

 

 

716,578

 

 

678,366

 

 

611,409

 

 

625,984

 

 

700,353

 

Mortgage loans serviced

 

 

142,167

 

 

148,412

 

 

145,317

 

 

153,557

 

 

152,271

 

Cash management

 

 

1,831

 

 

1,925

 

 

53,199

 

 

38,914

 

 

75,302

 

Brokerage accounts (fair value)

 

 

374,066

 

 

347,737

 

 

314,144

 

 

303,663

 

 

326,290

 

Total assets managed

 

$

3,159,173

 

 

3,095,561

 

 

3,028,769

 

 

3,034,745

 

 

3,153,846

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

 

(Dollars in thousands)

 

 

 

March 31, 2023

 

December 31,

 

 

(Unaudited)

 

2022

ASSETS:

 

 

 

 

Cash and due from banks

 

$

18,071

 

 

20,244

 

Interest-bearing demand deposits

 

 

13,805

 

 

2,457

 

Total cash and cash equivalents

 

 

31,876

 

 

22,701

 

Investment securities:

 

 

 

 

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

 

 

1,286

 

 

2,273

 

Equity securities without a readily determinable fair value, at cost

 

 

2,099

 

 

2,099

 

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

 

 

293,427

 

 

289,850

 

Debt securities, held-to-maturity, at cost, net of allowance for credit losses

 

 

19,763

 

 

19,878

 

Federal Reserve Bank stock, at cost

 

 

4,652

 

 

4,652

 

Federal Home Loan Bank stock, at cost

 

 

6,967

 

 

4,415

 

Loans, net of allowance for credit losses

 

 

1,386,972

 

 

1,395,632

 

Premises and equipment, net

 

 

33,186

 

 

33,042

 

Operating leases right of use asset

 

 

6,093

 

 

6,248

 

Goodwill

 

 

59,221

 

 

59,221

 

Core deposit and other intangibles

 

 

1,665

 

 

1,827

 

Bank owned life insurance

 

 

44,569

 

 

44,298

 

Interest receivable

 

 

8,005

 

 

7,482

 

Other assets

 

 

24,750

 

 

25,503

 

TOTAL ASSETS

 

$

1,924,531

 

 

1,919,121

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

Deposits:

 

 

 

 

Noninterest-bearing

 

$

473,345

 

 

505,824

 

Interest-bearing

 

 

1,130,536

 

 

1,099,146

 

Total deposits

 

 

1,603,881

 

 

1,604,970

 

Short-term borrowings

 

 

76,500

 

 

71,455

 

Long-term debt

 

 

18,598

 

 

19,072

 

Operating lease liabilities

 

 

6,246

 

 

6,370

 

Allowance for credit losses on off-balance sheet credit exposures

 

 

482

 

 

 

Accrued interest and other liabilities

 

 

14,752

 

 

16,579

 

TOTAL LIABILITIES

 

 

1,720,459

 

 

1,718,446

 

 

 

 

 

 

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 14,320,561 and 14,270,550 shares at March 31, 2023 and December 31, 2022, respectively; outstanding 11,202,063 and 11,259,080 shares at March 31, 2023 and December 31, 2022, respectively

 

 

144,488

 

 

144,069

 

Retained earnings

 

 

139,115

 

 

139,249

 

Treasury shares at cost, 3,118,498 and 3,011,470 shares at March 31, 2023 and December 31, 2022, respectively

 

 

(54,527

)

 

(52,689

)

Accumulated other comprehensive loss, net of taxes

 

 

(25,004

)

 

(29,954

)

TOTAL SHAREHOLDERS' EQUITY

 

 

204,072

 

 

200,675

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 

$

1,924,531

 

 

1,919,121

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

2023

 

2022

INTEREST INCOME:

 

 

 

 

Interest and fees on loans

 

16,143

 

 

13,786

Dividends on equity securities with a readily determinable fair value

 

17

 

 

12

Dividends on equity securities without a readily determinable fair value

 

20

 

 

5

Interest on debt securities, taxable

 

1,343

 

 

1,095

Interest on debt securities, non-taxable

 

176

 

 

189

Other investments

 

219

 

 

35

TOTAL INTEREST INCOME

 

17,918

 

 

15,122

INTEREST EXPENSE:

 

 

 

 

Interest on deposits

 

2,456

 

 

739

Interest on short-term borrowings

 

1,304

 

 

86

Interest on long-term debt

 

216

 

 

74

TOTAL INTEREST EXPENSE

 

3,976

 

 

899

NET INTEREST INCOME

 

13,942

 

 

14,223

Provision for credit losses on loans

 

32

 

 

49

Provision for credit losses on debt securities, held-to-maturity

 

 

 

Recovery of credit losses on off-balance sheet credit exposures

 

(89

)

 

TOTAL PROVISION FOR (RECOVERY OF) CREDIT LOSSES

 

(57

)

 

49

NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES

 

13,999

 

 

14,174

NON-INTEREST INCOME:

 

 

 

 

Fiduciary income

 

1,740

 

 

1,695

Service charges and fees on deposit accounts

 

1,482

 

 

1,406

Bank owned life insurance income

 

271

 

 

265

Gains from sales of loans

 

6

 

 

124

Other operating income

 

82

 

 

60

TOTAL NON-INTEREST INCOME

 

3,581

 

 

3,550

NON-INTEREST EXPENSE:

 

 

 

 

Salaries and employee benefits

 

7,349

 

 

7,215

Equipment expenses

 

361

 

 

408

Occupancy expense, net

 

963

 

 

775

State financial institutions tax

 

397

 

 

436

Marketing

 

192

 

 

262

Amortization of intangibles

 

111

 

 

140

FDIC insurance premiums, net

 

215

 

 

126

Contracted services

 

641

 

 

610

Other non-interest expense

 

2,296

 

 

2,278

TOTAL NON-INTEREST EXPENSE

 

12,525

 

 

12,250

INCOME BEFORE INCOME TAXES

 

5,055

 

 

5,474

PROVISION FOR INCOME TAXES

 

898

 

 

951

NET INCOME

 

4,157

 

 

4,523

 

 

 

 

 

Dividends declared per common share

 

0.21

 

 

0.20

Earnings per common share:

 

 

 

 

Basic

 

0.37

 

 

0.38

Diluted

 

0.37

 

 

0.38

Weighted average common shares outstanding:

 

 

 

 

Basic

 

11,189,170

 

 

11,818,614

Diluted

 

11,189,170

 

 

11,818,614

 

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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