LCNB (LCNB) 8-K Results of Operations and Financial Condition

LCNB Corp. and Subsidiaries

Financial Highlights

 (Dollars in thousands, except per share amounts)

Condensed Income Statement		Three Months Ended March 31,
		2012	2011
Interest income	$	7,731	8,130
Interest expense		1,322	1,772
Net interest income		6,409	6,358
Provision for loan losses		215	664
Net interest income after provision		6,194	5,694
Non-interest income		2,336	1,915
Non-interest expense		5,448	5,785
Income before income taxes		3,082	1,824
Provision for income taxes		805	346
Net income from continuing operations		2,277	1,478
Income from discontinued operations, net of taxes		-	824
Net income	$	2,277	2,302
Dividends per common share	$	0.16	0.16
Basic earnings per common share:
Continuing operations	$	0.34	0.22
Discontinued operations		-	0.12
Diluted earnings per common share:
Continuing operations	$	0.34	0.22
Discontinued operations		-	0.12
Average shares outstanding:
Basic		6,706,295	6,689,743
Diluted		6,773,451	6,741,767
Selected Financial Ratios
Return on average assets		1.15%	1.22%
Return on average equity		11.56%	13.16%
Dividend payout ratio		47.06%	47.06%
Net interest margin (tax equivalent)		3.69%	3.87%

Selected Balance Sheet Items		March 31, 2012	December 31, 2011
Investment securities	$	265,829	267,771
Loans		456,981	461,262
Less allowance for loan losses		2,890	2,931
Net loans		454,091	458,331
Total assets		791,905	791,570
Total deposits		675,566	663,562
Short-term borrowings		10,590	21,596
Long-term debt		20,731	21,373
Total shareholders’ equity		78,513	77,960
Shares outstanding at period end		6,711,691	6,704,723
Book value per share	$	11.70	11.63
Equity to assets ratio		9.91%	9.85%
Assets Under Management
LCNB Corp. total assets	$	791,905	791,570
Trust and investments (fair value)		235,205	221,950
Loans serviced		68,250	67,410
Business cash management		8,682	8,583
Brokerage accounts (fair value)		87,250	78,863
Total assets managed	$	1,191,292	1,168,376