EXHIBIT 99.2
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 December 31, | | Twelve Months Ended December 31, |
| | | 2008 | | 2007 | | 2008 | | 2007 |
Interest income | $ | 8,663 | | 8,288 | | 34,350 | | 31,991 |
Interest expense | | 3,216 | | 3,612 | | 13,421 | | 13,838 |
Net interest income | | 5,447 | | 4,676 | | 20,929 | | 18,153 |
Provision for loan losses | | 298 | | 108 | | 620 | | 266 |
Net interest income after provision | | 5,149 | | 4,568 | | 20,309 | | 17,887 |
Non-interest income | | 2,023 | | 2,126 | | 8,453 | | 8,346 |
Non-interest expense | | 4,959 | | 4,567 | | 19,934 | | 18,344 |
Income before income taxes | | 2,213 | | 2,127 | | 8,828 | | 7,889 |
Provision for income taxes | | 546 | | 538 | | 2,225 | | 1,935 |
Net income | $ | 1,667 | | 1,589 | | 6,603 | | 5,954 |
| | | | | | | | | |
Dividends per common share | $ | 0.16 | | 0.155 | | 0.64 | | 0.62 |
Basic earnings per common share | $ | 0.25 | | 0.25 | | 0.99 | | 0.94 |
Diluted earnings per common share | $ | 0.25 | | 0.25 | | 0.99 | | 0.94 |
Average basic shares outstanding | | 6,687,232 | | 6,389,582 | | 6,687,232 | | 6,368,046 |
Average diluted shares outstanding | | 6,687,232 | | 6,389,582 | | 6,687,232 | | 6,368,563 |
| | | | | | | | | |
Selected Financial Ratios | | | | | | | | |
Return on average assets | | 1.00% | | 1.12% | | 1.03% | | 1.08% |
Return on average equity | | 11.24% | | 11.79% | | 11.35% | | 11.41% |
Dividend payout ratio | | 64.00% | | 62.00% | | 64.65% | | 65.96% |
Net interest margin (tax equivalent) | | 3.70% | | 3.74% | | 3.74% | | 3.77% |
| | | | |
Selected Balance Sheet Items | | December 31, 2008 | | December 31, 2007 |
Investment securities | $ | 139,272 | | 90,154 |
| | | | | |
Loans | | 453,811 | | 446,887 |
Less allowance for loan losses | | 2,468 | | 2,468 |
Net loans | | 451,343 | | 444,419 |
| | | | | |
Total assets | | 649,731 | | 604,058 |
Total deposits | | 577,622 | | 535,929 |
Short-term borrowings | | 2,206 | | 1,459 |
Long-term debt | | 5,000 | | 5,000 |
Total shareholders’ equity | | 58,116 | | 56,528 |
| | | | | |
Shares outstanding at period end | | 6,687,232 | | 6,687,232 |
| | | | | |
Book value per share | $ | 8.69 | | 8.45 |
Equity to assets ratio | | 8.94% | | 9.36% |
| | | | | |
Assets Under Management | | | | |
LCNB Corp. total assets | $ | 649,731 | | 604,058 |
Trust and investments (fair value) | | 174,775 | | 199,053 |
Mortgage loans serviced | | 37,783 | | 40,260 |
Business cash management | | 39,979 | | 34,532 |
Brokerage accounts (fair value) | | 53,633 | | 58,929 |
Total assets managed | $ | 955,901 | | 936,832 |
