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    LCNB   US50181P1003

LCNB CORP.

(LCNB)
  Report
Real-time Estimate Quote. Real-time Estimate  - 09/20 08:16:33 pm
16.8250 USD   -3.03%
08/31LCNB CORP. : Ex-dividend day for
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08/16LCNB CORP. : Announces Third Quarter Dividend
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08/16LCNB Corp. Declares Cash Dividend, Payable on September 15, 2021
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

LCNB Corp. : Reports Record Financial Results For The Three and Six Months Ended June 30, 2021

07/22/2021 | 06:02am EDT

LCNB Wealth Assets Up 31.8% Year-over-Year to a Record $1.02 Billion
Total Assets Managed1 13.1% Higher Year-over-Year to a Record $3.08 Billion
Second Quarter Diluted Earnings Per Share Increased 5.1% Year-over-Year to a Second Quarter Record of $0.41

LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and six months ended June 30, 2021.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “LCNB achieved record second quarter earnings, driven by continued growth in total assets managed and strong asset quality. Growing assets, controlling risk, and diversifying revenue has helped LCNB successfully navigate the current low interest rate environment. Fee income generated from the Paycheck Protection Program (“PPP”) also contributed $402,000 to our record second quarter earnings as we processed $10.4 million of loan forgiveness under the program during the quarter. PPP loans continue to wind down and our loan portfolio included $23.8 million of PPP loans at June 30, 2021. In addition, we continue to benefit from robust fiduciary income associated with our rapidly growing wealth management business and, for the second quarter 2021, fiduciary income increased 44.5% over the prior year period to a quarterly record of $1.7 million."

Mr. Meilstrup continued, “Average net loans are up both sequentially and year-over-year, despite the $46 million of PPP loans forgiven over the past 12 months, which is a testament to our local presence and the value we provide customers within our compelling Ohio markets. In addition, while the competition for loans is high, we remain disciplined with our approach to risk and pricing of loans. As a result, our asset quality is robust as total non-performing loans are in line with pre-pandemic levels and net charge-offs continue to be limited. At June 30, 2021, we only had one $10.4 million relationship still in a COVID-19 deferral status, which is a 97.3% decline from the balance of COVID-19 deferrals at June 30, 2020.

1 Total Assets Managed includes LCNB Corp. Consolidated Assets, LCNB Wealth Management Assets (Trust and Investments and Brokerage accounts), Loans Serviced for Others, and Cash Management Services.

“We continue to focus on strategies that support our growth opportunities, increase operating efficiencies, improve our customer engagement, and enhance our digital resources. We continue to develop and retain proven bankers and financial professionals throughout our organization. Additionally, we continue to attract new talent and we recently enhanced our commercial lending presence to pursue additional loan opportunities within Northern Kentucky. We also recently rebranded our investment and trust services to LCNB Wealth, which is an important component of our enhanced go to market and cross-selling strategies. Overall, I am extremely pleased with the progress we are making and excited by the direction we are headed,” concluded Mr. Meilstrup.

Net income for the 2021 second quarter was $5,290,000, compared to $5,057,000 for the same period last year. Earnings per basic and diluted share for the 2021 second quarter were $0.41, compared to $0.39 for the same period last year. Net income for the six-month period ended June 30, 2021, was $10,530,000, compared to $10,083,000 for the same period last year. Earnings per basic and diluted share for the six-month period ended June 30, 2021, were $0.82, compared to $0.78 for the same period last year.

Net interest income for the three months ended June 30, 2021, was $14,369,000, compared to $13,998,000 for the comparable period in 2020. Net interest income for the six-month period ended June 30, 2021, increased $565,000 to $28,741,000, as compared to $28,176,000 in the same period last year. Favorably contributing to the variances for both the three- and six- month periods were fees recognized from PPP loans and market driven decreases in the average rates paid on deposits, aided by a shift from higher cost certificates of deposit to lower cost demand and savings products.

Non-interest income for the three months ended June 30, 2021, increased $995,000 or by 30.0% to $4,314,000, compared to $3,319,000 for the same period last year. For the six months ended June 30, 2021, non-interest income increased $621,000 or by 8.7% to $7,779,000, compared to $7,158,000 for the same period last year. The primary drivers of the second quarter and first half year-over-year increases in non-interest income were increased fiduciary income, deposit service charges, and a one-time refund for the Company’s Ohio Financial Institution taxes, which was included in other operating income.

Non-interest expense for the three months ended June 30, 2021, was $1,092,000 greater than the comparable period in 2020 primarily due to increases in salaries and employee benefits, equipment, marketing, FDIC insurance, contracted services, and other non-interest expenses. For the first half ended June 30, 2021, non-interest expense increased $1,512,000 from the comparable period in 2020.

Asset Quality

For the 2021 second quarter, LCNB recorded a $15,000 credit for loan losses, compared to a provision of $16,000 for the 2020 second quarter. For the six months ended June 30, 2021, LCNB recognized a credit for loan losses of $67,000, compared to a provision of $1,189,000 for the six months ended June 30, 2020. The $1,256,000 year-over-year improvement 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 charge-offs for the 2021 second quarter were $12,000, compared to $8,000 for the same period last year. For the 2021 six-month period, net charge-offs were $9,000, compared to $218,000 or 0.03% of average loans for the 2020 six-month period.

Non-accrual loans and loans past due 90 days or more and still accruing interest decreased $576,000, from $3,914,000 or 0.29% of total loans at June 30, 2020, to $3,338,000 or 0.25% of total loans at June 30, 2021. Nonperforming assets to total assets was 0.18% at June 30, 2021, compared to 0.23% at June 30, 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 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

 

Six Months Ended

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

9/30/2020

 

6/30/2020

 

6/30/2021

 

6/30/2020

Condensed Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

15,429

 

 

$

15,535

 

 

15,945

 

 

15,322

 

 

15,957

 

 

30,964

 

 

32,513

 

Interest expense

1,060

 

 

1,163

 

 

1,432

 

 

1,793

 

 

1,959

 

 

2,223

 

 

4,337

 

Net interest income

14,369

 

 

14,372

 

 

14,513

 

 

13,529

 

 

13,998

 

 

28,741

 

 

28,176

 

Provision (credit) for loan losses

(15

)

 

(52

)

 

(151

)

 

976

 

 

16

 

 

(67

)

 

1,189

 

Net interest income after provision (credit)

14,384

 

 

14,424

 

 

14,664

 

 

12,553

 

 

13,982

 

 

28,808

 

 

26,987

 

Non-interest income

4,314

 

 

3,465

 

 

4,305

 

 

4,278

 

 

3,319

 

 

7,779

 

 

7,158

 

Non-interest expense

12,208

 

 

11,492

 

 

11,944

 

 

11,653

 

 

11,116

 

 

23,700

 

 

22,188

 

Income before income taxes

6,490

 

 

6,397

 

 

7,025

 

 

5,178

 

 

6,185

 

 

12,887

 

 

11,957

 

Provision for income taxes

1,200

 

 

1,157

 

 

1,283

 

 

928

 

 

1,128

 

 

2,357

 

 

1,874

 

Net income

$

5,290

 

 

$

5,240

 

 

5,742

 

 

4,250

 

 

5,057

 

 

10,530

 

 

10,083

 

Amort/Accret income on acquired loans

$

216

 

 

$

249

 

 

186

 

 

181

 

 

294

 

 

465

 

 

961

 

Amort/Accret expenses on acquired interest-bearing liabilities

$

 

 

$

 

 

1

 

 

 

 

2

 

 

 

 

4

 

Tax-equivalent net interest income

$

14,427

 

 

$

14,432

 

 

14,577

 

 

13,594

 

 

14,066

 

 

28,858

 

 

28,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.19

 

 

$

0.19

 

 

0.19

 

 

0.18

 

 

0.18

 

 

0.38

 

 

0.36

 

Basic earnings per common share

$

0.41

 

 

$

0.41

 

 

0.44

 

 

0.33

 

 

0.39

 

 

0.82

 

 

0.78

 

Diluted earnings per common share

$

0.41

 

 

$

0.41

 

 

0.44

 

 

0.33

 

 

0.39

 

 

0.82

 

 

0.78

 

Book value per share

$

18.99

 

 

$

18.66

 

 

18.73

 

 

18.46

 

 

18.27

 

 

18.99

 

 

18.27

 

Tangible book value per share

$

14.15

 

 

$

13.87

 

 

13.93

 

 

13.66

 

 

13.47

 

 

14.15

 

 

13.47

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

12,743,726

 

 

12,794,824

 

 

12,852,614

 

 

12,937,865

 

 

12,940,975

 

 

12,769,131

 

 

12,933,528

 

Diluted

12,743,726

 

 

12,794,852

 

 

12,852,657

 

 

12,937,901

 

 

12,941,001

 

 

12,769,146

 

 

12,934,158

 

Shares outstanding at period end

12,634,845

 

 

12,820,108

 

 

12,858,325

 

 

12,926,686

 

 

12,975,879

 

 

12,634,845

 

 

12,975,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

1.15

%

 

1.20

%

 

1.31

%

 

0.97

%

 

1.19

%

 

1.17

%

 

1.21

%

Return on average equity

8.78

%

 

8.80

%

 

9.52

%

 

7.08

%

 

8.63

%

 

8.79

%

 

8.69

%

Return on average tangible equity

11.76

%

 

11.81

%

 

12.83

%

 

9.56

%

 

11.74

%

 

11.79

%

 

11.92

%

Dividend payout ratio

46.34

%

 

46.34

%

 

43.18

%

 

54.55

%

 

46.15

%

 

46.34

%

 

46.15

%

Net interest margin (tax equivalent)

3.51

%

 

3.68

%

 

3.71

%

 

3.47

%

 

3.70

%

 

3.57

%

 

3.81

%

Efficiency ratio (tax equivalent)

65.14

%

 

64.21

%

 

63.26

%

 

65.20

%

 

63.94

%

 

64.69

%

 

62.54

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

22,909

 

 

$

41,144

 

 

31,730

 

 

24,485

 

 

42,736

 

 

 

 

 

Debt and equity securities

349,199

 

 

276,774

 

 

248,624

 

 

199,044

 

 

194,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

97,240

 

 

$

107,630

 

 

100,254

 

 

124,628

 

 

125,492

 

 

 

 

 

Commercial, secured by real estate

836,085

 

 

855,894

 

 

843,230

 

 

843,943

 

 

833,286

 

 

 

 

 

Residential real estate

341,447

 

 

328,265

 

 

309,692

 

 

327,689

 

 

334,349

 

 

 

 

 

Consumer

35,257

 

 

35,799

 

 

36,917

 

 

36,504

 

 

32,859

 

 

 

 

 

Agricultural

8,765

 

 

8,698

 

 

10,100

 

 

8,920

 

 

11,071

 

 

 

 

 

Other, including deposit overdrafts

369

 

 

346

 

 

363

 

 

403

 

 

283

 

 

 

 

 

Deferred net origination fees

(1,398

)

 

(1,531

)

 

(1,135

)

 

(1,927

)

 

(1,902

)

 

 

 

 

Loans, gross

1,317,765

 

 

1,335,101

 

 

1,299,421

 

 

1,340,160

 

 

1,335,438

 

 

 

 

 

Less allowance for loan losses

5,652

 

 

5,679

 

 

5,728

 

 

5,974

 

 

5,016

 

 

 

 

 

Loans, net

$

1,312,113

 

 

$

1,329,422

 

 

1,293,693

 

 

1,334,186

 

 

1,330,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,671,462

 

 

$

1,634,818

 

 

1,562,392

 

 

1,547,538

 

 

1,554,537

 

 

 

 

 

Total assets

1,856,670

 

 

1,818,321

 

 

1,745,884

 

 

1,725,615

 

 

1,735,332

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

9/30/2020

 

6/30/2020

 

6/30/2021

 

6/30/2020

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits

1,577,345

 

 

1,537,116

 

 

1,455,423

 

 

1,430,394

 

 

1,438,921

 

 

 

 

 

Short-term borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

15,000

 

 

17,000

 

 

22,000

 

 

31,999

 

 

33,998

 

 

 

 

 

Total shareholders’ equity

239,952

 

 

239,246

 

 

240,825

 

 

238,585

 

 

237,047

 

 

 

 

 

Equity to assets ratio

12.92

%

 

13.16

%

 

13.79

%

 

13.83

%

 

13.66

%

 

 

 

 

Loans to deposits ratio

83.54

%

 

86.86

%

 

89.28

%

 

93.69

%

 

92.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

$

178,771

 

 

$

177,805

 

 

179,127

 

 

176,624

 

 

174,823

 

 

 

 

 

Tangible common assets (TCA)

1,795,489

 

 

1,756,880

 

 

1,684,186

 

 

1,663,654

 

 

1,673,108

 

 

 

 

 

TCE/TCA

9.96

%

 

10.12

%

 

10.64

%

 

10.62

%

 

10.45

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

45,414

 

 

$

37,269

 

 

49,273

 

 

42,661

 

 

46,292

 

 

41,385

 

 

35,712

 

Debt and equity securities

312,596

 

 

260,147

 

 

218,816

 

 

197,788

 

 

182,371

 

 

286,517

 

 

193,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,328,760

 

 

$

1,313,803

 

 

1,313,892

 

 

1,339,608

 

 

1,318,753

 

 

1,321,323

 

 

1,285,654

 

Less allowance for loan losses

5,678

 

 

5,715

 

 

5,920

 

 

5,250

 

 

4,998

 

 

5,696

 

 

4,468

 

Net loans

$

1,323,082

 

 

$

1,308,088

 

 

1,307,972

 

 

1,334,358

 

 

1,313,755

 

 

1,315,627

 

 

1,281,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,666,126

 

 

$

1,589,582

 

 

1,561,392

 

 

1,558,886

 

 

1,528,610

 

 

1,628,066

 

 

1,495,779

 

Total assets

1,852,035

 

 

1,775,154

 

 

1,742,947

 

 

1,741,998

 

 

1,704,303

 

 

1,813,888

 

 

1,671,394

 

Total deposits

1,570,070

 

 

1,488,156

 

 

1,447,217

 

 

1,445,573

 

 

1,412,082

 

 

1,529,339

 

 

1,379,426

 

Short-term borrowings

716

 

 

342

 

 

 

 

 

 

82

 

 

530

 

 

749

 

Long-term debt

15,571

 

 

19,689

 

 

30,803

 

 

33,020

 

 

34,964

 

 

17,619

 

 

36,644

 

Total shareholders’ equity

241,651

 

 

241,517

 

 

239,881

 

 

238,990

 

 

235,587

 

 

241,585

 

 

233,322

 

Equity to assets ratio

13.05

%

 

13.61

%

 

13.76

%

 

13.72

%

 

13.82

%

 

13.32

%

 

13.96

%

Loans to deposits ratio

84.63

%

 

88.28

%

 

90.79

%

 

92.67

%

 

93.39

%

 

86.40

%

 

93.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

12

 

 

$

(3

)

 

95

 

 

18

 

 

8

 

 

9

 

 

218

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

3,338

 

 

3,365

 

 

3,718

 

 

4,110

 

 

3,876

 

 

3,338

 

 

3,876

 

Loans past due 90 days or more and still accruing

 

 

 

 

 

 

94

 

 

38

 

 

 

 

38

 

Total nonperforming loans

$

3,338

 

 

$

3,365

 

 

3,718

 

 

4,204

 

 

3,914

 

 

3,338

 

 

3,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs to average loans

0.00

%

 

0.00

%

 

0.03

%

 

0.01

%

 

0.00

%

 

0.00

%

 

0.03

%

Allowance for loan losses to total loans

0.43

%

 

0.43

%

 

0.44

%

 

0.45

%

 

0.38

%

 

0.43

%

 

0.38

%

Nonperforming loans to total loans

0.25

%

 

0.25

%

 

0.29

%

 

0.31

%

 

0.29

%

 

0.25

%

 

0.29

%

Nonperforming assets to total assets

0.18

%

 

0.19

%

 

0.21

%

 

0.24

%

 

0.23

%

 

0.18

%

 

0.23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

$

1,856,670

 

 

$

1,818,321

 

 

1,745,884

 

 

1,725,615

 

 

1,735,332

 

 

 

 

 

Trust and investments (fair value)

701,838

 

 

673,742

 

 

628,414

 

 

524,502

 

 

516,076

 

 

 

 

 

Mortgage loans serviced

126,924

 

 

127,290

 

 

137,188

 

 

120,546

 

 

100,189

 

 

 

 

 

Cash management

80,177

 

 

118,494

 

 

116,792

 

 

119,520

 

 

116,615

 

 

 

 

 

Brokerage accounts (fair value)

314,491

 

 

299,355

 

 

292,953

 

 

267,307

 

 

255,276

 

 

 

 

 

Total assets managed

$

3,080,100

 

 

$

3,037,202

 

 

2,921,231

 

 

2,757,490

 

 

2,723,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)

 

 

June 30, 2021
(Unaudited)

 

December
31, 2020

ASSETS:

 

 

 

Cash and due from banks

$

18,411

 

 

17,383

 

Interest-bearing demand deposits

4,498

 

 

14,347

 

Total cash and cash equivalents

22,909

 

 

31,730

 

Investment securities:

 

 

 

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

2,488

 

 

2,389

 

Equity securities without a readily determinable fair value, at cost

2,099

 

 

2,099

 

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

310,515

 

 

209,471

 

Debt securities, held-to-maturity, at cost

24,242

 

 

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

1,312,113

 

 

1,293,693

 

Premises and equipment, net

35,356

 

 

35,376

 

Operating leases right of use asset

6,730

 

 

6,274

 

Goodwill

59,221

 

 

59,221

 

Core deposit and other intangibles

2,853

 

 

3,453

 

Bank owned life insurance

42,685

 

 

42,149

 

Interest receivable

8,395

 

8,337

 

Other assets

17,209

 

 

17,027

 

TOTAL ASSETS

$

1,856,670

 

 

1,745,884

 

 

 

 

 

LIABILITIES:

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

472,830

 

 

455,073

 

Interest-bearing

1,104,515

 

 

1,000,350

 

Total deposits

1,577,345

 

 

1,455,423

 

Long-term debt

15,000

 

 

22,000

 

Operating lease liabilities

6,846

 

 

6,371

 

Accrued interest and other liabilities

17,527

 

 

21,265

 

TOTAL LIABILITIES

1,616,718

 

 

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 14,201,728 and 14,163,904 shares at June 30, 2021 and December 31, 2020, respectively; outstanding 12,634,845 and 12,858,325 shares at June 30, 2021 and December 31, 2020, respectively

142,791

 

 

142,443

 

Retained earnings

120,720

 

 

115,058

 

Treasury shares at cost, 1,566,883 and 1,305,579 shares at June 30, 2021 and December 31, 2020, respectively

(25,122

)

 

(20,719

)

Accumulated other comprehensive income, net of taxes

1,563

 

 

4,043

 

TOTAL SHAREHOLDERS' EQUITY

239,952

 

 

240,825

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,856,670

 

 

1,745,884

 

LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

INTEREST INCOME:

 

 

 

 

 

 

 

Interest and fees on loans

$

14,108

 

 

14,822

 

 

28,643

 

 

30,049

 

Dividends on equity securities with a readily determinable fair value

13

 

 

13

 

 

26

 

 

27

 

Dividends on equity securities without a readily determinable fair value

5

 

 

12

 

 

11

 

 

28

 

Interest on debt securities, taxable

905

 

 

667

 

 

1,623

 

 

1,617

 

Interest on debt securities, non-taxable

218

 

 

254

 

 

442

 

 

539

 

Other investments

180

 

 

189

 

 

219

 

 

253

 

TOTAL INTEREST INCOME

15,429

 

 

15,957

 

 

30,964

 

 

32,513

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

Interest on deposits

945

 

 

1,732

 

 

1,973

 

 

3,849

 

Interest on short-term borrowings

1

 

 

 

 

2

 

 

7

 

Interest on long-term debt

114

 

 

227

 

 

248

 

 

481

 

TOTAL INTEREST EXPENSE

1,060

 

 

1,959

 

 

2,223

 

 

4,337

 

NET INTEREST INCOME

14,369

 

 

13,998

 

 

28,741

 

 

28,176

 

PROVISION (CREDIT) FOR LOAN LOSSES

(15

 

16

 

 

(6

 

1,189

 

NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES

14,384

 

 

13,982

 

 

28,808

 

 

26,987

 

NON-INTEREST INCOME:

 

 

 

 

 

 

 

Fiduciary income

1,735

 

 

1,201

 

 

3,264

 

 

2,304

 

Service charges and fees on deposit accounts

1,519

 

 

1,237

 

 

2,885

 

 

2,532

 

Net gains on sales of debt securities, available-for-sale

 

 

 

 

 

 

221

 

Bank owned life insurance income

269

 

 

287

 

 

536

 

 

888

 

Gains from sales of loans

151

 

 

317

 

 

194

 

 

437

 

Other operating income

640

 

 

277

 

 

900

 

 

776

 

TOTAL NON-INTEREST INCOME

4,314

 

 

3,319

 

 

7,779

 

 

7,158

 

NON-INTEREST EXPENSE:

 

 

 

 

 

 

 

Salaries and employee benefits

7,111

 

 

6,648

 

 

13,544

 

 

13,416

 

Equipment expenses

443

 

 

289

 

 

811

 

 

576

 

Occupancy expense, net

729

 

 

723

 

 

1,523

 

 

1,405

 

State financial institutions tax

437

 

 

420

 

 

881

 

 

856

 

Marketing

357

 

 

258

 

 

625

 

 

435

 

Amortization of intangibles

260

 

 

260

 

 

517

 

 

520

 

FDIC insurance premiums, net

123

 

 

31

 

 

236

 

 

30

 

Contracted services

623

 

 

475

 

 

1,163

 

 

877

 

Other non-interest expense

2,125

 

 

2,012

 

 

4,400

 

 

4,073

 

TOTAL NON-INTEREST EXPENSE

12,208

 

 

11,116

 

 

23,700

 

 

22,188

 

INCOME BEFORE INCOME TAXES

6,490

 

 

6,185

 

 

12,887

 

 

11,957

 

PROVISION FOR INCOME TAXES

1,200

 

 

1,128

 

 

2,357

 

 

1,874

 

NET INCOME

$

5,290

 

 

5,057

 

 

10,530

 

 

10,083

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.19

 

 

0.18

 

 

0.38

 

 

0.36

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

0.41

 

 

0.39

 

 

0.82

 

 

0.78

 

Diluted

0.41

 

 

0.39

 

 

0.82

 

 

0.78

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

12,743,726

 

 

12,940,975

 

 

12,769,131

 

 

12,933,528

 

Diluted

12,743,726

 

 

12,941,001

 

 

12,769,146

 

 

12,934,158

 

 


ę Business Wire 2021
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Analyst Recommendations on LCNB CORP.
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Financials (USD)
Sales 2021 58,1 M - -
Net income 2021 20,8 M - -
Net Debt 2021 - - -
P/E ratio 2021 10,6x
Yield 2021 4,38%
Capitalization 217 M 217 M -
Capi. / Sales 2021 3,74x
Capi. / Sales 2022 3,70x
Nbr of Employees 331
Free-Float 78,1%
Chart LCNB CORP.
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LCNB Corp. Technical Analysis Chart | MarketScreener
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Technical analysis trends LCNB CORP.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 17,35 $
Average target price 19,00 $
Spread / Average Target 9,51%
EPS Revisions
Managers and Directors
Eric J. Meilstrup President, Chief Executive Officer & Director
Robert C. Haines Chief Financial Officer & Executive Vice President
Spencer S. Cropper Chairman
Lawrence P. Mulligan Chief Operating Officer & Executive Vice President
Bradley Austin Ruppert Chief Investment Officer & Executive VP