Business
LCNB Corp. Reports Financial Results for the Three Months Ended March 31, 2020
LEBANON, Ohio--(BUSINESS WIRE)-- LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced net income of $5,026,000 (total basic and diluted earnings per share of
About this update from Lcnb Corporation
[{"type":"text","content":" LEBANON, Ohio--(BUSINESS WIRE)--\nLCNB Corp. (\"LCNB\") (NASDAQ: LCNB) today announced net income of $5,026,000 (total basic and diluted earnings per share of $0.39) for the three months ended March 31, 2020. This compares to net income of $4,627,000 (total basic and diluted earnings per share of $0.35) for the same three month period in 2019.\n\n\nCommenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, \"The first quarter of 2020 has brought unique and unprecedented circumstances and challenges to everyone. Despite these challenges, LCNB performed well during the quarter. Even with a $1,173,000 provision for loan losses, LCNB achieved a 1.23% return on average assets and an 8.75% return on average equity.\"\n\n\nNet interest income for the three months ended March 31, 2020 was $787,000 greater than the comparable period in 2019, due primarily to growth in the average balance of LCNB's loan portfolio and to an increase in the average rate earned on that portfolio. Also contributing to the increase in net interest income were a decrease in the average rate paid on deposits and decreases in the average amount of and average rate paid on short-term borrowings. These favorable items were partially offset by a decrease in average investment securities.\n\n\nThe provision for loan losses for the three months ended March 31, 2020 was $1,278,000 greater than the comparable period in 2019. The provision included an adjustment to the allowance for loan losses for losses that may result from a potential economic recession caused by the Covid-19 pandemic. Non-accrual loans and loans past due 90 days or more and still accruing interest decreased $154,000, from $3,022,000 or 0.25% of total loans at March 31, 2019 to $2,868,000 or 0.23% of total loans at March 31, 2020.\n\n\nNon-interest income for the three months ended March 31, 2020 was $1,067,000 greater than the comparable period in 2019 primarily due to increases in fiduciary income, gains from sales of securities and loans, increases in income from bank owned life insurance, and market-driven increases in the fair value of equity security investments, which were recorded in other operating income in the consolidated statements of income. Income from bank owned life insurance increased partially due to new policies purchased in the third quar...