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LCNB Corp. Reports Record Financial Results for the Three and Nine Months Ended September 30, 2022

Credit Quality Remains Excellent with Total Nonperforming Loans Declining to $0.5 Million, or 0.03% of Total Loans.

Third Quarter Return on Average Tangible Common Equity Increased Year-Over-Year to 15.30% from 10.62%.

Quarter to Quarter Earnings Per Share for the Third Quarter Increased 25.6% to a Third Quarter Record of $0.49 Per Diluted Share.

LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and nine months ended September 30, 2022.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “Higher net interest income, excellent asset quality, and net interest margin expansion drove record third-quarter profitability. Earnings per share for the third quarter 2022 increased by 25.6% to a third quarter record of $0.49 per diluted share. Contributing to the increase were the benefits of our share repurchase program, which further contributed to year-over-year growth in our Return On Average Equity and Return On Average Tangible Common Equity.”

Mr. Meilstrup continued, “We are focused on helping our business, consumer, and wealth management clients navigate a more challenging economic and interest rate environment. Net loans and total deposits both increased during the nine months ended September 30, 2022. In addition, LCNB Wealth Management continues to add new assets from new customer accounts, which reflects the success of our comprehensive product offerings, local service and presence, and expertise in our wealth team.”

“As we look to the remainder of 2022 and beyond, we are focused on executing our long-term strategic plan, maintaining excellent asset quality, improving our efficiency ratio by consolidating offices, investing in technology, and returning excess capital to our shareholders through our dividend policy and share buyback program. Year-to-date, we have retired approximately 9.4% of our common stock through our share repurchase program. Despite a more challenging macro environment, our third-quarter and year-to-date results are encouraging and demonstrate the value we provide our communities, our track record of strong asset quality, and our commitment to return excess capital to shareholders. As a result, we continue to believe 2022 will be another strong year of financial and operating performance at LCNB,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2022 third quarter was $5,579,000, an increase of 15.8% as compared to $4,817,000 for the same period last year. Earnings per basic and diluted share for the 2022 third quarter were $0.49, an increase of 25.6% as compared to $0.39 for the same period last year. Net income for the nine-month period ended September 30, 2022, was $15,720,000, an increase of 2.4% as compared to $15,347,000 for the same period last year. Earnings per basic and diluted share for the nine-month period ended September 30, 2022, were $1.36, an increase of 12.4% as compared to $1.21 for the same period last year.

Net interest income for the three months ended September 30, 2022, was $15,444,000, compared to $14,073,000 for the comparable period in 2021. Net interest income for the nine-month period ended September 30, 2022, increased $2,020,000 to $44,834,000, as compared to $42,814,000 in the same period last year. Favorably contributing to the variance for the three-month period was overall growth in the loan portfolio and higher average rates earned on the loan and debt securities portfolios. Favorably contributing to the variance for the nine-month period was overall growth in the taxable debt securities and loan portfolios. In addition, stable cost of funds contributed to the increase in net interest income for both the three- and nine-month periods. Prepayment penalty fees totaling $265,000 and $998,000 were included in loan interest income during the three and nine months ended September 30, 2022, respectively, as compared to $56,000 and $558,000 in such fees during the same periods in 2021.

Non-interest income for the three months ended September 30, 2022, decreased $525,000, or by 12.8% to $3,581,000, compared to $4,106,000 for the same period last year. For the nine months ended September 30, 2022, non-interest income decreased $1,226.000, or by 10.3% to $10,659,000, compared to $11,885,000 for the same period last year. Non-interest income for the nine months ended September 30, 2021, included a one-time $508,000 refund on the Company’s Ohio Financial Institutions Taxes, which was included in other operating income. The primary drivers for the remainder of the decreases for the three- and nine-month periods included decreased fiduciary income, decreased gains from sales of loans, and net unrealized losses recognized on LCNB’s equity securities investment portfolio.

Non-interest expense for the three months ended September 30, 2022, was $321,000 greater than the comparable period in 2021. For the nine months ended September 30, 2022, non-interest expense increased $340,000 from the comparable period in 2021. Other non-interest expense for the three and nine months ended September 30, 2022, included $332,000 and $471,000, respectively, in losses from the sales of two office buildings as a result of our office consolidation strategy. For the 2022 nine-month period, the year-over-year increase in non-interest expense was partially offset by an $889,000 gain from the sale of other real estate owned recognized during the 2022 second quarter.

Capital Allocation

During the 2022 third quarter, LCNB invested $1.4 million to repurchase 87,733 shares of its outstanding stock at an average price of $15.68 per share. Year-to-date, LCNB invested $23.0 million to repurchase 1,172,456 shares of its outstanding stock at an average price of $19.55 per share. This equates to approximately 9.4% of the Company’s outstanding common stock prior to the repurchase. At September 30, 2022, LCNB had 379,232 authorized shares remaining under its May 27, 2022, share repurchase program.

For the third quarter ended September 30, 2022, LCNB paid $0.20 per share in dividends, a 5.3% increase from $0.19 per share for the third quarter last year. Year-to-date, LCNB paid $0.60 per share in dividends, compared to $0.57 per share for the same period last year.

Balance Sheet

Total assets at September 30, 2022, increased 1.1% to $1.90 billion from $1.88 billion at September 30, 2021. Net loans at September 30, 2022, increased 2.8% to $1.37 billion, compared to $1.33 billion at September 30, 2021.

Total deposits at September 30, 2022, increased 3.4% to $1.66 billion, compared to $1.60 billion at September 30, 2021, as LCNB continues to experience year-over-year growth in both interest-bearing and non-interest-bearing accounts.

Asset Quality

For the 2022 third quarter, LCNB recorded a net loan loss recovery of $157,000, compared to a provision for loan losses of $306,000 for the 2021 third quarter. For the nine months ended September 30, 2022, LCNB recorded a provision for loan losses of $269,000, compared to a provision for loan losses of $239,000 for the nine months ended September 30, 2021.

Net charge-offs for the 2022 third quarter were $32,000, compared to $130,000 for the same period last year. For the 2022 nine-month period, net charge-offs were $131,000 or 0.01% of average loans, compared to $139,000 for the 2021 nine-month period.

Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest, decreased $2,177,000 from $2,642,000 or 0.20% of total loans at September 30, 2021, to $465,000 or 0.03% of total loans at September 30, 2022. The decrease in nonperforming loans was primarily a result of the completion of the foreclosure process on a commercial real estate loan and the reclassification to other real estate owned and ultimate disposal of that asset. Nonperforming assets to total assets was 0.02% at September 30, 2022, compared to 0.14% at September 30, 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, which may include continued interest rate increases, 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.

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

 

9/30/2022

 

9/30/2021

Condensed Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

16,704

 

 

16,208

 

 

15,122

 

 

15,189

 

 

15,024

 

 

48,034

 

 

45,988

 

Interest expense

 

1,260

 

 

1,041

 

 

899

 

 

879

 

 

951

 

 

3,200

 

 

3,174

 

Net interest income

 

15,444

 

 

15,167

 

 

14,223

 

 

14,310

 

 

14,073

 

 

44,834

 

 

42,814

 

Provision for (recovery of) loan losses

 

(157

)

 

377

 

 

49

 

 

(508

)

 

306

 

 

269

 

 

239

 

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

 

15,601

 

 

14,790

 

 

14,174

 

 

14,818

 

 

13,767

 

 

44,565

 

 

42,575

 

Non-interest income

 

3,581

 

 

3,528

 

 

3,550

 

 

4,347

 

 

4,106

 

 

10,659

 

 

11,885

 

Non-interest expense

 

12,350

 

 

11,469

 

 

12,250

 

 

12,311

 

 

12,029

 

 

36,069

 

 

35,729

 

Income before income taxes

 

6,832

 

 

6,849

 

 

5,474

 

 

6,854

 

 

5,844

 

 

19,155

 

 

18,731

 

Provision for income taxes

 

1,253

 

 

1,231

 

 

951

 

 

1,227

 

 

1,027

 

 

3,435

 

 

3,384

 

Net income

$

5,579

 

 

5,618

 

 

4,523

 

 

5,627

 

 

4,817

 

 

15,720

 

 

15,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Income Statement Information

 

 

 

 

 

 

 

 

 

 

 

 

Amort/Accret income on acquired loans

$

144

 

 

61

 

 

66

 

 

116

 

 

132

 

 

271

 

 

597

 

Tax-equivalent net interest income

$

15,495

 

 

15,217

 

 

14,273

 

 

14,365

 

 

14,129

 

 

44,985

 

 

42,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.20

 

 

0.20

 

 

0.20

 

 

0.20

 

 

0.19

 

 

0.60

 

 

0.57

 

Basic earnings per common share

$

0.49

 

 

0.49

 

 

0.38

 

 

0.45

 

 

0.39

 

 

1.36

 

 

1.21

 

Diluted earnings per common share

$

0.49

 

 

0.49

 

 

0.38

 

 

0.45

 

 

0.39

 

 

1.36

 

 

1.21

 

Book value per share

$

17.31

 

 

17.84

 

 

18.14

 

 

19.22

 

 

19.17

 

 

17.31

 

 

19.17

 

Tangible book value per share

$

11.97

 

 

12.53

 

 

12.84

 

 

14.33

 

 

14.28

 

 

11.97

 

 

14.28

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

11,284,225

 

 

11,337,805

 

 

11,818,614

 

 

12,370,702

 

 

12,455,276

 

 

11,478,256

 

 

12,663,368

 

Diluted

 

11,284,225

 

 

11,337,805

 

 

11,818,614

 

 

12,370,702

 

 

12,455,276

 

 

11,478,256

 

 

12,663,378

 

Shares outstanding at period end

 

11,293,639

 

 

11,374,515

 

 

11,401,503

 

 

12,414,956

 

 

12,433,328

 

 

11,293,639

 

 

12,433,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.15

%

 

1.18

%

 

0.96

%

 

1.18

%

 

1.02

%

 

1.09

%

 

1.12

%

Return on average equity

 

10.80

%

 

10.96

%

 

8.13

%

 

9.33

%

 

7.93

%

 

9.91

%

 

8.50

%

Return on average tangible common equity

 

15.30

%

 

15.52

%

 

11.11

%

 

12.51

%

 

10.62

%

 

13.86

%

 

11.39

%

Dividend payout ratio

 

40.82

%

 

40.82

%

 

52.63

%

 

44.44

%

 

48.72

%

 

44.12

%

 

47.11

%

Net interest margin (tax equivalent)

 

3.54

%

 

3.54

%

 

3.35

%

 

3.34

%

 

3.32

%

 

3.48

%

 

3.49

%

Efficiency ratio (tax equivalent)

 

64.74

%

 

61.18

%

 

68.73

%

 

65.79

%

 

65.96

%

 

64.82

%

 

65.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

29,460

 

 

31,815

 

 

19,941

 

 

18,136

 

 

23,852

 

 

 

 

 

Debt and equity securities

 

325,801

 

 

337,952

 

 

330,715

 

 

345,649

 

 

352,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

114,694

 

 

114,971

 

 

105,805

 

 

101,792

 

 

91,246

 

 

 

 

 

Commercial, secured by real estate

 

908,130

 

 

905,703

 

 

906,140

 

 

889,108

 

 

862,202

 

 

 

 

 

Residential real estate

 

316,669

 

 

315,930

 

 

328,034

 

 

334,547

 

 

343,318

 

 

 

 

 

Consumer

 

29,451

 

 

30,308

 

 

32,445

 

 

34,190

 

 

35,349

 

 

 

 

 

Agricultural

 

8,630

 

 

7,412

 

 

7,980

 

 

10,647

 

 

8,852

 

 

 

 

 

Other, including deposit overdrafts

 

52

 

 

81

 

 

45

 

 

122

 

 

247

 

 

 

 

 

Deferred net origination fees

 

(937

)

 

(928

)

 

(928

)

 

(961

)

 

(1,055

)

 

 

 

 

Loans, gross

 

1,376,689

 

 

1,373,477

 

 

1,379,521

 

 

1,369,445

 

 

1,340,159

 

 

 

 

 

Less allowance for loan losses

 

5,644

 

 

5,833

 

 

5,530

 

 

5,506

 

 

5,828

 

 

 

 

 

Loans, net

$

1,371,045

 

 

1,367,644

 

 

1,373,991

 

 

1,363,939

 

 

1,334,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

 

9/30/2022

 

9/30/2021

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,714,196

 

 

1,722,853

 

 

1,712,115

 

 

1,716,420

 

 

1,695,281

 

 

 

 

 

Total assets

 

1,904,700

 

 

1,912,627

 

 

1,899,630

 

 

1,903,629

 

 

1,884,252

 

 

 

 

 

Total deposits

 

1,657,370

 

 

1,658,825

 

 

1,636,606

 

 

1,628,819

 

 

1,603,203

 

 

 

 

 

Short-term borrowings

 

4,000

 

 

5,000

 

 

24,746

 

 

 

 

 

 

 

 

 

Long-term debt

 

24,539

 

 

25,000

 

 

10,000

 

 

10,000

 

 

15,000

 

 

 

 

 

Total shareholders’ equity

 

195,439

 

 

202,960

 

 

206,875

 

 

238,604

 

 

238,419

 

 

 

 

 

Equity to assets ratio

 

10.26

%

 

10.61

%

 

10.89

%

 

12.53

%

 

12.65

%

 

 

 

 

Loans to deposits ratio

 

83.06

%

 

82.80

%

 

84.29

%

 

84.08

%

 

83.59

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

$

135,149

 

 

142,557

 

 

146,360

 

 

177,949

 

 

177,501

 

 

 

 

 

Tangible common assets (TCA)

 

1,844,410

 

 

1,852,224

 

 

1,839,115

 

 

1,842,974

 

 

1,823,334

 

 

 

 

 

TCE/TCA

 

7.33

%

 

7.70

%

 

7.96

%

 

9.66

%

 

9.73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

35,763

 

 

28,787

 

 

32,826

 

 

29,614

 

 

34,557

 

 

32,393

 

 

39,021

 

Debt and equity securities

 

338,299

 

 

338,149

 

 

340,666

 

 

348,150

 

 

356,214

 

 

339,051

 

 

310,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,384,520

 

 

1,375,710

 

 

1,376,926

 

 

1,351,762

 

 

1,321,629

 

 

1,379,080

 

 

1,321,426

 

Less allowance for loan losses

 

5,830

 

 

5,532

 

 

5,503

 

 

5,843

 

 

5,567

 

 

5,623

 

 

5,653

 

Net loans

$

1,378,690

 

 

1,370,178

 

 

1,371,423

 

 

1,345,919

 

 

1,316,062

 

 

1,373,457

 

 

1,315,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,736,031

 

 

1,722,503

 

 

1,727,335

 

 

1,708,392

 

 

1,688,589

 

 

1,728,677

 

 

1,648,461

 

Total assets

 

1,928,868

 

 

1,912,574

 

 

1,917,226

 

 

1,896,530

 

 

1,879,314

 

 

1,919,804

 

 

1,835,887

 

Total deposits

 

1,669,932

 

 

1,655,389

 

 

1,646,627

 

 

1,615,020

 

 

1,595,773

 

 

1,657,401

 

 

1,551,727

 

Short-term borrowings

 

5,728

 

 

18,263

 

 

12,503

 

 

893

 

 

1,320

 

 

12,140

 

 

796

 

Long-term debt

 

24,920

 

 

12,637

 

 

10,000

 

 

14,402

 

 

15,000

 

 

15,907

 

 

16,736

 

Total shareholders’ equity

 

205,051

 

 

205,645

 

 

225,725

 

 

239,174

 

 

240,976

 

 

212,064

 

 

241,379

 

Equity to assets ratio

 

10.63

%

 

10.75

%

 

11.77

%

 

12.61

%

 

12.82

%

 

11.05

%

 

13.15

%

Loans to deposits ratio

 

82.91

%

 

83.10

%

 

83.62

%

 

83.70

%

 

82.82

%

 

83.21

%

 

85.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

32

 

 

74

 

 

25

 

 

(186

)

 

130

 

 

131

 

 

139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

$

465

 

 

599

 

 

1,455

 

 

1,481

 

 

2,629

 

 

465

 

 

2,629

 

Loans past due 90 days or more and still accruing

 

 

 

 

 

 

 

56

 

 

13

 

 

 

 

13

 

Total nonperforming loans

$

465

 

 

599

 

 

1,455

 

 

1,537

 

 

2,642

 

 

465

 

 

2,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries) to average loans

 

0.01

%

 

0.02

%

 

0.01

%

 

(0.05

) %

 

0.04

%

 

0.01

%

 

0.01

%

Allowance for loan losses to total loans

 

0.41

%

 

0.42

%

 

0.40

%

 

0.40

%

 

0.43

%

 

0.41

%

 

0.43

%

Nonperforming loans to total loans

 

0.03

%

 

0.04

%

 

0.11

%

 

0.11

%

 

0.20

%

 

0.03

%

 

0.20

%

Nonperforming assets to total assets

 

0.02

%

 

0.03

%

 

0.08

%

 

0.08

%

 

0.14

%

 

0.02

%

 

0.14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

$

1,904,700

 

 

1,912,627

 

 

1,899,630

 

 

1,903,629

 

 

1,884,252

 

 

 

 

 

Trust and investments (fair value)

 

611,409

 

 

625,984

 

 

700,353

 

 

722,093

 

 

713,936

 

 

 

 

 

Mortgage loans serviced

 

145,317

 

 

153,557

 

 

152,271

 

 

149,382

 

 

140,147

 

 

 

 

 

Cash management

 

53,199

 

 

38,914

 

 

75,302

 

 

34,009

 

 

72,622

 

 

 

 

 

Brokerage accounts (fair value)

 

314,144

 

 

303,663

 

 

326,290

 

 

334,670

 

 

319,495

 

 

 

 

 

Total assets managed

$

3,028,769

 

 

3,034,745

 

 

3,153,846

 

 

3,143,783

 

 

3,130,452

 

 

 

 

 

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

 

 

 

 

September 30, 2022

(Unaudited)

 

December 31, 2021

ASSETS:

 

 

 

Cash and due from banks

$

17,754

 

 

16,810

Interest-bearing demand deposits

 

11,706

 

 

1,326

Total cash and cash equivalents

 

29,460

 

 

18,136

Investment securities:

 

 

 

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

 

2,175

 

 

2,546

Equity securities without a readily determinable fair value, at cost

 

2,099

 

 

2,099

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

 

290,419

 

 

308,177

Debt securities, held-to-maturity, at cost

 

22,415

 

 

22,972

Federal Reserve Bank stock, at cost

 

4,652

 

 

4,652

Federal Home Loan Bank stock, at cost

 

4,041

 

 

5,203

Loans, net

 

1,371,045

 

 

1,363,939

Premises and equipment, net

 

33,152

 

 

35,385

Operating leases right of use asset

 

6,025

 

 

6,357

Goodwill

 

59,221

 

 

59,221

Core deposit and other intangibles

 

1,996

 

 

2,473

Bank owned life insurance

 

44,027

 

 

43,224

Interest receivable

 

7,622

 

 

7,999

Other assets

 

26,351

 

 

21,246

TOTAL ASSETS

$

1,904,700

 

 

1,903,629

 

 

 

 

LIABILITIES:

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

521,704

 

 

501,531

Interest-bearing

 

1,135,666

 

 

1,127,288

Total deposits

 

1,657,370

 

 

1,628,819

Short-term borrowings

 

4,000

 

 

Long-term debt

 

24,539

 

 

10,000

Operating lease liabilities

 

6,116

 

 

6,473

Accrued interest and other liabilities

 

17,236

 

 

19,733

TOTAL LIABILITIES

 

1,709,261

 

 

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 14,264,931 and 14,213,792 shares at September 30, 2022 and December 31, 2021, respectively; outstanding 11,293,639 and 12,414,956 shares at September 30, 2022 and December 31, 2021, respectively

 

143,855

 

 

143,130

Retained earnings

 

135,202

 

 

126,312

Treasury shares at cost, 2,971,292 and 1,798,836 shares at September 30, 2022 and December 31, 2021, respectively

 

(52,009

)

 

(29,029 )

Accumulated other comprehensive loss, net of taxes

 

(31,609

)

 

(1,809 )

TOTAL SHAREHOLDERS' EQUITY

 

195,439

 

 

238,604

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,904,700

 

 

1,903,629

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2022

 

 

2021

 

2022

 

 

2021

INTEREST INCOME:

 

 

 

 

 

 

 

Interest and fees on loans

$

15,026

 

 

13,729

 

43,360

 

 

42,372

Dividends on equity securities with a readily determinable fair value

 

14

 

 

12

 

40

 

 

38

Dividends on equity securities without a readily determinable fair value

 

6

 

 

5

 

16

 

 

16

Interest on debt securities, taxable

 

1,323

 

 

1,027

 

3,672

 

 

2,650

Interest on debt securities, non-taxable

 

190

 

 

214

 

567

 

 

656

Other investments

 

145

 

 

37

 

379

 

 

256

TOTAL INTEREST INCOME

 

16,704

 

 

15,024

 

48,034

 

 

45,988

INTEREST EXPENSE:

 

 

 

 

 

 

 

Interest on deposits

 

979

 

 

836

 

2,493

 

 

2,809

Interest on short-term borrowings

 

71

 

 

2

 

320

 

 

4

Interest on long-term debt

 

210

 

 

113

 

387

 

 

361

TOTAL INTEREST EXPENSE

 

1,260

 

 

951

 

3,200

 

 

3,174

NET INTEREST INCOME

 

15,444

 

 

14,073

 

44,834

 

 

42,814

PROVISION (CREDIT) FOR LOAN LOSSES

 

(157

)

 

306

 

269

 

 

239

NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES

 

15,601

 

 

13,767

 

44,565

 

 

42,575

NON-INTEREST INCOME:

 

 

 

 

 

 

 

Fiduciary income

 

1,513

 

 

1,695

 

4,851

 

 

4,959

Service charges and fees on deposit accounts

 

1,706

 

 

1,621

 

4,658

 

 

4,506

Bank owned life insurance income

 

269

 

 

269

 

803

 

 

805

Gains from sales of loans

 

 

 

366

 

188

 

 

560

Other operating income

 

93

 

 

155

 

159

 

 

1,055

TOTAL NON-INTEREST INCOME

 

3,581

 

 

4,106

 

10,659

 

 

11,885

NON-INTEREST EXPENSE:

 

 

 

 

 

 

 

Salaries and employee benefits

 

7,062

 

 

7,096

 

21,291

 

 

20,640

Equipment expenses

 

398

 

 

421

 

1,234

 

 

1,232

Occupancy expense, net

 

790

 

 

713

 

2,300

 

 

2,236

State financial institutions tax

 

439

 

 

437

 

1,312

 

 

1,318

Marketing

 

215

 

 

253

 

845

 

 

878

Amortization of intangibles

 

113

 

 

263

 

365

 

 

780

FDIC insurance premiums, net

 

137

 

 

129

 

397

 

 

365

Contracted services

 

613

 

 

655

 

1,902

 

 

1,818

Other real estate owned, net

 

5

 

 

 

(874

)

 

2

Other non-interest expense

 

2,578

 

 

2,062

 

7,297

 

 

6,460

TOTAL NON-INTEREST EXPENSE

 

12,350

 

 

12,029

 

36,069

 

 

35,729

INCOME BEFORE INCOME TAXES

 

6,832

 

 

5,844

 

19,155

 

 

18,731

PROVISION FOR INCOME TAXES

 

1,253

 

 

1,027

 

3,435

 

 

3,384

NET INCOME

$

5,579

 

 

4,817

 

15,720

 

 

15,347

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.20

 

 

0.19

 

0.60

 

 

0.57

Earnings per common share:

 

 

 

 

 

 

 

Basic

 

0.49

 

 

0.39

 

1.36

 

 

1.21

Diluted

 

0.49

 

 

0.39

 

1.36

 

 

1.21

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

11,284,225

 

 

12,455,276

 

11,478,256

 

 

12,663,368

Diluted

 

11,284,225

 

 

12,455,276

 

11,478,256

 

 

12,663,378

 

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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