LCNB Corp. Reports Financial Results for the Three and Six Months Ended June 30, 2024
LCNB Corp. (NASDAQ: LCNB) reported financial results for Q2 2024, showcasing the impact of recent acquisitions. Key highlights include:
- Record total assets of $2.37 billion, up 21.6% year-over-year
- Net income of $0.9 million, or $0.07 per diluted share
- Adjusted net income of $4.1 million, or $0.29 per diluted share
- Net interest margin increased to 2.86%, up 14 basis points from Q1 2024
- Non-interest income grew 11.9% year-over-year to $4.1 million
- Total deposits increased 21.7% to $1.94 billion
- Record total assets managed of $4.21 billion
The company expects year-over-year earnings growth to reaccelerate in Q4 2024, driven by integration efforts, asset quality, and balance sheet strengthening initiatives.
LCNB Corp. (NASDAQ: LCNB) ha riportato i risultati finanziari per il secondo trimestre del 2024, evidenziando l'impatto delle recenti acquisizioni. Le principali novità includono:
- Attivi totali record di 2,37 miliardi di dollari, in aumento del 21,6% rispetto all'anno precedente
- Utile netto di 0,9 milioni di dollari, ovvero 0,07 dollari per azione diluita
- Utile netto rettificato di 4,1 milioni di dollari, ossia 0,29 dollari per azione diluita
- Il margine d'interesse netto è aumentato al 2,86%, con un incremento di 14 punti base rispetto al primo trimestre del 2024
- Il reddito non da interessi è cresciuto dell'11,9% su base annua, raggiungendo 4,1 milioni di dollari
- I depositi totali sono aumentati del 21,7% a 1,94 miliardi di dollari
- Attivi totali gestiti record di 4,21 miliardi di dollari
L'azienda prevede che la crescita degli utili anno su anno riprenderà slancio nel quarto trimestre del 2024, sostenuta da sforzi di integrazione, qualità degli attivi e iniziative di rafforzamento del bilancio.
LCNB Corp. (NASDAQ: LCNB) reportó resultados financieros para el segundo trimestre de 2024, mostrando el impacto de las adquisiciones recientes. Los aspectos destacados incluyen:
- Activos totales récord de 2.37 mil millones de dólares, un aumento del 21.6% interanual
- Ingreso neto de 0.9 millones de dólares, o 0.07 dólares por acción diluida
- Ingreso neto ajustado de 4.1 millones de dólares, o 0.29 dólares por acción diluida
- El margen de interés neto aumentó al 2.86%, un incremento de 14 puntos básicos respecto al primer trimestre de 2024
- Los ingresos no por intereses crecieron un 11.9% interanual a 4.1 millones de dólares
- Los depósitos totales aumentaron un 21.7% a 1.94 mil millones de dólares
- Activos totales bajo gestión récord de 4.21 mil millones de dólares
La compañía espera que el crecimiento de las ganancias interanuales se reanude en el cuarto trimestre de 2024, impulsado por esfuerzos de integración, calidad de activos y iniciativas para fortalecer el balance.
LCNB Corp. (NASDAQ: LCNB)는 2024년 2분기 재무 결과를 발표하며 최근 인수의 영향을 보여주었습니다. 주요 하이라이트는 다음과 같습니다:
- 기록적인 총 자산 23.7억 달러, 전년 대비 21.6% 증가
- 순이익 90만 달러, 희석주당 0.07달러
- 조정된 순이익 410만 달러, 희석주당 0.29달러
- 순이자 마진 2.86%로 증가, 2024년 1분기 대비 14bp 증가
- 비이자 수익 410만 달러로 전년 대비 11.9% 증가
- 총 예금 19.4억 달러로 21.7% 증가
- 관리 총 자산 42.1억 달러의 기록
회사는 2024년 4분기에 통합 노력, 자산 품질 및 재무 건전성 강화 이니셔티브에 의해 연간 수익 성장이 다시 가속화될 것으로 예상합니다.
LCNB Corp. (NASDAQ: LCNB) a publié ses résultats financiers pour le deuxième trimestre 2024, mettant en évidence l'impact des acquisitions récentes. Les points clés incluent:
- Actifs totaux record de 2,37 milliards de dollars, en hausse de 21,6 % par rapport à l'année précédente
- Revenu net de 0,9 million de dollars, soit 0,07 dollar par action diluée
- Revenu net ajusté de 4,1 millions de dollars, soit 0,29 dollar par action diluée
- La marge nette d'intérêts a augmenté à 2,86 %, en hausse de 14 points de base par rapport au premier trimestre 2024
- Le revenu non d'intérêts a augmenté de 11,9 % sur un an pour atteindre 4,1 millions de dollars
- Les dépôts totaux ont augmenté de 21,7 % pour atteindre 1,94 milliard de dollars
- Actifs totaux gérés record de 4,21 milliards de dollars
L'entreprise s'attend à ce que la croissance des bénéfices d'une année sur l'autre s'accélère de nouveau au quatrième trimestre 2024, grâce aux efforts d'intégration, à la qualité des actifs et aux initiatives de renforcement du bilan.
LCNB Corp. (NASDAQ: LCNB) hat die finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht und dabei die Auswirkungen der jüngsten Übernahmen hervorgehoben. Wichtige Höhepunkte sind:
- Rekordgesamtvermögen von 2,37 Milliarden US-Dollar, ein Anstieg von 21,6 % gegenüber dem Vorjahr
- Nettoertrag von 0,9 Millionen US-Dollar oder 0,07 US-Dollar pro verwässerter Aktie
- Bereinigter Nettoertrag von 4,1 Millionen US-Dollar oder 0,29 US-Dollar pro verwässerter Aktie
- Nettozinsmarge stieg auf 2,86 %, ein Anstieg um 14 Basispunkte im Vergleich zum 1. Quartal 2024
- Die nicht-zinsbezogenen Einnahmen stiegen im Jahresvergleich um 11,9 % auf 4,1 Millionen US-Dollar
- Die Gesamteinlagen erhöhten sich um 21,7 % auf 1,94 Milliarden US-Dollar
- Rekordgesamte verwaltete Vermögenswerte von 4,21 Milliarden US-Dollar
Das Unternehmen erwartet, dass das jährliche Ertragswachstum im 4. Quartal 2024 durch Integrationsmaßnahmen, Vermögensqualität und Initiativen zur Stärkung der Bilanz wieder an Fahrt gewinnt.
- Record total assets of $2.37 billion, up 21.6% year-over-year
- Net interest margin increased to 2.86%, up 14 basis points from Q1 2024
- Non-interest income grew 11.9% year-over-year to $4.1 million
- Total deposits increased 21.7% to $1.94 billion
- Record total assets managed of $4.21 billion
- Adjusted net income increased by 56.8% to $4.1 million quarter-over-quarter
- Net income decreased to $0.9 million from $4.7 million in Q2 2023
- Earnings per diluted share decreased to $0.07 from $0.42 in Q2 2023
- Non-interest expense increased by $5.7 million year-over-year
- Nonperforming loans increased to $3.0 million, or 0.17% of total loans, from $707,000, or 0.05% of total loans in Q2 2023
LCNB Corp.'s recent financial results exhibit a period of significant transformation and growth driven by strategic acquisitions. The integration of Eagle Financial Bancorp, Inc. and Cincinnati Bancorp, Inc. has notably increased total managed assets to $4.21 billion, a milestone for the company. Additionally, the rise in non-interest income by 11.9% year-over-year reflects robust growth in their financial services portfolio. However, the decline in net income to $0.9 million from $4.7 million year-over-year and the reduction in net interest margin to 2.86% from 3.28% present critical areas of concern. These figures suggest that while LCNB is expanding its asset base, it is also experiencing pressure on profitability margins. Investors should monitor the company's ability to manage integration costs and improve operational efficiencies to achieve sustainable earnings growth.
The acquisitions of Eagle Financial Bancorp and Cincinnati Bancorp have substantially bolstered LCNB Corp.’s market presence in Ohio and Kentucky, signaling a strategic move towards becoming a dominant regional player. The 20.9% increase in net loans and 21.7% rise in total deposits year-over-year underline a successful expansion strategy. However, the increased non-interest expenses, largely due to merger-related costs and higher personnel expenses, raise concerns about the short-term financial strain on the company. LCNB's future performance will largely depend on how well it can leverage these acquisitions to drive revenue growth and offset the associated costs. The company’s proactive approach in expanding wealth management and mortgage loan capabilities seems promising for long-term growth.
From an investment perspective, LCNB Corp.’s financial results highlight both opportunities and challenges. The substantial increase in assets under management and organic loan growth are positive indicators of the company’s expanding influence. The $4.21 billion in total managed assets marks a record for LCNB, enhancing its competitive edge. However, the significant drop in net income and earnings per share compared to last year suggests that the company is grappling with the financial impacts of its recent acquisitions. Investors should weigh the immediate financial pressures against the long-term growth potential these acquisitions bring. The projected earnings growth reacceleration in the fourth quarter of 2024 could serve as a pivotal moment for LCNB, provided it successfully integrates the new assets and capitalizes on its expanded market reach.
Second quarter results include the initial contribution of the April 12, 2024 Eagle Financial Bancorp, Inc. acquisition and the growing benefits of the November 1, 2023 Cincinnati Bancorp, Inc. acquisition
LCNB ended the quarter with record total assets, record LCNB Wealth Management assets, and record total assets managed of
Non-interest income for the 2024 second quarter increased
Net interest margin for the 2024 second quarter increased 14 basis points from the 2024 first quarter
Management continues to expect year-over-year earnings growth to reaccelerate in the fourth quarter of 2024
Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “Our second quarter results demonstrate the initial contribution of the April 12, 2024 Eagle Financial Bancorp, Inc. (“EFBI” or “Eagle”) acquisition and the growing benefits of the November 1, 2023 Cincinnati Bancorp, Inc. (“Cincinnati Federal”) acquisition. As a result of these transformative transactions, LCNB's scale increased to
Mr. Meilstrup continued, “We believe our financial results are beginning to reflect the benefits of our larger scale and the opportunities to provide additional financial services to customers across our
“We believe we are well positioned for continued improvements in profitability as a result of the completion of our integration efforts, our excellent asset quality, and the initiatives we are pursuing to strengthen our balance sheet. I look forward to updating shareholders on the progress we are making, as we focus on providing leading financial services and expanding our product offerings to more customers throughout our
Income Statement
Net income for the 2024 second quarter was
Adjusted net income for the 2024 second quarter was
Net interest income for the three months ended June 30, 2024 was
Non-interest income for the three months ended June 30, 2024 was
Non-interest expense for the three months ended June 30, 2024 was
Capital Allocation
During the six months ended June 30, 2024, LCNB did not repurchase any of its outstanding shares. At June 30, 2024, LCNB had 315,047 shares remaining under its share repurchase program.
For the second quarter ended June 30, 2024, LCNB paid
Balance Sheet
Total assets at June 30, 2024 increased
Loans held for sale totaled
Total deposits at June 30, 2024 increased
As of the transaction date, the fair value of loans acquired from Eagle totaled
Assets Under Management
Total assets managed at June 30, 2024 were a record
Asset Quality
For the 2024 second quarter, LCNB recorded a provision for credit losses of
Net charge-offs for the 2024 second quarter were
Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were
About LCNB Corp.
LCNB Corp. is a financial holding company headquartered in
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, 2023, 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:
- the success, impact, and timing of the implementation of LCNB’s business strategies;
- LCNB’s ability to integrate recent and future acquisitions may be unsuccessful or may be more difficult, time-consuming, or costly than expected;
- LCNB may incur increased loan charge-offs in the future and the allowance for credit losses may be inadequate;
- LCNB may face competitive loss of customers;
- 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;
- changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
- 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;
- LCNB may experience difficulties growing loan and deposit balances;
-
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; - global geopolitical relations and/or conflicts could create financial market uncertainty and have negative impacts on commodities and currency, which could adversely affect LCNB's operating results and financial condition;
- 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;
- 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
-
government intervention in the
U.S. financial system, including the effects of 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, changes in deposit insurance premium levels, 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.
Exhibit 99.2 |
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LCNB Corp. and Subsidiaries Financial Highlights (Dollars in thousands, except per share amounts) (Unaudited) |
|||||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||
|
06-30-2024 |
|
03-31-2024 |
|
12-31-2023 |
|
09-30-2023 |
|
06-30-2023 |
|
06-30-2024 |
|
06-30-2023 |
||||||||||||
Condensed Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income |
$ |
26,965 |
|
|
$ |
24,758 |
|
|
$ |
23,310 |
|
|
|
19,668 |
|
|
|
18,703 |
|
|
51,723 |
|
|
36,621 |
|
Interest expense |
|
11,748 |
|
|
|
10,863 |
|
|
|
8,651 |
|
|
|
6,097 |
|
|
|
4,526 |
|
|
22,611 |
|
|
8,502 |
|
Net interest income |
|
15,217 |
|
|
|
13,895 |
|
|
|
14,659 |
|
|
|
13,571 |
|
|
|
14,177 |
|
|
29,112 |
|
|
28,119 |
|
Provision for (recovery of) credit losses |
|
528 |
|
|
|
125 |
|
|
|
2,218 |
|
|
|
(114 |
) |
|
|
30 |
|
|
653 |
|
|
(27 |
) |
Net interest income after provision for (recovery of) credit losses |
|
14,689 |
|
|
|
13,770 |
|
|
|
12,441 |
|
|
|
13,685 |
|
|
|
14,147 |
|
|
28,459 |
|
|
28,146 |
|
Non-interest income |
|
4,080 |
|
|
|
3,929 |
|
|
|
4,606 |
|
|
|
3,578 |
|
|
|
3,646 |
|
|
8,009 |
|
|
7,227 |
|
Non-interest expense |
|
17,825 |
|
|
|
15,472 |
|
|
|
17,576 |
|
|
|
12,244 |
|
|
|
12,078 |
|
|
33,297 |
|
|
24,603 |
|
Income (loss) before income taxes |
|
944 |
|
|
|
2,227 |
|
|
|
(529 |
) |
|
|
5,019 |
|
|
|
5,715 |
|
|
3,171 |
|
|
10,770 |
|
Provision for (benefit from) income taxes |
|
19 |
|
|
|
312 |
|
|
|
(236 |
) |
|
|
949 |
|
|
|
1,021 |
|
|
331 |
|
|
1,919 |
|
Net income (loss) |
$ |
925 |
|
|
$ |
1,915 |
|
|
$ |
(293 |
) |
|
$ |
4,070 |
|
|
|
4,694 |
|
|
2,840 |
|
|
8,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Supplemental Income Statement Information |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amort/Accrete income on acquired loans |
$ |
1,248 |
|
|
$ |
776 |
|
|
$ |
410 |
|
|
|
— |
|
|
|
— |
|
|
2,024 |
|
|
74 |
|
Amort/Accrete expenses on acquired interest-bearing liabilities |
$ |
638 |
|
|
$ |
459 |
|
|
$ |
309 |
|
|
|
— |
|
|
|
— |
|
|
1,096 |
|
|
— |
|
Tax-equivalent net interest income |
$ |
15,256 |
|
|
$ |
13,933 |
|
|
$ |
14,703 |
|
|
|
13,617 |
|
|
|
14,223 |
|
|
29,189 |
|
|
28,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends per share |
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
0.44 |
|
|
0.42 |
|
Basic earnings (loss) per common share |
$ |
0.07 |
|
|
$ |
0.15 |
|
|
$ |
(0.02 |
) |
|
|
0.37 |
|
|
|
0.42 |
|
|
0.21 |
|
|
0.79 |
|
Diluted earnings (loss) per common share |
$ |
0.07 |
|
|
$ |
0.15 |
|
|
$ |
(0.02 |
) |
|
|
0.37 |
|
|
|
0.42 |
|
|
0.21 |
|
|
0.79 |
|
Book value per share |
$ |
17.33 |
|
|
$ |
17.67 |
|
|
$ |
17.86 |
|
|
|
18.10 |
|
|
|
18.20 |
|
|
17.33 |
|
|
18.20 |
|
Tangible book value per share |
$ |
10.08 |
|
|
$ |
11.26 |
|
|
$ |
11.42 |
|
|
|
12.72 |
|
|
|
12.81 |
|
|
10.08 |
|
|
12.81 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic |
|
14,033,264 |
|
|
|
13,112,302 |
|
|
|
12,378,289 |
|
|
|
11,038,720 |
|
|
|
11,056,308 |
|
|
13,610,854 |
|
|
11,122,371 |
|
Diluted |
|
14,033,264 |
|
|
|
13,112,302 |
|
|
|
12,378,289 |
|
|
|
11,038,720 |
|
|
|
11,056,308 |
|
|
13,610,854 |
|
|
11,122,371 |
|
Shares outstanding at period end |
|
14,151,755 |
|
|
|
13,224,276 |
|
|
|
13,173,569 |
|
|
|
11,123,382 |
|
|
|
11,116,080 |
|
|
14,151,755 |
|
|
11,116,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selected Financial Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Return on average assets |
|
0.15 |
% |
|
|
0.34 |
% |
|
|
(0.05 |
)% |
|
|
0.82 |
% |
|
|
0.98 |
% |
|
0.24 |
% |
|
0.93 |
% |
Return on average equity |
|
1.53 |
% |
|
|
3.28 |
% |
|
|
(0.53 |
)% |
|
|
7.92 |
% |
|
|
9.22 |
% |
|
2.38 |
% |
|
8.78 |
% |
Return on average tangible common equity |
|
2.02 |
% |
|
|
4.39 |
% |
|
|
(0.72 |
)% |
|
|
11.21 |
% |
|
|
13.07 |
% |
|
3.17 |
% |
|
12.46 |
% |
Dividend payout ratio |
|
314.29 |
% |
|
|
146.67 |
% |
|
|
NM |
|
|
|
56.76 |
% |
|
|
50.00 |
% |
|
209.52 |
% |
|
53.16 |
% |
Net interest margin (tax equivalent) |
|
2.86 |
% |
|
|
2.72 |
% |
|
|
2.99 |
% |
|
|
3.04 |
% |
|
|
3.28 |
% |
|
2.80 |
% |
|
3.28 |
% |
Efficiency ratio (tax equivalent) |
|
92.19 |
% |
|
|
86.62 |
% |
|
|
91.02 |
% |
|
|
71.21 |
% |
|
|
67.59 |
% |
|
89.51 |
% |
|
69.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selected Balance Sheet Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
$ |
34,872 |
|
|
$ |
32,951 |
|
|
$ |
39,723 |
|
|
|
43,422 |
|
|
|
26,020 |
|
|
|
|
|
||
Debt and equity securities |
|
312,241 |
|
|
|
306,775 |
|
|
|
318,723 |
|
|
|
309,094 |
|
|
|
314,763 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial |
$ |
125,703 |
|
|
$ |
122,229 |
|
|
$ |
120,411 |
|
|
|
125,751 |
|
|
|
127,553 |
|
|
|
|
|
||
Commercial, secured by real estate |
|
1,117,798 |
|
|
|
1,099,601 |
|
|
|
1,107,556 |
|
|
|
981,787 |
|
|
|
961,173 |
|
|
|
|
|
||
Residential real estate |
|
458,949 |
|
|
|
398,250 |
|
|
|
459,073 |
|
|
|
313,286 |
|
|
|
312,338 |
|
|
|
|
|
||
Consumer |
|
22,912 |
|
|
|
24,137 |
|
|
|
25,578 |
|
|
|
27,018 |
|
|
|
29,007 |
|
|
|
|
|
||
Agricultural |
|
11,685 |
|
|
|
12,647 |
|
|
|
10,952 |
|
|
|
11,278 |
|
|
|
9,955 |
|
|
|
|
|
||
Other, including deposit overdrafts |
|
233 |
|
|
|
73 |
|
|
|
82 |
|
|
|
80 |
|
|
|
69 |
|
|
|
|
|
||
Deferred net origination fees |
|
(533 |
) |
|
|
(583 |
) |
|
|
(181 |
) |
|
|
(796 |
) |
|
|
(844 |
) |
|
|
|
|
||
Loans, gross |
|
1,736,747 |
|
|
|
1,656,354 |
|
|
|
1,723,471 |
|
|
|
1,458,404 |
|
|
|
1,439,251 |
|
|
|
|
|
||
Less allowance for credit losses |
|
11,270 |
|
|
|
10,557 |
|
|
|
10,525 |
|
|
|
7,932 |
|
|
|
7,956 |
|
|
|
|
|
||
Loans, net |
$ |
1,725,477 |
|
|
|
1,645,797 |
|
|
|
1,712,946 |
|
|
|
1,450,472 |
|
|
|
1,431,295 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans held for sale |
|
44,002 |
|
|
|
75,581 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NM - Not Meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||
|
06-30-2024 |
|
03-31-2024 |
|
12-31-2023 |
|
09-30-2023 |
|
06-30-2023 |
|
06-30-2024 |
|
06-30-2023 |
||||||||||||
Selected Balance Sheet Items, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for Credit Losses on Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for credit losses, beginning of period |
$ |
10,557 |
|
|
|
10,525 |
|
|
|
7,932 |
|
|
|
7,956 |
|
|
|
7,858 |
|
|
|
|
|
||
Fair value adjustment for purchased credit deteriorated loans |
|
189 |
|
|
|
— |
|
|
|
493 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
||
Provision for credit losses |
|
542 |
|
|
|
77 |
|
|
|
2,203 |
|
|
|
9 |
|
|
|
131 |
|
|
|
|
|
||
Losses charged off |
|
(87 |
) |
|
|
(78 |
) |
|
|
(126 |
) |
|
|
(57 |
) |
|
|
(49 |
) |
|
|
|
|
||
Recoveries |
|
69 |
|
|
|
33 |
|
|
|
23 |
|
|
|
24 |
|
|
|
16 |
|
|
|
|
|
||
Allowance for credit losses, end of period |
$ |
11,270 |
|
|
|
10,557 |
|
|
|
10,525 |
|
|
|
7,932 |
|
|
|
7,956 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total earning assets |
$ |
2,058,110 |
|
|
$ |
1,971,130 |
|
|
$ |
2,045,382 |
|
|
|
1,787,796 |
|
|
$ |
1,756,157 |
|
|
|
|
|
||
Total assets |
|
2,371,313 |
|
|
|
2,283,151 |
|
|
|
2,291,592 |
|
|
|
1,981,668 |
|
|
|
1,950,763 |
|
|
|
|
|
||
Total deposits |
|
1,943,060 |
|
|
|
1,858,493 |
|
|
|
1,824,389 |
|
|
|
1,616,890 |
|
|
|
1,596,709 |
|
|
|
|
|
||
Short-term borrowings |
|
— |
|
|
|
10,000 |
|
|
|
97,395 |
|
|
|
30,000 |
|
|
|
112,289 |
|
|
|
|
|
||
Long-term debt |
|
162,150 |
|
|
|
162,638 |
|
|
|
113,123 |
|
|
|
112,641 |
|
|
|
18,122 |
|
|
|
|
|
||
Total shareholders’ equity |
|
245,214 |
|
|
|
233,663 |
|
|
|
235,303 |
|
|
|
201,349 |
|
|
|
202,316 |
|
|
|
|
|
||
Equity to assets ratio |
|
10.34 |
% |
|
|
10.23 |
% |
|
|
10.27 |
% |
|
|
10.16 |
% |
|
|
10.37 |
% |
|
|
|
|
||
Loans to deposits ratio |
|
89.38 |
% |
|
|
89.12 |
% |
|
|
94.47 |
% |
|
|
90.20 |
% |
|
|
90.14 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Tangible common equity (TCE) |
$ |
142,679 |
|
|
$ |
145,850 |
|
|
$ |
146,999 |
|
|
|
141,508 |
|
|
|
142,362 |
|
|
|
|
|
||
Tangible common assets (TCA) |
|
2,268,778 |
|
|
|
2,195,338 |
|
|
|
2,203,288 |
|
|
|
1,921,827 |
|
|
|
1,890,809 |
|
|
|
|
|
||
TCE/TCA |
|
6.29 |
% |
|
|
6.64 |
% |
|
|
6.67 |
% |
|
|
7.36 |
% |
|
|
7.53 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selected Average Balance Sheet Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
$ |
39,396 |
|
|
$ |
51,366 |
|
|
$ |
49,436 |
|
|
|
36,177 |
|
|
|
30,742 |
|
|
45,378 |
|
|
33,205 |
|
Debt and equity securities |
|
309,668 |
|
|
|
310,771 |
|
|
|
310,274 |
|
|
|
313,669 |
|
|
|
321,537 |
|
|
310,222 |
|
|
324,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans, including loans held for sale |
$ |
1,818,253 |
|
|
$ |
1,722,568 |
|
|
$ |
1,622,911 |
|
|
|
1,451,153 |
|
|
|
1,405,939 |
|
|
1,770,410 |
|
|
1,397,708 |
|
Less allowance for credit losses on loans |
|
11,386 |
|
|
|
10,523 |
|
|
|
8,826 |
|
|
|
7,958 |
|
|
|
7,860 |
|
|
10,954 |
|
|
7,692 |
|
Net loans |
$ |
1,806,867 |
|
|
|
1,712,045 |
|
|
|
1,614,085 |
|
|
|
1,443,195 |
|
|
|
1,398,079 |
|
|
1,759,456 |
|
|
1,390,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total earning assets, including loans held for sale |
$ |
2,142,064 |
|
|
$ |
2,056,656 |
|
|
$ |
1,952,121 |
|
|
|
1,775,713 |
|
|
|
1,737,256 |
|
|
2,099,362 |
|
|
1,733,160 |
|
Total assets |
|
2,404,782 |
|
|
|
2,294,766 |
|
|
|
2,182,477 |
|
|
|
1,971,269 |
|
|
|
1,927,956 |
|
|
2,349,774 |
|
|
1,925,004 |
|
Total deposits |
|
1,965,987 |
|
|
|
1,824,546 |
|
|
|
1,759,677 |
|
|
|
1,610,508 |
|
|
|
1,604,346 |
|
|
1,895,268 |
|
|
1,594,159 |
|
Short-term borrowings |
|
11,291 |
|
|
|
65,052 |
|
|
|
64,899 |
|
|
|
63,018 |
|
|
|
79,485 |
|
|
38,171 |
|
|
86,996 |
|
Long-term debt |
|
162,555 |
|
|
|
150,177 |
|
|
|
115,907 |
|
|
|
72,550 |
|
|
|
18,514 |
|
|
156,366 |
|
|
18,747 |
|
Total shareholders’ equity |
|
243,927 |
|
|
|
235,119 |
|
|
|
220,678 |
|
|
|
203,967 |
|
|
|
204,085 |
|
|
239,523 |
|
|
203,257 |
|
Equity to assets ratio |
|
10.14 |
% |
|
|
10.25 |
% |
|
|
10.11 |
% |
|
|
10.35 |
% |
|
|
10.59 |
% |
|
10.19 |
% |
|
10.56 |
% |
Loans to deposits ratio |
|
92.49 |
% |
|
|
94.41 |
% |
|
|
92.23 |
% |
|
|
90.11 |
% |
|
|
87.63 |
% |
|
93.41 |
% |
|
87.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net charge-offs |
$ |
18 |
|
|
$ |
45 |
|
|
$ |
102 |
|
|
|
33 |
|
|
|
33 |
|
|
63 |
|
|
49 |
|
Other real estate owned |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-accrual loans |
$ |
2,845 |
|
|
$ |
2,719 |
|
|
$ |
80 |
|
|
|
85 |
|
|
|
451 |
|
|
2,845 |
|
|
451 |
|
Loans past due 90 days or more and still accruing |
|
159 |
|
|
|
524 |
|
|
|
72 |
|
|
|
176 |
|
|
|
256 |
|
|
159 |
|
|
256 |
|
Total nonperforming loans |
$ |
3,004 |
|
|
|
3,243 |
|
|
|
152 |
|
|
|
261 |
|
|
|
707 |
|
|
3,004 |
|
|
707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net charge-offs to average loans |
|
0.00 |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
0.01 |
% |
|
0.01 |
% |
Allowance for credit losses on loans to total loans |
|
0.65 |
% |
|
|
0.64 |
% |
|
|
0.61 |
% |
|
|
0.54 |
% |
|
|
0.55 |
% |
|
|
|
|
||
Nonperforming loans to total loans |
|
0.17 |
% |
|
|
0.20 |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
|
|
0.05 |
% |
|
|
|
|
||
Nonperforming assets to total assets |
|
0.13 |
% |
|
|
0.14 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.04 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||
|
06-30-2024 |
|
03-31-2024 |
|
12-31-2023 |
|
09-30-2023 |
|
06-30-2023 |
|
06-30-2024 |
|
06-30-2023 |
||||||||||||
Assets Under Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LCNB Corp. total assets |
$ |
2,371,313 |
|
|
|
2,283,151 |
|
|
|
2,291,592 |
|
|
|
1,981,668 |
|
|
|
1,950,763 |
|
|
|
|
|
||
Trust and investments (fair value) |
|
897,746 |
|
|
|
890,800 |
|
|
|
806,770 |
|
|
|
731,342 |
|
|
|
744,149 |
|
|
|
|
|
||
Mortgage loans serviced |
|
422,951 |
|
|
|
386,490 |
|
|
|
391,800 |
|
|
|
146,483 |
|
|
|
143,093 |
|
|
|
|
|
||
Cash management |
|
93,842 |
|
|
|
13,314 |
|
|
|
2,375 |
|
|
|
2,445 |
|
|
|
2,668 |
|
|
|
|
|
||
Brokerage accounts (fair value) |
|
419,646 |
|
|
|
411,211 |
|
|
|
392,390 |
|
|
|
368,854 |
|
|
|
384,889 |
|
|
|
|
|
||
Total assets managed |
$ |
4,205,498 |
|
|
|
3,984,966 |
|
|
|
3,884,927 |
|
|
|
3,230,792 |
|
|
|
3,225,562 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation of Net Income Less Tax-Effected Merger-Related Costs |
|
|
|
|
|
|
|
|
|||||||||||||||||
Net income (loss) |
$ |
925 |
|
|
|
1,915 |
|
|
|
(293 |
) |
|
|
4,070 |
|
|
|
4,694 |
|
|
2,840 |
|
|
8,851 |
|
Merger expenses |
|
2,320 |
|
|
|
775 |
|
|
|
3,914 |
|
|
|
302 |
|
|
|
415 |
|
|
3,095 |
|
|
440 |
|
Provision for credit losses on non-PCD loans |
|
763 |
|
|
|
— |
|
|
|
1,722 |
|
|
|
— |
|
|
|
— |
|
|
763 |
|
|
— |
|
Loss on sale of below-market acquired loans |
|
843 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
843 |
|
|
— |
|
Tax effect |
|
(773 |
) |
|
|
(90 |
) |
|
|
(1,102 |
) |
|
|
(3 |
) |
|
|
(63 |
) |
|
(863 |
) |
|
(67 |
) |
Adjusted net income |
$ |
4,078 |
|
|
|
2,600 |
|
|
|
4,241 |
|
|
|
4,369 |
|
|
|
5,046 |
|
|
6,678 |
|
|
9,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted basic and diluted earnings per share |
$ |
0.29 |
|
|
$ |
0.20 |
|
|
$ |
0.34 |
|
|
|
0.40 |
|
|
|
0.45 |
|
|
0.49 |
|
|
0.82 |
|
Adjusted return on average assets |
|
0.68 |
% |
|
|
0.46 |
% |
|
|
0.77 |
% |
|
|
0.88 |
% |
|
|
1.05 |
% |
|
0.57 |
% |
|
0.97 |
% |
Adjusted return on average equity |
|
6.72 |
% |
|
|
4.45 |
% |
|
|
7.62 |
% |
|
|
8.50 |
% |
|
|
9.92 |
% |
|
5.61 |
% |
|
9.15 |
% |
|
|
Three Months Ended June 30, |
|
Three Months Ended March 31, |
||||||||||||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
||||||||||||||||||||||
|
|
Average
Balance |
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
||||||||||
Loans (1) |
|
$ |
1,818,253 |
|
|
24,836 |
|
5.49 |
% |
|
$ |
1,405,939 |
|
|
16,763 |
|
4.78 |
% |
|
$ |
1,722,568 |
|
|
22,682 |
|
|
5.30 |
% |
Interest-bearing demand deposits |
|
|
14,143 |
|
|
215 |
|
6.11 |
% |
|
|
9,780 |
|
|
144 |
|
5.91 |
% |
|
|
23,317 |
|
|
324 |
|
|
5.59 |
% |
Federal Reserve Bank stock |
|
|
6,248 |
|
|
180 |
|
11.59 |
% |
|
|
4,652 |
|
|
140 |
|
12.07 |
% |
|
|
5,509 |
|
|
(4 |
) |
|
(0.29 |
)% |
Federal Home Loan Bank stock |
|
|
20,152 |
|
|
367 |
|
7.32 |
% |
|
|
6,713 |
|
|
121 |
|
7.23 |
% |
|
|
16,239 |
|
|
341 |
|
|
8.45 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities |
|
|
4,985 |
|
|
39 |
|
3.15 |
% |
|
|
3,386 |
|
|
38 |
|
4.50 |
% |
|
|
4,995 |
|
|
40 |
|
|
3.22 |
% |
Debt securities, taxable |
|
|
259,768 |
|
|
1,183 |
|
1.83 |
% |
|
|
282,325 |
|
|
1,323 |
|
1.88 |
% |
|
|
265,164 |
|
|
1,232 |
|
|
1.87 |
% |
Debt securities, non-taxable (2) |
|
|
18,515 |
|
|
184 |
|
4.00 |
% |
|
|
24,461 |
|
|
220 |
|
3.61 |
% |
|
|
18,864 |
|
|
181 |
|
|
3.86 |
% |
Total earnings assets |
|
|
2,142,064 |
|
|
27,004 |
|
5.07 |
% |
|
|
1,737,256 |
|
|
18,749 |
|
4.33 |
% |
|
|
2,056,656 |
|
|
24,796 |
|
|
4.85 |
% |
Non-earning assets |
|
|
274,104 |
|
|
|
|
|
|
|
198,560 |
|
|
|
|
|
|
|
248,633 |
|
|
|
|
|
||||
Allowance for credit losses |
|
|
(11,386 |
) |
|
|
|
|
|
|
(7,860 |
) |
|
|
|
|
|
|
(10,523 |
) |
|
|
|
|
||||
Total assets |
|
$ |
2,404,782 |
|
|
|
|
|
|
$ |
1,927,956 |
|
|
|
|
|
|
$ |
2,294,766 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand and money market deposits |
|
$ |
648,772 |
|
|
3,575 |
|
2.22 |
% |
|
$ |
521,422 |
|
|
1,597 |
|
1.23 |
% |
|
$ |
643,199 |
|
|
3,917 |
|
|
2.45 |
% |
Savings deposits |
|
|
372,240 |
|
|
307 |
|
0.33 |
% |
|
|
395,367 |
|
|
134 |
|
0.14 |
% |
|
|
368,049 |
|
|
206 |
|
|
0.23 |
% |
IRA and time certificates |
|
|
493,297 |
|
|
5,808 |
|
4.74 |
% |
|
|
215,403 |
|
|
1,604 |
|
2.99 |
% |
|
|
370,130 |
|
|
4,067 |
|
|
4.42 |
% |
Short-term borrowings |
|
|
11,291 |
|
|
181 |
|
6.45 |
% |
|
|
79,485 |
|
|
1,008 |
|
5.09 |
% |
|
|
65,052 |
|
|
935 |
|
|
5.78 |
% |
Long-term debt |
|
|
162,555 |
|
|
1,877 |
|
4.64 |
% |
|
|
18,514 |
|
|
183 |
|
3.96 |
% |
|
|
150,177 |
|
|
1,738 |
|
|
4.65 |
% |
Total interest-bearing liabilities |
|
|
1,688,155 |
|
|
11,748 |
|
2.80 |
% |
|
|
1,230,191 |
|
|
4,526 |
|
1.48 |
% |
|
|
1,596,607 |
|
|
10,863 |
|
|
2.74 |
% |
Demand deposits |
|
|
451,678 |
|
|
|
|
|
|
|
472,154 |
|
|
|
|
|
|
|
443,168 |
|
|
|
|
|
||||
Other liabilities |
|
|
21,022 |
|
|
|
|
|
|
|
21,526 |
|
|
|
|
|
|
|
19,872 |
|
|
|
|
|
||||
Equity |
|
|
243,927 |
|
|
|
|
|
|
|
204,085 |
|
|
|
|
|
|
|
235,119 |
|
|
|
|
|
||||
Total liabilities and equity |
|
$ |
2,404,782 |
|
|
|
|
|
|
$ |
1,927,956 |
|
|
|
|
|
|
$ |
2,294,766 |
|
|
|
|
|
||||
Net interest rate spread (3) |
|
|
|
|
|
2.27 |
% |
|
|
|
|
|
2.85 |
% |
|
|
|
|
|
2.11 |
% |
|||||||
Net interest income and net interest margin on a taxable-equivalent basis (4) |
|
|
|
15,256 |
|
2.86 |
% |
|
|
|
14,223 |
|
3.28 |
% |
|
|
|
13,933 |
|
|
2.72 |
% |
||||||
Ratio of interest-earning assets to interest-bearing liabilities |
|
|
126.89 |
% |
|
|
|
|
|
|
141.22 |
% |
|
|
|
|
|
|
128.81 |
% |
|
|
|
|
(1) |
Includes non-accrual loans and loans held for sale |
|
(2) |
Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of |
|
(3) |
The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities. |
|
(4) |
The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets. |
Exhibit 99.2 |
|||||||
LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited, dollars in thousands) |
|||||||
|
June 30,
|
|
December 31,
|
||||
ASSETS: |
|
|
|
||||
Cash and due from banks |
$ |
25,750 |
|
|
|
36,535 |
|
Interest-bearing demand deposits |
|
9,122 |
|
|
|
3,188 |
|
Total cash and cash equivalents |
|
34,872 |
|
|
|
39,723 |
|
Investment securities: |
|
|
|
||||
Equity securities with a readily determinable fair value, at fair value |
|
1,330 |
|
|
|
1,336 |
|
Equity securities without a readily determinable fair value, at cost |
|
3,666 |
|
|
|
3,666 |
|
Debt securities, available-for-sale, at fair value |
|
261,357 |
|
|
|
276,601 |
|
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of |
|
18,844 |
|
|
|
16,858 |
|
Federal Reserve Bank stock, at cost |
|
6,334 |
|
|
|
5,086 |
|
Federal Home Loan Bank stock, at cost |
|
20,710 |
|
|
|
15,176 |
|
Loans, net of allowance for credit losses of |
|
1,725,477 |
|
|
|
1,712,946 |
|
Loans held for sale |
|
44,002 |
|
|
|
— |
|
Premises and equipment, net |
|
40,766 |
|
|
|
36,302 |
|
Operating lease right-of-use assets |
|
6,026 |
|
|
|
6,000 |
|
Goodwill |
|
93,922 |
|
|
|
79,509 |
|
Core deposit and other intangibles, net |
|
12,135 |
|
|
|
9,494 |
|
Bank-owned life insurance |
|
53,510 |
|
|
|
49,847 |
|
Interest receivable |
|
9,473 |
|
|
|
8,405 |
|
Other assets, net |
|
38,889 |
|
|
|
30,643 |
|
TOTAL ASSETS |
$ |
2,371,313 |
|
|
|
2,291,592 |
|
|
|
|
|
||||
LIABILITIES: |
|
|
|
||||
Deposits: |
|
|
|
||||
Noninterest-bearing |
$ |
449,110 |
|
|
|
462,267 |
|
Interest-bearing |
|
1,493,950 |
|
|
|
1,362,122 |
|
Total deposits |
|
1,943,060 |
|
|
|
1,824,389 |
|
Short-term borrowings |
|
— |
|
|
|
97,395 |
|
Long-term debt |
|
162,150 |
|
|
|
113,123 |
|
Operating lease liabilities |
|
6,290 |
|
|
|
6,261 |
|
Accrued interest and other liabilities |
|
14,599 |
|
|
|
15,121 |
|
TOTAL LIABILITIES |
|
2,126,099 |
|
|
|
2,056,289 |
|
|
|
|
|
||||
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 17,363,138 and 16,384,952 shares at June 30, 2024 and December 31, 2023, respectively; outstanding 14,151,755 and 13,173,569 shares at June 30, 2024 and December 31, 2023, respectively |
|
187,195 |
|
|
|
173,637 |
|
Retained earnings |
|
136,883 |
|
|
|
140,017 |
|
Treasury shares at cost, 3,211,383 shares at June 30, 2024 and December 31, 2023 |
|
(56,015 |
) |
|
|
(56,015 |
) |
Accumulated other comprehensive loss, net of taxes |
|
(22,849 |
) |
|
|
(22,336 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
245,214 |
|
|
|
235,303 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
2,371,313 |
|
|
$ |
2,291,592 |
|
Exhibit 99.2 |
||||||||||
LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited) |
||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
|||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||
INTEREST INCOME: |
|
|
|
|
|
|
|
|||
Interest and fees on loans |
$ |
24,836 |
|
16,763 |
|
47,518 |
|
|
32,906 |
|
Dividends on equity securities: |
|
|
|
|
|
|
|
|||
With a readily determinable fair value |
|
9 |
|
8 |
|
18 |
|
|
25 |
|
Without a readily determinable fair value |
|
30 |
|
30 |
|
61 |
|
|
50 |
|
Interest on debt securities: |
|
|
|
|
|
|
|
|||
Taxable |
|
1,183 |
|
1,323 |
|
2,415 |
|
|
2,666 |
|
Non-taxable |
|
145 |
|
174 |
|
288 |
|
|
350 |
|
Other investments |
|
762 |
|
405 |
|
1,423 |
|
|
624 |
|
TOTAL INTEREST INCOME |
|
26,965 |
|
18,703 |
|
51,723 |
|
|
36,621 |
|
|
|
|
|
|
|
|
|
|||
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|||
Interest on deposits |
|
9,690 |
|
3,335 |
|
17,880 |
|
|
5,791 |
|
Interest on short-term borrowings |
|
181 |
|
1,008 |
|
1,116 |
|
|
2,312 |
|
Interest on long-term debt |
|
1,877 |
|
183 |
|
3,615 |
|
|
399 |
|
TOTAL INTEREST EXPENSE |
|
11,748 |
|
4,526 |
|
22,611 |
|
|
8,502 |
|
NET INTEREST INCOME |
|
15,217 |
|
14,177 |
|
29,112 |
|
|
28,119 |
|
|
|
|
|
|
|
|
|
|||
PROVISION FOR (RECOVERY OF) CREDIT LOSSES |
|
528 |
|
30 |
|
653 |
|
|
(27 |
) |
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES |
|
14,689 |
|
14,147 |
|
28,459 |
|
|
28,146 |
|
|
|
|
|
|
|
|
|
|||
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|||
Fiduciary income |
|
2,067 |
|
1,787 |
|
4,040 |
|
|
3,527 |
|
Service charges and fees on deposit accounts |
|
1,537 |
|
1,445 |
|
2,921 |
|
|
2,927 |
|
Net losses from sales of debt securities, available-for-sale |
|
— |
|
— |
|
(214 |
) |
|
— |
|
Bank-owned life insurance income |
|
341 |
|
277 |
|
659 |
|
|
548 |
|
Net gains from sales of loans |
|
50 |
|
3 |
|
572 |
|
|
9 |
|
Other operating income |
|
85 |
|
134 |
|
31 |
|
|
216 |
|
TOTAL NON-INTEREST INCOME |
|
4,080 |
|
3,646 |
|
8,009 |
|
|
7,227 |
|
|
|
|
|
|
|
|
|
|||
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|||
Salaries and employee benefits |
|
9,006 |
|
7,061 |
|
17,560 |
|
|
14,410 |
|
Equipment expenses |
|
395 |
|
417 |
|
785 |
|
|
778 |
|
Occupancy expense, net |
|
944 |
|
599 |
|
1,949 |
|
|
1,562 |
|
State financial institutions tax |
|
476 |
|
396 |
|
904 |
|
|
793 |
|
Marketing |
|
210 |
|
320 |
|
384 |
|
|
512 |
|
Amortization of intangibles |
|
298 |
|
112 |
|
534 |
|
|
223 |
|
FDIC insurance premiums, net |
|
394 |
|
224 |
|
898 |
|
|
439 |
|
Contracted services |
|
844 |
|
666 |
|
1,628 |
|
|
1,307 |
|
Merger-related expenses |
|
2,320 |
|
415 |
|
3,095 |
|
|
440 |
|
Other non-interest expense |
|
2,938 |
|
1,868 |
|
5,560 |
|
|
4,139 |
|
TOTAL NON-INTEREST EXPENSE |
|
17,825 |
|
12,078 |
|
33,297 |
|
|
24,603 |
|
INCOME BEFORE INCOME TAXES |
|
944 |
|
5,715 |
|
3,171 |
|
|
10,770 |
|
PROVISION FOR INCOME TAXES |
|
19 |
|
1,021 |
|
331 |
|
|
1,919 |
|
NET INCOME |
$ |
925 |
|
4,694 |
|
2,840 |
|
|
8,851 |
|
|
|
|
|
|
|
|
|
|||
Earnings per common share: |
|
|
|
|
|
|
|
|||
Basic |
$ |
0.07 |
|
0.42 |
|
0.21 |
|
|
0.79 |
|
Diluted |
$ |
0.07 |
|
0.42 |
|
0.21 |
|
|
0.79 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|||
Basic |
|
14,033,264 |
|
11,056,308 |
|
13,610,854 |
|
|
11,122,371 |
|
Diluted |
|
14,033,264 |
|
11,056,308 |
|
13,610,854 |
|
|
11,122,371 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723682222/en/
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
Source: LCNB Corp
FAQ
What was LCNB's net income for Q2 2024?
How did LCNB's total assets change in Q2 2024 compared to the previous year?
What was LCNB's net interest margin in Q2 2024?
How much did LCNB's non-interest income grow in Q2 2024?