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LCNB Corp. Reports Record Financial Results for the Three and Twelve Months Ended December 31, 2022

LCNB Corp. Ended 2022 With Record Total Assets of $1.92 Billion

Return on Average Tangible Common Equity Increased Year-Over-Year to 14.96% from 11.67%.

2022 Net Income Increased 5.5% Year-over-Year to a Record $22.1 Million

2022 Diluted Earnings Per Share Increased 16.3% Year-over-Year to a Record $1.93 Per Share

LCNB Corp. ("LCNB", “the Company”, or “the Bank”) (NASDAQ: LCNB) today announced financial results for the three and twelve months ended December 31, 2022.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “We achieved record net income, earnings per share, and net loans for the full year and fourth quarter ended December 31, 2022. LCNB had another strong year of loan growth and overall operating performance as we continue to attract new assets and new customers to LCNB. Our performance in 2022 demonstrates LCNB’s strong team of experienced and dedicated bankers, the value we provide our local communities, and our strategic focus on producing consistent and sustainable financial results.”

“The strength of LCNB’s balance sheet and asset quality provides us with the flexibility to manage and grow the Bank during an increasingly uncertain economic cycle, while we continue to focus on returning capital to shareholders. For the twelve-months ended December 31, 2022, average total deposits increased 5.4%, our net interest margin expanded 10 basis points to 3.55%, and non-performing loans to total loans decreased from 0.11% at December 31, 2021 to 0.03% at December 31, 2022. These trends, combined with stable non-interest expense, successfully offset declines in non-interest income to drive record net income and earnings per share, while expanding returns on assets, equity, and tangible equity,” continued Mr. Meilstrup.

“LCNB also returned a record amount of capital back to shareholders in 2022 through our dividend policy and share repurchase program. We believe LCNB is well positioned for continued growth and strong levels of profitability, even as we expect a more challenging banking landscape in 2023. This is a testament to LCNB’s compelling business model, strong capital and liquidity levels, disciplined credit culture and outstanding team,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2022 fourth quarter was a quarterly record of $6,408,000, a 13.9% increase as compared to $5,627,000 for the same period last year. Earnings per basic and diluted share for the 2022 fourth quarter were a quarterly record of $0.57, an increase of 26.7% as compared to $0.45 for the same period last year. Net income for the twelve-month period ended December 31, 2022, was an annual record of $22,128,000, representing an increase of 5.5% as compared to $20,974,000 for the same period last year. Earnings per basic and diluted share for the twelve-month period ended December 31, 2022, were an annual record of $1.93, representing an increase of 16.3% as compared to $1.66 for the same period last year.

Net interest income for the three months ended December 31, 2022, increased 13.3% to $16,208,000, as compared to $14,310,000 for the same period in 2021. Net interest income for the twelve-month period ended December 31, 2022, increased 6.9% to $61,042,000, as compared to $57,124,000 for 2021. Favorably contributing to the variance for the three-and twelve-month periods were overall growth in the loan portfolio and higher average rates earned on the loan and debt securities portfolios. Growth in the taxable debt securities and loan portfolios also benefited interest income for the twelve-month period. For the 2022 fourth quarter, LCNB’s net interest margin expanded to 3.77%, from 3.34% for the same period last year. For the 2022 full year, LCNB’s net interest margin was 3.55%, compared to 3.45% in 2021.

Non-interest income for the three months ended December 31, 2022, was $3,629,000, compared to $4,347,000 for the same period last year. For the twelve months ended December 31, 2022, non-interest income was $14,288,000, compared to $16,232,000 for the same period last year. The primary drivers of the fourth quarter and twelve-month year-over-year changes in non-interest income were decreased fiduciary income, reduced gains from sales of loans and debt securities, and lower other operating income. Fiduciary income decreased because the fair value of wealth management assets, upon which fees are calculated, decreased due to current market conditions, even though the number of accounts increased. The lower other operating income for the full year was partially due to the absence of a one-time $508,000 Ohio Financial Institutions Tax refund recognized in 2021.

Non-interest expense for the three months ended December 31, 2022, was $246,000 lower than the comparable period in 2021. For the twelve months ended December 31, 2022, non-interest expense increased $94,000 from the comparable period in 2021. Other non-interest expense for the twelve-months ended December 31, 2022, included $471,000 in losses from the sales of two office buildings as a result of our branch consolidation strategy, which was offset by an $866,000 gain from the sale of other real estate owned recognized during the 2022 second quarter.

Capital Allocation

LCNB invested $23,660,000 in its share repurchase program through 2022, repurchasing 1,212,634 shares of its outstanding stock at an average price of $19.47 per share. This equates to approximately 9.8% of the Company’s outstanding common stock prior to the repurchase. During the 2022 fourth quarter, LCNB invested $678,000 in its share repurchase program, repurchasing 40,178 shares of its outstanding stock at an average price of $16.87 per share. At December 31, 2022, 339,054 shares remained under its May 27, 2022 share repurchase program.

For the full year ended December 31, 2022, LCNB paid $0.81 per share in dividends, a 5.2% increase from $0.77 per share for the full year ended December 31, 2021. On November 21, 2022, LCNB’s Board of Directors approved a 5.0% increase in the Company’s regular quarterly cash dividend payment from $0.20 per share to $0.21 per share. Since 2018, LCNB’s regular cash dividend payment has increased at a compound annual growth rate of 5.7%.

Balance Sheet

Total assets at December 31, 2022, increased by $15,492,000 to a record $1.92 billion from $1.90 billion at December 31, 2021. Net loans at December 31, 2022, increased 2.3% to a record $1.40 billion, compared to $1.36 billion at December 31, 2021.

Total deposits at December 31, 2022, decreased 1.5% to $1.60 billion, compared to $1.63 billion at December 31, 2021, as LCNB experiences greater competition for interest-bearing accounts along with seasonal deposit trends of certain public fund deposit relationships.

Assets Under Management

Total assets managed at December 31, 2022, were $3.10 billion, compared to $3.14 billion at December 31, 2021. The 1.5% year-over-year decrease in total assets managed was primarily due to a decrease in the fair value of managed assets at LCNB’s Wealth Management group associated with a challenging capital market environment in 2022 and a decrease in cash management accounts.

Asset Quality

In the 2022 fourth quarter consolidated condensed statements of income, LCNB recorded a net loan loss recovery of $19,000, compared to a net loan loss recovery of $508,000 for the 2021 fourth quarter. For the twelve months ended December 31, 2022, LCNB recorded a provision for loan losses of $250,000, compared to a net loan loss recovery of $269,000 for the twelve months ended December 31, 2021.

Net loan recoveries for the 2022 fourth quarter were $21,000, compared to net loan recoveries of $186,000 for the same period last year. For the 2022 twelve-month period, net loan charge-offs were $110,000 or 0.01% of average loans, compared to net loan recoveries during 2021 of $47,000 or 0.00% of average loans.

Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest decreased $1,107,000, from $1,537,000 or 0.11% of total loans at December 31, 2021, to $430,000 or 0.03% of total loans at December 31, 2022. Nonperforming assets to total assets was 0.02% at December 31, 2022, compared to 0.08% at December 31, 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.

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

12/31/2022

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

12/31/2022

 

12/31/2021

Condensed Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

17,719

 

 

16,704

 

 

16,208

 

 

15,122

 

 

15,189

 

 

65,753

 

 

61,177

 

Interest expense

 

1,511

 

 

1,260

 

 

1,041

 

 

899

 

 

879

 

 

4,711

 

 

4,053

 

Net interest income

 

16,208

 

 

15,444

 

 

15,167

 

 

14,223

 

 

14,310

 

 

61,042

 

 

57,124

 

Provision for (recovery of) loan losses

 

(19

)

 

(157

)

 

377

 

 

49

 

 

(508

)

 

250

 

 

(269

)

Net interest income after provision for (recovery of) loan losses

 

16,227

 

 

15,601

 

 

14,790

 

 

14,174

 

 

14,818

 

 

60,792

 

 

57,393

 

Non-interest income

 

3,629

 

 

3,581

 

 

3,528

 

 

3,550

 

 

4,347

 

 

14,288

 

 

16,232

 

Non-interest expense

 

12,065

 

 

12,350

 

 

11,469

 

 

12,250

 

 

12,311

 

 

48,134

 

 

48,040

 

Income before income taxes

 

7,791

 

 

6,832

 

 

6,849

 

 

5,474

 

 

6,854

 

 

26,946

 

 

25,585

 

Provision for income taxes

 

1,383

 

 

1,253

 

 

1,231

 

 

951

 

 

1,227

 

 

4,818

 

 

4,611

 

Net income

$

6,408

 

 

5,579

 

 

5,618

 

 

4,523

 

 

5,627

 

 

22,128

 

 

20,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Income Statement Information

 

 

 

 

 

 

 

 

 

 

 

 

Amort/Accret income on acquired loans

$

249

 

 

144

 

 

61

 

 

66

 

 

116

 

 

520

 

 

713

 

Tax-equivalent net interest income

$

16,257

 

 

15,495

 

 

15,217

 

 

14,273

 

 

14,365

 

 

61,242

 

 

57,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.21

 

 

0.20

 

 

0.20

 

 

0.20

 

 

0.20

 

 

0.81

 

 

0.77

 

Basic earnings per common share

$

0.57

 

 

0.49

 

 

0.49

 

 

0.38

 

 

0.45

 

 

1.93

 

 

1.66

 

Diluted earnings per common share

$

0.57

 

 

0.49

 

 

0.49

 

 

0.38

 

 

0.45

 

 

1.93

 

 

1.66

 

Book value per share

$

17.82

 

 

17.31

 

 

17.84

 

 

18.14

 

 

19.22

 

 

17.82

 

 

19.22

 

Tangible book value per share

$

12.48

 

 

11.97

 

 

12.53

 

 

12.84

 

 

14.33

 

 

12.48

 

 

14.33

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

11,211,328

 

 

11,284,225

 

 

11,337,805

 

 

11,818,614

 

 

12,370,702

 

 

11,410,981

 

 

12,589,605

 

Diluted

 

11,211,328

 

 

11,284,225

 

 

11,337,805

 

 

11,818,614

 

 

12,370,702

 

 

11,410,981

 

 

12,589,613

 

Shares outstanding at period end

 

11,259,080

 

 

11,293,639

 

 

11,374,515

 

 

11,401,503

 

 

12,414,956

 

 

11,259,080

 

 

12,414,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.34

%

 

1.15

%

 

1.18

%

 

0.96

%

 

1.18

%

 

1.16

%

 

1.13

%

Return on average equity

 

12.90

%

 

10.80

%

 

10.96

%

 

8.13

%

 

9.33

%

 

10.62

%

 

8.71

%

Return on average tangible common equity

 

18.59

%

 

15.30

%

 

15.52

%

 

11.11

%

 

12.51

%

 

14.96

%

 

11.67

%

Dividend payout ratio

 

36.84

%

 

40.82

%

 

40.82

%

 

52.63

%

 

44.44

%

 

41.97

%

 

46.39

%

Net interest margin (tax equivalent)

 

3.77

%

 

3.54

%

 

3.54

%

 

3.35

%

 

3.34

%

 

3.55

%

 

3.45

%

Efficiency ratio (tax equivalent)

 

60.67

%

 

64.74

%

 

61.18

%

 

68.73

%

 

65.79

%

 

63.73

%

 

65.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

22,701

 

 

29,460

 

 

31,815

 

 

19,941

 

 

18,136

 

 

 

 

 

Debt and equity securities

 

323,167

 

 

325,801

 

 

337,952

 

 

330,715

 

 

345,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

120,236

 

 

114,694

 

 

114,971

 

 

105,805

 

 

101,792

 

 

 

 

 

Commercial, secured by real estate

 

938,022

 

 

908,130

 

 

905,703

 

 

906,140

 

 

889,108

 

 

 

 

 

Residential real estate

 

305,575

 

 

316,669

 

 

315,930

 

 

328,034

 

 

334,547

 

 

 

 

 

Consumer

 

28,290

 

 

29,451

 

 

30,308

 

 

32,445

 

 

34,190

 

 

 

 

 

Agricultural

 

10,054

 

 

8,630

 

 

7,412

 

 

7,980

 

 

10,647

 

 

 

 

 

Other, including deposit overdrafts

 

81

 

 

52

 

 

81

 

 

45

 

 

122

 

 

 

 

 

Deferred net origination fees

 

(980

)

 

(937

)

 

(928

)

 

(928

)

 

(961

)

 

 

 

 

Loans, gross

 

1,401,278

 

 

1,376,689

 

 

1,373,477

 

 

1,379,521

 

 

1,369,445

 

 

 

 

 

Less allowance for loan losses

 

5,646

 

 

5,644

 

 

5,833

 

 

5,530

 

 

5,506

 

 

 

 

 

Loans, net

$

1,395,632

 

 

1,371,045

 

 

1,367,644

 

 

1,373,991

 

 

1,363,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

12/31/2022

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

12/31/2022

 

12/31/2021

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,726,902

 

 

1,714,196

 

 

1,722,853

 

 

1,712,115

 

 

1,716,420

 

 

 

 

 

Total assets

 

1,919,121

 

 

1,904,700

 

 

1,912,627

 

 

1,899,630

 

 

1,903,629

 

 

 

 

 

Total deposits

 

1,604,970

 

 

1,657,370

 

 

1,658,825

 

 

1,636,606

 

 

1,628,819

 

 

 

 

 

Short-term borrowings

 

71,455

 

 

4,000

 

 

5,000

 

 

24,746

 

 

 

 

 

 

 

Long-term debt

 

19,072

 

 

24,539

 

 

25,000

 

 

10,000

 

 

10,000

 

 

 

 

 

Total shareholders’ equity

 

200,675

 

 

195,439

 

 

202,960

 

 

206,875

 

 

238,604

 

 

 

 

 

Equity to assets ratio

 

10.46

%

 

10.26

%

 

10.61

%

 

10.89

%

 

12.53

%

 

 

 

 

Loans to deposits ratio

 

87.31

%

 

83.06

%

 

82.80

%

 

84.29

%

 

84.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

$

140,498

 

 

135,149

 

 

142,557

 

 

146,360

 

 

177,949

 

 

 

 

 

Tangible common assets (TCA)

 

1,858,944

 

 

1,844,410

 

 

1,852,224

 

 

1,839,115

 

 

1,842,974

 

 

 

 

 

TCE/TCA

 

7.56

%

 

7.33

%

 

7.70

%

 

7.96

%

 

9.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

24,330

 

 

35,763

 

 

28,787

 

 

32,826

 

 

29,614

 

 

30,364

 

 

36,648

 

Debt and equity securities

 

323,195

 

 

338,299

 

 

338,149

 

 

340,666

 

 

348,150

 

 

335,051

 

 

319,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,383,809

 

 

1,384,520

 

 

1,375,710

 

 

1,376,926

 

 

1,351,762

 

 

1,380,272

 

 

1,329,072

 

Less allowance for loan losses

 

5,647

 

 

5,830

 

 

5,532

 

 

5,503

 

 

5,843

 

 

5,629

 

 

5,701

 

Net loans

$

1,378,162

 

 

1,378,690

 

 

1,370,178

 

 

1,371,423

 

 

1,345,919

 

 

1,374,643

 

 

1,323,371

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,711,524

 

 

1,736,031

 

 

1,722,503

 

 

1,727,335

 

 

1,708,392

 

 

1,724,350

 

 

1,663,567

 

Total assets

 

1,903,338

 

 

1,928,868

 

 

1,912,574

 

 

1,917,226

 

 

1,896,530

 

 

1,915,431

 

 

1,851,177

 

Total deposits

 

1,637,201

 

 

1,669,932

 

 

1,655,389

 

 

1,646,627

 

 

1,615,020

 

 

1,652,309

 

 

1,567,680

 

Short-term borrowings

 

21,433

 

 

5,728

 

 

18,263

 

 

12,503

 

 

893

 

 

14,482

 

 

821

 

Long-term debt

 

23,855

 

 

24,920

 

 

12,637

 

 

10,000

 

 

14,402

 

 

17,910

 

 

16,148

 

Total shareholders’ equity

 

197,014

 

 

205,051

 

 

205,645

 

 

225,725

 

 

239,174

 

 

208,271

 

 

240,823

 

Equity to assets ratio

 

10.35

%

 

10.63

%

 

10.75

%

 

11.77

%

 

12.61

%

 

10.87

%

 

13.01

%

Loans to deposits ratio

 

84.52

%

 

82.91

%

 

83.10

%

 

83.62

%

 

83.70

%

 

83.54

%

 

84.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

(21

)

 

32

 

 

74

 

 

25

 

 

(186

)

 

110

 

 

(47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

$

391

 

 

465

 

 

599

 

 

1,455

 

 

1,481

 

 

391

 

 

1,481

 

Loans past due 90 days or more and still accruing

 

39

 

 

 

 

 

 

 

 

56

 

 

39

 

 

56

 

Total nonperforming loans

$

430

 

 

465

 

 

599

 

 

1,455

 

 

1,537

 

 

430

 

 

1,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries) to average loans

 

(0.01

)%

 

0.01

%

 

0.02

%

 

0.01

%

 

(0.05

)%

 

0.01

%

 

0.00

%

Allowance for loan losses to total loans

 

0.40

%

 

0.41

%

 

0.42

%

 

0.40

%

 

0.40

%

 

0.40

%

 

0.40

%

Nonperforming loans to total loans

 

0.03

%

 

0.03

%

 

0.04

%

 

0.11

%

 

0.11

%

 

0.03

%

 

0.11

%

Nonperforming assets to total assets

 

0.02

%

 

0.02

%

 

0.03

%

 

0.08

%

 

0.08

%

 

0.02

%

 

0.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

$

1,919,121

 

 

1,904,700

 

 

1,912,627

 

 

1,899,630

 

 

1,903,629

 

 

 

 

 

Trust and investments (fair value)

 

678,366

 

 

611,409

 

 

625,984

 

 

700,353

 

 

722,093

 

 

 

 

 

Mortgage loans serviced

 

148,412

 

 

145,317

 

 

153,557

 

 

152,271

 

 

149,382

 

 

 

 

 

Cash management

 

1,925

 

 

53,199

 

 

38,914

 

 

75,302

 

 

34,009

 

 

 

 

 

Brokerage accounts (fair value)

 

347,737

 

 

314,144

 

 

303,663

 

 

326,290

 

 

334,670

 

 

 

 

 

Total assets managed

$

3,095,561

 

 

3,028,769

 

 

3,034,745

 

 

3,153,846

 

 

3,143,783

 

 

 

 

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

 

 

 

 

December 31,

2022

(Unaudited)

 

December 31,

2021

ASSETS:

 

 

 

Cash and due from banks

$

20,244

 

 

16,810

 

Interest-bearing demand deposits

 

2,457

 

 

1,326

 

Total cash and cash equivalents

 

22,701

 

 

18,136

 

Investment securities:

 

 

 

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

 

2,273

 

 

2,546

 

Equity securities without a readily determinable fair value, at cost

 

2,099

 

 

2,099

 

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

 

289,850

 

 

308,177

 

Debt securities, held-to-maturity, at cost

 

19,878

 

 

22,972

 

Federal Reserve Bank stock, at cost

 

4,652

 

 

4,652

 

Federal Home Loan Bank stock, at cost

 

4,415

 

 

5,203

 

Loans, net

 

1,395,632

 

 

1,363,939

 

Premises and equipment, net

 

33,042

 

 

35,385

 

Operating leases right of use asset

 

6,248

 

 

6,357

 

Goodwill

 

59,221

 

 

59,221

 

Core deposit and other intangibles

 

1,827

 

 

2,473

 

Bank owned life insurance

 

44,298

 

 

43,224

 

Interest receivable

 

7,482

 

 

7,999

 

Other assets

 

25,503

 

 

21,246

 

TOTAL ASSETS

$

1,919,121

 

 

1,903,629

 

 

 

 

 

LIABILITIES:

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

505,824

 

 

501,531

 

Interest-bearing

 

1,099,146

 

 

1,127,288

 

Total deposits

 

1,604,970

 

 

1,628,819

 

Short-term borrowings

 

71,455

 

 

 

Long-term debt

 

19,072

 

 

10,000

 

Operating lease liabilities

 

6,370

 

 

6,473

 

Accrued interest and other liabilities

 

16,579

 

 

19,733

 

TOTAL LIABILITIES

 

1,718,446

 

 

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 14,270,550 and 14,213,792 shares at December 31, 2022 and 2021, respectively; outstanding 11,259,080 and 12,414,956 shares at December 31, 2022 and 2021, respectively

 

144,069

 

 

143,130

 

Retained earnings

 

139,249

 

 

126,312

 

Treasury shares at cost, 3,011,470 and 1,798,836 shares at December 31, 2022 and 2021, respectively

 

(52,689

)

 

(29,029

)

Accumulated other comprehensive loss, net of taxes

 

(29,954

)

 

(1,809

)

TOTAL SHAREHOLDERS' EQUITY

 

200,675

 

 

238,604

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,919,121

 

 

1,903,629

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

INTEREST INCOME:

 

 

 

 

 

 

 

Interest and fees on loans

$

15,887

 

 

13,770

 

 

59,247

 

 

56,142

 

Dividends on equity securities with a readily determinable fair value

 

16

 

 

13

 

 

56

 

 

51

 

Dividends on equity securities without a readily determinable fair value

 

13

 

 

5

 

 

29

 

 

21

 

Interest on debt securities, taxable

 

1,355

 

 

1,018

 

 

5,027

 

 

3,668

 

Interest on debt securities, non-taxable

 

186

 

 

208

 

 

753

 

 

864

 

Other investments

 

262

 

 

175

 

 

641

 

 

431

 

TOTAL INTEREST INCOME

 

17,719

 

 

15,189

 

 

65,753

 

 

61,177

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

Interest on deposits

 

1,189

 

 

769

 

 

3,682

 

 

3,578

 

Interest on short-term borrowings

 

96

 

 

2

 

 

416

 

 

6

 

Interest on long-term debt

 

226

 

 

108

 

 

613

 

 

469

 

TOTAL INTEREST EXPENSE

 

1,511

 

 

879

 

 

4,711

 

 

4,053

 

NET INTEREST INCOME

 

16,208

 

 

14,310

 

 

61,042

 

 

57,124

 

PROVISION FOR (RECOVERY OF) LOAN LOSSES

 

(19

)

 

(508

)

 

250

 

 

(269

)

NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) LOAN LOSSES

 

16,227

 

 

14,818

 

 

60,792

 

 

57,393

 

NON-INTEREST INCOME:

 

 

 

 

 

 

 

Fiduciary income

 

1,617

 

 

1,715

 

 

6,468

 

 

6,674

 

Service charges and fees on deposit accounts

 

1,532

 

 

1,530

 

 

6,190

 

 

6,036

 

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

 

 

 

303

 

 

 

 

303

 

Bank owned life insurance income

 

271

 

 

269

 

 

1,074

 

 

1,074

 

Gains from sales of loans

 

8

 

 

292

 

 

196

 

 

852

 

Other operating income

 

201

 

 

238

 

 

360

 

 

1,293

 

TOTAL NON-INTEREST INCOME

 

3,629

 

 

4,347

 

 

14,288

 

 

16,232

 

NON-INTEREST EXPENSE:

 

 

 

 

 

 

 

Salaries and employee benefits

 

7,192

 

 

6,976

 

 

28,483

 

 

27,616

 

Equipment expenses

 

395

 

 

446

 

 

1,629

 

 

1,678

 

Occupancy expense, net

 

767

 

 

713

 

 

3,067

 

 

2,949

 

State financial institutions tax

 

428

 

 

440

 

 

1,740

 

 

1,758

 

Marketing

 

339

 

 

361

 

 

1,184

 

 

1,239

 

Amortization of intangibles

 

113

 

 

263

 

 

478

 

 

1,043

 

FDIC insurance premiums, net

 

133

 

 

127

 

 

530

 

 

492

 

ATM Expense

 

340

 

 

436

 

 

1,370

 

 

1,416

 

Computer maintenance and supplies

 

283

 

 

332

 

 

1,114

 

 

1,213

 

Telephone expense

 

63

 

 

64

 

 

240

 

 

420

 

Contracted services

 

601

 

 

612

 

 

2,503

 

 

2,430

 

Other real estate owned, net

 

8

 

 

 

 

(866

)

 

2

 

Other non-interest expense

 

1,403

 

 

1,541

 

 

6,662

 

 

5,784

 

TOTAL NON-INTEREST EXPENSE

 

12,065

 

 

12,311

 

 

48,134

 

 

48,040

 

INCOME BEFORE INCOME TAXES

 

7,791

 

 

6,854

 

 

26,946

 

 

25,585

 

PROVISION FOR INCOME TAXES

 

1,383

 

 

1,227

 

 

4,818

 

 

4,611

 

NET INCOME

$

6,408

 

 

5,627

 

 

22,128

 

 

20,974

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.21

 

 

0.20

 

 

0.81

 

 

0.77

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

 

0.57

 

 

0.45

 

 

1.93

 

 

1.66

 

Diluted

 

0.57

 

 

0.45

 

 

1.93

 

 

1.66

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

11,211,328

 

 

12,370,702

 

 

11,410,981

 

 

12,589,605

 

Diluted

 

11,211,328

 

 

12,370,702

 

 

11,410,981

 

 

12,589,613

 

 

Contacts

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

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