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LCNB Corp. Reports Financial Results For The Three Months Ended March 31, 2021

First Quarter Diluted Earnings Per Share Increased 5.1% Year-over-Year to $0.41

47.8% Year-over-Year Increase in Trust and Investment Assets Drives Robust Fiduciary Income

Credit Quality Remains Strong with Limited Net Charge-Offs Recorded in First Quarter

Total Assets Managed1 Increased 21.5% Year-over-Year to a Record $3.04 Billion

LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2021.

Net income for the 2021 first quarter increased 4.3% to $5,240,000 compared to $5,026,000 for the same period last year. Earnings per basic and diluted share for the 2021 first quarter were $0.41, compared to $0.39 for the same period last year. Earnings, before provisions for loan losses and income taxes, were $6,345,000 for the 2021 first quarter compared to $6,945,000 for the same period last year.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “Total assets managed increased to a record of over $3.0 billion, an important milestone for LCNB, as we benefited from strong year-over-year growth across all aspects of our business. Growth in trust and investment assets was particularly strong, which drove a 38.6% increase in fiduciary income. Our trust and investment businesses are important growth drivers, and we are benefiting from over 50 years of providing local, sophisticated, and diverse wealth solutions to our customers.”

Mr. Meilstrup continued, “Our asset quality is encouraging and we had limited net charge-offs in the quarter. At March 31, 2021, we only had six loans in deferral status for $19.6 million, which is a 94.9% decline from the amount of deferrals at June 30, 2020. We also continue to support small businesses within our local communities and during the first quarter we originated 345 new PPP loans for $23.6 million while processing $11.0 million of loan forgiveness under the program.”

1 Total Assets Managed includes LCNB Corp. Consolidated Assets, Wealth Management & Brokerage Assets, Loans Serviced for Others, and Cash Management Services.

“We believe we are emerging from the COVID-19 crisis with a dynamic platform to drive sustainable growth and I am pleased with the solid start to 2021. We remain focused on continuing to offer our communities leading and diversified financial services, maintaining strong asset quality, managing both our cost of funds and non-interest expenses, and increasing non-interest income,” concluded Mr. Meilstrup.

Net interest income for the three months ended March 31, 2021, was $14,372,000, compared to $14,178,000 for the comparable period in 2020. The 1.4% increase for the three-month period was primarily due to a decline in the average rates paid on interest bearing liabilities.

Non-interest income for the three months ended March 31, 2021, was $3,465,000, compared to $3,839,000 for the same period last year. The decline in non-interest income was primarily due to lower gains on sales of debt securities, bank owned life insurance income, gains from sales of loans, and other operating income, partially offset by fiduciary income and service charges and fees on deposit accounts.

Non-interest expense for the three months ended March 31, 2021, was $420,000 greater than the comparable period in 2020, primarily due to increases in equipment, occupancy, marketing, FDIC insurance, contracted services and other non-interest expenses, partially offset by a decrease in salaries and employee benefits.

Asset Quality

For the 2021 first quarter, LCNB recorded a $52,000 credit for loan losses, compared to a provision of $1,173,000 for the 2020 first quarter. The $1,225,000 year-over-year decrease in the provision for loan losses was partially due to strong asset quality and last year’s proactive build in the Company’s allowance for loan losses associated with the potential economic impacts caused by the COVID-19 pandemic.

Net recoveries for the 2021 first quarter were $3,000 compared to net charge-offs of $210,000, or an annualized ratio of 0.07% of average loans, for the same period last year.

Non-accrual loans and loans past due 90 days or more and still accruing interest increased $497,000, from $2,868,000 or 0.23% of total loans at March 31, 2020, to $3,365,000 or 0.25% of total loans at March 31, 2021. Nonperforming assets to total assets was 0.19% at March 31, 2021, compared to 0.18% at March 31, 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 recent and 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

 

3/31/2021

 

12/31/2020

 

9/30/2020

 

6/30/2020

 

3/31/2020

Condensed Income Statement

 

 

 

 

 

 

 

 

 

Interest income

$

15,535

 

 

15,945

 

 

15,322

 

 

15,957

 

 

16,556

 

Interest expense

1,163

 

 

1,432

 

 

1,793

 

 

1,959

 

 

2,378

 

Net interest income

14,372

 

 

14,513

 

 

13,529

 

 

13,998

 

 

14,178

 

Provision (credit) for loan losses

(52

)

 

(151

)

 

976

 

 

16

 

 

1,173

 

Net interest income after provision

14,424

 

 

14,664

 

 

12,553

 

 

13,982

 

 

13,005

 

Non-interest income

3,465

 

 

4,305

 

 

4,278

 

 

3,319

 

 

3,839

 

Non-interest expense

11,492

 

 

11,944

 

 

11,653

 

 

11,116

 

 

11,072

 

Income before income taxes

6,397

 

 

7,025

 

 

5,178

 

 

6,185

 

 

5,772

 

Provision for income taxes

1,157

 

 

1,283

 

 

928

 

 

1,128

 

 

746

 

Net income

$

5,240

 

 

5,742

 

 

4,250

 

 

5,057

 

 

5,026

 

Amort/Accret income on acquired loans

$

249

 

 

186

 

 

181

 

 

294

 

 

667

 

Amort/Accret expenses on acquired interest-bearing liabilities

$

 

 

1

 

 

 

 

2

 

 

3

 

Tax-equivalent net interest income

$

14,432

 

 

14,577

 

 

13,594

 

 

14,066

 

 

14,254

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.19

 

 

0.19

 

 

0.18

 

 

0.18

 

 

0.18

 

Basic earnings per common share

$

0.41

 

 

0.44

 

 

0.33

 

 

0.39

 

 

0.39

 

Diluted earnings per common share

$

0.41

 

 

0.44

 

 

0.33

 

 

0.39

 

 

0.39

 

Book value per share

$

18.66

 

 

18.73

 

 

18.46

 

 

18.27

 

 

18.00

 

Tangible book value per share

$

13.87

 

 

13.93

 

 

13.66

 

 

13.47

 

 

13.18

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

12,794,824

 

 

12,852,614

 

 

12,937,865

 

 

12,940,975

 

 

12,926,077

 

Diluted

12,794,852

 

 

12,852,657

 

 

12,937,901

 

 

12,941,001

 

 

12,927,666

 

Shares outstanding at period end

12,820,108

 

 

12,858,325

 

 

12,926,686

 

 

12,975,879

 

 

12,969,076

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

Return on average assets

1.20

%

 

1.31

%

 

0.97

%

 

1.19

%

 

1.23

%

Return on average equity

8.80

%

 

9.52

%

 

7.08

%

 

8.63

%

 

8.75

%

Return on average tangible equity

11.81

%

 

12.83

%

 

9.56

%

 

11.74

%

 

12.00

%

Dividend payout ratio

46.34

%

 

43.18

%

 

54.55

%

 

46.15

%

 

46.15

%

Net interest margin (tax equivalent)

3.68

%

 

3.71

%

 

3.47

%

 

3.70

%

 

3.92

%

Efficiency ratio (tax equivalent)

64.21

%

 

63.26

%

 

65.20

%

 

63.94

%

 

61.19

%

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

41,144

 

 

31,730

 

 

24,485

 

 

42,736

 

 

24,795

 

Debt and equity securities

276,774

 

 

248,624

 

 

199,044

 

 

194,883

 

 

183,123

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

107,630

 

 

100,254

 

 

124,628

 

 

125,492

 

 

85,356

 

Commercial, secured by real estate

855,894

 

 

843,230

 

 

843,943

 

 

833,286

 

 

829,461

 

Residential real estate

328,265

 

 

309,692

 

 

327,689

 

 

334,349

 

 

318,009

 

Consumer

35,799

 

 

36,917

 

 

36,504

 

 

32,859

 

 

28,955

 

Agricultural

8,698

 

 

10,100

 

 

8,920

 

 

11,071

 

 

10,519

 

Other, including deposit overdrafts

346

 

 

363

 

 

403

 

 

283

 

 

436

 

Deferred net origination fees

(1,531

)

 

(1,135

)

 

(1,927

)

 

(1,902

)

 

(349

)

Loans, gross

1,335,101

 

 

1,299,421

 

 

1,340,160

 

 

1,335,438

 

 

1,272,387

 

Less allowance for loan losses

5,679

 

 

5,728

 

 

5,974

 

 

5,016

 

 

5,008

 

Loans, net

$

1,329,422

 

 

1,293,693

 

 

1,334,186

 

 

1,330,422

 

 

1,267,379

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,634,818

 

 

1,562,392

 

 

1,547,538

 

 

1,554,537

 

 

1,462,485

 

Total assets

1,818,321

 

 

1,745,884

 

 

1,725,615

 

 

1,735,332

 

 

1,636,280

 

Total deposits

1,537,116

1,455,423

1,430,394

 

1,438,921

 

 

1,345,872

 

Three Months Ended

 

3/31/2021

 

12/31/2020

 

9/30/2020

 

6/30/2020

 

3/31/2020

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

Long-term debt

17,000

 

 

22,000

 

 

31,999

 

 

33,998

 

 

35,996

 

Total shareholders’ equity

239,246

 

 

240,825

 

 

238,585

 

 

237,047

 

 

233,478

 

Equity to assets ratio

13.16

%

 

13.79

%

 

13.83

%

 

13.66

%

 

14.27

%

Loans to deposits ratio

86.86

%

 

89.28

%

 

93.69

%

 

92.81

%

 

94.54

%

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

$

177,805

 

 

179,127

 

 

176,624

 

 

174,823

 

 

170,994

 

Tangible common assets (TCA)

1,756,880

 

 

1,684,186

 

 

1,663,654

 

 

1,673,108

 

 

1,573,796

 

TCE/TCA

10.12

%

 

10.64

%

 

10.62

%

 

10.45

%

 

10.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

37,269

 

 

49,273

 

 

42,661

 

 

46,292

 

 

25,101

 

Debt and equity securities

260,147

 

 

218,816

 

 

197,788

 

 

182,371

 

 

204,912

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,313,803

 

 

1,313,892

 

 

1,339,608

 

 

1,318,753

 

 

1,252,554

 

Less allowance for loan losses

5,715

 

 

5,920

 

 

5,250

 

 

4,998

 

 

3,938

 

Net loans

$

1,308,088

 

 

1,307,972

 

 

1,334,358

 

 

1,313,755

 

 

1,248,616

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,589,582

 

 

1,561,392

 

 

1,558,886

 

 

1,528,610

 

 

1,462,946

 

Total assets

1,775,154

 

 

1,742,947

 

 

1,741,998

 

 

1,704,303

 

 

1,638,486

 

Total deposits

1,488,156

 

 

1,447,217

 

 

1,445,573

 

 

1,412,082

 

 

1,346,770

 

Short-term borrowings

342

 

 

 

 

 

 

82

 

 

1,415

 

Long-term debt

19,689

 

 

30,803

 

 

33,020

 

 

34,964

 

 

38,325

 

Total shareholders’ equity

241,517

 

 

239,881

 

 

238,990

 

 

235,587

 

 

231,058

 

Equity to assets ratio

13.61

%

 

13.76

%

 

13.72

%

 

13.82

%

 

14.10

%

Loans to deposits ratio

88.28

%

 

90.79

%

 

92.67

%

 

93.39

%

 

93.00

%

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

(3

)

 

95

 

 

18

 

 

8

 

 

210

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

3,365

 

 

3,718

 

 

4,110

 

 

3,876

 

 

2,829

 

Loans past due 90 days or more and still accruing

 

 

 

 

94

 

 

38

 

 

39

 

Total nonperforming loans

$

3,365

 

 

3,718

 

 

4,204

 

 

3,914

 

 

2,868

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs to average loans

0.00

%

 

0.03

%

 

0.01

%

 

0.00

%

 

0.07

%

Allowance for loan losses to total loans

0.43

%

 

0.44

%

 

0.45

%

 

0.38

%

 

0.39

%

Nonperforming loans to total loans

0.25

%

 

0.29

%

 

0.31

%

 

0.29

%

 

0.23

%

Nonperforming assets to total assets

0.19

%

 

0.21

%

 

0.24

%

 

0.23

%

 

0.18

%

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

$

1,818,321

 

 

1,745,884

 

 

1,725,615

 

 

1,735,332

 

 

1,636,280

 

Trust and investments (fair value)

673,742

 

 

628,414

 

 

524,502

 

 

516,076

 

 

455,974

 

Mortgage loans serviced

127,290

 

 

137,188

 

 

120,546

 

 

100,189

 

 

94,805

 

Cash management

118,494

 

 

116,792

 

 

119,520

 

 

116,615

 

 

77,471

 

Brokerage accounts (fair value)

299,355

 

 

292,953

 

 

267,307

 

 

255,276

 

 

235,278

 

Total assets managed

$

3,037,202

 

 

2,921,231

 

 

2,757,490

 

 

2,723,488

 

 

2,499,808

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

 

 

 

 

March 31,

2021

(Unaudited)

 

December 31,

2020

ASSETS:

 

 

 

Cash and due from banks

$

18,201

 

 

17,383

 

Interest-bearing demand deposits

22,943

 

 

14,347

 

Total cash and cash equivalents

41,144

 

 

31,730

 

Investment securities:

 

 

 

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

2,506

 

 

2,389

 

Equity securities without a readily determinable fair value, at cost

2,099

 

 

2,099

 

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

237,619

 

 

209,471

 

Debt securities, held-to-maturity, at cost

24,695

 

 

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

1,329,422

 

 

1,293,693

 

Premises and equipment, net

35,243

 

 

35,376

 

Operating leases right of use asset

6,865

 

 

6,274

 

Goodwill

59,221

 

 

59,221

 

Core deposit and other intangibles

3,108

 

 

3,453

 

Bank owned life insurance

42,416

 

 

42,149

 

Interest receivable

8,665

 

 

8,337

 

Other assets

15,463

 

 

17,027

 

TOTAL ASSETS

$

1,818,321

 

 

1,745,884

 

 

 

 

 

LIABILITIES:

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

475,127

 

 

455,073

 

Interest-bearing

1,061,989

 

 

1,000,350

 

Total deposits

1,537,116

 

 

1,455,423

 

Long-term debt

17,000

 

 

22,000

 

Operating lease liabilities

6,998

 

 

6,371

 

Accrued interest and other liabilities

17,961

 

 

21,265

 

TOTAL LIABILITIES

1,579,075

 

 

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 14,196,008 and 14,163,904 shares at March 31, 2021 and December 31, 2020, respectively; outstanding 12,820,108 and 12,858,325 shares at March 31, 2021 and December 31, 2020, respectively

142,639

 

 

142,443

 

Retained earnings

117,863

 

 

115,058

 

Treasury shares at cost, 1,375,900 and 1,305,579 shares at March 31, 2021 and December 31, 2020, respectively

(21,859

)

 

(20,719

)

Accumulated other comprehensive income, net of taxes

603

 

 

4,043

 

TOTAL SHAREHOLDERS' EQUITY

239,246

 

 

240,825

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,818,321

 

 

1,745,884

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

2021

 

2020

INTEREST INCOME:

 

 

 

Interest and fees on loans

$

14,535

 

 

15,227

 

Dividends on equity securities with a readily determinable fair value

13

 

 

14

 

Dividends on equity securities without a readily determinable fair value

6

 

 

16

 

Interest on debt securities, taxable

718

 

 

950

 

Interest on debt securities, non-taxable

224

 

 

285

 

Other investments

39

 

 

64

 

TOTAL INTEREST INCOME

15,535

 

 

16,556

 

INTEREST EXPENSE:

 

 

 

Interest on deposits

1,028

 

 

2,117

 

Interest on short-term borrowings

1

 

 

7

 

Interest on long-term debt

134

 

 

254

 

TOTAL INTEREST EXPENSE

1,163

 

 

2,378

 

NET INTEREST INCOME

14,372

 

 

14,178

 

PROVISION (CREDIT) FOR LOAN LOSSES

(52

)

 

1,173

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

14,424

 

 

13,005

 

NON-INTEREST INCOME:

 

 

 

Fiduciary income

1,529

 

 

1,103

 

Service charges and fees on deposit accounts

1,366

 

 

1,295

 

Net gains on sales of debt securities

 

 

221

 

Bank owned life insurance income

267

 

 

601

 

Gains from sales of loans

43

 

 

120

 

Other operating income

260

 

 

499

 

TOTAL NON-INTEREST INCOME

3,465

 

 

3,839

 

NON-INTEREST EXPENSE:

 

 

 

Salaries and employee benefits

6,433

 

 

6,768

 

Equipment expenses

368

 

 

287

 

Occupancy expense, net

794

 

 

682

 

State financial institutions tax

444

 

 

436

 

Marketing

268

 

 

177

 

Amortization of intangibles

257

 

 

260

 

FDIC insurance premiums (credit), net

113

 

 

(1

)

Contracted services

540

 

 

402

 

Other non-interest expense

2,275

 

 

2,061

 

TOTAL NON-INTEREST EXPENSE

11,492

 

 

11,072

 

INCOME BEFORE INCOME TAXES

6,397

 

 

5,772

 

PROVISION FOR INCOME TAXES

1,157

 

 

746

 

NET INCOME

$

5,240

 

 

5,026

 

 

 

 

 

Dividends declared per common share

$

0.19

 

 

0.18

 

Earnings per common share:

 

 

 

Basic

0.41

 

 

0.39

 

Diluted

0.41

 

 

0.39

 

Weighted average common shares outstanding:

 

 

 

Basic

12,794,824

 

 

12,926,077

 

Diluted

12,794,852

 

 

12,927,666

 

 

Contacts

Company Contact:

Eric J. Meilstrup

President Chief Executive Officer

LCNB National Bank

(513) 932-1414

emeilstrup@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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