News 
Market Data 
Discover
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
|
Followers
|
2
|
Posters
|
|
|
Posts (Today)
|
0
|
Posts (Total)
|
3
|
|
Created
|
10/18/08
|
Type
|
Free
|
| Moderators | |||
LCNB Corp. Reports Financial Results for the Three and Nine Months Ended September 30, 2008
LEBANON, Ohio, Oct 16, 2008 (BUSINESS WIRE) -- LCNB Corp. (OTCBB: LCNB) today announced net income of $1,794,000 ($0.27 basic and diluted earnings per share) and $4,936,000 ($0.74 basic and diluted earnings per share) for the three and nine months ended September 30, 2008, respectively. This compares to $1,370,000 ($0.22 basic and diluted earnings per share) and $4,365,000 ($0.69 basic and diluted earnings per share) for the same three and nine month periods in 2007. As previously reported, LCNB completed its acquisition of Sycamore National Bank as of the close of business on December 20, 2007 in a stock and cash transaction. Accordingly, LCNB's results for the three and nine months ended September 30, 2007 do not include the results of Sycamore National Bank. As a result of the merger, LCNB recorded additional net loans of $42.8 million and additional deposits of $44.4 million at the time of the acquisition.
While not immune from the effects of weakening economic conditions, LCNB's earnings reflect continued relatively strong asset quality resulting from responsible underwriting and lending practices. Consequently, net charge-offs for the first nine months of 2008 and 2007 totaled $322,000 and $158,000, respectively. Classified loans (non-accrual, past due 90 days or more and still accruing interest, and restructured loans) totaled $2,864,000 or 0.64% of total loans at September 30, 2008, compared to $2,589,000 or 0.58% of total loans at December 31, 2007. In addition, LCNB does not own any common or preferred stock in Freddie Mac or Fannie Mae.
Net interest income for the three and nine months ended September 30, 2008 increased $930,000 and $2,005,000, respectively, over the comparative periods in 2007 primarily due to the additional loans and deposits acquired from Sycamore and organic growth. Also contributing to the increase in net interest income was a decrease in average rates paid on interest-bearing liabilities (primarily deposits), partially offset by a decrease in rates earned on interest-earning assets. Non-interest income for the three and nine months ended September 30, 2008 increased by $86,000 and $210,000, respectively, over the comparative periods in 2007 primarily due to increases in check card income, insurance agency commissions, and income from bank owned life insurance.
The increases in net interest income and non-interest income were partially offset by increases of $300,000 and $1,198,000 in non-interest expense for the three and nine months ended September 30, 2008, respectively, as compared to the same periods in 2007. The increases in non-interest expense were largely due to increases in salaries and benefits resulting from routine salary and wage increases and an increase in the number of employees.
LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Affiliates of LCNB Corp. are LCNB National Bank, with 25 offices located in Warren, Butler, Montgomery, Clinton, Clermont, and Hamilton Counties, Ohio, and Dakin Insurance Agency, Inc. Additional information about LCNB Corp. and information about products and services offered by LCNB National Bank and Dakin Insurance Agency can be found on the Internet at www.lcnb.com and www.dakin-ins.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)
Share and per share data have been restated to reflect a 100%
stock dividend paid on May 10, 2007.
Condensed Income Statement Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Interest income $ 8,608 7,920 25,687 23,703
Interest expense 3,290 3,532 10,205 10,226
Net interest income 5,318 4,388 15,482 13,477
Provision for loan losses 188 75 322 158
Net interest income after provision 5,130 4,313 15,160 13,319
Non-interest income 2,203 2,117 6,430 6,220
Non-interest expense 4,928 4,628 14,975 13,777
Income before income taxes 2,405 1,802 6,615 5,762
Provision for income taxes 611 432 1,679 1,397
Net income $ 1,794 1,370 4,936 4,365
Dividends per common share $ 0.16 0.155 0.48 0.465
Basic earnings per common share $ 0.27 0.22 0.74 0.69
Diluted earnings per common share $ 0.27 0.22 0.74 0.69
Average basic shares outstanding 6,687,232 6,345,486 6,687,232 6,360,654
Average diluted shares outstanding 6,687,232 6,345,615 6,687,232 6,361,415
Selected Financial Ratios
Return on average assets 1.09% 0.99% 1.05% 1.07%
Return on average equity 12.27% 10.47% 11.38% 11.28%
Dividend payout ratio 59.26% 70.45% 64.86% 67.39%
Net interest margin (tax equivalent) 3.68% 3.64% 3.74% 3.78%
Selected Balance Sheet Items September 30, December 31,
2008 2007
Investment securities $ 139,638 90,154
Loans 450,161 446,887
Less allowance for loan losses 2,468 2,468
Net loans 447,693 444,419
Total assets 666,564 604,058
Total deposits 596,187 535,929
Short-term borrowings 1,645 1,459
Long-term debt 5,000 5,000
Total shareholders' equity 58,583 56,528
Shares outstanding at period end 6,687,232 6,687,232
Book value per share $ 8.76 8.45
Equity to assets ratio 8.79% 9.36%
Assets Under Management
LCNB Corp. total assets $ 666,564 604,058
Trust and investments (fair value) 184,390 199,053
Mortgage loans serviced 38,571 40,260
Business cash management 33,189 34,532
Brokerage accounts (fair value) 58,606 58,929
Total assets managed $ 981,320 936,832
SOURCE: LCNB Corp.
CONTACT:
LCNB Corp. Stephen P. Wilson, Chairman and CEO, 800-344-BANK or Steve P. Foster, President, 800-344-BANK
Copyright Business Wire 2008
***********
