Q4 2024 GAAP net income improved 41.9%
quarter-over-quarter to $0.44 per diluted share, reflecting the
contribution from the Company’s recent acquisitions, balance sheet
optimization strategies and strong operating performance
Return on average assets was 1.04% for the
quarter ended December 31, 2024
LCNB Wealth Management assets increased 15.1%
year-over-year to a record $1.38 billion at December 31, 2024,
producing robust fiduciary income of $2.3 million for the 2024
fourth quarter
Asset quality remains at historically strong
levels with non-performing assets to total assets of 0.20% at
December 31, 2024
LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial
results for the three months and twelve months ended December 31,
2024.
Commenting on the financial results, LCNB President and Chief
Executive Officer, Eric Meilstrup said, “As expected, our 2024
fourth-quarter results demonstrate the success of our multi-year
growth plan, strategic improvements we have made to our balance
sheet, and the hard work and dedication of LCNB’s associates.
Successfully integrating the Eagle Financial Bancorp, Inc.
(“Eagle”) and Cincinnati Bancorp, Inc. (“Cincinnati Federal”)
acquisitions was an important operating strategy we pursued
throughout 2024. I am pleased to share that the vast majority of
these integration efforts have been completed. As a result, we can
focus more of our efforts on optimizing our diverse banking
platform, pursuing growth opportunities throughout our compelling
Ohio markets, and leveraging the success of LCNB Wealth
Management.”
Mr. Meilstrup continued, “Throughout 2024 we completed several
actions to improve our balance sheet, including over $97 million of
opportunistic asset sales completed during the year. These asset
sales leverage our excellent asset quality, robust liquidity
levels, and improved overall net interest margin. At December 31,
2024, non-performing assets to total assets remained historically
strong at 0.20%, and our equity to assets ratio grew 70 basis
points year-over-year to 10.97%. During 2025, we plan to continue
pursuing strategic opportunities to further enhance our balance
sheet, improve liquidity levels, and expand overall profitability,
while maintaining excellent asset quality.”
“LCNB experienced a historic year of growth and transformation
in 2024. I am proud of our team’s strong performance and continued
dedication to our communities. I believe we are well positioned for
profitable growth in 2025, as we benefit further from our expanded
banking platform, strong asset quality, and compelling financial
model,” concluded Mr. Meilstrup.
Income Statement
Net income for the 2024 fourth quarter was $6.1 million,
compared to net loss of $(293,000) for the same period last year.
Earnings per basic and diluted share for the 2024 fourth quarter
were $0.44, compared to a loss of $(0.02) for the same period last
year. Net income for the twelve-month period ended December 31,
2024, was $13.5 million, compared to $12.6 million for the same
period last year. Earnings per basic and diluted share for the
twelve-month period ended December 31, 2024 were $0.97, compared to
$1.10 for the same period last year.
Net income adjusted for after-tax merger costs for the 2024
fourth quarter was $6.2 million, or $0.44 per basic and diluted
share, compared to $4.2 million, or $0.34 per basic and diluted
share, for the same period last year. Adjusted net income for the
twelve months ended December 31, 2024 was $17.6 million, or $1.27
per basic and diluted share, compared to $17.8 million, or $1.56
per basic and diluted share, in the prior year period.
Net interest income for the three months ended December 31, 2024
was $16.7 million, compared to $14.7 million for the comparable
period in 2023. Net interest income for the twelve-month period
ended December 31, 2024 was $60.8 million, as compared to $56.3
million in the same period last year. An increase in interest
income from loans, due to a higher volume of average loans
outstanding and the average rates earned on these loans, was
partially offset by higher average balances in interest-bearing
demand and money market deposits, IRA and time certificates, and
long-term debt and an increase in rates paid for these liabilities.
For the 2024 fourth quarter, LCNB’s tax equivalent net interest
margin was 3.22%, compared to 2.99% for the same period last year.
Net interest margin for the twelve-month period ended December 31,
2024 was 2.91%, as compared to 3.14% in the same period last
year.
Non-interest income for the three months ended December 31, 2024
was $6.0 million, compared to $4.6 million for the same period last
year. For the twelve months ended December 31, 2024, non-interest
income increased $5.0 million, or by 32.4%, to $20.4 million,
compared to $15.4 million for the same period last year. The
increase in non-interest income for the twelve-month period was
primarily due to net gains from sales of loans. In addition,
non-interest income for the twelve-month period benefitted from
increased fiduciary income, service charges, and bank-owned life
insurance income.
Non-interest expense for the three months ended December 31,
2024 was $14.6 million, compared to $17.6 million for the same
period last year. The $3.0 million decrease was primarily due to
$3.9 million of one-time merger-related expenses that occurred in
the 2023 fourth quarter. For the twelve months ended December 31,
2024, non-interest expense was $8.9 million higher than the
comparable period in 2023, due to an increase in salaries and
employee benefit costs and other operating expenses, partially
offset by lower merger related expenses.
Capital Allocation
For the full year ended December 31, 2024, LCNB paid $0.88 per
share in dividends, a 3.5% increase from $0.85 per share for the
full year ended December 31, 2023.
Balance Sheet
Total assets at December 31, 2024 increased 0.7%, to $2.31
billion, from $2.29 billion at December 31, 2023. Net loans at
December 31, 2024 were $1.71 billion, a decrease of 0.2%, or $3.1
million, from December 31, 2023. During the year ended December 31,
2024, the Company originated $399.6 million in loans, of which
$138.4 million were sold into the secondary market.
Loans held for sale totaled $5.6 million at December 31, 2024,
compared to $35.7 million at September 30, 2024 and $75.6 million
at March 31, 2024, and are primarily composed of loans scheduled to
be sold to an investor. Proceeds from loan sales that occurred
during 2024 were used for general corporate purposes, which
included supporting loan originations, paying down higher cost
funding sources, and adding to liquidity balances.
Total deposits at December 31, 2024 increased 3.0% to $1.88
billion, compared to $1.82 billion at December 31, 2023. Not
including the Eagle acquisition, total deposit relationships,
including off-balance-sheet deposits, increased 3.6% organically,
or by $66 million, from December 31, 2023.
At December 31, 2024, shareholders' equity was $253.0 million,
compared to $235.3 million at December 31, 2023. On a per-share
basis, shareholders' equity at December 31, 2024 was $17.92,
compared to $17.86 at December 31, 2023.
At December 31, 2024, tangible shareholders' equity was $154.7
million, compared to $150.4 million at December 31, 2023. The 2.9%
year-over-year increase in tangible shareholders' equity was
primarily from higher retained earnings, and an improvement in the
unrealized losses on the available-for-sale investment portfolio.
On a per-share basis, tangible shareholders' equity was $10.96 at
December 31, 2024, compared to $11.42 at December 31, 2023. While
bond market volatility is expected to continue in 2025, LCNB
predicts tangible book value may increase in 2025 primarily due to
higher retained earnings.
Assets Under Management
Total assets managed at December 31, 2024 were $4.23 billion,
compared to $3.88 billion at December 31, 2023. The year-over-year
increase in total assets managed was due to the Eagle acquisition
and organic growth in LCNB total assets, trust and investments,
mortgage loans serviced, cash management, and brokerage accounts.
Organically, trust and investments and brokerage accounts increased
due to a higher number of new LCNB Wealth Management customer
accounts and an increase in the fair value of managed assets.
Asset Quality
For the 2024 fourth quarter, LCNB recorded a provision for
credit losses of $649,000, compared to a provision for credit
losses of $2.2 million for the 2023 fourth quarter. For the twelve
months ended December 31, 2024, LCNB recorded a total provision for
credit losses of $2.0 million, compared to a total provision for
credit losses of $2.1 million for the twelve months ended December
31, 2023.
Net charge-offs for the 2024 fourth quarter were $595,000, or
0.14% of average loans, compared to net charge-offs of $102,000, or
0.02% of average loans, annualized, for the same period last year.
For the 2024 twelve-month period, net charge-offs were $742,000, or
0.04% of average loans, compared to net charge-offs of $184,000, or
0.01% of average loans, for the 2023 twelve-month period.
Total nonperforming loans, which include non-accrual loans and
loans past due 90 days or more and still accruing interest, were
$4.6 million, or 0.27% of total loans, at December 31, 2024,
compared to $152,000, or 0.01% of total loans, at December 31,
2023. The year-over-year increase in nonaccrual loans was primarily
due to one commercial real estate relationship, representing a
balance of $2.6 million. LCNB does not foresee any additional loss
on this loan as it is deemed to have adequate provision based on
management’s current review of the property value. The
nonperforming assets to total assets ratio was 0.20% at December
31, 2024, compared to 0.01% at December 31, 2023.
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 and Boone County, Kentucky. 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, 2023, 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.
LCNB’s ability to integrate recent and
future acquisitions, including Cincinnati Federal and Eagle, may be
unsuccessful or may be more difficult, time-consuming, or costly
than expected;
3.
LCNB may incur increased loan charge-offs
in the future and the allowance for credit losses may be
inadequate;
4.
LCNB may face competitive loss of
customers;
5.
changes in the interest rate environment,
either by interest rate increases or decreases, may have results on
LCNB’s operations materially different from those anticipated by
LCNB’s market risk management functions;
6.
changes in general economic conditions and
increased competition could adversely affect LCNB’s operating
results;
7.
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;
8.
LCNB may experience difficulties growing
loan and deposit balances;
9.
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;
10.
global and/or domestic geopolitical
relations and/or conflicts could create financial market
uncertainty and have negative impacts on commodities, currency, and
stability, which could adversely affect LCNB's operating results
and financial condition;
11.
difficulties with technology or data
security breaches, including cyberattacks or widespread outages,
could negatively affect LCNB's ability to conduct business and its
relationships with customers, vendors, and others;
12.
adverse weather events and natural
disasters and global and/or national epidemics could negatively
affect LCNB’s customers given its concentrated geographic scope,
which could impact LCNB’s operating results; and
13.
government intervention in the U.S.
financial system, including the effects of legislative, tax,
accounting, and regulatory actions and reforms, including 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, changes in deposit insurance
premium levels, and any such future regulatory actions or
reforms.
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.
Exhibit 99.2
LCNB Corp. and Subsidiaries
Financial Highlights (Dollars in thousands, except per share
amounts) (Unaudited)
Three Months Ended
Twelve Months Ended
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
12/31/2024
12/31/2023
Condensed Income
Statement
Interest income
$
26,894
26,398
26,965
24,758
23,310
105,015
79,599
Interest expense
10,181
11,428
11,748
10,863
8,651
44,220
23,250
Net interest income
16,713
14,970
15,217
13,895
14,659
60,795
56,349
Provision for credit losses
649
660
528
125
2,218
1,962
2,077
Net interest income after provision for
credit losses
16,064
14,310
14,689
13,770
12,441
58,833
54,272
Non-interest income
5,988
6,407
4,080
3,929
4,606
20,404
15,411
Non-interest expense
14,592
15,387
17,825
15,472
17,576
63,276
54,423
Income (loss) before income taxes
7,460
5,330
944
2,227
(529
)
15,961
15,260
Provision for (benefit from) income
taxes
1,340
798
19
312
(236
)
2,469
2,632
Net income (loss)
$
6,120
$
4,532
$
925
$
1,915
$
(293
)
$
13,492
$
12,628
Supplemental
Income Statement Information
Accretion income on acquired loans
$
1,271
800
1,248
776
410
4,095
484
Amortization expenses on acquired
interest-bearing liabilities
$
119
378
638
459
309
1,594
309
Tax-equivalent net interest income
$
16,754
15,013
15,256
13,933
14,703
60,956
56,532
Pre-provision, pre-tax net income
$
8,109
5,990
1,472
2,352
1,689
17,923
17,337
Per Share
Data
Dividends per share
$
0.22
0.22
0.22
0.22
0.22
0.88
0.85
Basic earnings (loss) per common share
$
0.44
0.31
0.07
0.15
(0.02
)
0.97
1.10
Diluted earnings (loss) per common
share
$
0.44
0.31
0.07
0.15
(0.02
)
0.97
1.10
Book value per share
$
17.92
17.95
17.33
17.67
17.86
17.92
17.86
Tangible book value per share
$
10.96
10.97
10.08
11.26
11.42
10.96
11.42
Weighted average common shares
outstanding:
Basic
14,111,636
14,103,358
14,033,264
13,112,302
12,378,289
13,849,578
11,417,857
Diluted
14,111,636
14,103,358
14,033,264
13,112,302
12,378,289
13,849,578
11,417,857
Shares outstanding at period end
14,118,040
14,110,210
14,151,755
13,224,276
13,173,569
14,118,040
13,173,569
Selected
Financial Ratios
Return on average assets
1.04
%
0.76
%
0.15
%
0.34
%
(0.05
)%
0.57
%
0.63
%
Return on average equity
9.60
%
7.23
%
1.53
%
3.28
%
(0.53
)%
5.49
%
6.08
%
Return on average tangible common
equity
15.67
%
12.27
%
2.59
%
5.12
%
(0.81
)%
9.05
%
8.81
%
Dividend payout ratio
50.00
%
70.97
%
314.29
%
146.67
%
NM
90.72
%
77.27
%
Net interest margin (tax equivalent)
3.22
%
2.84
%
2.86
%
2.72
%
2.99
%
2.91
%
3.14
%
Efficiency ratio (tax equivalent)
64.16
%
71.83
%
92.19
%
86.62
%
91.02
%
77.77
%
75.65
%
Selected Balance
Sheet Items
Cash and cash equivalents
$
35,744
$
39,374
$
34,872
$
32,951
$
39,723
Debt and equity securities
306,795
313,545
312,241
306,775
318,723
Loans:
Commercial and industrial
$
118,494
$
119,079
$
125,703
$
122,229
$
120,411
Commercial, secured by real estate
1,113,921
1,105,405
1,117,798
1,099,601
1,107,556
Residential real estate
456,298
459,740
458,949
398,250
459,073
Consumer
20,474
22,088
22,912
24,137
25,578
Agricultural
13,242
13,113
11,685
12,647
10,952
Other, including deposit overdrafts
179
496
233
73
82
Deferred net origination fees
(796
)
(861
)
(533
)
(583
)
(181
)
Loans, gross
1,721,812
1,719,060
1,736,747
1,656,354
1,723,471
Less allowance for credit losses
12,001
11,867
11,270
10,557
10,525
Loans, net
$
1,709,811
$
1,707,193
$
1,725,477
$
1,645,797
$
1,712,946
Loans held for sale
$
5,556
35,687
44,002
75,581
—
NM - Not Meaningful
Three Months Ended
Twelve Months Ended
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
12/31/2024
12/31/2023
Selected Balance Sheet Items,
continued
Allowance for Credit Losses on
Loans:
Allowance for credit losses, beginning of
period
$
11,867
11,270
10,557
10,525
7,932
Fair value adjustment for purchased credit
deteriorated loans
—
—
189
—
493
Provision for credit losses on loans
728
681
542
77
2,203
Losses charged off
(616
)
(122
)
(87
)
(78
)
(126
)
Recoveries
22
38
69
33
23
Allowance for credit losses, end of
period
$
12,001
11,867
11,270
10,557
10,525
Total earning assets
$
2,044,208
2,044,318
2,058,110
1,971,130
2,045,382
Goodwill
90,310
90,209
93,922
79,559
79,509
Core deposit intangibles
8,006
8,309
8,613
5,152
5,388
Mortgage servicing rights
3,098
3,296
3,522
3,751
4,106
Other non-earning assets
161,772
200,776
207,146
223,559
157,207
Total non-earning assets
263,186
302,590
313,203
312,021
246,210
Total assets
2,307,394
2,346,908
2,371,313
2,283,151
2,291,592
Total deposits
1,878,292
1,917,005
1,943,060
1,858,493
1,824,389
Short-term borrowings
—
—
—
10,000
97,395
Long-term debt
155,153
155,662
162,150
162,638
113,123
Total shareholders’ equity
253,036
253,246
245,214
233,663
235,303
Equity to assets ratio
10.97
%
10.79
%
10.34
%
10.23
%
10.27
%
Loans to deposits ratio
91.67
%
89.67
%
89.38
%
89.12
%
94.47
%
Tangible common equity (TCE)
$
154,721
154,728
142,679
148,952
150,407
Tangible common assets (TCA)
2,209,079
2,248,390
2,268,778
2,198,440
2,206,696
TCE/TCA
7.00
%
6.88
%
6.29
%
6.78
%
6.82
%
Selected Average
Balance Sheet Items
Cash and cash equivalents
$
31,648
39,697
39,396
51,366
49,436
40,558
38,040
Debt and equity securities
311,323
314,255
309,668
310,771
310,274
311,476
318,082
Loans, including loans held for sale
$
1,751,644
1,770,330
1,818,253
1,722,568
1,622,911
1,765,672
1,467,981
Less allowance for credit losses on
loans
11,856
11,281
11,386
10,523
8,826
11,856
8,046
Net loans
$
1,739,788
1,759,049
1,806,867
1,712,045
1,614,085
1,753,816
1,459,935
Total earning assets, including loans held
for sale
$
2,072,397
2,099,954
2,142,064
2,056,656
1,952,121
2,092,695
1,799,102
Goodwill
90,218
94,006
91,733
79,526
74,203
88,888
62,967
Core deposit intangibles
8,154
8,458
8,302
5,275
3,887
7,552
1,565
Mortgage servicing rights
3,296
3,522
3,746
4,095
2,999
3,663
1,367
Other non-earning assets
158,022
159,736
158,937
149,214
149,267
156,528
136,564
Total non-earning assets
259,690
265,722
262,718
238,110
230,356
256,631
202,463
Total assets
2,332,087
2,365,676
2,404,782
2,294,766
2,182,477
2,349,326
2,001,565
Total deposits
1,901,442
1,936,601
1,965,987
1,824,546
1,759,677
1,907,208
1,640,000
Short-term borrowings
11
11
11,291
65,052
64,899
18,987
75,383
Long-term debt
155,573
158,419
162,555
150,177
115,907
156,683
56,798
Total shareholders’ equity
253,727
249,370
243,927
235,119
220,678
245,568
207,827
Equity to assets ratio
10.88
%
10.54
%
10.14
%
10.25
%
10.11
%
10.45
%
10.38
%
Loans to deposits ratio
92.12
%
91.41
%
92.49
%
94.41
%
92.23
%
92.58
%
89.51
%
Asset
Quality
Net charge-offs
$
595
$
84
18
45
102
742
184
Other real estate owned
—
—
—
—
—
—
—
Non-accrual loans
$
4,528
$
3,001
2,845
2,719
80
4,528
80
Loans past due 90 days or more and still
accruing
90
283
159
524
72
90
72
Total nonperforming loans
$
4,618
$
3,284
$
3,004
$
3,243
$
152
$
4,618
$
152
Net charge-offs to average loans
0.14
%
0.02
%
—
%
0.01
%
0.02
%
0.04
%
0.01
%
Allowance for credit losses on loans to
total loans
0.70
%
0.69
%
0.65
%
0.64
%
0.61
%
Nonperforming loans to total loans
0.27
%
0.19
%
0.17
%
0.20
%
0.01
%
Nonperforming assets to total assets
0.20
%
0.14
%
0.13
%
0.14
%
0.01
%
Three Months Ended
Twelve Months Ended
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
12/31/2024
12/31/2023
Assets Under Management
LCNB Corp. total assets
$
2,307,394
2,346,908
2,371,313
2,283,151
2,291,592
Trust and investments (fair value)
942,249
933,341
897,746
890,800
806,770
Mortgage loans serviced
397,625
366,175
422,951
386,490
391,800
Cash management
146,657
165,218
93,842
13,314
2,375
Brokerage accounts (fair value)
438,310
435,611
419,646
411,211
392,390
Total assets managed
$
4,232,235
4,247,253
4,205,498
3,984,966
3,884,927
Reconciliation of
Net Income Less Tax-Effected Merger-Related Costs
Net income (loss)
$
6,120
4,532
925
1,915
(293
)
13,492
12,628
Merger expenses
66
281
2,320
775
3,914
3,442
4,656
Provision for credit losses on non-PCD
loans
0
—
763
—
1,722
763
1,722
Loss on sale of below-market acquired
loans
0
—
843
—
—
843
—
Tax effect
(13
)
(48
)
(773
)
(90
)
(1,102
)
(924
)
(1,172
)
Adjusted net income
$
6,173
4,765
4,078
2,600
4,241
17,616
17,834
Adjusted basic and diluted earnings per
share
$
0.44
0.34
0.29
0.20
0.34
1.27
1.56
Adjusted return on average assets
1.05
%
0.80
%
0.68
%
0.46
%
0.77
%
0.75
%
0.89
%
Adjusted return on average equity
9.68
%
7.60
%
6.72
%
4.45
%
7.62
%
7.17
%
8.58
%
Three Months Ended December
31,
Three Months Ended September
30,
2024
2023
2024
Average
Interest
Average
Average
Interest
Average
Average
Interest
Average
Outstanding
Earned/
Yield/
Outstanding
Earned/
Yield/
Outstanding
Earned/
Yield/
Balance
Paid
Rate
Balance
Paid
Rate
Balance
Paid
Rate
Loans (1)
$
1,751,644
24,617
5.59
%
$
1,622,911
21,113
5.16
%
$
1,770,330
24,342
5.47
%
Interest-bearing demand deposits
9,185
143
6.19
%
18,936
280
5.87
%
15,369
209
5.41
%
Interest-bearing time deposits
245
—
—
—
—
—
%
—
—
—
%
Federal Reserve Bank stock
6,414
193
11.97
%
4,930
144
11.59
%
6,393
(1
)
(0.06
)%
Federal Home Loan Bank stock
20,710
469
9.01
%
12,607
273
8.59
%
20,710
464
8.91
%
Investment securities:
Equity securities
5,043
65
5.13
%
4,415
62
5.57
%
5,026
40
3.17
%
Debt securities, taxable
260,429
1,251
1.91
%
265,736
1,273
1.90
%
262,220
1,181
1.79
%
Debt securities, non-taxable (2)
18,727
197
4.18
%
22,586
209
3.67
%
19,906
206
4.12
%
Total earnings assets
2,072,397
26,935
5.17
%
1,952,121
23,354
4.75
%
2,099,954
26,441
5.01
%
Non-earning assets
271,546
239,182
277,003
Allowance for credit losses
(11,856
)
(8,826
)
(11,281
)
Total assets
$
2,332,087
$
2,182,477
$
2,365,676
Interest-bearing demand and money market
deposits
$
551,626
2,379
1.72
%
$
574,349
2,710
1.87
%
$
585,823
3,006
2.04
%
Savings deposits
366,310
241
0.26
%
402,791
323
0.32
%
$
367,045
274
0.30
%
IRA and time certificates
523,486
5,760
4.38
%
302,434
3,321
4.36
%
$
538,070
6,298
4.66
%
Short-term borrowings
11
1
36.17
%
64,899
918
5.61
%
$
11
—
—
%
Long-term debt
155,573
1,800
4.60
%
115,907
1,379
4.72
%
$
158,419
1,850
4.65
%
Total interest-bearing liabilities
1,597,006
10,181
2.54
%
1,460,380
8,651
2.35
%
1,649,368
11,428
2.76
%
Demand deposits
460,020
480,103
445,663
Other liabilities
21,334
21,316
21,275
Equity
253,727
220,678
249,370
Total liabilities and equity
$
2,332,087
$
2,182,477
$
2,365,676
Net interest rate spread (3)
2.63
%
2.40
%
2.25
%
Net interest income and net interest
margin on a taxable-equivalent basis (4)
16,754
3.22
%
14,703
2.99
%
15,013
2.84
%
Ratio of interest-earning assets to
interest-bearing liabilities
129.77
%
133.67
%
127.32
%
(1)
Includes non-accrual loans and loans held
for sale
(2)
Income from tax-exempt securities is
included in interest income on a taxable-equivalent basis. Interest
income has been divided by a factor comprised of the complement of
the incremental tax rate of 21%.
(3)
The net interest spread is the difference
between the average rate on total interest-earning assets and
interest-bearing liabilities.
(4)
The net interest margin is the
taxable-equivalent net interest income divided by average
interest-earning assets.
For the Year Ended December
31,
2024
2023
Average
Interest
Average
Average
Interest
Average
Outstanding
Earned/
Yield/
Outstanding
Earned/
Yield/
Balance
Paid
Rate
Balance
Paid
Rate
Loans (1)
$
1,765,672
96,477
5.46
%
1,467,981
71,894
4.90
%
Interest-bearing demand deposits
15,486
890
5.75
%
13,039
734
5.63
%
Interest-bearing time deposits
61
—
—
—
—
—
%
Federal Reserve Bank stock
6,143
369
6.01
%
4,722
283
5.99
%
Federal Home Loan Bank stock
19,460
1,641
8.43
%
8,293
590
7.11
%
Investment securities:
Equity securities
5,012
184
3.67
%
3,879
175
4.51
%
Debt securities, taxable
261,856
4,847
1.85
%
277,157
5,235
1.89
%
Debt securities, non-taxable (2)
19,005
768
4.04
%
24,031
871
3.62
%
Total earnings assets
2,092,695
105,176
5.03
%
1,799,102
79,782
4.43
%
Non-earning assets
267,894
210,509
Allowance for credit losses
(11,263
)
(8,046
)
Total assets
$
2,349,326
2,001,565
Interest-bearing demand and money market
deposits
$
607,144
12,877
2.12
%
535,865
7,850
1.46
%
Savings deposits
368,401
1,028
0.28
%
398,299
725
0.18
%
IRA and time certificates
481,516
21,933
4.55
%
233,604
7,996
3.42
%
Short-term borrowings
18,987
1,117
5.88
%
75,383
4,060
5.39
%
Long-term debt
156,683
7,265
4.64
%
56,798
2,619
4.61
%
Total interest-bearing liabilities
1,632,731
44,220
2.71
%
1,299,949
23,250
1.79
%
Demand deposits
450,147
472,232
Other liabilities
20,880
21,557
Equity
245,568
207,827
Total liabilities and equity
$
2,349,326
2,001,565
Net interest rate spread (3)
2.32
%
2.64
%
Net interest income and net interest
margin on a taxable-equivalent basis (4)
60,956
2.91
%
56,532
3.14
%
Ratio of interest-earning assets to
interest-bearing liabilities
128.17
%
138.40
%
(1)
Includes non-accrual loans and loans held
for sale
(2)
Income from tax-exempt securities is
included in interest income on a taxable-equivalent basis. Interest
income has been divided by a factor comprised of the complement of
the incremental tax rate of 21%.
(3)
The net interest spread is the difference
between the average rate on total interest-earning assets and
interest-bearing liabilities.
(4)
The net interest margin is the
taxable-equivalent net interest income divided by average
interest-earning assets.
Exhibit 99.2
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited, dollars in
thousands)
December 31,
2024
December 31,
2023
Unaudited
Audited
ASSETS:
Cash and due from banks
$
20,393
36,535
Interest-bearing demand deposits
15,351
3,188
Total cash and cash equivalents
35,744
39,723
Interest-bearing time deposits
250
—
Investment securities:
Equity securities with a readily
determinable fair value, at fair value
$
1,363
1,336
Equity securities without a readily
determinable fair value, at cost
3,666
3,666
Debt securities, available-for-sale, at
fair value
258,327
276,601
Debt securities, held-to-maturity, at
cost, net of allowance for credit losses of $5 at December 31, 2024
and 2023
16,324
16,858
Federal Reserve Bank stock, at cost
6,405
5,086
Federal Home Loan Bank stock, at cost
20,710
15,176
Loans, net of allowance for credit losses
of $12,001 and $10,525 at December 31, 2024 and 2023,
respectively
1,709,811
1,712,946
Loans held-for-sale
5,556
—
Premises and equipment, net
41,049
36,302
Operating lease right-of-use assets
5,785
6,000
Goodwill
90,310
79,509
Core deposit and other intangibles,
net
11,104
9,494
Bank-owned life insurance
54,002
49,847
Interest receivable
8,701
8,405
Other assets, net
38,287
30,643
TOTAL ASSETS
2,307,394
2,291,592
LIABILITIES:
Deposits:
Noninterest-bearing
$
459,619
462,267
Interest-bearing
1,418,673
1,362,122
Total deposits
1,878,292
1,824,389
Short-term borrowings
—
97,395
Long-term debt
155,153
113,123
Operating lease liabilities
6,115
6,261
Accrued interest and other liabilities
14,798
15,121
TOTAL LIABILITIES
2,054,358
2,056,289
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 17,329,423 and 16,384,952 shares at
December 31, 2024 and December 31, 2023, respectively; outstanding
14,118,040 and 13,173,569 shares at December 31, 2024 and December
31, 2023, respectively
186,937
173,637
Retained earnings
141,290
140,017
Treasury shares at cost, 3,211,383 and
3,211,383 shares at December 31, 2024 and December 31, 2023,
respectively
(56,002
)
(56,015
)
Accumulated other comprehensive loss, net
of taxes
(19,189
)
(22,336
)
TOTAL SHAREHOLDERS' EQUITY
253,036
235,303
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
$
2,307,394
2,291,592
Exhibit 99.2
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in
thousands, except per share data) (Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
INTEREST INCOME:
Interest and fees on loans
$
24,617
21,113
96,477
71,894
Dividends on equity securities:
With a readily determinable fair value
10
9
38
43
Without a readily determinable fair
value
55
53
146
132
Interest on debt securities:
Taxable
1,251
1,273
4,847
5,235
Non-taxable
156
165
607
688
Other investments
805
697
2,900
1,607
TOTAL INTEREST INCOME
26,894
23,310
105,015
79,599
INTEREST EXPENSE:
Interest on deposits
8,380
6,354
35,838
16,571
Interest on short-term borrowings
1
918
1,117
4,060
Interest on long-term debt
1,800
1,379
7,265
2,619
TOTAL INTEREST EXPENSE
10,181
8,651
44,220
23,250
NET INTEREST INCOME
16,713
14,659
60,795
56,349
PROVISION FOR CREDIT LOSSES
649
2,218
1,962
2,077
NET INTEREST INCOME AFTER PROVISION FOR
CREDIT LOSSES
16,064
12,441
58,833
54,272
NON-INTEREST INCOME:
Fiduciary income
2,308
1,828
8,445
7,091
Service charges and fees on deposit
accounts
1,939
1,532
6,759
5,856
Net losses from sales of debt securities,
available-for-sale
—
—
(214
)
—
Bank-owned life insurance income
352
306
1,665
1,136
Net gains from sales of loans
1,236
659
3,433
697
Other operating income
153
281
316
631
TOTAL NON-INTEREST INCOME
5,988
4,606
20,404
15,411
NON-INTEREST EXPENSE:
Salaries and employee benefits
8,585
7,654
35,170
29,108
Equipment expenses
379
441
1,584
1,616
Occupancy expense, net
810
934
3,725
3,301
State financial institutions tax
472
439
1,881
1,628
Marketing
343
366
1,047
1,101
Amortization of intangibles
304
196
1,142
532
FDIC insurance premiums, net
450
269
1,895
932
Contracted services
777
798
3,212
2,776
Merger-related expenses
66
3,914
3,442
4,656
Other non-interest expense
2,406
2,565
10,178
8,773
TOTAL NON-INTEREST EXPENSE
14,592
17,576
63,276
54,423
INCOME (LOSS) BEFORE INCOME
TAXES
7,460
(529
)
15,961
15,260
PROVISION FOR (BENEFIT FROM) INCOME
TAXES
1,340
(236
)
2,469
2,632
NET INCOME (LOSS)
$
6,120
(293
)
13,492
12,628
Earnings (Loss) per common share:
Basic
0.44
(0.02
)
0.97
1.10
Diluted
0.44
(0.02
)
0.97
1.10
Weighted average common shares
outstanding:
Basic
14,111,636
12,378,289
13,849,578
11,417,857
Diluted
14,111,636
12,378,289
13,849,578
11,417,857
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250130957050/en/
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
LCNB (NASDAQ:LCNB)
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