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

Rhea-AI Summary

LCNB Corp. reported strong financial results for Q3 2022, with net income rising 15.8% to $5.58 million and earnings per diluted share reaching a record $0.49, a 25.6% increase year-over-year. The company maintained excellent credit quality, with total nonperforming loans declining to just $0.5 million, or 0.03% of total loans. Net interest income increased to $15.44 million, driven by loan portfolio growth. Total assets grew to $1.90 billion, and total deposits rose 3.4% to $1.66 billion. A dividend of $0.20 per share was declared, reflecting a 5.3% increase from the previous year.

Positive

• Earnings per share increased by 25.6% to $0.49.
• Net income rose 15.8% year-over-year to $5.58 million.
• Total nonperforming loans decreased to $0.5 million, or 0.03% of total loans.
• Net interest income for Q3 2022 increased to $15.44 million.
• Total assets increased by 1.1% to $1.90 billion.
• Total deposits grew by 3.4% to $1.66 billion.
• Dividend increased 5.3% to $0.20 per share.

Negative

• Non-interest income decreased by 12.8% to $3.58 million in Q3 2022.
• Overall non-interest expense increased by $321,000 in Q3 compared to last year.

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

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

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

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

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

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

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

Income Statement

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

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

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

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

Capital Allocation

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

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

Balance Sheet

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

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

Asset Quality

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

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

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

About LCNB Corp.

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

Forward-Looking Statements

Certain statements made in this news release regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “plan”, and similar expressions. Please refer to LCNB’s Annual Report on Form 10-K for the year ended December 31, 2021, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

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

1. the success, impact, and timing of the implementation of LCNB’s business strategies;
2. the significant risks and uncertainties for LCNB's business, results of operations and financial condition, as well as its regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on financial markets, the effectiveness of LCNB's work from home arrangements and staffing levels in operational facilities, the impact of market participants on which LCNB relies, and actions taken by governmental authorities and other third parties in response to the pandemic;
3. the disruption of global, national, state, and local economies associated with the COVID-19 pandemic and the Russia/Ukraine conflict, which could affect LCNB's liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses;
4. LCNB’s ability to integrate future acquisitions may be unsuccessful, or may be more difficult, time-consuming, or costly than expected;
5. LCNB may incur increased loan charge-offs in the future;
6. LCNB may face competitive loss of customers;
7. changes in the interest rate environment, which may include continued interest rate increases, may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
8. changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
9. changes in regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results;
10. LCNB may experience difficulties growing loan and deposit balances;
11. United States trade relations with foreign countries could negatively impact the financial condition of LCNB's customers, which could adversely affect LCNB 's operating results and financial condition;
12. deterioration in the financial condition of the U.S. banking system may impact the valuations of investments LCNB has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments;
13. difficulties with technology or data security breaches, including cyberattacks, that could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;
14. adverse weather events and natural disasters and global and/or national epidemics; and
15. government intervention in the U.S. financial system, including the effects of recent legislative, tax, accounting and regulatory actions and reforms, including the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, and the Tax Cuts and Jobs Act.

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

Exhibit 99.2

LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share amounts)
(Unaudited)
	Three Months Ended																Nine Months Ended
	9/30/2022				6/30/2022			3/31/2022			12/31/2021			9/30/2021			9/30/2022			9/30/2021
Condensed Income Statement
Interest income	$	16,704			16,208			15,122			15,189			15,024			48,034			45,988
Interest expense		1,260			1,041			899			879			951			3,200			3,174
Net interest income		15,444			15,167			14,223			14,310			14,073			44,834			42,814
Provision for (recovery of) loan losses		(157	)		377			49			(508	)		306			269			239
Net interest income after provision for (recovery of) loan losses		15,601			14,790			14,174			14,818			13,767			44,565			42,575
Non-interest income		3,581			3,528			3,550			4,347			4,106			10,659			11,885
Non-interest expense		12,350			11,469			12,250			12,311			12,029			36,069			35,729
Income before income taxes		6,832			6,849			5,474			6,854			5,844			19,155			18,731
Provision for income taxes		1,253			1,231			951			1,227			1,027			3,435			3,384
Net income	$	5,579			5,618			4,523			5,627			4,817			15,720			15,347
Supplemental Income Statement Information
Amort/Accret income on acquired loans	$	144			61			66			116			132			271			597
Tax-equivalent net interest income	$	15,495			15,217			14,273			14,365			14,129			44,985			42,988
Per Share Data
Dividends per share	$	0.20			0.20			0.20			0.20			0.19			0.60			0.57
Basic earnings per common share	$	0.49			0.49			0.38			0.45			0.39			1.36			1.21
Diluted earnings per common share	$	0.49			0.49			0.38			0.45			0.39			1.36			1.21
Book value per share	$	17.31			17.84			18.14			19.22			19.17			17.31			19.17
Tangible book value per share	$	11.97			12.53			12.84			14.33			14.28			11.97			14.28
Weighted average common shares outstanding:
Basic		11,284,225			11,337,805			11,818,614			12,370,702			12,455,276			11,478,256			12,663,368
Diluted		11,284,225			11,337,805			11,818,614			12,370,702			12,455,276			11,478,256			12,663,378
Shares outstanding at period end		11,293,639			11,374,515			11,401,503			12,414,956			12,433,328			11,293,639			12,433,328
Selected Financial Ratios
Return on average assets		1.15	%		1.18	%		0.96	%		1.18	%		1.02	%		1.09	%		1.12	%
Return on average equity		10.80	%		10.96	%		8.13	%		9.33	%		7.93	%		9.91	%		8.50	%
Return on average tangible common equity		15.30	%		15.52	%		11.11	%		12.51	%		10.62	%		13.86	%		11.39	%
Dividend payout ratio		40.82	%		40.82	%		52.63	%		44.44	%		48.72	%		44.12	%		47.11	%
Net interest margin (tax equivalent)		3.54	%		3.54	%		3.35	%		3.34	%		3.32	%		3.48	%		3.49	%
Efficiency ratio (tax equivalent)		64.74	%		61.18	%		68.73	%		65.79	%		65.96	%		64.82	%		65.11	%
Selected Balance Sheet Items
Cash and cash equivalents	$	29,460			31,815			19,941			18,136			23,852
Debt and equity securities		325,801			337,952			330,715			345,649			352,066
Loans:
Commercial and industrial	$	114,694			114,971			105,805			101,792			91,246
Commercial, secured by real estate		908,130			905,703			906,140			889,108			862,202
Residential real estate		316,669			315,930			328,034			334,547			343,318
Consumer		29,451			30,308			32,445			34,190			35,349
Agricultural		8,630			7,412			7,980			10,647			8,852
Other, including deposit overdrafts		52			81			45			122			247
Deferred net origination fees		(937	)		(928	)		(928	)		(961	)		(1,055	)
Loans, gross		1,376,689			1,373,477			1,379,521			1,369,445			1,340,159
Less allowance for loan losses		5,644			5,833			5,530			5,506			5,828
Loans, net	$	1,371,045			1,367,644			1,373,991			1,363,939			1,334,331
	Three Months Ended																Nine Months Ended
	9/30/2022				6/30/2022			3/31/2022			12/31/2021			9/30/2021			9/30/2022			9/30/2021
Selected Balance Sheet Items, continued
Total earning assets	$	1,714,196			1,722,853			1,712,115			1,716,420			1,695,281
Total assets		1,904,700			1,912,627			1,899,630			1,903,629			1,884,252
Total deposits		1,657,370			1,658,825			1,636,606			1,628,819			1,603,203
Short-term borrowings		4,000			5,000			24,746			—			—
Long-term debt		24,539			25,000			10,000			10,000			15,000
Total shareholders’ equity		195,439			202,960			206,875			238,604			238,419
Equity to assets ratio		10.26	%		10.61	%		10.89	%		12.53	%		12.65	%
Loans to deposits ratio		83.06	%		82.80	%		84.29	%		84.08	%		83.59	%
Tangible common equity (TCE)	$	135,149			142,557			146,360			177,949			177,501
Tangible common assets (TCA)		1,844,410			1,852,224			1,839,115			1,842,974			1,823,334
TCE/TCA		7.33	%		7.70	%		7.96	%		9.66	%		9.73	%
Selected Average Balance Sheet Items
Cash and cash equivalents	$	35,763			28,787			32,826			29,614			34,557			32,393			39,021
Debt and equity securities		338,299			338,149			340,666			348,150			356,214			339,051			310,004
Loans	$	1,384,520			1,375,710			1,376,926			1,351,762			1,321,629			1,379,080			1,321,426
Less allowance for loan losses		5,830			5,532			5,503			5,843			5,567			5,623			5,653
Net loans	$	1,378,690			1,370,178			1,371,423			1,345,919			1,316,062			1,373,457			1,315,773
Total earning assets	$	1,736,031			1,722,503			1,727,335			1,708,392			1,688,589			1,728,677			1,648,461
Total assets		1,928,868			1,912,574			1,917,226			1,896,530			1,879,314			1,919,804			1,835,887
Total deposits		1,669,932			1,655,389			1,646,627			1,615,020			1,595,773			1,657,401			1,551,727
Short-term borrowings		5,728			18,263			12,503			893			1,320			12,140			796
Long-term debt		24,920			12,637			10,000			14,402			15,000			15,907			16,736
Total shareholders’ equity		205,051			205,645			225,725			239,174			240,976			212,064			241,379
Equity to assets ratio		10.63	%		10.75	%		11.77	%		12.61	%		12.82	%		11.05	%		13.15	%
Loans to deposits ratio		82.91	%		83.10	%		83.62	%		83.70	%		82.82	%		83.21	%		85.16	%
Asset Quality
Net charge-offs (recoveries)	$	32			74			25			(186	)		130			131			139
Non-accrual loans	$	465			599			1,455			1,481			2,629			465			2,629
Loans past due 90 days or more and still accruing		—			—			—			56			13			—			13
Total nonperforming loans	$	465			599			1,455			1,537			2,642			465			2,642
Net charge-offs (recoveries) to average loans		0.01	%		0.02	%		0.01	%		(0.05	) %		0.04	%		0.01	%		0.01	%
Allowance for loan losses to total loans		0.41	%		0.42	%		0.40	%		0.40	%		0.43	%		0.41	%		0.43	%
Nonperforming loans to total loans		0.03	%		0.04	%		0.11	%		0.11	%		0.20	%		0.03	%		0.20	%
Nonperforming assets to total assets		0.02	%		0.03	%		0.08	%		0.08	%		0.14	%		0.02	%		0.14	%
Assets Under Management
LCNB Corp. total assets	$	1,904,700			1,912,627			1,899,630			1,903,629			1,884,252
Trust and investments (fair value)		611,409			625,984			700,353			722,093			713,936
Mortgage loans serviced		145,317			153,557			152,271			149,382			140,147
Cash management		53,199			38,914			75,302			34,009			72,622
Brokerage accounts (fair value)		314,144			303,663			326,290			334,670			319,495
Total assets managed	$	3,028,769			3,034,745			3,153,846			3,143,783			3,130,452

 

LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
	September 30, 2022 (Unaudited)				December 31, 2021
ASSETS:
Cash and due from banks	$	17,754			16,810
Interest-bearing demand deposits		11,706			1,326
Total cash and cash equivalents		29,460			18,136
Investment securities:
Equity securities with a readily determinable fair value, at fair value		2,175			2,546
Equity securities without a readily determinable fair value, at cost		2,099			2,099
Debt securities, available-for-sale, at fair value		290,419			308,177
Debt securities, held-to-maturity, at cost		22,415			22,972
Federal Reserve Bank stock, at cost		4,652			4,652
Federal Home Loan Bank stock, at cost		4,041			5,203
Loans, net		1,371,045			1,363,939
Premises and equipment, net		33,152			35,385
Operating leases right of use asset		6,025			6,357
Goodwill		59,221			59,221
Core deposit and other intangibles		1,996			2,473
Bank owned life insurance		44,027			43,224
Interest receivable		7,622			7,999
Other assets		26,351			21,246
TOTAL ASSETS	$	1,904,700			1,903,629
LIABILITIES:
Deposits:
Noninterest-bearing	$	521,704			501,531
Interest-bearing		1,135,666			1,127,288
Total deposits		1,657,370			1,628,819
Short-term borrowings		4,000			—
Long-term debt		24,539			10,000
Operating lease liabilities		6,116			6,473
Accrued interest and other liabilities		17,236			19,733
TOTAL LIABILITIES		1,709,261			1,665,025
COMMITMENTS AND CONTINGENT LIABILITIES		—			—
SHAREHOLDERS' EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding		—			—
Common shares –no par value, authorized 19,000,000 shares; issued 14,264,931 and 14,213,792 shares at September 30, 2022 and December 31, 2021, respectively; outstanding 11,293,639 and 12,414,956 shares at September 30, 2022 and December 31, 2021, respectively		143,855			143,130
Retained earnings		135,202			126,312
Treasury shares at cost, 2,971,292 and 1,798,836 shares at September 30, 2022 and December 31, 2021, respectively		(52,009	)		(29,029 )
Accumulated other comprehensive loss, net of taxes		(31,609	)		(1,809 )
TOTAL SHAREHOLDERS' EQUITY		195,439			238,604
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,904,700			1,903,629

 

LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2022			2021		2022			2021
INTEREST INCOME:
Interest and fees on loans	$	15,026			13,729		43,360			42,372
Dividends on equity securities with a readily determinable fair value		14			12		40			38
Dividends on equity securities without a readily determinable fair value		6			5		16			16
Interest on debt securities, taxable		1,323			1,027		3,672			2,650
Interest on debt securities, non-taxable		190			214		567			656
Other investments		145			37		379			256
TOTAL INTEREST INCOME		16,704			15,024		48,034			45,988
INTEREST EXPENSE:
Interest on deposits		979			836		2,493			2,809
Interest on short-term borrowings		71			2		320			4
Interest on long-term debt		210			113		387			361
TOTAL INTEREST EXPENSE		1,260			951		3,200			3,174
NET INTEREST INCOME		15,444			14,073		44,834			42,814
PROVISION (CREDIT) FOR LOAN LOSSES		(157	)		306		269			239
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES		15,601			13,767		44,565			42,575
NON-INTEREST INCOME:
Fiduciary income		1,513			1,695		4,851			4,959
Service charges and fees on deposit accounts		1,706			1,621		4,658			4,506
Bank owned life insurance income		269			269		803			805
Gains from sales of loans		—			366		188			560
Other operating income		93			155		159			1,055
TOTAL NON-INTEREST INCOME		3,581			4,106		10,659			11,885
NON-INTEREST EXPENSE:
Salaries and employee benefits		7,062			7,096		21,291			20,640
Equipment expenses		398			421		1,234			1,232
Occupancy expense, net		790			713		2,300			2,236
State financial institutions tax		439			437		1,312			1,318
Marketing		215			253		845			878
Amortization of intangibles		113			263		365			780
FDIC insurance premiums, net		137			129		397			365
Contracted services		613			655		1,902			1,818
Other real estate owned, net		5			—		(874	)		2
Other non-interest expense		2,578			2,062		7,297			6,460
TOTAL NON-INTEREST EXPENSE		12,350			12,029		36,069			35,729
INCOME BEFORE INCOME TAXES		6,832			5,844		19,155			18,731
PROVISION FOR INCOME TAXES		1,253			1,027		3,435			3,384
NET INCOME	$	5,579			4,817		15,720			15,347
Dividends declared per common share	$	0.20			0.19		0.60			0.57
Earnings per common share:
Basic		0.49			0.39		1.36			1.21
Diluted		0.49			0.39		1.36			1.21
Weighted average common shares outstanding:
Basic		11,284,225			12,455,276		11,478,256			12,663,368
Diluted		11,284,225			12,455,276		11,478,256			12,663,378

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221020006107/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 were LCNB's earnings per share for Q3 2022?

LCNB's earnings per share for Q3 2022 were $0.49, a 25.6% increase year-over-year.

How much did LCNB's net income increase in Q3 2022?

Net income for Q3 2022 increased by 15.8% to $5.58 million.

What is LCNB's total nonperforming loans figure?

Total nonperforming loans declined to $0.5 million, representing 0.03% of total loans.

How much did LCNB's total deposits grow by in Q3 2022?

Total deposits grew by 3.4% to $1.66 billion in Q3 2022.

What was the dividend per share declared by LCNB for Q3 2022?

LCNB declared a dividend of $0.20 per share, reflecting a 5.3% increase from the previous year.