Third quarter 2026 net income increased 5.4% year-over-year to $7.3 million, or $0.51 per diluted share, producing an ROAA of 1.29%
Net interest income for the nine-month period ended September 30, 2026 increased 8.6% year-over-year to $19.7 million, supported by a net interest margin of 3.92%, a 35-basis point improvement over the prior year period
Tangible book value per share increased 7.2% year-over-year to $13.02 per share at September 30, 2026
LEBANON, Ohio--(BUSINESS WIRE)--
LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and nine months ended September 30, 2026.
Commenting on the financial results, LCNB Chief Executive Officer, Eric Meilstrup said, “Our solid third quarter and year-to-date financial performance highlights the continued execution of balance sheet optimization and funding discipline strategies, which have contributed to a 108-basis-point improvement in net interest margin over the past two years, from 2.84% in the third quarter of 2024 to 3.92% in the third quarter of 2026, demonstrating the strengthening of our core earnings power. With much of this foundational work behind us, we are increasingly focused on translating our enhanced financial position and expanded capabilities into profitable organic growth. During the quarter, we completed our first $25 million subordinated debt offering, providing additional capital to support future growth and advance our expansion strategies.”
Mr. Meilstrup continued, “We continue to enhance our platform, broaden our product offering, and pursue opportunities to deepen existing customer relationships while reaching more individuals and businesses throughout our Ohio markets. Wealth Management remains an important component of this strategy, as we establish new client relationships and focus on growing assets under management. These efforts are positively impacting our financial performance, with fiduciary income increasing 12.7% year-over-year to $7.9 million for the first nine months of 2026.”
“Our balance sheet remains strong, supported by a stable, relationship-driven deposit base, solid capital and liquidity levels, disciplined lending, and sound asset quality. We remain focused on improving operating efficiency and leveraging the investments we have made in our franchise to drive sustainable earnings growth. As we look ahead, we believe our strengthened financial position and diversified revenue platform provide a solid foundation to deliver continued value to our shareholders,” concluded Mr. Meilstrup.
Income Statement
Net income for the 2026 third quarter was $7.3 million, compared to $6.9 million for the same period in 2025. Earnings per basic and diluted share for the 2026 third quarter were $0.51, compared to $0.49 for the same period in 2025. Net income for the nine-month period ended September 30, 2026, was $19.2 million, compared to $17.5 million for the same period last year. Earnings per basic and diluted share for the nine-month period ended September 30, 2026, were $1.35, compared to $1.23 for the same period last year.
Net interest income for the three months ended September 30, 2026, was $19.7 million, compared to $18.1 million for the same period in 2025. Net interest income for the nine-month period ended September 30, 2026, was $58.3 million, as compared to $52.0 million in the same period last year. The year-over-year growth in net interest income was primarily due to a decrease in the average rate paid on interest-bearing liabilities, a reduction in interest-bearing liabilities, and an increase in the average yield on earnings assets. For the 2026 third quarter, LCNB’s tax equivalent net interest margin was 3.92%, compared to 3.57% for the same period in 2025. The net interest margin (tax equivalent) for the nine-month period ended September 30, 2026, was 3.91%, as compared to 3.43% in the same period last year.
Non-interest income for the three months ended September 30, 2026, was $5.3 million, compared to $5.7 million for the same period in 2025. For the nine months ended September 30, 2026, non-interest income was $15.4 million, compared to $16.2 million for the same period last year. For both the 2026 third quarter and nine-month period, the decrease in non-interest income was primarily due to lower service charges and fees, and gains from sales of loans, partially offset by higher fiduciary income.
Non-interest expense for the three months ended September 30, 2026, was $15.6 million, compared to $15.2 million for the same period in 2025. The $0.4 million increase was primarily due to higher salaries and employee benefits, and contracted services expenses, partially offset by lower net FDIC insurance premiums and marketing expenses. For the nine months ended September 30, 2026, non-interest expense was $0.6 million higher than the comparable period in 2025, primarily due to higher salaries and employee benefits, computer maintenance and supplies, and contracted services, partially offset by lower net FDIC insurance premiums, merger, marketing, and other operating expenses.
Capital Allocation
For the three months ended September 30, 2026, LCNB paid $0.22 per share in dividends. Year-to-date, LCNB has paid $0.66 per share in dividends.
Balance Sheet
Total assets at September 30, 2026, increased 1.7%, to $2.28 billion, from $2.24 billion at September 30, 2025. Net loans at September 30, 2026, were $1.70 billion, an increase of 2.2%, or $36.0 million, from September 30, 2025. During the quarter ended September 30, 2026, LCNB originated $141.0 million in loans and sold $18.4 million into the secondary market, which contributed $0.3 million of gains to third-quarter non-interest income, compared to $67.0 million in loans originated and $23.4 million of loans sold into the secondary market last year, which generated $0.7 million of gains and benefited third quarter 2025 non-interest income.
Loans held for sale totaled $2.8 million at September 30, 2026, compared to $4.0 million at September 30, 2025, and were primarily composed of loans scheduled to be sold to an investor.
Total deposits at September 30, 2026, increased 1.8%, to $1.88 billion, compared to $1.85 billion at September 30, 2025. The increase was primarily attributable to the timing of a $50 million deposit from a public funds relationship. Excluding this deposit, total deposits would have decreased approximately 0.9% year-over-year.
At September 30, 2026, shareholders' equity was $282.2 million, compared to $269.9 million at September 30, 2025. On a per-share basis, shareholders' equity at September 30, 2026, was $19.79, compared to $19.02 at September 30, 2025.
At September 30, 2026, tangible shareholders' equity was $185.7 million, compared to $172.4 million at September 30, 2025. The 7.7% year-over-year increase in tangible shareholders' equity was primarily from higher retained earnings. On a per-share basis, tangible shareholders' equity was $13.02 at September 30, 2026, compared to $12.15 at September 30, 2025.
Assets Under Management
Total assets managed at September 30, 2026, were $4.24 billion, compared to $4.20 billion at September 30, 2025. The year-over-year increase in total assets managed was due to an increase in LCNB total assets and in the fair value of trust and investments and investment services partially offset by lower mortgage loans serviced and cash management. Trust and investments and brokerage accounts increased due to a higher number of new LCNB Wealth Management customer accounts and increases in the fair value of managed assets.
Asset Quality
For the 2026 third quarter, LCNB recorded a provision for credit losses of $453,000, compared to a provision for credit losses of $211,000 for the 2025 third quarter. For the nine months ended September 30, 2026, LCNB recorded a total provision for credit losses of $3.1 million, compared to a total provision for credit losses of $426,000 for the nine months ended September 30, 2025.
Net charge-offs for the third quarter of 2026 totaled $727,000, or 0.17% of average loans on an annualized basis, compared to $169,000, or 0.04% of average loans on an annualized basis, for the third quarter of 2025. For the nine months ended September 30, 2026, net charge-offs were $3.5 million, or 0.27% of average loans on an annualized basis, compared to $287,000, or 0.02% of average loans on an annualized basis, for the same period in 2025.
Third-quarter 2026 net charge-offs were largely attributable to one participated loan relationship that represented most of the quarter's charge-offs. Because the credit had already been identified and substantially reserved, the charge-off had limited impact on third-quarter provision expense. The provision for credit losses reflected ongoing portfolio monitoring, changes in specific reserves for certain commercial relationships, and updated expected credit loss estimates.
Total nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and still accruing interest, were $4.1 million, or 0.24% of total loans, at September 30, 2026, compared to $2.0 million, or 0.12% of total loans, at September 30, 2025. The year-over-year increase in nonperforming loans was primarily attributable to the addition of one commercial real estate loan. The nonperforming assets to total assets ratio was 0.18% at September 30, 2026, compared to 0.09% at September 30, 2025.
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, online 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® 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, 2025, 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:
1. | the success, impact, and timing of the implementation of LCNB’s business strategies; |
2. | LCNB’s ability to integrate future acquisitions may be unsuccessful or may be more difficult, time-consuming, or costly than expected; |
3. | LCNB may incur increased loan charge-offs in the future and the allowance for credit losses may be inadequate; |
4. | LCNB may face competitive loss of customers to both bank and nonbank financial institutions; |
5. | changes in the interest rate environment, either by interest rate increases or decreases, may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions; |
6. | changes in general economic conditions, increased competition could adversely affect LCNB’s operating results; |
7. | changes in or instability regarding regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results; |
8. | LCNB may experience difficulties growing loan and deposit balances; |
9. | 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; |
10. | global and/or geopolitical relations and/or conflicts could create financial market uncertainty and have negative impacts on commodities, currency, and stability, which could adversely affect LCNB's operating results and financial condition; |
11. | difficulties with technology or data security breaches, including cyberattacks or widespread outages, could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others; |
12. | adverse weather events and natural disasters and global and/or national epidemics could negatively affect LCNB’s customers given its concentrated geographic scope, which could impact LCNB’s operating results; and |
13. | government intervention in the U.S. financial system, including the effects of legislative, tax, accounting, and regulatory actions and reforms, including, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, changes in deposit insurance premium levels, and any such future regulatory actions or reforms. |
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) |
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| | Three Months Ended | | | Nine Months Ended | |
| | 9/30/2026 | | | 6/30/2026 | | | 3/31/2026 | | | 12/31/2025 | | | 9/30/2025 | | | 9/30/2026 | | | 9/30/2025 | |
Condensed Income Statement | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | $ | 26,426 | | | | 26,332 | | | | 25,430 | | | | 25,187 | | | | 26,305 | | | | 78,188 | | | | 77,560 | |
Interest expense | | | 6,747 | | | | 6,541 | | | | 6,583 | | | | 6,931 | | | | 8,179 | | | | 19,871 | | | | 25,594 | |
Net interest income | | | 19,679 | | | | 19,791 | | | | 18,847 | | | | 18,256 | | | | 18,126 | | | | 58,317 | | | | 51,966 | |
Provision for credit losses | | | 453 | | | | 276 | | | | 2,339 | | | | 1,510 | | | | 211 | | | | 3,068 | | | | 426 | |
Net interest income after provision for credit losses | | | 19,226 | | | | 19,515 | | | | 16,508 | | | | 16,746 | | | | 17,915 | | | | 55,249 | | | | 51,540 | |
Non-interest income | | | 5,341 | | | | 5,353 | | | | 4,693 | | | | 5,601 | | | | 5,704 | | | | 15,387 | | | | 16,174 | |
Non-interest expense | | | 15,589 | | | | 15,675 | | | | 15,880 | | | | 15,388 | | | | 15,145 | | | | 47,144 | | | | 46,521 | |
Income before income taxes | | | 8,978 | | | | 9,193 | | | | 5,321 | | | | 6,959 | | | | 8,474 | | | | 23,492 | | | | 21,193 | |
Provision for income taxes | | | 1,669 | | | | 1,699 | | | | 877 | | | | 1,303 | | | | 1,538 | | | | 4,245 | | | | 3,729 | |
Net income | | $ | 7,309 | | | | 7,494 | | | | 4,444 | | | | 5,656 | | | | 6,936 | | | | 19,247 | | | | 17,464 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Income Statement Information | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accretion income on acquired loans | | $ | 758 | | | | 1,290 | | | | 659 | | | | 816 | | | | 904 | | | | 2,707 | | | | 2,770 | |
Tax-equivalent net interest income | | | 19,717 | | | | 19,829 | | | | 18,886 | | | | 18,297 | | | | 18,169 | | | | 58,432 | | | | 52,090 | |
Pre-provision, pre-tax net income | | | 9,431 | | | | 9,469 | | | | 7,660 | | | | 8,469 | | | | 8,685 | | | | 26,560 | | | | 21,619 | |
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Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends per share | | $ | 0.22 | | | | 0.22 | | | | 0.22 | | | | 0.22 | | | | 0.22 | | | | 0.66 | | | | 0.66 | |
Basic earnings per common share | | $ | 0.51 | | | | 0.53 | | | | 0.31 | | | | 0.40 | | | | 0.49 | | | | 1.35 | | | | 1.23 | |
Diluted earnings per common share | | $ | 0.51 | | | | 0.53 | | | | 0.31 | | | | 0.40 | | | | 0.49 | | | | 1.35 | | | | 1.23 | |
Book value per share | | $ | 19.79 | | | | 19.69 | | | | 19.36 | | | | 19.30 | | | | 19.02 | | | | 19.79 | | | | 19.02 | |
Tangible book value per share | | $ | 13.02 | | | | 12.90 | | | | 12.55 | | | | 12.45 | | | | 12.15 | | | | 13.02 | | | | 12.15 | |
Weighted average common shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | 14,166,380 | | | | 14,157,834 | | | | 14,125,191 | | | | 14,106,778 | | | | 14,097,414 | | | | 14,149,959 | | | | 14,079,519 | |
Diluted | | | 14,166,380 | | | | 14,157,834 | | | | 14,125,191 | | | | 14,106,778 | | | | 14,097,414 | | | | 14,149,959 | | | | 14,079,519 | |
Shares outstanding at period end | | | 14,262,125 | | | | 14,254,091 | | | | 14,245,849 | | | | 14,193,577 | | | | 14,186,204 | | | | 14,262,125 | | | | 14,186,204 | |
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Selected Financial Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | 1.29 | % | | | 1.34 | % | | | 0.80 | % | | | 1.01 | % | | | 1.21 | % | | | 1.15 | % | | | 1.02 | % |
Return on average equity | | | 10.23 | % | | | 10.78 | % | | | 6.52 | % | | | 8.22 | % | | | 10.33 | % | | | 9.20 | % | | | 8.95 | % |
Return on average tangible common equity | | | 15.52 | % | | | 16.51 | % | | | 10.06 | % | | | 12.78 | % | | | 16.29 | % | | | 14.08 | % | | | 14.32 | % |
Dividend payout ratio | | | 43.14 | % | | | 41.51 | % | | | 70.97 | % | | | 55.00 | % | | | 44.90 | % | | | 48.89 | % | | | 53.66 | % |
Net interest margin (tax equivalent) | | | 3.92 | % | | | 3.99 | % | | | 3.83 | % | | | 3.69 | % | | | 3.57 | % | | | 3.91 | % | | | 3.43 | % |
Efficiency ratio (tax equivalent) | | | 62.21 | % | | | 62.25 | % | | | 67.35 | % | | | 64.39 | % | | | 63.44 | % | | | 63.86 | % | | | 68.15 | % |
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Selected Balance Sheet Items | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 70,250 | | | | 24,855 | | | | 29,181 | | | | 21,614 | | | | 35,865 | | | | | | | | | |
Debt and equity securities | | | 262,481 | | | | 267,251 | | | | 276,913 | | | | 280,565 | | | | 292,604 | | | | | | | | | |
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Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 87,733 | | | | 96,280 | | | | 100,477 | | | | 104,013 | | | | 107,925 | | | | | | | | | |
Commercial, secured by real estate | | | 1,111,017 | | | | 1,090,836 | | | | 1,090,718 | | | | 1,100,203 | | | | 1,083,748 | | | | | | | | | |
Residential real estate | | | 485,302 | | | | 482,518 | | | | 476,863 | | | | 469,574 | | | | 454,918 | | | | | | | | | |
Consumer | | | 13,826 | | | | 14,983 | | | | 15,834 | | | | 16,928 | | | | 17,748 | | | | | | | | | |
Agricultural | | | 15,613 | | | | 15,938 | | | | 14,561 | | | | 15,666 | | | | 15,262 | | | | | | | | | |
Other, including deposit overdrafts | | | 3,946 | | | | 174 | | | | 273 | | | | 210 | | | | 267 | | | | | | | | | |
Deferred net origination fees | | | (1,278 | ) | | | (1,159 | ) | | | (1,052 | ) | | | (1,063 | ) | | | (840 | ) | | | | | | | | |
Loans, gross | | | 1,716,158 | | | | 1,699,569 | | | | 1,697,674 | | | | 1,705,531 | | | | 1,679,028 | | | | | | | | | |
Less allowance for credit losses | | | 13,322 | | | | 13,606 | | | | 13,372 | | | | 13,704 | | | | 12,170 | | | | | | | | | |
Loans, net | | $ | 1,702,836 | | | | 1,685,963 | | | | 1,684,302 | | | | 1,691,827 | | | | 1,666,858 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans held for sale | | $ | 2,789 | | | | 3,508 | | | | 3,438 | | | | 1,718 | | | | 4,018 | | | | | | | | | |
| | Three Months Ended | | | Nine Months Ended | |
| | 9/30/2026 | | | 6/30/2026 | | | 3/31/2026 | | | 12/31/2025 | | | 9/30/2025 | | | 9/30/2026 | | | 9/30/2025 | |
Selected Balance Sheet Items, continued | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Allowance for Credit Losses on Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses, beginning of period | | $ | 13,606 | | | | 13,372 | | | | 13,704 | | | | 12,170 | | | | 12,108 | | | | | | | | | |
Provision for credit losses on loans | | | 443 | | | | 233 | | | | 2,398 | | | | 1,520 | | | | 231 | | | | | | | | | |
Losses charged off | | | (744 | ) | | | (36 | ) | | | (2,766 | ) | | | (67 | ) | | | (193 | ) | | | | | | | | |
Recoveries | | | 17 | | | | 37 | | | | 36 | | | | 81 | | | | 24 | | | | | | | | | |
Allowance for credit losses, end of period | | $ | 13,322 | | | | 13,606 | | | | 13,372 | | | | 13,704 | | | | 12,170 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total earning assets | | $ | 2,033,241 | | | | 1,976,036 | | | | 1,986,777 | | | | 1,993,785 | | | | 1,983,606 | | | | | | | | | |
Goodwill | | | 90,310 | | | | 90,310 | | | | 90,310 | | | | 90,310 | | | | 90,310 | | | | | | | | | |
Core deposit intangibles | | | 6,247 | | | | 6,478 | | | | 6,705 | | | | 6,931 | | | | 7,161 | | | | | | | | | |
Mortgage servicing rights | | | 1,867 | | | | 2,021 | | | | 2,188 | | | | 2,340 | | | | 2,519 | | | | | | | | | |
Other non-earning assets | | | 150,134 | | | | 148,871 | | | | 151,856 | | | | 147,403 | | | | 160,769 | | | | | | | | | |
Total non-earning assets | | | 248,559 | | | | 247,679 | | | | 251,059 | | | | 246,984 | | | | 260,759 | | | | | | | | | |
Total assets | | | 2,281,800 | | | | 2,223,715 | | | | 2,237,836 | | | | 2,240,769 | | | | 2,244,365 | | | | | | | | | |
Total deposits | | | 1,882,516 | | | | 1,819,186 | | | | 1,838,793 | | | | 1,840,355 | | | | 1,849,082 | | | | | | | | | |
Long-term debt | | | 70,000 | | | | 103,836 | | | | 104,133 | | | | 104,428 | | | | 104,717 | | | | | | | | | |
Subordinated debentures, net of debt issuance costs | | | 24,406 | | | | — | | | | — | | | | — | | | | — | | | | | | | | | |
Total shareholders’ equity | | | 282,218 | | | | 280,617 | | | | 275,816 | | | | 273,929 | | | | 269,870 | | | | | | | | | |
Equity to assets ratio | | | 12.37 | % | | | 12.62 | % | | | 12.33 | % | | | 12.22 | % | | | 12.02 | % | | | | | | | | |
Loans to deposits ratio | | | 91.16 | % | | | 93.42 | % | | | 92.33 | % | | | 92.67 | % | | | 90.80 | % | | | | | | | | |
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Tangible common equity (TCE) | | $ | 185,661 | | | | 183,829 | | | | 178,801 | | | | 176,689 | | | | 172,399 | | | | | | | | | |
Tangible common assets (TCA) | | | 2,185,243 | | | | 2,126,927 | | | | 2,140,821 | | | | 2,143,529 | | | | 2,146,894 | | | | | | | | | |
TCE/TCA | | | 8.50 | % | | | 8.64 | % | | | 8.35 | % | | | 8.24 | % | | | 8.03 | % | | | | | | | | |
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Selected Average Balance Sheet Items | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 36,982 | | | | 28,893 | | | | 35,116 | | | | 29,395 | | | | 38,466 | | | | 33,703 | | | | 36,174 | |
Debt and equity securities | | | 241,391 | | | | 248,323 | | | | 278,950 | | | | 285,810 | | | | 298,341 | | | | 248,000 | | | | 301,713 | |
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Loans, including loans held for sale | | $ | 1,710,524 | | | | 1,706,541 | | | | 1,707,948 | | | | 1,675,449 | | | | 1,706,281 | | | | 1,708,347 | | | | 1,715,654 | |
Less allowance for credit losses on loans | | | 13,355 | | | | 13,376 | | | | 12,812 | | | | 12,186 | | | | 12,099 | | | | 13,183 | | | | 12,071 | |
Net loans | | $ | 1,697,170 | | | | 1,693,165 | | | | 1,695,136 | | | | 1,663,263 | | | | 1,694,182 | | | | 1,695,164 | | | | 1,703,583 | |
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Total earning assets | | $ | 1,994,871 | | | | 1,991,514 | | | | 2,000,595 | | | | 1,968,188 | | | | 2,017,294 | | | | 1,996,163 | | | | 2,028,403 | |
Goodwill | | | 90,310 | | | | 90,310 | | | | 90,310 | | | | 90,310 | | | | 90,310 | | | | 90,310 | | | | 90,310 | |
Core deposit intangibles | | | 6,360 | | | | 6,589 | | | | 6,816 | | | | 7,043 | | | | 7,275 | | | | 6,587 | | | | 7,559 | |
Mortgage servicing rights | | | 2,022 | | | | 2,189 | | | | 2,340 | | | | 2,520 | | | | 2,699 | | | | 2,183 | | | | 2,901 | |
Other non-earning assets | | | 151,688 | | | | 147,961 | | | | 153,437 | | | | 153,528 | | | | 159,328 | | | | 150,142 | | | | 159,163 | |
Total non-earning assets | | | 250,381 | | | | 247,049 | | | | 252,903 | | | | 253,401 | | | | 259,612 | | | | 249,221 | | | | 259,933 | |
Total assets | | | 2,245,252 | | | | 2,238,563 | | | | 2,253,498 | | | | 2,221,589 | | | | 2,276,906 | | | | 2,245,384 | | | | 2,288,336 | |
Total deposits | | | 1,835,537 | | | | 1,834,710 | | | | 1,846,345 | | | | 1,822,412 | | | | 1,884,748 | | | | 1,838,825 | | | | 1,895,791 | |
Short-term borrowings | | | 499 | | | | — | | | | 4,795 | | | | — | | | | 52 | | | | 1,749 | | | | 62 | |
Long-term debt | | | 88,499 | | | | 104,080 | | | | 104,376 | | | | 104,664 | | | | 104,951 | | | | 98,927 | | | | 112,232 | |
Subordinated debentures, net of debt issuance costs | | | 14,612 | | | | — | | | | — | | | | — | | | | — | | | | 4,924 | | | | — | |
Total shareholders’ equity | | | 283,532 | | | | 278,949 | | | | 276,362 | | | | 272,856 | | | | 266,489 | | | | 279,641 | | | | 260,976 | |
Equity to assets ratio | | | 12.63 | % | | | 12.46 | % | | | 12.26 | % | | | 12.28 | % | | | 11.70 | % | | | 12.45 | % | | | 11.40 | % |
Loans to deposits ratio | | | 93.18 | % | | | 93.01 | % | | | 92.50 | % | | | 91.94 | % | | | 90.53 | % | | | 92.89 | % | | | 90.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset Quality | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs (recoveries) | | $ | 727 | | | | (1 | ) | | | 2,730 | | | | (14 | ) | | | 169 | | | | 3,456 | | | | 287 | |
Other real estate owned | | | — | | | | — | | | | — | | | | — | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans | | $ | 3,912 | | | | 5,751 | | | | 3,227 | | | | 1,794 | | | | 1,793 | | | | | | | | | |
Loans past due 90 days or more and still accruing | | | 157 | | | | 98 | | | | 136 | | | | 530 | | | | 163 | | | | | | | | | |
Total nonperforming loans | | | 4,070 | | | | 5,848 | | | | 3,363 | | | | 2,324 | | | | 1,956 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans | | | 0.17 | % | | | 0.00 | % | | | 0.65 | % | | | 0.00 | % | | | 0.04 | % | | | 0.27 | % | | | 0.02 | % |
Allowance for credit losses on loans to total loans | | | 0.78 | % | | | 0.80 | % | | | 0.79 | % | | | 0.80 | % | | | 0.72 | % | | | | | | | | |
Nonperforming loans to total loans | | | 0.24 | % | | | 0.34 | % | | | 0.20 | % | | | 0.14 | % | | | 0.12 | % | | | | | | | | |
Nonperforming assets to total assets | | | 0.18 | % | | | 0.26 | % | | | 0.15 | % | | | 0.10 | % | | | 0.09 | % | | | | | | | | |
| | Three Months Ended | | | Nine Months Ended | |
| | 9/30/2026 | | | 6/30/2026 | | | 3/31/2026 | | | 12/31/2025 | | | 9/30/2025 | | | 9/30/2026 | | | 9/30/2025 | |
Assets Under Management | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LCNB Corp. total assets | | | 2,281,800 | | | | 2,223,715 | | | | 2,237,836 | | | | 2,240,769 | | | | 2,244,365 | | | | | | | | | |
Trust and investments (fair value) | | | 1,116,185 | | | | 1,148,515 | | | | 1,081,558 | | | | 1,053,887 | | | | 1,041,270 | | | | | | | | | |
Mortgage loans serviced | | | 301,663 | | | | 308,073 | | | | 325,133 | | | | 333,518 | | | | 341,548 | | | | | | | | | |
Cash management | | | 1,824 | | | | 37,175 | | | | 39,979 | | | | 10,935 | | | | 73,002 | | | | | | | | | |
Investment services (fair value) | | | 543,370 | | | | 531,900 | | | | 491,890 | | | | 504,123 | | | | 494,947 | | | | | | | | | |
Total assets managed | | $ | 4,244,842 | | | | 4,249,378 | | | | 4,176,396 | | | | 4,143,232 | | | | 4,195,132 | | | | | | | | | |
| | Three Months Ended September 30, | | | Three Months Ended June 30, | |
| | 2026 | | | 2025 | | | 2026 | |
| | Average | | | Interest | | | Average | | | Average | | | Interest | | | Average | | | Average | | | Interest | | | Average | |
| | Outstanding | | | Earned/ | | | Yield/ | | | Outstanding | | | Earned/ | | | Yield/ | | | Outstanding | | | Earned/ | | | Yield/ | |
| | Balance | | | Paid | | | Rate | | | Balance | | | Paid | | | Rate | | | Balance | | | Paid | | | Rate | |
Loans(1) | | $ | 1,710,524 | | | | 24,375 | | | | 5.65 | % | | | 1,706,281 | | | | 24,163 | | | | 5.62 | % | | | 1,706,541 | | | | 24,345 | | | | 5.72 | % |
Interest-bearing demand deposits | | | 15,947 | | | | 141 | | | | 3.51 | % | | | 12,416 | | | | 183 | | | | 5.85 | % | | | 9,524 | | | | 96 | | | | 4.04 | % |
Interest-bearing time deposits | | | 3,143 | | | | 29 | | | | 3.66 | % | | | 256 | | | | 2 | | | | 3.10 | % | | | 2,896 | | | | 26 | | | | 3.60 | % |
Federal Reserve Bank stock | | | 6,405 | | | | 96 | | | | 5.95 | % | | | 6,405 | | | | 96 | | | | 5.95 | % | | | 6,405 | | | | 98 | | | | 6.14 | % |
Federal Home Loan Bank stock | | | 20,593 | | | | 361 | | | | 6.95 | % | | | 20,710 | | | | 452 | | | | 8.66 | % | | | 20,710 | | | | 383 | | | | 7.42 | % |
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities | | | 5,119 | | | | 33 | | | | 2.56 | % | | | 5,072 | | | | 37 | | | | 2.89 | % | | | 5,099 | | | | 33 | | | | 2.60 | % |
Debt securities, taxable | | | 217,357 | | | | 1,248 | | | | 2.28 | % | | | 247,878 | | | | 1,212 | | | | 1.94 | % | | | 224,414 | | | | 1,207 | | | | 2.16 | % |
Debt securities, non-taxable(2) | | | 15,783 | | | | 181 | | | | 4.55 | % | | | 18,276 | | | | 203 | | | | 4.41 | % | | | 15,925 | | | | 182 | | | | 4.58 | % |
Total earning assets | | | 1,994,871 | | | | 26,464 | | | | 5.26 | % | | | 2,017,294 | | | | 26,348 | | | | 5.18 | % | | | 1,991,514 | | | | 26,370 | | | | 5.31 | % |
Non-earning assets | | | 263,746 | | | | | | | | | | | | 271,717 | | | | | | | | | | | | 260,436 | | | | | | | | | |
Allowance for credit losses | | | (13,365 | ) | | | | | | | | | | | (12,105 | ) | | | | | | | | | | | (13,387 | ) | | | | | | | | |
Total assets | | $ | 2,245,252 | | | | | | | | | | | | 2,276,906 | | | | | | | | | | | | 2,238,563 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand and money market deposits | | $ | 670,681 | | | | 2,340 | | | | 1.38 | % | | | 638,825 | | | | 2,693 | | | | 1.67 | % | | | 648,548 | | | | 2,197 | | | | 1.36 | % |
Savings deposits | | | 354,410 | | | | 217 | | | | 0.24 | % | | | 359,481 | | | | 206 | | | | 0.23 | % | | | 355,129 | | | | 220 | | | | 0.25 | % |
IRA and time certificates | | | 347,246 | | | | 2,830 | | | | 3.23 | % | | | 420,508 | | | | 3,958 | | | | 3.73 | % | | | 351,311 | | | | 2,803 | | | | 3.20 | % |
Short-term borrowings | | | 499 | | | | 6 | | | | 4.77 | % | | | 52 | | | | 1 | | | | 7.63 | % | | | — | | | | — | | | | — | % |
Long-term debt | | | 88,499 | | | | 1,092 | | | | 4.90 | % | | | 104,951 | | | | 1,321 | | | | 4.99 | % | | | 104,080 | | | | 1,321 | | | | 5.09 | % |
Subordinated debentures | | | 14,612 | | | | 262 | | | | 7.11 | % | | | — | | | | — | | | | — | % | | | — | | | | — | | | | — | % |
Total interest-bearing liabilities | | | 1,475,947 | | | | 6,747 | | | | 1.81 | % | | | 1,523,817 | | | | 8,179 | | | | 2.13 | % | | | 1,459,068 | | | | 6,541 | | | | 1.80 | % |
Demand deposits | | | 463,200 | | | | | | | | | | | | 465,934 | | | | | | | | | | | | 479,722 | | | | | | | | | |
Other liabilities | | | 22,573 | | | | | | | | | | | | 20,666 | | | | | | | | | | | | 20,824 | | | | | | | | | |
Equity | | | 283,532 | | | | | | | | | | | | 266,489 | | | | | | | | | | | | 278,949 | | | | | | | | | |
Total liabilities and equity | | $ | 2,245,252 | | | | | | | | | | | | 2,276,906 | | | | | | | | | | | | 2,238,563 | | | | | | | | | |
Net interest rate spread(3) | | | | | | | | | | | 3.45 | % | | | | | | | | | | | 3.05 | % | | | | | | | | | | | 3.51 | % |
Net interest income and net interest margin on a taxable-equivalent basis(4) | | | | | | | 19,717 | | | | 3.92 | % | | | | | | | 18,169 | | | | 3.57 | % | | | | | | | 19,829 | | | | 3.99 | % |
Ratio of interest-earning assets to interest-bearing liabilities | | | 135.16 | % | | | | | | | | | | | 132.38 | % | | | | | | | | | | | 136.49 | % | | | | | | | | |
| (1) | Average outstanding balance includes non-accrual loans and loans held for sale |
| (2) | Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%. |
| (3) | The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities. |
| (4) | The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets. |
| | For the Nine Months Ended September 30, | |
| | 2026 | | | 2025 | |
| | Average | | | Interest | | | Average | | | Average | | | Interest | | | Average | |
| | Outstanding | | | Earned/ | | | Yield/ | | | Outstanding | | | Earned/ | | | Yield/ | |
| | Balance | | | Paid | | | Rate | | | Balance | | | Paid | | | Rate | |
Loans(1) | | $ | 1,708,347 | | | | 72,153 | | | | 5.65 | % | | | 1,715,654 | | | | 71,182 | | | | 5.55 | % |
Interest-bearing demand deposits | | | 12,729 | | | | 344 | | | | 3.61 | % | | | 10,783 | | | | 455 | | | | 5.64 | % |
Interest-bearing time deposits | | | 2,884 | | | | 80 | | | | 3.71 | % | | | 253 | | | | 8 | | | | 4.23 | % |
Federal Reserve Bank stock | | | 6,405 | | | | 288 | | | | 6.01 | % | | | 6,405 | | | | 288 | | | | 6.01 | % |
Federal Home Loan Bank stock | | | 20,671 | | | | 1,136 | | | | 7.35 | % | | | 20,710 | | | | 1,367 | | | | 8.83 | % |
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities | | | 5,107 | | | | 103 | | | | 2.70 | % | | | 5,056 | | | | 112 | | | | 2.96 | % |
Debt securities, taxable | | | 224,091 | | | | 3,651 | | | | 2.18 | % | | | 251,597 | | | | 3,681 | | | | 1.96 | % |
Debt securities, non-taxable(2) | | | 15,929 | | | | 548 | | | | 4.60 | % | | | 17,945 | | | | 591 | | | | 4.40 | % |
Total earning assets | | | 1,996,163 | | | | 78,303 | | | | 5.24 | % | | | 2,028,403 | | | | 77,684 | | | | 5.12 | % |
Non-earning assets | | | 262,415 | | | | | | | | | | | | 272,010 | | | | | | | | | |
Allowance for credit losses | | | (13,194 | ) | | | | | | | | | | | (12,077 | ) | | | | | | | | |
Total assets | | $ | 2,245,384 | | | | | | | | | | | | 2,288,336 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand and money market deposits | | $ | 667,095 | | | | 7,002 | | | | 1.40 | % | | | 604,372 | | | | 7,404 | | | | 1.64 | % |
Savings deposits | | | 355,657 | | | | 643 | | | | 0.24 | % | | | 362,989 | | | | 600 | | | | 0.22 | % |
IRA and time certificates | | | 346,943 | | | | 8,243 | | | | 3.18 | % | | | 460,970 | | | | 13,531 | | | | 3.92 | % |
Short-term borrowings | | | 1,749 | | | | 52 | | | | 3.98 | % | | | 62 | | | | 3 | | | | 6.47 | % |
Long-term debt | | | 98,927 | | | | 3,669 | | | | 4.96 | % | | | 112,232 | | | | 4,056 | | | | 4.83 | % |
Subordinated debentures | | | 4,924 | | | | 262 | | | | 7.11 | % | | | — | | | | — | | | | — | % |
Total interest-bearing liabilities | | | 1,475,295 | | | | 19,871 | | | | 1.80 | % | | | 1,540,625 | | | | 25,594 | | | | 2.22 | % |
Demand deposits | | | 469,129 | | | | | | | | | | | | 467,460 | | | | | | | | | |
Other liabilities | | | 21,319 | | | | | | | | | | | | 19,275 | | | | | | | | | |
Equity | | | 279,641 | | | | | | | | | | | | 260,976 | | | | | | | | | |
Total liabilities and equity | | $ | 2,245,384 | | | | | | | | | | | | 2,288,336 | | | | | | | | | |
Net interest rate spread(3) | | | | | | | | | | | 3.44 | % | | | | | | | | | | | 2.90 | % |
Net interest income and net interest margin on a taxable-equivalent basis(4) | | | | | | | 58,432 | | | | 3.91 | % | | | | | | | 52,090 | | | | 3.43 | % |
Ratio of interest-earning assets to interest-bearing liabilities | | | 135.31 | % | | | | | | | | | | | 131.66 | % | | | | | | | | |
| (1) | Average outstanding balance includes non-accrual loans and loans held for sale |
| (2) | Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%. |
| (3) | The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities. |
| (4) | The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets. |
LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited, dollars in thousands) |
|
| | September 30, 2026 | | | December 31, 2025 | |
| | Unaudited | | | Audited | |
ASSETS: | | | | | | | | |
Cash and due from banks | | $ | 18,447 | | | | 18,353 | |
Interest-bearing demand deposits | | | 51,803 | | | | 3,261 | |
Total cash and cash equivalents | | | 70,250 | | | | 21,614 | |
Interest-bearing time deposits | | | 2,962 | | | | 2,710 | |
Investment securities: | | | | | | | | |
Equity securities with a readily determinable fair value, at fair value | | | 1,416 | | | | 1,433 | |
Equity securities without a readily determinable fair value, at cost | | | 3,666 | | | | 3,666 | |
Debt securities, available-for-sale, at fair value | | | 212,138 | | | | 232,271 | |
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $11 at September 30, 2026 and December 31, 2025 | | | 15,676 | | | | 16,080 | |
Federal Reserve Bank stock, at cost | | | 6,405 | | | | 6,405 | |
Federal Home Loan Bank stock, at cost | | | 20,218 | | | | 20,710 | |
Loans held-for-sale | | | 2,789 | | | | 1,718 | |
Loans, net of allowance for credit losses of $13,322 and $13,704 at September 30, 2026 and December 31, 2025, respectively | | | 1,702,836 | | | | 1,691,827 | |
Premises and equipment, net | | | 39,912 | | | | 39,196 | |
Operating lease right-of-use assets | | | 6,088 | | | | 6,475 | |
Goodwill | | | 90,310 | | | | 90,310 | |
Core deposit and other intangibles, net | | | 8,115 | | | | 9,271 | |
Bank-owned life insurance | | | 56,522 | | | | 55,424 | |
Interest receivable | | | 8,268 | | | | 7,968 | |
Other assets, net | | | 34,229 | | | | 33,691 | |
TOTAL ASSETS | | $ | 2,281,800 | | | | 2,240,769 | |
| | | | | | | | |
LIABILITIES: | | | | | | | | |
Deposits: | | | | | | | | |
Noninterest-bearing | | $ | 445,670 | | | | 466,094 | |
Interest-bearing | | | 1,436,846 | | | | 1,374,261 | |
Total deposits | | | 1,882,516 | | | | 1,840,355 | |
Long-term debt | | | 70,000 | | | | 104,428 | |
Subordinated debentures | | | 24,406 | | | | — | |
Operating lease liabilities | | | 6,514 | | | | 6,877 | |
Accrued interest and other liabilities | | | 16,146 | | | | 15,180 | |
TOTAL LIABILITIES | | | 1,999,582 | | | | 1,966,840 | |
| | | | | | | | |
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 17,478,582 and 17,409,085 shares at September 30, 2026 and December 31, 2025, respectively; outstanding 14,262,125 and 14,193,577 shares at September 30, 2026 and December 31, 2025, respectively | | | 189,133 | | | | 188,212 | |
Retained earnings | | | 161,781 | | | | 151,938 | |
Treasury shares at cost, 3,216,457 and 3,215,508 shares at September 30, 2026 and December 31, 2025, respectively | | | (56,087 | ) | | | (56,071 | ) |
Accumulated other comprehensive loss, net of taxes | | | (12,609 | ) | | | (10,150 | ) |
TOTAL SHAREHOLDERS' EQUITY | | | 282,218 | | | | 273,929 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | | $ | 2,281,800 | | | | 2,240,769 | |
LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited) |
|
| | Three Months Ended | | | Nine Months Ended | |
| | September 30, | | | September 30, | |
| | 2026 | | | 2025 | | | 2026 | | | 2025 | |
INTEREST INCOME: | | | | | | | | | | | | | | | | |
Interest and fees on loans | | $ | 24,375 | | | | 24,163 | | | | 72,153 | | | | 71,182 | |
Dividends on equity securities: | | | | | | | | | | | | | | | | |
With a readily determinable fair value | | | 12 | | | | 12 | | | | 35 | | | | 33 | |
Without a readily determinable fair value | | | 21 | | | | 25 | | | | 67 | | | | 79 | |
Interest on debt securities: | | | | | | | | | | | | | | | | |
Taxable | | | 1,248 | | | | 1,212 | | | | 3,651 | | | | 3,681 | |
Non-taxable | | | 143 | | | | 160 | | | | 433 | | | | 467 | |
Other investments | | | 627 | | | | 733 | | | | 1,849 | | | | 2,118 | |
TOTAL INTEREST INCOME | | | 26,426 | | | | 26,305 | | | | 78,188 | | | | 77,560 | |
| | | | | | | | | | | | | | | | |
INTEREST EXPENSE: | | | | | | | | | | | | | | | | |
Interest on deposits | | | 5,387 | | | | 6,857 | | | | 15,888 | | | | 21,535 | |
Interest on long-term debt | | | 1,092 | | | | 1,321 | | | | 3,669 | | | | 4,056 | |
Interest on subordinated debentures | | | 262 | | | | — | | | | 262 | | | | — | |
Interest on short-term borrowings | | | 6 | | | | 1 | | | | 52 | | | | 3 | |
TOTAL INTEREST EXPENSE | | | 6,747 | | | | 8,179 | | | | 19,871 | | | | 25,594 | |
NET INTEREST INCOME | | | 19,679 | | | | 18,126 | | | | 58,317 | | | | 51,966 | |
| | | | | | | | | | | | | | | | |
PROVISION FOR CREDIT LOSSES | | | 453 | | | | 211 | | | | 3,068 | | | | 426 | |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | | | 19,226 | | | | 17,915 | | | | 55,249 | | | | 51,540 | |
| | | | | | | | | | | | | | | | |
NON-INTEREST INCOME: | | | | | | | | | | | | | | | | |
Fiduciary income | | | 2,686 | | | | 2,588 | | | | 7,906 | | | | 7,014 | |
Service charges and fees on deposit accounts | | | 1,838 | | | | 1,935 | | | | 5,050 | | | | 5,585 | |
Bank-owned life insurance income | | | 372 | | | | 361 | | | | 1,097 | | | | 1,060 | |
Net gains from sales of loans | | | 344 | | | | 718 | | | | 964 | | | | 2,174 | |
Net other operating income | | | 101 | | | | 102 | | | | 370 | | | | 341 | |
TOTAL NON-INTEREST INCOME | | | 5,341 | | | | 5,704 | | | | 15,387 | | | | 16,174 | |
| | | | | | | | | | | | | | | | |
NON-INTEREST EXPENSE: | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 9,151 | | | | 8,682 | | | | 27,577 | | | | 26,726 | |
Occupancy expense, net | | | 1,060 | | | | 1,015 | | | | 3,074 | | | | 3,047 | |
Equipment expenses | | | 396 | | | | 380 | | | | 1,126 | | | | 1,133 | |
State financial institutions tax | | | 447 | | | | 432 | | | | 1,341 | | | | 1,334 | |
Marketing | | | 227 | | | | 336 | | | | 836 | | | | 932 | |
Amortization of intangibles | | | 230 | | | | 247 | | | | 683 | | | | 845 | |
Computer maintenance and supplies | | | 423 | | | | 372 | | | | 1,262 | | | | 1,131 | |
FDIC insurance premiums, net | | | 267 | | | | 359 | | | | 869 | | | | 1,149 | |
Contracted services | | | 1,058 | | | | 880 | | | | 3,095 | | | | 2,609 | |
Merger-related expenses | | | — | | | | — | | | | — | | | | 140 | |
Other non-interest expense | | | 2,330 | | | | 2,442 | | | | 7,281 | | | | 7,475 | |
TOTAL NON-INTEREST EXPENSE | | | 15,589 | | | | 15,145 | | | | 47,144 | | | | 46,521 | |
INCOME BEFORE INCOME TAXES | | | 8,978 | | | | 8,474 | | | | 23,492 | | | | 21,193 | |
PROVISION FOR INCOME TAXES | | | 1,669 | | | | 1,538 | | | | 4,245 | | | | 3,729 | |
NET INCOME | | $ | 7,309 | | | | 6,936 | | | | 19,247 | | | | 17,464 | |
| | | | | | | | | | | | | | | | |
Earnings per common share: | | | | | | | | | | | | | | | | |
Basic | | $ | 0.51 | | | | 0.49 | | | | 1.35 | | | | 1.23 | |
Diluted | | | 0.51 | | | | 0.49 | | | | 1.35 | | | | 1.23 | |
Weighted average common shares outstanding: | | | | | | | | | | | | | | | | |
Basic | | | 14,166,380 | | | | 14,097,414 | | | | 14,149,959 | | | | 14,079,519 | |
Diluted | | | 14,166,380 | | | | 14,097,414 | | | | 14,149,959 | | | | 14,079,519 | |
Source: LCNB Corp.