LCNB Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 28, 2016 at 04:50 pm
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LCNB Corp. reported unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported interest income of $10,812,000 against $10,367,000 for the same period last year. Net interest income was $9,906,000 against $9,523,000 for the same period last year. Net interest income increased due primarily to an increase in the volume of average interest earning assets, primarily loans. Income before income taxes was $3,897,000 against $4,445,000 for the same period last year. Net income was $2,884,000 or $0.29 per diluted share against $3,217,000 or $0.34 per diluted share for the same period last year. Return on average assets was 0.89% against 1.14% for the same period last year. Return on average equity was 8.07% against 10.18% for the same period last year. Core net income was $2,778,000 compared to $3,217,000 a year ago. Dilute core earnings per share were $0.28 compared to $0.34 a year ago. Adjusted return on average assets was 0.86% compared to 1.13% a year ago. Adjusted return on average equity was 7.77% compared to 10.06% a year ago.
For the year, the company reported interest income of $42,659,000 against $39,477,000 for the same period last year. Net interest income was $39,331,000 against $35,887,000 for the same period last year. Net interest income increased due primarily to an increase in the volume of average interest earning assets, primarily loans. Income before income taxes was $15,696,000 against $13,255,000 for the same period last year. Net income was $11,474,000 or $1.18 per diluted share against $9,869,000 or $1.06 per diluted share for the same period last year. Return on average assets was 0.94% against 0.88% for the same period last year. Return on average equity was 8.43% against 8.04% for the same period last year. Book value per share as at December 31, 2015 was $14.12 against $13.50 as at December 31, 2014. Tangible book value per share as at December 31, 2015 was $10.58 against $10.08 as at December 31, 2014. Core net income was $11,610,000 compared to $10,699,000 a year ago. Dilute core earnings per share were $1.20 compared to $1.15 a year ago. Adjusted return on average assets was 0.95% compared to 0.95% a year ago. Adjusted return on average equity was 8.53% compared to 8.67% a year ago.
For fourth quarter, the company reported net charge-offs $210,000 compared to $370,000 a year ago.
LCNB Corp. is a financial holding company. The Company operates, through its wholly owned subsidiary, LCNB National Bank (the Bank), which serves customers and communities in Southwest and South-Central Ohio and Northern Kentucky. The Bank operates over 36 full-service banking offices in Ohio and one branch office in Northern Kentucky. The Bank operates in convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank also provides community-oriented banking services to customers in Northern Kentucky through a bank office in Boone County, Kentucky. It 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. Its other services include safe deposit boxes, night depositories, and others.
LCNB Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015