Business Wire | Apr 20, 2021 06:00AM EDT

LCNB Corp. Reports Financial Results For The Three Months Ended March 31, 2021

Apr. 20, 2021

LEBANON, Ohio--(BUSINESS WIRE)--Apr. 20, 2021--LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2021.

Net income for the 2021 first quarter increased 4.3% to $5,240,000 compared to $5,026,000 for the same period last year. Earnings per basic and diluted share for the 2021 first quarter were $0.41, compared to $0.39 for the same period last year. Earnings, before provisions for loan losses and income taxes, were $6,345,000 for the 2021 first quarter compared to $6,945,000 for the same period last year.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, "Total assets managed increased to a record of over $3.0 billion, an important milestone for LCNB, as we benefited from strong year-over-year growth across all aspects of our business. Growth in trust and investment assets was particularly strong, which drove a 38.6% increase in fiduciary income. Our trust and investment businesses are important growth drivers, and we are benefiting from over 50 years of providing local, sophisticated, and diverse wealth solutions to our customers."

Mr. Meilstrup continued, "Our asset quality is encouraging and we had limited net charge-offs in the quarter. At March 31, 2021, we only had six loans in deferral status for $19.6 million, which is a 94.9% decline from the amount of deferrals at June 30, 2020. We also continue to support small businesses within our local communities and during the first quarter we originated 345 new PPP loans for $23.6 million while processing $11.0 million of loan forgiveness under the program."

1 Total Assets Managed includes LCNB Corp. Consolidated Assets, Wealth Management & Brokerage Assets, Loans Serviced for Others, and Cash Management Services.

"We believe we are emerging from the COVID-19 crisis with a dynamic platform to drive sustainable growth and I am pleased with the solid start to 2021. We remain focused on continuing to offer our communities leading and diversified financial services, maintaining strong asset quality, managing both our cost of funds and non-interest expenses, and increasing non-interest income," concluded Mr. Meilstrup.

Net interest income for the three months ended March 31, 2021, was $14,372,000, compared to $14,178,000 for the comparable period in 2020. The 1.4% increase for the three-month period was primarily due to a decline in the average rates paid on interest bearing liabilities.

Non-interest income for the three months ended March 31, 2021, was $3,465,000, compared to $3,839,000 for the same period last year. The decline in non-interest income was primarily due to lower gains on sales of debt securities, bank owned life insurance income, gains from sales of loans, and other operating income, partially offset by fiduciary income and service charges and fees on deposit accounts.

Non-interest expense for the three months ended March 31, 2021, was $420,000 greater than the comparable period in 2020, primarily due to increases in equipment, occupancy, marketing, FDIC insurance, contracted services and other non-interest expenses, partially offset by a decrease in salaries and employee benefits.

Asset Quality

For the 2021 first quarter, LCNB recorded a $52,000 credit for loan losses, compared to a provision of $1,173,000 for the 2020 first quarter. The $1,225,000 year-over-year decrease in the provision for loan losses was partially due to strong asset quality and last year's proactive build in the Company's allowance for loan losses associated with the potential economic impacts caused by the COVID-19 pandemic.

Net recoveries for the 2021 first quarter were $3,000 compared to net charge-offs of $210,000, or an annualized ratio of 0.07% of average loans, for the same period last year.

Non-accrual loans and loans past due 90 days or more and still accruing interest increased $497,000, from $2,868,000 or 0.23% of total loans at March 31, 2020, to $3,365,000 or 0.25% of total loans at March 31, 2021. Nonperforming assets to total assets was 0.19% at March 31, 2021, compared to 0.18% at March 31, 2020.

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. 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(r) 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:

* the success, impact, and timing of the implementation of LCNB's business strategies; * 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; * 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; * LCNB's ability to integrate recent and future acquisitions may be unsuccessful, or may be more difficult, time-consuming, or costly than expected; * LCNB may incur increased loan charge-offs in the future; * LCNB may face competitive loss of customers; * 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; * changes in general economic conditions and increased competition could adversely affect LCNB's operating results; * 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; * LCNB may experience difficulties growing loan and deposit balances; * 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; * 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; * 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; * adverse weather events and natural disasters and global and/or national epidemics; and * 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

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 14,372 14,513 13,529 13,998 14,178 income

Provision(credit) for (52 ) (151 ) 976 16 1,173 loan losses

Net interestincome after 14,424 14,664 12,553 13,982 13,005 provision

Non-interest 3,465 4,305 4,278 3,319 3,839 income

Non-interest 11,492 11,944 11,653 11,116 11,072 expense

Income before 6,397 7,025 5,178 6,185 5,772 income taxes

Provision for 1,157 1,283 928 1,128 746 income taxes

Net income $ 5,240 5,742 4,250 5,057 5,026

Amort/Accretincome on $ 249 186 181 294 667 acquired loans

Amort/Accretexpenses onacquired $ - 1 - 2 3 interest-bearingliabilities

Tax-equivalentnet interest $ 14,432 14,577 13,594 14,066 14,254 income



Per Share Data

Dividends per $ 0.19 0.19 0.18 0.18 0.18 share

Basic earnings $ 0.41 0.44 0.33 0.39 0.39 per common share

Diluted earnings $ 0.41 0.44 0.33 0.39 0.39 per common share

Book value per $ 18.66 18.73 18.46 18.27 18.00 share

Tangible book $ 13.87 13.93 13.66 13.47 13.18 value per share

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

Sharesoutstanding at 12,820,108 12,858,325 12,926,686 12,975,879 12,969,076 period end



Selected Financial Ratios

Return on 1.20 % 1.31 % 0.97 % 1.19 % 1.23 %average assets

Return on 8.80 % 9.52 % 7.08 % 8.63 % 8.75 %average equity

Return onaverage tangible 11.81 % 12.83 % 9.56 % 11.74 % 12.00 %equity

Dividend payout 46.34 % 43.18 % 54.55 % 46.15 % 46.15 %ratio

Net interestmargin (tax 3.68 % 3.71 % 3.47 % 3.70 % 3.92 %equivalent)

Efficiency ratio 64.21 % 63.26 % 65.20 % 63.94 % 61.19 %(tax equivalent)



Selected Balance Sheet Items

Cash and cash $ 41,144 31,730 24,485 42,736 24,795 equivalents

Debt and equity 276,774 248,624 199,044 194,883 183,123 securities



Loans:

Commercial and $ 107,630 100,254 124,628 125,492 85,356 industrial

Commercial,secured by real 855,894 843,230 843,943 833,286 829,461 estate

Residential real 328,265 309,692 327,689 334,349 318,009 estate

Consumer 35,799 36,917 36,504 32,859 28,955

Agricultural 8,698 10,100 8,920 11,071 10,519

Other, includingdeposit 346 363 403 283 436 overdrafts

Deferred net (1,531 ) (1,135 ) (1,927 ) (1,902 ) (349 )origination fees

Loans, gross 1,335,101 1,299,421 1,340,160 1,335,438 1,272,387

Less allowance 5,679 5,728 5,974 5,016 5,008 for loan losses

Loans, net $ 1,329,422 1,293,693 1,334,186 1,330,422 1,267,379



Total earning $ 1,634,818 1,562,392 1,547,538 1,554,537 1,462,485 assets

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

3/31/2021

12/31/2020

9/30/2020

6/30/2020

3/31/2020

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

Three Months Ended

3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020

Selected Balance Sheet Items, continued

Long-term 17,000 22,000 31,999 33,998 35,996 debt

Totalshareholders' 239,246 240,825 238,585 237,047 233,478 equity

Equity to 13.16 % 13.79 % 13.83 % 13.66 % 14.27 %assets ratio

Loans todeposits 86.86 % 89.28 % 93.69 % 92.81 % 94.54 %ratio



Tangiblecommon equity $ 177,805 179,127 176,624 174,823 170,994 (TCE)

Tangiblecommon assets 1,756,880 1,684,186 1,663,654 1,673,108 1,573,796 (TCA)

TCE/TCA 10.12 % 10.64 % 10.62 % 10.45 % 10.87 %







SelectedAverage Balance SheetItems

Cash and cash $ 37,269 49,273 42,661 46,292 25,101 equivalents

Debt andequity 260,147 218,816 197,788 182,371 204,912 securities



Loans $ 1,313,803 1,313,892 1,339,608 1,318,753 1,252,554

Lessallowance for 5,715 5,920 5,250 4,998 3,938 loan losses

Net loans $ 1,308,088 1,307,972 1,334,358 1,313,755 1,248,616



Total earning $ 1,589,582 1,561,392 1,558,886 1,528,610 1,462,946 assets

Total assets 1,775,154 1,742,947 1,741,998 1,704,303 1,638,486

Total 1,488,156 1,447,217 1,445,573 1,412,082 1,346,770 deposits

Short-term 342 - - 82 1,415 borrowings

Long-term 19,689 30,803 33,020 34,964 38,325 debt

Totalshareholders' 241,517 239,881 238,990 235,587 231,058 equity

Equity to 13.61 % 13.76 % 13.72 % 13.82 % 14.10 %assets ratio

Loans todeposits 88.28 % 90.79 % 92.67 % 93.39 % 93.00 %ratio



Asset Quality

Netcharge-offs $ (3 ) 95 18 8 210 (recoveries)

Other real - - - - - estate owned



Non-accrual 3,365 3,718 4,110 3,876 2,829 loans

Loans pastdue 90 daysor more and - - 94 38 39 stillaccruing

Totalnonperforming $ 3,365 3,718 4,204 3,914 2,868 loans



Netcharge-offs 0.00 % 0.03 % 0.01 % 0.00 % 0.07 %to averageloans

Allowance forloan losses 0.43 % 0.44 % 0.45 % 0.38 % 0.39 %to totalloans

Nonperformingloans to 0.25 % 0.29 % 0.31 % 0.29 % 0.23 %total loans

Nonperformingassets to 0.19 % 0.21 % 0.24 % 0.23 % 0.18 %total assets



Assets Under Management

LCNB Corp. $ 1,818,321 1,745,884 1,725,615 1,735,332 1,636,280 total assets

Trust andinvestments 673,742 628,414 524,502 516,076 455,974 (fair value)

Mortgageloans 127,290 137,188 120,546 100,189 94,805 serviced

Cash 118,494 116,792 119,520 116,615 77,471 management

Brokerageaccounts 299,355 292,953 267,307 255,276 235,278 (fair value)

Total assets $ 3,037,202 2,921,231 2,757,490 2,723,488 2,499,808 managed

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 deposits

22,943

14,347

Total cash and cash equivalents

41,144

31,730

Investment securities:

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

2,506

2,389

Equity securities without a readily determinable fair value, at cost

2,099

2,099

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

237,619

209,471

Debt securities, held-to-maturity, at cost

24,695

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

1,329,422

1,293,693

Premises and equipment, net

35,243

35,376

Operating leases right of use asset

6,865

6,274

Goodwill

59,221

59,221

Core deposit and other intangibles

3,108

3,453

Bank owned life insurance

42,416

42,149

Interest receivable

8,665

8,337

Other assets

15,463

17,027

TOTAL ASSETS

$

1,818,321

1,745,884

LIABILITIES:

Deposits:

Noninterest-bearing

$

475,127

455,073

Interest-bearing

1,061,989

1,000,350

Total deposits

1,537,116

1,455,423

Long-term debt

17,000

22,000

Operating lease liabilities

6,998

6,371

Accrued interest and other liabilities

17,961

21,265

TOTAL LIABILITIES

1,579,075

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, respectively

142,639

142,443

Retained earnings

117,863

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 taxes

603

4,043

TOTAL SHAREHOLDERS' EQUITY

239,246

240,825

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

1,818,321

1,745,884

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)



March 31, December 2021 31, (Unaudited) 2020

ASSETS:

Cash and due from banks $ 18,201 17,383

Interest-bearing demand deposits 22,943 14,347

Total cash and cash equivalents 41,144 31,730

Investment securities:

Equity securities with a readily determinable fair 2,506 2,389 value, at fair value

Equity securities without a readily determinable 2,099 2,099 fair value, at cost

Debt securities, available-for-sale, at fair value 237,619 209,471

Debt securities, held-to-maturity, at cost 24,695 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 1,329,422 1,293,693

Premises and equipment, net 35,243 35,376

Operating leases right of use asset 6,865 6,274

Goodwill 59,221 59,221

Core deposit and other intangibles 3,108 3,453

Bank owned life insurance 42,416 42,149

Interest receivable 8,665 8,337

Other assets 15,463 17,027

TOTAL ASSETS $ 1,818,321 1,745,884



LIABILITIES:

Deposits:

Noninterest-bearing $ 475,127 455,073

Interest-bearing 1,061,989 1,000,350

Total deposits 1,537,116 1,455,423

Long-term debt 17,000 22,000

Operating lease liabilities 6,998 6,371

Accrued interest and other liabilities 17,961 21,265

TOTAL LIABILITIES 1,579,075 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 19,000,000shares; issued 14,196,008 and 14,163,904 shares atMarch 31, 2021 and December 31, 2020, respectively; 142,639 142,443 outstanding 12,820,108 and 12,858,325 shares atMarch 31, 2021 and December 31, 2020, respectively

Retained earnings 117,863 115,058

Treasury shares at cost, 1,375,900 and 1,305,579shares at March 31, 2021 and December 31, 2020, (21,859 ) (20,719 )respectively

Accumulated other comprehensive income, net of 603 4,043 taxes

TOTAL SHAREHOLDERS' EQUITY 239,246 240,825

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,

2021

2020

INTEREST INCOME:

Interest and fees on loans

$

14,535

15,227

Dividends on equity securities with a readily determinable fair value

13

14

Dividends on equity securities without a readily determinable fair value

6

16

Interest on debt securities, taxable

718

950

Interest on debt securities, non-taxable

224

285

Other investments

39

64

TOTAL INTEREST INCOME

15,535

16,556

INTEREST EXPENSE:

Interest on deposits

1,028

2,117

Interest on short-term borrowings

1

7

Interest on long-term debt

134

254

TOTAL INTEREST EXPENSE

1,163

2,378

NET INTEREST INCOME

14,372

14,178

PROVISION (CREDIT) FOR LOAN LOSSES

(52

)

1,173

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

14,424

13,005

NON-INTEREST INCOME:

Fiduciary income

1,529

1,103

Service charges and fees on deposit accounts

1,366

1,295

Net gains on sales of debt securities

-

221

Bank owned life insurance income

267

601

Gains from sales of loans

43

120

Other operating income

260

499

TOTAL NON-INTEREST INCOME

3,465

3,839

NON-INTEREST EXPENSE:

Salaries and employee benefits

6,433

6,768

Equipment expenses

368

287

Occupancy expense, net

794

682

State financial institutions tax

444

436

Marketing

268

177

Amortization of intangibles

257

260

FDIC insurance premiums (credit), net

113

(1

)

Contracted services

540

402

Other non-interest expense

2,275

2,061

TOTAL NON-INTEREST EXPENSE

11,492

11,072

INCOME BEFORE INCOME TAXES

6,397

5,772

PROVISION FOR INCOME TAXES

1,157

746

NET INCOME

$

5,240

5,026

Dividends declared per common share

$

0.19

0.18

Earnings per common share:

Basic

0.41

0.39

Diluted

0.41

0.39

Weighted average common shares outstanding:

Basic

12,794,824

12,926,077

Diluted

12,794,852

12,927,666

View source version on businesswire.com: https://www.businesswire.com/news/home/20210420005345/en/

CONTACT: Company Contact: Eric J. Meilstrup President Chief Executive Officer LCNB National Bank (513) 932-1414 emeilstrup@lcnb.com

CONTACT: Investor and Media Contact: Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400. andrew@smberger.com