LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share amounts)
Condensed Income Statement | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2012 | 2011 | 2012 | 2011 | |||||
Interest income | $ | 7,404 | 7,976 | 22,706 | 24,205 | |||
Interest expense | 1,190 | 1,537 | 3,784 | 4,976 | ||||
Net interest income | 6,214 | 6,439 | 18,922 | 19,229 | ||||
Provision for loan losses | 436 | 588 | 742 | 1,476 | ||||
Net interest income after provision | 5,778 | 5,851 | 18,180 | 17,753 | ||||
Non-interest income | 2,205 | 2,033 | 6,296 | 5,783 | ||||
Non-interest expense | 5,564 | 5,436 | 16,342 | 16,528 | ||||
Income before income taxes | 2,419 | 2,448 | 8,134 | 7,008 | ||||
Provision for income taxes | 572 | 581 | 2,023 | 1,640 | ||||
Net income from continuing operations | 1,847 | 1,867 | 6,111 | 5,368 | ||||
Income from discontinued operations, net of taxes | - | - | - | 793 | ||||
Net income | $ | 1,847 | 1,867 | 6,111 | 6,161 | |||
Dividends per common share | $ | 0.16 | 0.16 | 0.48 | 0.48 | |||
Basic earnings per common share: | ||||||||
Continuing operations | $ | 0.27 | 0.28 | 0.91 | 0.80 | |||
Discontinued operations | - | - | - | 0.12 | ||||
Diluted earnings per common share: | ||||||||
Continuing operations | $ | 0.27 | 0.28 | 0.90 | 0.80 | |||
Discontinued operations | - | - | - | 0.12 | ||||
Average basic shares outstanding | 6,721,699 | 6,690,963 | 6,713,959 | 6,690,157 | ||||
Average diluted shares outstanding | 6,797,675 | 6,750,807 | 6,787,000 | 6,746,568 | ||||
Selected Financial Ratios | ||||||||
Return on average assets | 0.90% | 0.92% | 1.01% | 1.04% | ||||
Return on average equity | 8.98% | 9.71% | 10.17% | 11.22% | ||||
Dividend payout ratio | 59.26% | 57.14% | 52.75% | 52.17% | ||||
Net interest margin (tax equivalent) | 3.44% | 3.61% | 3.55% | 3.73% |
Selected Balance Sheet Items | September 30, 2012 | December 31, 2011 | ||
Investment securities | $ | 281,280 | 267,771 | |
Loans | 457,407 | 461,262 | ||
Less allowance for loan losses | 2,866 | 2,931 | ||
Net loans | 454,541 | 458,331 | ||
Total assets | 817,192 | 791,570 | ||
Total deposits | 701,080 | 663,562 | ||
Short-term borrowings | 12,076 | 21,596 | ||
Long-term debt | 14,049 | 21,373 | ||
Total shareholders’ equity | 82,131 | 77,960 | ||
Shares outstanding at period end | 6,726,507 | 6,704,723 | ||
Book value per share | $ | 12.21 | 11.63 | |
Tangible book value per share | 11.32 | 10.73 | ||
Equity to assets ratio | 10.05% | 9.85% | ||
Assets Under Management | ||||
LCNB Corp. total assets | $ | 817,192 | 791,570 | |
Trust and investments (fair value) | 232,956 | 221,950 | ||
Mortgage loans serviced | 70,208 | 67,410 | ||
Business cash management | 8,769 | 8,583 | ||
Brokerage accounts (fair value) | 94,727 | 78,863 | ||
Total assets managed | $ | 1,223,852 | 1,168,376 |