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LCNB Corp. Reports Record Financial Results for the Three and Nine Months Ended September 30, 2021

LCNB Wealth Assets Up 30.5% Year-over-Year to a Record $1.03 Billion

Total Assets Managed1 13.5% Higher Year-over-Year to a Record $3.13 Billion

Third Quarter Diluted Earnings Per Share Increased 18.2% Year-over-Year to $0.39 Per Share

LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and nine months ended September 30, 2021.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “LCNB achieved strong third quarter earnings, driven by sustained growth in LCNB Wealth assets, an increase in total earning assets, and sustained strong asset quality. Growing assets under management, actively controlling risk, and diversifying our revenue streams have positioned LCNB to effectively navigate the current low-rate environment. Fee income generated from the Paycheck Protection Program (“PPP”) also contributed $492,000 to our third quarter earnings. PPP loans continue to wind down and our loan portfolio included $12,971,000 of PPP loans at September 30, 2021. We were able to help a significant number of companies get through the pandemic with PPP loans and we believe that we have strengthened and created numerous opportunities for new client relationships in the process. In addition, for the first nine months of 2021, fiduciary income grew 38.6% over the prior year period to $4,959,000.”

Mr. Meilstrup continued, “Net loans at September 30, 2021 are up compared to June 30, 2021, despite an additional $10,849,000 of PPP loans forgiven during the third quarter, which reflects our unceasing commitment to a strong local presence and the value we provide customers within our compelling Ohio markets. Competition for loans remains high in the current environment, however our approach to risk and pricing of loans has been consistent, leading to strong asset quality. At September 30, 2021, non-performing loans totaled $2,642,000, a $1,562,000 or 37.2% decrease from September 30, 2020, and net charge-offs remain limited. Our prudent capital management approach supports our proactive share repurchase program. During the third quarter our board demonstrated its belief that our shares are undervalued as we repurchased 206,768 shares of our common stock. Year-to-date we have repurchased 468,072 shares at an average cost of $16.82 per share.”

1 Total Assets Managed includes LCNB Corp. Consolidated Assets, LCNB Wealth Management Assets (Trust and Investments and Brokerage accounts), Loans Serviced for Others, and Cash Management Services.

“We remain focused on key strategies to diversify revenue, grow customer relationships, manage operating expenses, and prudently control risk. We also continue to develop and retain proven bankers and financial professionals throughout our organization. Our markets offer attractive demographics and we believe that we are well-positioned for prolonged growth and success in the years ahead. I am thankful to our valued associates as we continue to execute on our growth strategies and I am pleased with the progress we are making,” concluded Mr. Meilstrup.

Net income for the 2021 third quarter was $4,817,000, an increase of 13.3% as compared to $4,250,000 for the same period last year. Earnings per basic and diluted share for the 2021 third quarter were $0.39, an increase of 18.2% as compared to $0.33 for the same period last year. Net income for the nine-month period ended September 30, 2021, was $15,347,000, an increase of 7.1% as compared to $14,333,000 for the same period last year. Earnings per basic and diluted share for the nine-month period ended September 30, 2021, were $1.21, an increase of 9.0% as compared to $1.11 for the same period last year.

Net interest income for the three months ended September 30, 2021, was $14,073,000, compared to $13,529,000 for the comparable period in 2020. Net interest income for the nine-month period ended September 30, 2021, increased $1,109,000 to $42,814,000, as compared to $41,705,000 in the same period last year. Favorably contributing to the variances for both the three- and nine-month periods were fees recognized from PPP loans and market driven decreases in the average rates paid on deposits, aided by a shift from higher cost certificates of deposit to lower cost demand and savings products. LCNB's cost of funds at September 30, 2021 was 0.23%, compared to 0.48% at September 30, 2020.

Non-interest income for the three months ended September 30, 2021, declined $172,000 or by (4.0)% to $4,106,000, compared to $4,278,000 for the same period last year. For the nine months ended September 30, 2021, non-interest income increased $449,000 or by 3.9% to $11,885,000, compared to $11,436,000 for the same period last year. The primary drivers of the third quarter and nine-month year-over-year changes in non-interest income were reductions in gains from loan sales, offset by increased fiduciary income and deposit service charges.

Non-interest expense for the three months ended September 30, 2021, was $376,000 greater than the comparable period in 2020. For the nine months ended September 30, 2021, non-interest expense increased $1,888,000 from the comparable period in 2020. The increases for both the three and nine-month periods were primarily due to increases in salaries and employee benefits, equipment expenses, FDIC insurance, contracted services, and other non-interest expenses.

Asset Quality

For the 2021 third quarter, LCNB recorded a $306,000 provision for loan losses, compared to a provision of $976,000 for the 2020 third quarter. For the nine months ended September 30, 2021, LCNB recorded a provision of $239,000, compared to a provision of $2,165,000 for the nine months ended September 30, 2020. The respective $670,000 and $1,926,000 decreases in the provision for loan losses for the three and nine month periods were partially due to strong asset quality and last year’s proactive build in the Company’s allowance for loan losses associated with the estimated economic impacts caused by the COVID-19 pandemic.

Net charge-offs for the 2021 third quarter were $130,000, compared to $18,000 for the same period last year. For the 2021 nine-month period, net charge-offs were $139,000 or 0.01% of average loans, compared to $236,000 or 0.02% of average loans.

Non-accrual loans and loans past due 90 days or more and still accruing interest decreased $1,562,000, from $4,204,000 or 0.31% of total loans at September 30, 2020, to $2,642,000 or 0.20% of total loans at September 30, 2021. Nonperforming assets to total assets was 0.14% at September 30, 2021, compared to 0.24% at September 30, 2020.

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, digital 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, 2020, 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, 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 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

 

Nine Months Ended

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

9/30/2020

 

9/30/2021

 

9/30/2020

Condensed Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

15,024

 

 

$

15,429

 

 

$

15,535

 

 

15,945

 

 

15,322

 

 

45,988

 

 

47,835

 

Interest expense

951

 

 

1,060

 

 

1,163

 

 

1,432

 

 

1,793

 

 

3,174

 

 

6,130

 

Net interest income

14,073

 

 

14,369

 

 

14,372

 

 

14,513

 

 

13,529

 

 

42,814

 

 

41,705

 

Provision (credit) for loan losses

306

 

 

(15

)

 

(52

)

 

(151

)

 

976

 

 

239

 

 

2,165

 

Net interest income after provision (credit)

13,767

 

 

14,384

 

 

14,424

 

 

14,664

 

 

12,553

 

 

42,575

 

 

39,540

 

Non-interest income

4,106

 

 

4,314

 

 

3,465

 

 

4,305

 

 

4,278

 

 

11,885

 

 

11,436

 

Non-interest expense

12,029

 

 

12,208

 

 

11,492

 

 

11,944

 

 

11,653

 

 

35,729

 

 

33,841

 

Income before income taxes

5,844

 

 

6,490

 

 

6,397

 

 

7,025

 

 

5,178

 

 

18,731

 

 

17,135

 

Provision for income taxes

1,027

 

 

1,200

 

 

1,157

 

 

1,283

 

 

928

 

 

3,384

 

 

2,802

 

Net income

$

4,817

 

 

$

5,290

 

 

$

5,240

 

 

5,742

 

 

4,250

 

 

15,347

 

 

14,333

 

Amort/Accret income on acquired loans

$

132

 

 

$

216

 

 

$

249

 

 

186

 

 

181

 

 

597

 

 

1,142

 

Amort/Accret expenses on acquired interest-bearing liabilities

$

 

 

$

 

 

$

 

 

1

 

 

 

 

 

 

5

 

Tax-equivalent net interest income

$

14,129

 

 

$

14,427

 

 

$

14,432

 

 

14,577

 

 

13,594

 

 

42,988

 

 

41,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.19

 

 

$

0.19

 

 

$

0.19

 

 

0.19

 

 

0.18

 

 

0.57

 

 

0.54

 

Basic earnings per common share

$

0.39

 

 

$

0.41

 

 

$

0.41

 

 

0.44

 

 

0.33

 

 

1.21

 

 

1.11

 

Diluted earnings per common share

$

0.39

 

 

$

0.41

 

 

$

0.41

 

 

0.44

 

 

0.33

 

 

1.21

 

 

1.11

 

Book value per share

$

19.17

 

 

$

18.99

 

 

$

18.66

 

 

18.73

 

 

18.46

 

 

19.17

 

 

18.46

 

Tangible book value per share

$

14.28

 

 

$

14.15

 

 

$

13.87

 

 

13.93

 

 

13.66

 

 

14.28

 

 

13.66

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

12,455,276

 

 

12,743,726

 

 

12,794,824

 

 

12,852,614

 

 

12,937,865

 

 

12,663,368

 

 

12,934,987

 

Diluted

12,455,276

 

 

12,743,726

 

 

12,794,852

 

 

12,852,657

 

 

12,937,901

 

 

12,663,378

 

 

 

12,935,388

 

 

Shares outstanding at period end

12,434,084

 

 

12,634,845

 

 

12,820,108

 

 

12,858,325

 

 

12,926,686

 

 

12,434,084

 

 

 

12,926,686

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

1.02

%

 

1.15

%

 

1.20

%

 

1.31

%

 

0.97

%

 

1.12

%

 

1.13

%

Return on average equity

7.93

%

 

8.78

%

 

8.80

%

 

9.52

%

 

7.08

%

 

8.50

%

 

8.14

%

Return on average tangible common equity

10.62

%

 

11.76

%

 

11.81

%

 

12.83

%

 

9.56

%

 

11.39

%

 

11.07

%

Dividend payout ratio

48.72

%

 

46.34

%

 

46.34

%

 

43.18

%

 

54.55

%

 

47.11

%

 

48.65

%

Net interest margin (tax equivalent)

3.32

%

 

3.51

%

 

3.68

%

 

3.71

%

 

3.47

%

 

3.49

%

 

3.69

%

Efficiency ratio (tax equivalent)

65.96

%

 

65.14

%

 

64.21

%

 

63.26

%

 

65.20

%

 

65.11

%

 

63.43

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

23,852

 

 

$

22,909

 

 

$

41,144

 

 

31,730

 

 

24,485

 

 

 

 

Debt and equity securities

352,066

 

 

349,199

 

 

276,774

 

 

248,624

 

 

199,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

91,246

 

 

$

97,240

 

 

$

107,630

 

 

100,254

 

 

124,628

 

 

 

 

Commercial, secured by real estate

862,202

 

 

836,085

 

 

855,894

 

 

843,230

 

 

843,943

 

 

 

 

Residential real estate

343,318

 

 

341,447

 

 

328,265

 

 

309,692

 

 

327,689

 

 

 

 

Consumer

35,349

 

 

35,257

 

 

35,799

 

 

36,917

 

 

36,504

 

 

 

 

  Agricultural

8,852

 

 

8,765

 

 

8,698

 

 

10,100

 

 

8,920

 

 

 

 

Other, including deposit overdrafts

247

 

 

369

 

 

346

 

 

363

 

 

403

 

 

 

 

Deferred net origination fees

(1,055

)

 

(1,398

)

 

(1,531

)

 

(1,135

)

 

(1,927

)

 

 

 

Loans, gross

1,340,159

 

 

1,317,765

 

 

1,335,101

 

 

1,299,421

 

 

1,340,160

 

 

 

 

Less allowance for loan losses

5,828

 

 

5,652

 

 

5,679

 

 

5,728

 

 

5,974

 

 

 

 

Loans, net

$

1,334,331

 

 

$

1,312,113

 

 

$

1,329,422

 

 

1,293,693

 

 

1,334,186

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

9/30/2020

 

9/30/2021

 

9/30/2020

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,695,281

 

 

$

1,671,462

 

 

$

1,634,818

 

 

1,562,392

 

 

1,547,538

 

 

 

 

 

Total assets

1,884,252

 

 

1,856,670

 

 

1,818,321

 

 

1,745,884

 

 

1,725,615

 

 

 

 

 

Total deposits

1,603,203

 

 

1,577,345

 

 

1,537,116

 

 

1,455,423

 

 

1,430,394

 

 

 

 

 

Short-term borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

15,000

 

 

15,000

 

 

17,000

 

 

22,000

 

 

31,999

 

 

 

 

 

Total shareholders’ equity

238,419

 

 

239,952

 

 

239,246

 

 

240,825

 

 

238,585

 

 

 

 

 

Equity to assets ratio

12.65

%

 

12.92

%

 

13.16

%

 

13.79

%

 

13.83

%

 

 

 

 

Loans to deposits ratio

83.59

%

 

83.54

%

 

86.86

%

 

89.28

%

 

93.69

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

$

177,501

 

 

$

178,771

 

 

$

177,805

 

 

179,127

 

 

176,624

 

 

 

 

 

Tangible common assets (TCA)

1,823,334

 

 

1,795,489

 

 

1,756,880

 

 

1,684,186

 

 

1,663,654

 

 

 

 

 

TCE/TCA

9.73

%

 

9.96

%

 

10.12

%

 

10.64

%

 

10.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

34,557

 

 

$

45,414

 

 

$

37,269

 

 

49,273

 

 

42,661

 

 

39,021

 

 

37,988

 

Debt and equity securities

356,214

 

 

312,596

 

 

260,147

 

 

218,816

 

 

197,788

 

 

310,004

 

 

195,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,321,629

 

 

$

1,328,760

 

 

$

1,313,803

 

 

1,313,892

 

 

1,339,608

 

 

1,321,426

 

 

1,303,770

 

Less allowance for loan losses

5,567

 

 

5,678

 

 

5,715

 

 

5,920

 

 

5,250

 

 

5,653

 

 

4,730

 

Net loans

$

1,316,062

 

 

$

1,323,082

 

 

$

1,308,088

 

 

1,307,972

 

 

1,334,358

 

 

1,315,773

 

 

1,299,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,688,589

 

 

$

1,666,126

 

 

$

1,589,582

 

 

1,561,392

 

 

1,558,886

 

 

1,648,461

 

 

1,516,967

 

Total assets

1,879,314

 

 

1,852,035

 

 

1,775,154

 

 

1,742,947

 

 

1,741,998

 

 

1,835,887

 

 

1,695,103

 

Total deposits

1,595,773

 

 

1,570,070

 

 

1,488,156

 

 

1,447,217

 

 

1,445,573

 

 

1,551,727

 

 

1,401,636

 

Short-term borrowings

1,320

 

 

716

 

 

342

 

 

 

 

 

 

796

 

 

497

 

Long-term debt

15,000

 

 

15,571

 

 

19,689

 

 

30,803

 

 

33,020

 

 

16,736

 

 

35,427

 

Total shareholders’ equity

240,976

 

 

241,651

 

 

241,517

 

 

239,881

 

 

238,990

 

 

241,379

 

 

235,225

 

Equity to assets ratio

12.82

%

 

13.05

%

 

13.61

%

 

13.76

%

 

13.72

%

 

13.15

%

 

13.88

%

Loans to deposits ratio

82.82

%

 

84.63

%

 

88.28

%

 

90.79

%

 

92.67

%

 

85.16

%

 

93.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

130

 

 

$

12

 

 

$

(3

)

 

95

 

 

18

 

 

139

 

 

236

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

2,629

 

 

3,338

 

 

3,365

 

 

3,718

 

 

4,110

 

 

2,629

 

 

4,110

 

Loans past due 90 days or more and still accruing

13

 

 

 

 

 

 

 

 

94

 

 

13

 

 

94

 

Total nonperforming loans

$

2,642

 

 

$

3,338

 

 

$

3,365

 

 

3,718

 

 

4,204

 

 

2,642

 

 

4,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs to average loans

0.04

%

 

0.00

%

 

0.00

%

 

0.03

%

 

0.01

%

 

0.01

%

 

0.02

%

Allowance for loan losses to total loans

0.43

%

 

0.43

%

 

0.43

%

 

0.44

%

 

0.45

%

 

0.43

%

 

0.45

%

Nonperforming loans to total loans

0.20

%

 

0.25

%

 

0.25

%

 

0.29

%

 

0.31

%

 

0.20

%

 

0.31

%

Nonperforming assets to total assets

0.14

%

 

0.18

%

 

0.19

%

 

0.21

%

 

0.24

%

 

0.14

%

 

0.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

$

1,884,252

 

 

$

1,856,670

 

 

$

1,818,321

 

 

1,745,884

 

 

1,725,615

 

 

 

 

 

Trust and investments (fair value)

713,936

 

 

701,838

 

 

673,742

 

 

628,414

 

 

524,502

 

 

 

 

 

Mortgage loans serviced

140,147

 

 

126,924

 

 

127,290

 

 

137,188

 

 

120,546

 

 

 

 

 

Cash management

72,622

 

 

80,177

 

 

118,494

 

 

116,792

 

 

119,520

 

 

 

 

 

Brokerage accounts (fair value)

319,495

 

 

314,491

 

 

299,355

 

 

292,953

 

 

267,307

 

 

 

 

 

Total assets managed

$

3,130,452

 

 

$

3,080,100

 

 

3,037,202

 

 

2,921,231

 

 

2,757,490

 

 

 

 

 

 
 
 
 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

 

(Dollars in thousands)

 

 

September 30,

2021

(Unaudited)

 

December 31,

2020

ASSETS:

 

 

 

Cash and due from banks

$

20,796

 

 

17,383

 

Interest-bearing demand deposits

3,056

 

 

14,347

 

Total cash and cash equivalents

23,852

 

 

31,730

 

Investment securities:

 

 

 

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

2,478

 

 

2,389

 

Equity securities without a readily determinable fair value, at cost

2,099

 

 

2,099

 

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

313,214

 

 

209,471

 

Debt securities, held-to-maturity, at cost

24,420

 

 

24,810

 

Federal Reserve Bank stock, at cost

4,652

 

 

4,652

 

Federal Home Loan Bank stock, at cost

5,203

 

 

5,203

 

Loans, net

1,334,331

 

 

1,293,693

 

Premises and equipment, net

35,154

 

 

35,376

 

Operating leases right of use asset

6,608

 

 

6,274

 

Goodwill

59,221

 

 

59,221

 

Core deposit and other intangibles

2,671

 

 

3,453

 

Bank owned life insurance

42,954

 

 

42,149

 

Interest receivable

8,624

 

 

8,337

 

Other assets

18,771

 

 

17,027

 

TOTAL ASSETS

$

1,884,252

 

 

1,745,884

 

 

 

 

 

LIABILITIES:

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

483,920

 

 

455,073

 

Interest-bearing

1,119,283

 

 

1,000,350

 

Total deposits

1,603,203

 

 

1,455,423

 

Long-term debt

15,000

 

 

22,000

 

Operating lease liabilities

6,693

 

 

6,371

 

Accrued interest and other liabilities

20,937

 

 

21,265

 

TOTAL LIABILITIES

1,645,833

 

 

1,505,059

 

 

 

 

 

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 14,207,735 and 14,163,904 shares at September 30, 2021 and December 31, 2020, respectively; outstanding 12,434,084 and 12,858,325 shares at September 30, 2021 and December 31, 2020, respectively

142,946

 

 

142,443

 

Retained earnings

123,167

 

 

115,058

 

Treasury shares at cost, 1,773,651 and 1,305,579 shares at September 30, 2021 and December 31, 2020, respectively

(28,590

)

 

(20,719

)

Accumulated other comprehensive income, net of taxes

896

 

 

4,043

 

TOTAL SHAREHOLDERS' EQUITY

238,419

 

 

240,825

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,884,252

 

 

1,745,884

 
 
 
 

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,

 

2021

 

2020

 

2021

 

2020

INTEREST INCOME:

 

 

 

 

 

 

 

Interest and fees on loans

$

13,729 

 

 

14,379 

 

 

42,372 

 

 

44,428 

 

Dividends on equity securities with a readily determinable fair value

12 

 

 

13 

 

 

38 

 

 

40 

 

Dividends on equity securities without a readily determinable fair value

 

 

 

 

16 

 

 

33 

 

Interest on debt securities, taxable

1,027 

 

 

633 

 

 

2,650 

 

 

2,250 

 

Interest on debt securities, non-taxable

214 

 

 

249 

 

 

656 

 

 

788 

 

Other investments

37 

 

 

43 

 

 

256 

 

 

296 

 

TOTAL INTEREST INCOME

15,024 

 

 

15,322 

 

 

45,988 

 

 

47,835 

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

Interest on deposits

836 

 

 

1,567 

 

 

2,809 

 

 

5,416 

 

Interest on short-term borrowings

 

 

— 

 

 

 

 

 

Interest on long-term debt

113 

 

 

226 

 

 

361 

 

 

707 

 

TOTAL INTEREST EXPENSE

951 

 

 

1,793 

 

 

3,174 

 

 

6,130 

 

NET INTEREST INCOME

14,073 

 

 

13,529 

 

 

42,814 

 

 

41,705 

 

PROVISION FOR LOAN LOSSES

306 

 

 

976 

 

 

239 

 

 

2,165 

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

13,767 

 

 

12,553 

 

 

42,575 

 

 

39,540 

 

NON-INTEREST INCOME:

 

 

 

 

 

 

 

Fiduciary income

1,695 

 

 

1,275 

 

 

4,959 

 

 

3,579 

 

Service charges and fees on deposit accounts

1,621 

 

 

1,506 

 

 

4,506 

 

 

4,038 

 

Net gains on sales of debt securities, available-for-sale

— 

 

 

— 

 

 

— 

 

 

221 

 

Bank owned life insurance income

269 

 

 

275 

 

 

805 

 

 

1,163 

 

Gains from sales of loans

366 

 

 

999 

 

 

560 

 

 

1,436 

 

Other operating income

155 

 

 

223 

 

 

1,055 

 

 

999 

 

TOTAL NON-INTEREST INCOME

4,106 

 

 

4,278 

 

 

11,885 

 

 

11,436 

 

NON-INTEREST EXPENSE:

 

 

 

 

 

 

 

Salaries and employee benefits

7,096 

 

 

6,863 

 

 

20,640 

 

 

20,279 

 

Equipment expenses

421 

 

 

341 

 

 

1,232 

 

 

917 

 

Occupancy expense, net

713 

 

 

740 

 

 

2,236 

 

 

2,145 

 

State financial institutions tax

437 

 

 

424 

 

 

1,318 

 

 

1,280 

 

Marketing

253 

 

 

471 

 

 

878 

 

 

906 

 

Amortization of intangibles

263 

 

 

263 

 

 

780 

 

 

783 

 

FDIC insurance premiums, net

129 

 

 

112 

 

 

365 

 

 

142 

 

Contracted services

655 

 

 

435 

 

 

1,818 

 

 

1,312 

 

Other non-interest expense

2,062 

 

 

2,004 

 

 

6,462 

 

 

6,077 

 

TOTAL NON-INTEREST EXPENSE

12,029 

 

 

11,653 

 

 

35,729 

 

 

33,841 

 

INCOME BEFORE INCOME TAXES

5,844 

 

 

5,178 

 

 

18,731 

 

 

17,135 

 

PROVISION FOR INCOME TAXES

1,027 

 

 

928 

 

 

3,384 

 

 

2,802 

 

NET INCOME

$

4,817 

 

 

4,250 

 

 

15,347 

 

 

14,333 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.19 

 

 

0.18 

 

 

0.57 

 

 

0.54 

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

0.39 

 

 

0.33 

 

 

1.21 

 

 

1.11 

 

Diluted

0.39 

 

 

0.33 

 

 

1.21 

 

 

1.11 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

12,455,276 

 

 

12,937,865 

 

 

12,663,368 

 

 

12,934,987 

 

Diluted

12,455,276 

 

 

12,937,901 

 

 

12,663,378 

 

 

12,935,388 

 

 
 

 

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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