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LCNB Corp. Reports Record Financial Results for the Three and Twelve Months Ended December 31, 2021

LCNB Corp. Total Assets Increased 9.0% to a Record $1.90 Billion

LCNB Wealth Assets Up 14.7% Year-over-Year to a Record $1.06 Billion

2021 Full Year Diluted Earnings Per Share Increased 7.1% Year-over-Year to a Record $1.66 Per Share

LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and twelve months ended December 31, 2021.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “LCNB reported record 2021 results, reflecting the hard work of all of our team members, the compelling financial services we provide our local communities, and the benefits of our diverse sources of revenue. Record earnings and earnings per share in 2021 were driven by sequential asset and wealth management growth combined with continued strong asset quality. In addition, I am encouraged that net loans increased by 5.4% over the past twelve months, even with the $41,271,000 reduction in Paycheck Protection Program (“PPP”) loans from our portfolio during 2021. I believe our continued loan growth demonstrates positive economic activity within our markets and our ability to attract customers as a result of LCNB’s experienced lenders, local presence, and customized solutions.”

Mr. Meilstrup continued, “LCNB Wealth Management assets, including trust, investment, and brokerage accounts, increased 14.7% during 2021 to a record $1.06 billion. This growth led to record fiduciary income of $6,674,000, an increase of 33.2% over the prior year, and helped drive record noninterest income in 2021. LCNB Wealth Management provides us with a competitive advantage in many of our markets, and we believe there are long-term opportunities to grow our Wealth Management services to new and existing customers.”

“I am proud of our strong performance in 2021, which supported $18,030,000 in record returns of capital to our shareholders. In 2021, we repurchased $8,310,000 of our common stock and returned $9,720,000 through our regular cash dividend program, an increase of 2.9% over the prior year. We believe we are well positioned to continue to grow and create value for our shareholders in 2022 and beyond. We remain focused on key strategies to diversify revenue, grow customer relationships, manage operating expenses, and prudently control risk. Our success navigating the unprecedented challenges caused by the COVID-19 pandemic over the past two years is a direct result of the dedication of all of our valued associates and our steadfast commitment to support our local communities,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2021 fourth quarter was $5,627,000, a 2.0% decline as compared to $5,742,000 for the same period last year. Earnings per basic and diluted share for the 2021 fourth quarter were $0.45, an increase of 2.3% as compared to $0.44 for the same period last year. Net income for the twelve-month period ended December 31, 2021, was $20,974,000, an increase of 4.5% as compared to $20,075,000 for the same period last year. Earnings per basic and diluted share for the twelve-month period ended December 31, 2021, were $1.66, an increase of 7.1% as compared to $1.55 for the same period last year.

Net interest income for the three months ended December 31, 2021, was $14,310,000, compared to $14,513,000 for the comparable period in 2020. Net interest income for the twelve-month period ended December 31, 2021, increased 1.6% to $57,124,000, as compared to $56,218,000 for 2020. Favorably contributing to the variances for both the three- and twelve-month periods were fees recognized from PPP loans and market driven decreases in the average rates paid on deposits, aided by a shift from higher cost certificates of deposit to lower cost demand and savings products. LCNB's cost of funds at December 31, 2021 was 0.19%, compared to 0.33% at December 31, 2020.

Non-interest income for the three months ended December 31, 2021, increased by 1.0% to $4,347,000, compared to $4,305,000 for the same period last year. For the twelve months ended December 31, 2021, non-interest income increased by 3.1% to $16,232,000, compared to $15,741,000 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 increased fiduciary income, deposit service charges, and gain from sales of debt securities, offset by reductions in gains from loan sales and lower bank owned life insurance income.

Non-interest expense for the three months ended December 31, 2021, was $367,000 greater than the comparable period in 2020. For the twelve months ended December 31, 2021, non-interest expense increased $2,255,000 from the comparable period in 2020. The increases for both the three and twelve-month periods were primarily due to increases in salaries and employee benefits, FDIC insurance, ATM expenses, contracted services, and other non-interest expenses.

Capital Allocation

LCNB invested $8,310,000 in its share repurchase program for the 2021 full year, repurchasing 493,257 shares of its outstanding stock at an average price of $16.85 per share. This equates to approximately 3.8% of the Company’s December 31, 2020 outstanding shares. During the 2021 fourth quarter, LCNB invested $439,000 in its share repurchase program, repurchasing 25,185 shares of its outstanding stock at an average price of $17.45 per share. At December 31, 2021, LCNB had 21,191 shares that remained to be repurchased under its August 2020 share repurchase program.

For the full year ended December 31, 2021, LCNB paid $0.77 per share in dividends, a 5.5% increase from $0.73 per share for the full year ended December 30, 2020. On November 15, 2021, LCNB’s Board of Directors approved a 5.3% increase in the Company’s regular quarterly cash dividend payment from $0.19 per share to $0.20 per share. Since 1998, LCNB’s regular cash dividend payment has increased at a compound annual growth rate of 3.5%.

Balance Sheet

Total assets at December 31, 2021, increased 9.0% to a record $1.90 billion from $1.75 billion at December 31, 2020. Net loans at December 31, 2021, increased 5.4% to a record $1.36 billion, compared to $1.29 billion at December 30, 2020. During 2021, LCNB helped its customers receive $41.2 million of PPP forgiveness payments, including $6.0 million during the fourth quarter of 2021. The balance of PPP loans outstanding at December 31, 2021, was $6.9 million.

Total deposits at December 31, 2021, increased 11.9% to a record $1.63 billion, compared to $1.46 billion at December 31, 2020 as LCNB continues attracting interest-bearing and non-interest-bearing accounts to the Bank.

Assets Under Management

Total assets managed at December 31, 2021 were a record $3.14 billion, compared to $2.92 billion at December 31, 2020. The 7.6% year-over-year increase in total assets managed was primarily due to strong growth across LCNB’s Wealth Management group and an increase in mortgage loans serviced.

Asset Quality

For the 2021 fourth quarter, LCNB recorded a credit of $508,000 in its provision for loan losses, compared to a credit of $151,000 for the 2020 fourth quarter. For the twelve months ended December 31, 2021, LCNB recorded a credit of $269,000 in its provision for loan losses, compared to a provision of $2,014,000 for the twelve months ended December 31, 2020. The respective $357,000 and $2,283,000 improvements in the provision for loan losses for the three and twelve-month periods were partially due to strong asset quality and last year’s proactive build in the Company’s allowance for loan losses associated with the estimated economic impacts caused by the COVID-19 pandemic.

Net recoveries for the 2021 fourth quarter were $186,000, compared to net charge-offs of $95,000 for the same period last year. For the 2021 twelve-month period, net recoveries were $47,000 or (0.00)% of average loans, compared to net charge-offs during 2020 of $331,000 or 0.03% of average loans.

Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest decreased $2,181,000, from $3,718,000 or 0.29% of total loans at December 31, 2020, to $1,537,000 or 0.11% of total loans at December 31, 2021. Nonperforming assets to total assets was 0.08% at December 31, 2021, compared to 0.21% at December 31, 2020.

Mr. Meilstrup commented, “We are very pleased with our excellent credit trends, reflecting the strength of our local economy and our prudent underwriting. Our quarter-end ratio of nonperforming assets to total assets has not been this low over the past ten years.”

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 the Southwest and South-Central Ohio regions. 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, digital 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, 2020, 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, 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 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 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

 

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

12/31/21

 

12/31/20

Condensed Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

15,189

 

 

15,024

 

 

15,429

 

 

15,535

 

 

15,945

 

 

61,177

 

 

63,780

 

Interest expense

 

879

 

 

951

 

 

1,060

 

 

1,163

 

 

1,432

 

 

4,053

 

 

7,562

 

Net interest income

 

14,310

 

 

14,073

 

 

14,369

 

 

14,372

 

 

14,513

 

 

57,124

 

 

56,218

 

Provision (credit) for loan losses

 

(508

)

 

306

 

 

(15

)

 

(52

)

 

(151

)

 

(269

)

 

2,014

 

Net interest income after provision (credit) for loan losses

 

14,818

 

 

13,767

 

 

14,384

 

 

14,424

 

 

14,664

 

 

57,393

 

 

54,204

 

Non-interest income

 

4,347

 

 

4,106

 

 

4,314

 

 

3,465

 

 

4,305

 

 

16,232

 

 

15,741

 

Non-interest expense

 

12,311

 

 

12,029

 

 

12,208

 

 

11,492

 

 

11,944

 

 

48,040

 

 

45,785

 

Income before income taxes

 

6,854

 

 

5,844

 

 

6,490

 

 

6,397

 

 

7,025

 

 

25,585

 

 

24,160

 

Provision for income taxes

 

1,227

 

 

1,027

 

 

1,200

 

 

1,157

 

 

1,283

 

 

4,611

 

 

4,085

 

Net income

$

5,627

 

 

4,817

 

 

5,290

 

 

5,240

 

 

5,742

 

 

20,974

 

 

20,075

 

Amort/Accret income on acquired loans

$

116

 

 

132

 

 

216

 

 

249

 

 

186

 

 

713

 

 

1,328

 

Tax-equivalent net interest income

$

14,365

 

 

14,129

 

 

14,427

 

 

14,432

 

 

14,577

 

 

57,354

 

 

56,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

$

0.20

 

 

0.19

 

 

0.19

 

 

0.19

 

 

0.19

 

 

0.77

 

 

0.73

 

Basic earnings per common share

$

0.45

 

 

0.39

 

 

0.41

 

 

0.41

 

 

0.44

 

 

1.66

 

 

1.55

 

Diluted earnings per common share

$

0.45

 

 

0.39

 

 

0.41

 

 

0.41

 

 

0.44

 

 

1.66

 

 

1.55

 

Book value per share

$

19.22

 

 

19.17

 

 

18.99

 

 

18.66

 

 

18.73

 

 

19.22

 

 

18.73

 

Tangible book value per share

$

14.33

 

 

14.28

 

 

14.15

 

 

13.87

 

 

13.93

 

 

14.33

 

 

13.93

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

12,370,702

 

 

12,455,276

 

 

12,743,726

 

 

12,794,824

 

 

12,852,614

 

 

12,589,605

 

 

12,914,277

 

Diluted

 

12,370,702

 

 

12,455,276

 

 

12,743,726

 

 

12,794,852

 

 

12,852,657

 

 

12,589,613

 

 

12,914,584

 

Shares outstanding at period end

 

12,414,956

 

 

12,434,084

 

 

12,634,845

 

 

12,820,108

 

 

12,858,325

 

 

12,414,956

 

 

12,858,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.18

%

 

1.02

%

 

1.15

%

 

1.20

%

 

1.31

%

 

1.13

%

 

1.18

%

Return on average equity

 

9.33

%

 

7.93

%

 

8.78

%

 

8.80

%

 

9.52

%

 

8.71

%

 

8.49

%

Return on average tangible common equity

 

12.51

%

 

10.62

%

 

11.76

%

 

11.81

%

 

12.83

%

 

11.67

%

 

11.53

%

Dividend payout ratio

 

44.44

%

 

48.72

%

 

46.34

%

 

46.34

%

 

43.18

%

 

46.39

%

 

47.10

%

Net interest margin (tax equivalent)

 

3.34

%

 

3.32

%

 

3.51

%

 

3.68

%

 

3.71

%

 

3.45

%

 

3.70

%

Efficiency ratio (tax equivalent)

 

65.79

%

 

65.96

%

 

65.14

%

 

64.21

%

 

63.26

%

 

65.28

%

 

63.39

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

18,136

 

 

23,852

 

 

22,909

 

 

41,144

 

 

31,730

 

 

 

 

 

Debt and equity securities

 

345,649

 

 

352,066

 

 

349,199

 

 

276,774

 

 

248,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

101,792

 

 

91,246

 

 

97,240

 

 

107,630

 

 

100,254

 

 

 

 

 

Commercial, secured by real estate

 

889,108

 

 

862,202

 

 

836,085

 

 

855,894

 

 

843,230

 

 

 

 

 

Residential real estate

 

334,547

 

 

343,318

 

 

341,447

 

 

328,265

 

 

309,692

 

 

 

 

 

Consumer

 

34,190

 

 

35,349

 

 

35,257

 

 

35,799

 

 

36,917

 

 

 

 

 

Agricultural

 

10,647

 

 

8,852

 

 

8,765

 

 

8,698

 

 

10,100

 

 

 

 

 

Other, including deposit overdrafts

 

122

 

 

247

 

 

369

 

 

346

 

 

363

 

 

 

 

 

Deferred net origination fees

 

(961

)

 

(1,055

)

 

(1,398

)

 

(1,531

)

 

(1,135

)

 

 

 

 

Loans, gross

 

1,369,445

 

 

1,340,159

 

 

1,317,765

 

 

1,335,101

 

 

1,299,421

 

 

 

 

 

Less allowance for loan losses

 

5,506

 

 

5,828

 

 

5,652

 

 

5,679

 

 

5,728

 

 

 

 

 

Loans, net

$

1,363,939

 

 

1,334,331

 

 

1,312,113

 

 

1,329,422

 

 

1,293,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

12/31/21

 

12/31/20

Selected Balance Sheet Items, continued

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,716,420

 

 

1,695,281

 

 

1,671,462

 

 

1,634,818

 

 

1,562,392

 

 

 

 

 

Total assets

 

1,903,629

 

 

1,884,252

 

 

1,856,670

 

 

1,818,321

 

 

1,745,884

 

 

 

 

 

Total deposits

 

1,628,819

 

 

1,603,203

 

 

1,577,345

 

 

1,537,116

 

 

1,455,423

 

 

 

 

 

Long-term debt

 

10,000

 

 

15,000

 

 

15,000

 

 

17,000

 

 

22,000

 

 

 

 

 

Total shareholders’ equity

 

238,604

 

 

238,419

 

 

239,952

 

 

239,246

 

 

240,825

 

 

 

 

 

Equity to assets ratio

 

12.53

%

 

12.65

%

 

12.92

%

 

13.16

%

 

13.79

%

 

 

 

 

Loans to deposits ratio

 

84.08

%

 

83.59

%

 

83.54

%

 

86.86

%

 

89.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (TCE)

$

177,949

 

 

177,501

 

 

178,771

 

 

177,805

 

 

179,127

 

 

 

 

 

Tangible common assets (TCA)

 

1,842,974

 

 

1,823,334

 

 

1,795,489

 

 

1,756,880

 

 

1,684,186

 

 

 

 

 

TCE/TCA

 

9.66

%

 

9.73

%

 

9.96

%

 

10.12

%

 

10.64

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Average Balance Sheet Items

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

29,614

 

 

34,557

 

 

45,414

 

 

37,269

 

 

49,273

 

 

36,648

 

 

40,825

 

Debt and equity securities

 

348,150

 

 

356,214

 

 

312,596

 

 

260,147

 

 

218,816

 

 

319,619

 

 

201,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

$

1,351,762

 

 

1,321,629

 

 

1,328,760

 

 

1,313,803

 

 

1,313,892

 

 

1,329,072

 

 

1,306,314

 

Less allowance for loan losses

 

5,843

 

 

5,567

 

 

5,678

 

 

5,715

 

 

5,920

 

 

5,701

 

 

5,029

 

Net loans

$

1,345,919

 

 

1,316,062

 

 

1,323,082

 

 

1,308,088

 

 

1,307,972

 

 

1,323,371

 

 

1,301,285

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earning assets

$

1,708,392

 

 

1,688,589

 

 

1,666,126

 

 

1,589,582

 

 

1,561,392

 

 

1,663,567

 

 

1,528,134

 

Total assets

 

1,896,530

 

 

1,879,314

 

 

1,852,035

 

 

1,775,154

 

 

1,742,947

 

 

1,851,177

 

 

1,706,924

 

Total deposits

 

1,615,020

 

 

1,595,773

 

 

1,570,070

 

 

1,488,156

 

 

1,447,217

 

 

1,567,680

 

 

1,413,093

 

Short-term borrowings

 

893

 

 

1,320

 

 

716

 

 

342

 

 

 

 

821

 

 

372

 

Long-term debt

 

14,402

 

 

15,000

 

 

15,571

 

 

19,689

 

 

30,803

 

 

16,148

 

 

34,265

 

Total shareholders’ equity

 

239,174

 

 

240,976

 

 

241,651

 

 

241,517

 

 

239,881

 

 

240,823

 

 

236,396

 

Equity to assets ratio

 

12.61

%

 

12.82

%

 

13.05

%

 

13.61

%

 

13.76

%

 

13.01

%

 

13.85

%

Loans to deposits ratio

 

83.70

%

 

82.82

%

 

84.63

%

 

88.28

%

 

90.79

%

 

84.78

%

 

92.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

$

(186

)

 

130

 

 

12

 

 

(3

)

 

95

 

 

(47

)

 

331

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

 

1,481

 

 

2,629

 

 

3,338

 

 

3,365

 

 

3,718

 

 

1,481

 

 

3,718

 

Loans past due 90 days or more and still accruing

 

56

 

 

13

 

 

 

 

 

 

 

 

56

 

 

 

Total nonperforming loans

$

1,537

 

 

2,642

 

 

3,338

 

 

3,365

 

 

3,718

 

 

1,537

 

 

3,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries) to average loans

 

(0.05

) %

 

0.04

%

 

0.00

%

 

0.00

%

 

0.03

%

 

0.00

%

 

0.03

%

Allowance for loan losses to total loans

 

0.40

%

 

0.43

%

 

0.43

%

 

0.43

%

 

0.44

%

 

0.40

%

 

0.44

%

Nonperforming loans to total loans

 

0.11

%

 

0.20

%

 

0.25

%

 

0.25

%

 

0.29

%

 

0.11

%

 

0.29

%

Nonperforming assets to total assets

 

0.08

%

 

0.14

%

 

0.18

%

 

0.19

%

 

0.21

%

 

0.08

%

 

0.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Under Management

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB Corp. total assets

$

1,903,629

 

 

1,884,252

 

 

1,856,670

 

 

1,818,321

 

 

1,745,884

 

 

 

 

 

Trust and investments (fair value)

 

722,093

 

 

713,936

 

 

701,838

 

 

673,742

 

 

628,414

 

 

 

 

 

Mortgage loans serviced

 

149,382

 

 

140,147

 

 

126,924

 

 

127,290

 

 

137,188

 

 

 

 

 

Cash management

 

34,009

 

 

72,622

 

 

80,177

 

 

118,494

 

 

116,792

 

 

 

 

 

Brokerage accounts (fair value)

 

334,670

 

 

319,495

 

 

314,491

 

 

299,355

 

 

292,953

 

 

 

 

 

Total assets managed

$

3,143,783

 

 

3,130,452

 

 

3,080,100

 

 

3,037,202

 

 

2,921,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

 

 

 

 

December 31, 2021 (Unaudited)

 

December 31, 2020

ASSETS:

 

 

 

Cash and due from banks

$

16,810

 

 

17,383

 

Interest-bearing demand deposits

 

1,326

 

 

14,347

 

Total cash and cash equivalents

 

18,136

 

 

31,730

 

Investment securities:

 

 

 

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

 

2,546

 

 

2,389

 

Equity securities without a readily determinable fair value, at cost

 

2,099

 

 

2,099

 

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

 

308,177

 

 

209,471

 

Debt securities, held-to-maturity, at cost

 

22,972

 

 

24,810

 

Federal Reserve Bank stock, at cost

 

4,652

 

 

4,652

 

Federal Home Loan Bank stock, at cost

 

5,203

 

 

5,203

 

Loans, net

 

1,363,939

 

 

1,293,693

 

Premises and equipment, net

 

35,385

 

 

35,376

 

Operating leases right of use asset

 

6,357

 

 

6,274

 

Goodwill

 

59,221

 

 

59,221

 

Core deposit and other intangibles

 

2,473

 

 

3,453

 

Bank owned life insurance

 

43,224

 

 

42,149

 

Interest receivable

 

7,999

 

 

8,337

 

Other assets

 

21,246

 

 

17,027

 

TOTAL ASSETS

$

1,903,629

 

 

1,745,884

 

 

 

 

 

LIABILITIES:

 

 

 

Deposits:

 

 

 

Noninterest-bearing

$

501,531

 

 

455,073

 

Interest-bearing

 

1,127,288

 

 

1,000,350

 

Total deposits

 

1,628,819

 

 

1,455,423

 

Long-term debt

 

10,000

 

 

22,000

 

Operating lease liabilities

 

6,473

 

 

6,371

 

Accrued interest and other liabilities

 

19,733

 

 

21,265

 

TOTAL LIABILITIES

 

1,665,025

 

 

1,505,059

 

 

 

 

 

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 14,213,792 and 14,163,904 shares at December 31, 2021 and 2020, respectively; outstanding 12,414,956 and 12,858,325 shares at December 31, 2021 and 2020, respectively

 

143,130

 

 

142,443

 

Retained earnings

 

126,312

 

 

115,058

 

Treasury shares at cost, 1,798,836 and 1,305,579 shares at December 31, 2021 and 2020, respectively

 

(29,029

)

 

(20,719

)

Accumulated other comprehensive income (loss), net of taxes

 

(1,809

)

 

4,043

 

TOTAL SHAREHOLDERS' EQUITY

 

238,604

 

 

240,825

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,903,629

 

 

1,745,884

 

 

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,

 

2021

 

2020

 

2021

 

2020

INTEREST INCOME:

 

 

 

 

 

 

 

Interest and fees on loans

$

13,770

 

 

14,839

 

 

56,142

 

 

59,267

Dividends on equity securities with a readily determinable fair value

 

13

 

 

14

 

 

51

 

 

54

Dividends on equity securities without a readily determinable fair value

 

5

 

 

4

 

 

21

 

 

37

Interest on debt securities, taxable

 

1,018

 

 

666

 

 

3,668

 

 

2,916

Interest on debt securities, non-taxable

 

208

 

 

239

 

 

864

 

 

1,027

Other investments

 

175

 

 

183

 

 

431

 

 

479

TOTAL INTEREST INCOME

 

15,189

 

 

15,945

 

 

61,177

 

 

63,780

INTEREST EXPENSE:

 

 

 

 

 

 

 

Interest on deposits

 

769

 

 

1,218

 

 

3,578

 

 

6,634

Interest on short-term borrowings

 

2

 

 

 

 

6

 

 

7

Interest on long-term debt

 

108

 

 

214

 

 

469

 

 

921

TOTAL INTEREST EXPENSE

 

879

 

 

1,432

 

 

4,053

 

 

7,562

NET INTEREST INCOME

 

14,310

 

 

14,513

 

 

57,124

 

 

56,218

PROVISION (CREDIT) FOR LOAN LOSSES

 

(508

)

 

(151

)

 

(269

)

 

2,014

NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES

 

14,818

 

 

14,664

 

 

57,393

 

 

54,204

NON-INTEREST INCOME:

 

 

 

 

 

 

 

Fiduciary income

 

1,715

 

 

1,430

 

 

6,674

 

 

5,009

Service charges and fees on deposit accounts

 

1,530

 

 

1,444

 

 

6,036

 

 

5,482

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

 

303

 

 

 

 

303

 

 

221

Bank owned life insurance income

 

269

 

 

278

 

 

1,074

 

 

1,441

Gains from sales of loans

 

292

 

 

861

 

 

852

 

 

2,297

Other operating income

 

238

 

 

292

 

 

1,293

 

 

1,291

TOTAL NON-INTEREST INCOME

 

4,347

 

 

4,305

 

 

16,232

 

 

15,741

NON-INTEREST EXPENSE:

 

 

 

 

 

 

 

Salaries and employee benefits

 

6,976

 

 

6,899

 

 

27,616

 

 

27,178

Equipment expenses

 

446

 

 

460

 

 

1,678

 

 

1,377

Occupancy expense, net

 

713

 

 

730

 

 

2,949

 

 

2,875

State financial institutions tax

 

440

 

 

428

 

 

1,758

 

 

1,708

Marketing

 

361

 

 

348

 

 

1,239

 

 

1,254

Amortization of intangibles

 

263

 

 

263

 

 

1,043

 

 

1,046

FDIC insurance premiums, net

 

127

 

 

114

 

 

492

 

 

256

ATM expense

 

436

 

 

347

 

 

1,416

 

 

1,028

Computer maintenance and supplies

 

332

 

 

291

 

 

1,213

 

 

1,107

Telephone expense

 

64

 

 

185

 

 

420

 

 

706

Contracted services

 

612

 

 

509

 

 

2,430

 

 

1,821

Other non-interest expense

 

1,541

 

 

1,370

 

 

5,786

 

 

5,429

TOTAL NON-INTEREST EXPENSE

 

12,311

 

 

11,944

 

 

48,040

 

 

45,785

INCOME BEFORE INCOME TAXES

 

6,854

 

 

7,025

 

 

25,585

 

 

24,160

PROVISION FOR INCOME TAXES

 

1,227

 

 

1,283

 

 

4,611

 

 

4,085

NET INCOME

$

5,627

 

 

5,742

 

 

20,974

 

 

20,075

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.20

 

 

0.19

 

 

0.77

 

 

0.73

Earnings per common share:

 

 

 

 

 

 

 

Basic

 

0.45

 

 

0.44

 

 

1.66

 

 

1.55

Diluted

 

0.45

 

 

0.44

 

 

1.66

 

 

1.55

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

12,370,702

 

 

12,852,614

 

 

12,589,605

 

 

12,914,277

Diluted

 

12,370,702

 

 

12,852,657

 

 

12,589,613

 

 

12,914,584

 

Contacts

Company Contact:

Eric J. Meilstrup

President and Chief Executive Officer

LCNB Corp.

(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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