LCNB CORP - FORM 8-K - EX-99.2 - April 19, 2021

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EX-99.1 - EX-99.1 - LCNB CORPlcnbform8-k3312021xex991.htm
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Exhibit 99.2

LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
3/31/2021
12/31/2020
9/30/2020
6/30/2020
3/31/2020
Condensed Income Statement
Interest income
$15,535 15,945 15,322 15,957 16,556 
Interest expense
1,163 1,432 1,793 1,959 2,378 
Net interest income
14,372 14,513 13,529 13,998 14,178 
Provision (credit) for loan losses
(52)(151)976 16 1,173 
Net interest income after provision
14,424 14,664 12,553 13,982 13,005 
Non-interest income
3,465 4,305 4,278 3,319 3,839 
Non-interest expense
11,492 11,944 11,653 11,116 11,072 
Income before income taxes
6,397 7,025 5,178 6,185 5,772 
Provision for income taxes
1,157 1,283 928 1,128 746 
Net income
$5,240 5,742 4,250 5,057 5,026 
Amort/Accret income on acquired loans
$249 186 181 294 667 
Amort/Accret expenses on acquired interest-bearing liabilities
$— 1 — 2 3 
Tax-equivalent net interest income
$14,432 14,577 13,594 14,066 14,254 
Per Share Data
Dividends per share
$0.19 0.19 0.18 0.18 0.18 
Basic earnings per common share
$0.41 0.44 0.33 0.39 0.39 
Diluted earnings per common share
$0.41 0.44 0.33 0.39 0.39 
Book value per share
$18.66 18.73 18.46 18.27 18.00 
Tangible book value per share
$13.87 13.93 13.66 13.47 13.18 
Weighted average common shares outstanding:
Basic
12,794,824 12,852,614 12,937,865 12,940,975 12,926,077 
Diluted
12,794,852 12,852,657 12,937,901 12,941,001 12,927,666 
Shares outstanding at period end
12,820,108 12,858,325 12,926,686 12,975,879 12,969,076 
Selected Financial Ratios
Return on average assets
1.20 %1.31 %0.97 %1.19 %1.23 %
Return on average equity
8.80 %9.52 %7.08 %8.63 %8.75 %
Return on average tangible equity11.81 %12.83 %9.56 %11.74 %12.00 %
Dividend payout ratio
46.34 %43.18 %54.55 %46.15 %46.15 %
Net interest margin (tax equivalent)
3.68 %3.71 %3.47 %3.70 %3.92 %
Efficiency ratio (tax equivalent)
64.21 %63.26 %65.20 %63.94 %61.19 %
Selected Balance Sheet Items
Cash and cash equivalents
$41,144 31,730 24,485 42,736 24,795 
Debt and equity securities
276,774 248,624 199,044 194,883 183,123 
Loans:
Commercial and industrial
$107,630 100,254 124,628 125,492 85,356 
Commercial, secured by real estate
855,894 843,230 843,943 833,286 829,461 
Residential real estate
328,265 309,692 327,689 334,349 318,009 
Consumer
35,799 36,917 36,504 32,859 28,955 
  Agricultural
8,698 10,100 8,920 11,071 10,519 
Other, including deposit overdrafts
346 363 403 283 436 
Deferred net origination fees
(1,531)(1,135)(1,927)(1,902)(349)
  Loans, gross
1,335,101 1,299,421 1,340,160 1,335,438 1,272,387 
Less allowance for loan losses
5,679 5,728 5,974 5,016 5,008 
  Loans, net
$1,329,422 1,293,693 1,334,186 1,330,422 1,267,379 
Total earning assets
$1,634,818 1,562,392 1,547,538 1,554,537 1,462,485 
Total assets
1,818,321 1,745,884 1,725,615 1,735,332 1,636,280 
Total deposits
1,537,116 1,455,423 1,430,394 1,438,921 1,345,872 


Three Months Ended
3/31/202112/31/20209/30/20206/30/20203/31/2020
Selected Balance Sheet Items, continued
Long-term debt
17,000 22,000 31,999 33,998 35,996 
Total shareholders’ equity
239,246 240,825 238,585 237,047 233,478 
Equity to assets ratio
13.16 %13.79 %13.83 %13.66 %14.27 %
Loans to deposits ratio
86.86 %89.28 %93.69 %92.81 %94.54 %
Tangible common equity (TCE)
$177,805 179,127 176,624 174,823 170,994 
Tangible common assets (TCA)
1,756,880 1,684,186 1,663,654 1,673,108 1,573,796 
TCE/TCA
10.12 %10.64 %10.62 %10.45 %10.87 %
Selected Average Balance Sheet Items
Cash and cash equivalents
$37,269 49,273 42,661 46,292 25,101 
Debt and equity securities
260,147 218,816 197,788 182,371 204,912 
Loans
$1,313,803 1,313,892 1,339,608 1,318,753 1,252,554 
Less allowance for loan losses
5,715 5,920 5,250 4,998 3,938 
Net loans
$1,308,088 1,307,972 1,334,358 1,313,755 1,248,616 
Total earning assets
$1,589,582 1,561,392 1,558,886 1,528,610 1,462,946 
Total assets
1,775,154 1,742,947 1,741,998 1,704,303 1,638,486 
Total deposits
1,488,156 1,447,217 1,445,573 1,412,082 1,346,770 
Short-term borrowings
342 — — 82 1,415 
Long-term debt
19,689 30,803 33,020 34,964 38,325 
Total shareholders’ equity
241,517 239,881 238,990 235,587 231,058 
Equity to assets ratio
13.61 %13.76 %13.72 %13.82 %14.10 %
Loans to deposits ratio
88.28 %90.79 %92.67 %93.39 %93.00 %
Asset Quality
Net charge-offs (recoveries)
$(3)95 18 8 210 
Other real estate owned
— — — — — 
Non-accrual loans
3,365 3,718 4,110 3,876 2,829 
Loans past due 90 days or more and still accruing
— — 94 38 39 
Total nonperforming loans
$3,365 3,718 4,204 3,914 2,868 
Net charge-offs to average loans
0.00 %0.03 %0.01 %0.00 %0.07 %
Allowance for loan losses to total loans
0.43 %0.44 %0.45 %0.38 %0.39 %
Nonperforming loans to total loans
0.25 %0.29 %0.31 %0.29 %0.23 %
Nonperforming assets to total assets
0.19 %0.21 %0.24 %0.23 %0.18 %
Assets Under Management
LCNB Corp. total assets
$1,818,321 1,745,884 1,725,615 1,735,332 1,636,280 
Trust and investments (fair value)
673,742 628,414 524,502 516,076 455,974 
Mortgage loans serviced
127,290 137,188 120,546 100,189 94,805 
Cash management
118,494 116,792 119,520 116,615 77,471 
Brokerage accounts (fair value)
299,355 292,953 267,307 255,276 235,278 
Total assets managed
$3,037,202 2,921,231 2,757,490 2,723,488 2,499,808 


LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)
March 31, 2021 (Unaudited)December 31, 2020
ASSETS:
Cash and due from banks$18,201 17,383 
Interest-bearing demand deposits22,943 14,347 
Total cash and cash equivalents41,144 31,730 
Investment securities:  
Equity securities with a readily determinable fair value, at fair value2,506 2,389 
Equity securities without a readily determinable fair value, at cost2,099 2,099 
Debt securities, available-for-sale, at fair value237,619 209,471 
Debt securities, held-to-maturity, at cost24,695 24,810 
Federal Reserve Bank stock, at cost4,652 4,652 
Federal Home Loan Bank stock, at cost5,203 5,203 
Loans, net1,329,422 1,293,693 
Premises and equipment, net35,243 35,376 
Operating leases right of use asset6,865 6,274 
Goodwill59,221 59,221 
Core deposit and other intangibles3,108 3,453 
Bank owned life insurance42,416 42,149 
Interest receivable8,665 8,337 
Other assets15,463 17,027 
TOTAL ASSETS$1,818,321 1,745,884 
LIABILITIES:  
Deposits:  
Noninterest-bearing$475,127 455,073 
Interest-bearing1,061,989 1,000,350 
Total deposits1,537,116 1,455,423 
Long-term debt17,000 22,000 
Operating lease liabilities6,998 6,371 
Accrued interest and other liabilities17,961 21,265 
TOTAL LIABILITIES1,579,075 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 14,196,008 and 14,163,904 shares at March 31, 2021 and December 31, 2020, respectively; outstanding 12,820,108 and 12,858,325 shares at March 31, 2021 and December 31, 2020, respectively142,639 142,443 
Retained earnings117,863 115,058 
Treasury shares at cost, 1,375,900 and 1,305,579 shares at March 31, 2021 and December 31, 2020, respectively(21,859)(20,719)
Accumulated other comprehensive income, net of taxes603 4,043 
TOTAL SHAREHOLDERS' EQUITY239,246 240,825 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,818,321 1,745,884 




LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
 20212020
INTEREST INCOME:
Interest and fees on loans$14,535 15,227 
Dividends on equity securities with a readily determinable fair value13 14 
Dividends on equity securities without a readily determinable fair value6 16 
Interest on debt securities, taxable718 950 
Interest on debt securities, non-taxable224 285 
Other investments39 64 
TOTAL INTEREST INCOME15,535 16,556 
INTEREST EXPENSE:  
Interest on deposits1,028 2,117 
Interest on short-term borrowings1 7 
Interest on long-term debt134 254 
TOTAL INTEREST EXPENSE1,163 2,378 
NET INTEREST INCOME14,372 14,178 
PROVISION (CREDIT) FOR LOAN LOSSES(52)1,173 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES14,424 13,005 
NON-INTEREST INCOME:  
Fiduciary income1,529 1,103 
Service charges and fees on deposit accounts1,366 1,295 
Net gains on sales of debt securities— 221 
Bank owned life insurance income267 601 
Gains from sales of loans43 120 
Other operating income260 499 
TOTAL NON-INTEREST INCOME3,465 3,839 
NON-INTEREST EXPENSE:  
Salaries and employee benefits6,433 6,768 
Equipment expenses368 287 
Occupancy expense, net794 682 
State financial institutions tax444 436 
Marketing268 177 
Amortization of intangibles257 260 
FDIC insurance premiums (credit), net113 (1)
Contracted services540 402 
Other non-interest expense2,275 2,061 
TOTAL NON-INTEREST EXPENSE11,492 11,072 
INCOME BEFORE INCOME TAXES6,397 5,772 
PROVISION FOR INCOME TAXES1,157 746 
NET INCOME$5,240 5,026 
Dividends declared per common share$0.19 0.18 
Earnings per common share:  
Basic0.41 0.39 
Diluted0.41 0.39 
Weighted average common shares outstanding:
Basic12,794,824 12,926,077 
Diluted12,794,852 12,927,666 


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