LCNB (US:LCNB)2019-11-06 21:07Financial Performance - Net income for the three months ended September 30, 2019, was $4,727 thousand, compared to $4,201 thousand in the same period of 2018, marking a growth of 12.5%[15]. - Net income for the nine months ended September 30, 2019, was $14,082 thousand, an increase of 46.5% compared to $9,652 thousand for the same period in 2018[25]. - Basic earnings per common share for the nine months ended September 30, 2019, was $1.07, up 27.4% from $0.84 in the same period of 2018[147]. - Total comprehensive income for the three months ended September 30, 2019, was $5,572 thousand, compared to $3,151 thousand in the same period of 2018, representing an increase of 77.0%[18]. - Net income for Q3 2019 was $4,727,000, an increase of 12.5% compared to $4,201,000 in Q3 2018, with earnings per share rising from $0.32 to $0.36[196]. - For the nine months ended September 30, 2019, net income was $14,082,000, up 45.5% from $9,652,000 in the same period of 2018[196]. Income and Revenue - Net interest income for the three months ended September 30, 2019, was $13,578 thousand, up from $13,103 thousand in the same period of 2018, representing an increase of 3.6%[14]. - Non-interest income for the three months ended September 30, 2019, was $3,376 thousand, compared to $2,928 thousand in the same period of 2018, reflecting a growth of 15.3%[14]. - Total interest income for Q3 2019 increased by $1,184,000, while interest expense rose by $784,000, resulting in a net interest income increase[204]. - Net interest income for Q3 2019 was $13,679,000, reflecting a $400,000 increase from Q3 2018, driven by a $1,509,000 rise in loan interest income[204]. Assets and Liabilities - Total assets increased to $1,644,447 thousand as of September 30, 2019, compared to $1,636,927 thousand at December 31, 2018, reflecting a growth of 0.1%[11]. - Total deposits rose to $1,355,383 thousand as of September 30, 2019, from $1,300,919 thousand at December 31, 2018, indicating an increase of 4.2%[11]. - Total cash flows provided by operating activities for the nine months ended September 30, 2019, were $14,849 thousand, compared to $11,382 thousand for the same period in 2018, reflecting a 30.4% increase[25]. - Cash and cash equivalents at the end of the period on September 30, 2019, were $22,826 thousand, compared to $19,812 thousand at the end of September 30, 2018, representing a 15.9% increase[26]. - Total assets as of September 30, 2019, were $1,654,034,000, compared to $1,623,016,000 at the same time in 2018[199]. Loans and Credit Quality - Total loans as of September 30, 2019, were $1,226,020,000, an increase from $1,198,544,000 as of December 31, 2018, representing a growth of 2.30%[65]. - The allowance for loan losses at the end of September 30, 2019, was $4,167,000, slightly up from $4,046,000 at the end of 2018[68]. - Non-accrual loans totaled $3,523,000 as of September 30, 2019, compared to $2,951,000 at the end of 2018, indicating an increase of 19.35%[65]. - The provision for loan losses decreased to $264 thousand for the three months ended September 30, 2019, down from $659 thousand in the same period of 2018, a reduction of 60%[14]. - The provision for loan losses charged to expenses for the nine months ended September 30, 2019, was $213,000, compared to a provision of $962,000 for the same period in 2018[68]. Shareholder Equity and Dividends - Total shareholders' equity reached $225,492 thousand as of September 30, 2019, up from $218,985 thousand at December 31, 2018, an increase of 2.3%[11]. - The company declared dividends of $0.17 per common share for the three months ended September 30, 2019, compared to $0.16 in the same period of 2018, a growth of 6.3%[15]. - Common stock dividends paid for the nine months ended September 30, 2019, totaled $6,422 thousand, compared to $5,605 thousand in 2018, marking an increase of 14.5%[26]. Mergers and Acquisitions - LCNB issued 3,253,060 common shares at $19.55 per share, totaling $63.6 million as consideration for the merger with Columbus First Bancorp[48]. - Total identifiable assets acquired in the merger amounted to $314.1 million, with total identifiable net assets acquired at $35.4 million[48]. - Goodwill resulting from the merger was recorded at $29.0 million, reflecting LCNB's expansion in the Columbus market[49]. - The merger with Columbus First Bancorp was effective on May 31, 2018, and its results have been included in LCNB's consolidated financial statements since that date[52]. Tax and Regulatory Matters - The company recognized tax credits and other tax benefits of $262,000 for the nine months ended September 30, 2019, compared to $168,000 for the same period in 2018, marking a year-over-year increase of approximately 56.0%[112]. - The company’s effective tax rate for the nine months ended September 30, 2019, was 17.0%, slightly higher than 15.8% for the same period in 2018[118]. Other Financial Metrics - The balance of accumulated other comprehensive income (loss) at the end of the three months ended September 30, 2019, was $792,000, compared to a loss of $7,433,000 at the end of the same period in 2018[129]. - The total lease expense for the nine months ended September 30, 2019, was $469,000, which includes operating lease expense of $420,000[117]. - The weighted average remaining lease term for operating leases was 39 years, with a weighted average discount rate of 3.63%[117].