LCNB (US:LCNB)2025-01-30 21:01Interest Income and Net Interest Income - Interest income for the three months ended December 31, 2024, was $26,894,000, an increase from $23,310,000 for the same period in 2023, representing a growth of 15.8%[2] - Net interest income after provision for credit losses for the twelve months ended December 31, 2024, was $58,833,000, compared to $54,272,000 for the previous year, reflecting an increase of 8.5%[2] - Net interest income for the year ended December 31, 2024, was $60,956 thousand, with a net interest margin of 2.91%[9] - Net interest income for the twelve months ended December 31, 2024, was $60,795 thousand, compared to $56,349 thousand in 2023, reflecting an increase of 7.03%[14] Non-Interest Income - Non-interest income for the three months ended December 31, 2024, was $5,988,000, up from $4,606,000 in the same quarter of 2023, indicating a growth of 30.0%[2] - Non-interest income for the twelve months ended December 31, 2024, reached $20,404 thousand, up from $15,411 thousand in 2023, a growth of 32.51%[14] Credit Losses and Provisions - The provision for credit losses for the three months ended December 31, 2024, was $649,000, compared to $2,218,000 for the same period in 2023, showing a decrease of 70.8%[2] - The provision for credit losses decreased to $1,962 thousand in 2024 from $2,077 thousand in 2023, a reduction of 5.54%[14] - The allowance for credit losses was $11,263 thousand in 2024, up from $8,046 thousand in 2023, reflecting a potential increase in credit risk[9] Net Income and Earnings - The net income for the twelve months ended December 31, 2024, was $13,492,000, an increase from $12,628,000 in 2023, representing a growth of 6.8%[2] - Net income for the twelve months ended December 31, 2024, was $13,492 thousand, compared to $12,628 thousand in 2023, an increase of 6.84%[14] - Basic earnings per share improved to $0.97 in 2024 from $1.10 in 2023, a decrease of 11.82%[14] Efficiency and Ratios - The return on average assets for the three months ended December 31, 2024, was 1.04%, up from 0.15% in the same quarter of 2023[3] - The return on average equity for the three months ended December 31, 2024, was 9.60%, compared to 1.53% for the same period in 2023[3] - The efficiency ratio (tax equivalent) improved to 64.16% for the three months ended December 31, 2024, from 92.19% in the same quarter of 2023[3] - The equity to assets ratio improved to 10.97% from 10.79% in the previous quarter[4] - The adjusted return on average equity for the quarter was 9.68%, compared to 7.60% in the previous quarter[6] Assets and Deposits - Total assets as of December 31, 2024, were $2,307,394 million, a decrease from $2,346,908 million in the previous quarter[6] - Total assets increased to $2,332,087 thousand in 2024 from $2,182,477 thousand in 2023, representing a growth of 6.86%[7] - Total assets increased to $2,307,394 thousand in 2024 from $2,291,592 thousand in 2023, representing a growth of 0.69%[12] - Total deposits decreased to $1,878,292 million from $1,917,005 million in the previous quarter[6] - Total deposits rose to $1,878,292 thousand in 2024, up from $1,824,389 thousand in 2023, an increase of 2.96%[12] Loans and Charge-Offs - The provision for credit losses on loans for the quarter was $728 million, up from $681 million in the prior quarter[4] - Net charge-offs for the quarter were $595 million, compared to $84 million in the previous quarter[5] - Nonperforming loans totaled $4,618 million, up from $3,284 million in the previous quarter[5] - Average loans outstanding rose to $1,765,672 thousand in 2024, with an average yield of 5.46%, compared to $1,467,981 thousand and 4.90% in 2023, indicating a significant increase in both volume and yield[9] - The loans to deposits ratio increased to 91.67% from 89.67% in the previous quarter[4] Expenses and Goodwill - Total non-interest expense for the twelve months ended December 31, 2024, was $63,276 thousand, compared to $54,423 thousand in 2023, an increase of 16.24%[14] - Goodwill increased to $90,310 thousand in 2024 from $79,509 thousand in 2023, reflecting a growth of 13.00%[12]