LCNB Corp. (NASDAQ: LCNB) today announced net income of
$1,954,000 (total basic and diluted earnings per share of $0.29 and
$0.28, respectively) and $8,115,000 (total basic and diluted
earnings per share of $1.21 and $1.20, respectively) for the three
months and year ended December 31, 2011, respectively. Commenting
on 2011 earnings, LCNB CEO Steve Wilson stated, “We are pleased to
report our earnings for 2011. We continue to be consistent in
earnings, having achieved over a 1% return on average assets and a
double digit return on average equity for over 35 straight years.
That, coupled with the consistency of our dividends through these
very difficult times, is a tribute to the entire team at LCNB.”
The earnings for 2011 compare to $2,420,000 (total basic and
diluted earnings per share of $0.36 and $0.35, respectively) and
$9,373,000 (total basic and diluted earnings per share of $1.40 and
$1.39, respectively) for the comparable three and twelve-month
periods in 2010. Net income from continuing operations for the
three months and year ended December 31, 2011 was $1,954,000 and
$7,322,000, respectively. This compares to $2,357,000 and
$9,133,000 for the comparable periods in 2010. Income from
discontinued operations, net of tax, for the year ended December
31, 2011 was $793,000, which is a $553,000 increase from the
comparable period in 2010. This increase was caused by the sale of
LCNB’s insurance agency subsidiary, Dakin Insurance Agency, Inc.,
during the first quarter 2011 and reflects the gain recognized on
the sale less certain related closing costs, taxes, and a
curtailment expense recognized in LCNB’s nonqualified defined
benefit retirement plan due to the sale.
Net loan charge-offs for 2011 and 2010 totaled $1,799,000 and
$2,037,000, respectively. Non-accrual loans and loans past due 90
days or more and still accruing interest totaled $3,707,000 or
0.80% of total loans at December 31, 2011, compared to $4,061,000
or 0.89% of total loans at December 31, 2010. The decrease was
primarily due to the receipt of a guarantee payment on a Small
Business Administration loan that had been classified as
non-accrual at December 31, 2010 and partial charge-offs recognized
on other loans. Other real estate owned (which includes property
acquired through foreclosure or deed-in-lieu of foreclosure and
also includes property deemed to be in-substance foreclosed) and
other repossessed assets totaled approximately $1,642,000 at
December 31, 2011 and $2,114,000 at December 31, 2010. The decrease
is due to the sale of a commercial property and other repossessed
assets during 2011.
Net interest income for the three months and year ended December
31, 2011 increased $38,000 and $9,000, respectively, over the
comparative periods in 2010 primarily due to an increase in average
interest earning assets, partially offset by a decrease in the net
interest margin.
Non-interest income for the three months ended December 31, 2011
was $713,000 less than the comparable period in 2010 primarily due
to a decrease in net gains from the sale of investment securities
and a decrease in net gains from the sale of mortgage loans
Non-interest income for the full-year period in 2011 was $1,123,000
less than in 2010 primarily due to the absence in 2011 of death
benefits received from bank owned life insurance during the second
quarter 2010, a decrease in net gains from the sale of mortgage
loans, and a decline in service charges and fees on deposit
accounts. These decreases were partially offset by an increase in
trust income.
Non-interest expense for the full-year period of 2011 was
$572,000 greater than the comparable period in 2010 primarily due
to increases in employee salaries and benefits, equipment expenses,
and computer maintenance and supplies. These increases were
partially offset by decreases in FDIC insurance premiums, occupancy
expenses, and write-downs related to other real estate owned.
LCNB Corp. is a financial holding company headquartered in
Lebanon, Ohio. LCNB Corp.’s only business is ownership of LCNB
National Bank, which has 25 offices located in Warren, Butler,
Montgomery, Clinton, Clermont, and Hamilton Counties, Ohio.
Additional information about LCNB Corp. and information about
products and services offered by LCNB National Bank can be found on
the internet at www.lcnb.com.
Certain matters disclosed herein may be deemed to be
forward-looking statements that involve risks and uncertainties,
including regulatory policy changes, interest rate fluctuations,
loan demand, loan delinquencies and losses, and other risks. Actual
strategies and results in future time periods may differ materially
from those currently expected. Such forward-looking statements
represent management’s judgment as of the current date. LCNB
disclaims any intent or obligation to update such forward-looking
statements. LCNB intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per
share amounts)
Condensed Income Statement
Three Months EndedDecember
31,
Year EndedDecember 31,
2011 2010 2011 2010 Interest income $ 7,888 8,425
32,093 34,031 Interest expense 1,411 1,986 6,387 8,334 Net interest
income 6,477 6,439 25,706 25,697 Provision for loan losses 613 693
2,089 1,680 Net interest income after provision 5,864 5,746 23,617
24,017 Non-interest income 1,981 2,694 7,764 8,887 Non-interest
expense 5,321 5,314 21,849 21,277 Income before income taxes 2,524
3,126 9,532 11,627 Provision for income taxes 570 769 2,210 2,494
Net income from continuing operations 1,954 2,357 7,322 9,133
Income from discontinued operations, net of taxes - 63 793 240 Net
income $ 1,954 2,420 8,115 9,373 Dividends per common share
$ 0.16 0.16 0.64 0.64 Basic earnings per common share: Continuing
operations $ 0.29 0.35 1.09 1.37 Discontinued operations - 0.01
0.12 0.03 Diluted earnings per common share: Continuing operations
$ 0.28 0.34 1.08 1.36 Discontinued operations - 0.01 0.12 0.03
Average shares outstanding: Basic 6,699,005 6,688,285 6,692,385
6,687,500 Diluted 6,767,406 6,738,090 6,751,599 6,736,622
Selected Financial Ratios Return on average assets 0.97%
1.23% 1.02% 1.22% Return on average equity 9.94% 13.09% 10.89%
13.36% Dividend payout ratio 55.17% 44.44% 52.89% 45.71% Net
interest margin (tax equivalent) 3.63% 3.76% 3.70% 3.89%
Selected Balance Sheet Items
December 31,2011
December 31,2010
Investment securities $ 267,771 251,053 Loans 461,262
454,991 Less allowance for loan losses 2,931 2,641 Net loans
458,331 452,350 Total assets 791,570 760,134 Total deposits
663,562 638,539 Short-term borrowings 21,596 21,691 Long-term debt
21,373 23,120 Total shareholders’ equity 77,960 70,707
Shares outstanding at period end 6,704,723 6,689,743 Book
value per share $ 11.63 10.57 Equity to assets ratio 9.85% 9.30%
Assets Under Management LCNB Corp. total assets $
791,570 760,134 Trust and investments (fair value) 221,950 223,545
Loans serviced 67,410 70,705 Business cash management 8,583 9,591
Brokerage accounts (fair value) 78,863 82,385 Total assets managed
$ 1,168,376 1,146,360
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