LCNB Corp. (LCNB) (NASDAQ:LCNB) today announced net income of
$1,847,000 (total basic and diluted earnings per common share of
$0.27) and $6,111,000 (total basic and diluted earnings per common
share of $0.91 and $0.90, respectively) for the three and nine
months ended September 30, 2012, respectively. This compares to net
income from continuing operations of $1,867,000 (total basic and
diluted earnings per common share of $0.28) and $5,368,000 (total
basic and diluted earnings per common share of $0.80) for the same
three and nine-month periods in 2011.
Net income for the nine months ended September 30, 2011 included
income from discontinued operations of $793,000, which consisted of
a gain recognized on the sale of LCNB’s insurance agency
subsidiary, Dakin Insurance Agency, Inc., less certain related
closing costs, taxes, and a curtailment expense recognized in
LCNB’s nonqualified defined benefit retirement plan due to the
sale.
Commenting on the financial results, LCNB CEO Steve Wilson said,
“We are pleased to report strong earnings for the first nine months
of 2012. Net income from continuing operations for the nine month
period in 2012 is 13.8% greater than 2011. Total assets increased
$25.6 million or 3.2% since the beginning of the year and deposits
increased $37.5 million or 5.7%. Our return on average assets for
the first nine months of 2012 was 1.01% and our return on average
equity was 10.17%.”
The provision for loan losses for the three and nine months
ended September 30, 2012 was $436,000 and $742,000, respectively,
down from $588,000 and $1,476,000 for the same periods in 2011.
Credit quality continued to stabilize during 2012, resulting in a
decline in the provision. Net loan charge-offs for the first nine
months of 2012 and 2011 totaled $807,000 and $876,000,
respectively. Non-accrual loans and loans past due 90 days or more
and still accruing interest totaled $2,799,000 or 0.61% of total
loans at September 30, 2012, compared to $3,707,000 or 0.80% of
total loans at December 31, 2011. The decrease was primarily due to
the transfer of a non-accrual commercial real estate loan to other
real estate owned during the first quarter 2012 and to partial
charge-offs recognized on various 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 increased
from $1,642,000 at December 31, 2011 to $2,314,000 at September 30,
2012.
Net interest income for the three months and nine months ended
September 30, 2012 decreased $225,000 and $307,000, respectively,
from the comparative periods in 2011. The decreases for both
periods were primarily due to decreases in the net interest margin,
partially offset by increases in average interest-earning
assets.
Non-interest income for the three and nine-month periods in 2012
was $172,000 and $513,000 greater than the comparative periods in
2011 primarily due to increases in gains from sales of investment
securities and mortgage loans. One-time fees recognized by the
trust department during the first quarter 2012 also contributed to
the nine-month comparable period increase. These increases were
partially offset by a decrease in service charges and fees on
deposit accounts.
Non-interest expense for the three months ended September 30,
2012 was $128,000 greater than the comparative period in 2011 due
to increases in various accounts. Non-interest expense for the nine
months ended September 30, 2012 was $186,000 less than the
comparative period in 2011 primarily due to decreases in FDIC
insurance premiums and other expenses, partially offset by
increases in a number of other accounts. The decrease in other
expenses in 2012 reflects the absences of losses recognized during
2011 on a standby letter of credit and certain environmental
remediation costs.
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)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
Condensed Income Statement
2012 2011 2012 2011 Interest income $
7,404 7,976 22,706 24,205 Interest expense 1,190 1,537 3,784 4,976
Net interest income 6,214 6,439 18,922 19,229 Provision for loan
losses 436 588 742 1,476 Net interest income after provision 5,778
5,851 18,180 17,753 Non-interest income 2,205 2,033 6,296 5,783
Non-interest expense 5,564 5,436 16,342 16,528 Income before income
taxes 2,419 2,448 8,134 7,008 Provision for income taxes 572 581
2,023 1,640 Net income from continuing operations 1,847 1,867 6,111
5,368
Income from discontinued operations, net
of taxes
-
-
-
793
Net income $ 1,847 1,867 6,111 6,161 Dividends per common
share $ 0.16 0.16 0.48 0.48 Basic earnings per common share:
Continuing operations $ 0.27 0.28 0.91 0.80 Discontinued operations
- - - 0.12 Diluted earnings per common share: Continuing operations
$ 0.27 0.28 0.90 0.80 Discontinued operations - - - 0.12
Average basic shares outstanding 6,721,699 6,690,963 6,713,959
6,690,157 Average diluted shares outstanding 6,797,675 6,750,807
6,787,000 6,746,568
Selected Financial Ratios Return
on average assets 0.90% 0.92% 1.01% 1.04% Return on average equity
8.98% 9.71% 10.17% 11.22% Dividend payout ratio 59.26% 57.14%
52.75% 52.17% Net interest margin (tax equivalent) 3.44% 3.61%
3.55% 3.73%
Selected Balance Sheet Items
September 30,2012
December 31,2011
Investment securities $ 281,280 267,771 Loans 457,407
461,262 Less allowance for loan losses 2,866 2,931 Net loans
454,541 458,331 Total assets 817,192 791,570 Total deposits
701,080 663,562 Short-term borrowings 12,076 21,596 Long-term debt
14,049 21,373 Total shareholders’ equity 82,131 77,960
Shares outstanding at period end 6,726,507 6,704,723 Book
value per share $ 12.21 11.63 Tangible book value per share 11.32
10.73 Equity to assets ratio 10.05% 9.85%
Assets Under
Management LCNB Corp. total assets $ 817,192 791,570 Trust and
investments (fair value) 232,956 221,950 Mortgage loans serviced
70,208 67,410 Business cash management 8,769 8,583 Brokerage
accounts (fair value) 94,727 78,863 Total assets managed $
1,223,852 1,168,376
LCNB (NASDAQ:LCNB)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
LCNB (NASDAQ:LCNB)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024