LCNB CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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EX-99.1 - EXHIBIT 99.1 - LCNB CORP	exhibit9912015qr1.htm
8-K - 8-K - LCNB CORP	lcnb-x8xk2015qr1xearningsr.htm

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)



	Three Months Ended
	3/31/2015			12/31/2014			9/30/2014		6/30/2014		3/31/2014
Condensed Income Statement
Interest income	$	10,090		$	10,367		9,906		9,926		9,278
Interest expense	762			844			911		920		915
Net interest income	9,328			9,523			8,995		9,006		8,363
Provision for loan losses	69			193			401		255		81
Net interest income after provision	9,259			9,330			8,594		8,751		8,282
Non-interest income	2,306			2,449			2,315		2,301		2,077
Non-interest expense	7,649			7,334			7,238		7,600		8,672
Income before income taxes	3,916			4,445			3,671		3,452		1,687
Provision for income taxes	1,082			1,228			953		841		364
Net income	$	2,834		3,217			2,718		2,611		1,323

Per Share Data
Dividends per share	$	0.16		0.16			0.16		0.16		0.16
Basic earnings per share	$	0.30		0.34			0.30		0.28		0.14
Diluted earnings per share	$	0.30		0.34			0.29		0.28		0.14
Book value per share	$	13.80		13.50			13.24		13.18		12.89
Tangible book value per share	$	10.40		10.08			9.80		9.71		9.44
Average basic shares outstanding	9,312,636			9,306,382			9,299,691		9,293,382		9,288,400
Average diluted shares outstanding	9,410,774			9,403,013			9,405,013		9,402,343		9,413,049
Shares outstanding at period end	9,317,583			9,311,318			9,305,208		9,298,270		9,292,226

Selected Financial Ratios
Return on average assets	1.02		%	1.14		%	0.95	%	0.91	%	0.50	%
Return on average equity	9.01		%	10.18		%	8.71	%	8.60	%	4.47	%
Dividend payout ratio	53.33		%	47.06		%	53.33	%	57.14	%	114.29	%
Net interest margin (tax equivalent)	3.83		%	3.82		%	3.57	%	3.59	%	3.66	%
Efficiency ratio (tax equivalent)	63.90		%	59.48		%	61.97	%	65.26	%	80.50	%

Selected Balance Sheet Items
Investment securities and stock	$	329,429		314,074			322,341		357,567		331,771

Loans	$	701,685		698,956			685,915		691,719		685,196
Less allowance for loan losses	2,837			3,121			3,298		3,394		3,370
Net loans	$	698,848		695,835			682,617		688,325		681,826

Total assets	$	1,129,497		1,108,066			1,123,356		1,151,109		1,133,508
Total deposits	973,725			946,205			956,633		986,824		984,514
Short-term borrowings	13,454			16,645			24,954		23,523		11,215
Long-term debt	6,153			11,357			11,432		11,506		11,580
Total shareholders’ equity	128,576			125,695			123,179		122,584		119,761

Tangible common equity (TCE)	$	96,340		93,277			90,579		89,800		87,017
Tangible common assets (TCA)	1,097,261			1,075,648			1,090,756		1,118,325		1,100,764
TCE/TA	8.78		%	8.67		%	8.30	%	8.03	%	7.91	%
Loans to deposit ratio	72.06		%	73.87		%	71.70	%	70.10	%	69.60	%
Equity to assets ratio	11.38		%	11.34		%	10.97	%	10.65	%	10.57	%



	Three Months Ended
	3/31/2015			12/31/2014		9/30/2014		6/30/2014		3/31/2014
Selected Average Balance Sheet Items
Investment securities and stock	$	313,279		311,395		348,469		347,837		302,791

Loans	$	699,959		694,185		688,972		685,581		647,535
Less allowance for loan losses	2,870			3,075		3,288		3,367		3,372
Net loans	$	697,089		691,110		685,684		682,214		644,163

Total assets	$	1,125,326		1,123,949		1,140,922		1,145,300		1,071,198
Total deposits	969,658			967,505		976,109		991,809		922,051
Short-term borrowings	13,824			12,217		22,547		13,601		10,814
Long-term debt	6,598			11,382		11,457		11,531		11,821
Total shareholders’ equity	127,608			125,302		123,807		121,725		119,959

Asset Quality
Net charge-offs	$	352		370		496		232		300
Other real estate owned	1,364			1,370		1,460		1,906		1,799
Non-accrual loans	3,972			5,599		6,264		6,243		5,374
Loans past due 90 days or more and still accruing	355			203		111		130		825
Total nonperforming loans	$	4,327		5,802		6,375		6,373		6,199
Net charge-offs to average loans	0.20		%	0.21	%	0.29	%	0.14	%	0.19	%
Allowance for loan losses to total loans	0.40		%	0.45	%	0.48	%	0.49	%	0.49	%
Nonperforming loans to total loans	0.62		%	0.83	%	0.93	%	0.92	%	0.90	%
Nonperforming assets to total assets	0.50		%	0.65	%	0.70	%	0.72	%	0.71	%

Assets Under Management
LCNB Corp. total assets	$	1,129,497		1,108,066		1,123,356		1,151,109		1,133,508
Trust and investments (fair value)	264,122			258,266		255,409		267,857		262,666
Mortgage loans serviced	116,534			120,433		123,792		128,855		133,504
Business cash management	5,839			5,811		5,846		6,307		5,871
Brokerage accounts (fair value)	141,439			132,823		127,303		126,069		120,768
Total assets managed	$	1,657,431		1,625,399		1,635,706		1,680,197		1,656,317

Non-GAAP Financial Measures
Net income	$	2,834		3,217		2,718		2,611		1,323
Less (add) net gain (loss) on sales of securities, net of tax	73			37		64		0		(3	)
Add merger-related expenses, net of tax	50			26		3		46		853
Core net income	$	2,811		3,206		2,657		2,657		2,179
Basic core earnings per share	$	0.30		0.34		0.29		0.29		0.23
Diluted core earnings per share	$	0.30		0.34		0.28		0.28		0.23
Adjusted return on average assets	1.01		%	1.13	%	0.92	%	0.93	%	0.82	%
Adjusted return on average equity	8.86		%	10.06	%	8.44	%	8.67	%	7.32	%
Core efficiency ratio (tax equivalent)	63.91		%	59.48	%	62.46	%	64.66	%	68.48	%

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)



	March 31, 2015 (Unaudited)			December 31, 2014
ASSETS:
Cash and due from banks	$	12,760		14,235
Interest-bearing demand deposits	4,879			1,610
Total cash and cash equivalents	17,639			15,845
Investment securities:
Available-for-sale, at fair value	300,527			285,365
Held-to-maturity, at cost	22,918			22,725
Federal Reserve Bank stock, at cost	2,346			2,346
Federal Home Loan Bank stock, at cost	3,638			3,638
Loans, net	698,848			695,835
Premises and equipment, net	20,495			20,733
Goodwill	27,638			27,638
Core deposit and other intangibles	4,598			4,780
Bank owned life insurance	22,095			21,936
Other assets	8,755			7,225
TOTAL ASSETS	$	1,129,497		1,108,066
LIABILITIES:
Deposits:
Noninterest-bearing	$	209,521		213,303
Interest-bearing	764,204			732,902
Total deposits	973,725			946,205
Short-term borrowings	13,454			16,645
Long-term debt	6,153			11,357
Accrued interest and other liabilities	7,589			8,164
TOTAL LIABILITIES	1,000,921			982,371
SHAREHOLDERS' EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding	—			—
Common shares – no par value, authorized 12,000,000 shares, issued 10,071,210 and 10,064,945 shares at March 31, 2015 and December 31, 2014, respectively	67,283			67,181
Retained earnings	70,738			69,394
Treasury shares at cost, 753,627 shares at March 31, 2015 and December 31, 2014	(11,665		)	(11,665	)
Accumulated other comprehensive loss, net of taxes	2,220			785
TOTAL SHAREHOLDERS' EQUITY	128,576			125,695
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,129,497		1,108,066

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)



	Three Months Ended March 31,
	2015		2014
INTEREST INCOME:
Interest and fees on loans	$	8,540	7,696
Interest on investment securities –
Taxable	856		891
Non-taxable	653		646
Other short-term investments	41		45
TOTAL INTEREST INCOME	10,090		9,278
INTEREST EXPENSE:
Interest on deposits	682		809
Interest on short-term borrowings	4		3
Interest on long-term debt	76		103
TOTAL INTEREST EXPENSE	762		915
NET INTEREST INCOME	9,328		8,363
PROVISION FOR LOAN LOSSES	69		81
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	9,259		8,282
NON-INTEREST INCOME:
Trust income	800		655
Service charges and fees on deposit accounts	1,107		1,122
Net gain (loss) on sales of securities	111		(4	)
Bank owned life insurance income	159		172
Gains from sales of mortgage loans	35		15
Other operating income	94		117
TOTAL NON-INTEREST INCOME	2,306		2,077
NON-INTEREST EXPENSE:
Salaries and employee benefits	4,290		3,918
Equipment expenses	288		294
Occupancy expense, net	595		651
State franchise tax	252		244
Marketing	163		132
FDIC insurance premiums	151		149
Merger-related expenses	70		1,292
Other non-interest expense	1,840		1,992
TOTAL NON-INTEREST EXPENSE	7,649		8,672
INCOME BEFORE INCOME TAXES	3,916		1,687
PROVISION FOR INCOME TAXES	1,082		364
NET INCOME	$	2,834	1,323

Dividends declared per common share	$	0.16	0.16
Earnings per common share:
Basic	$	0.30	0.14
Diluted	0.30		0.14
Weighted average common shares outstanding:
Basic	9,312,636		9,288,400
Diluted	9,410,774		9,413,049

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LCNB CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - April 20, 2015

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