EX-99 3 ex992.htm EXHIBIT 99.2 Converted by EDGARwiz

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)



Condensed Income Statement

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

  

2010

 

2009

 

2010

 

2009

Interest income

$

8,414

 

8,821

 

33,989

 

34,853

Interest expense

 

1,986

 

2,351

 

8,334

 

10,060

  Net interest income

 

6,428

 

6,470

 

25,655

 

24,793

Provision for loan losses

 

693

 

430

 

1,680

 

1,400

  Net interest income after provision

 

5,735

 

6,040

 

23,975

 

23,393

Non-interest income

 

2,704

 

1,894

 

8,929

 

7,248

Non-interest expense

 

5,309

 

4,916

 

21,238

 

20,660

  Income before income taxes

 

3,130

 

3,018

 

11,666

 

9,981

Provision for income taxes

 

772

 

726

 

2,518

 

  2,271

  Net income from continuing operations

 

2,358

 

2,292

 

9,148

 

7,710

Income from discontinued operations,

net of taxes

 


62

 


28

 


225

 


56

  Net income

 

2,420

 

2,320

 

9,373

 

7,766

Preferred stock dividends and

discount accretion

 


-

 


594

 


-

 


1,108

  Net income available to common

  shareholders


$


2,420

 


1,726

 


9,373

 


6,658

         

Dividends per common share

$

0.16

 

0.16

 

0.64

 

0.64

Basic earnings per common share:

        

  Continuing operations

 

0.35

 

0.26

 

1.37

 

0.99

  Discontinued operations

 

0.01

 

0.01

 

0.03

 

0.01

Diluted earnings per common share:

        

  Continuing operations

 

0.34

 

0.25

 

1.36

 

0.98

  Discontinued operations

 

0.01

 

0.01

 

0.03

 

0.01

         

Average basic shares outstanding

 

6,688,285

 

6,687,232

 

6,687,500

 

6,687,232

Average diluted shares outstanding

 

6,738,090

 

6,721,681

 

6,736,622

 

6,701,309

         

Selected Financial Ratios

        

Return on average assets

 

1.23%

 

1.23%

 

1.22%

 

1.07%

Return on average equity

 

13.09%

 

13.33%

 

13.36%

 

10.43%

Dividend payout ratio

 

44.22%

 

58.41%

 

45.66%

 

64.39%

Net interest margin (tax equivalent)

 

3.75%

 

3.99%

 

3.88%

 

3.96%



Selected Balance Sheet Items

 

December 31

2010

 

December 31,

2009

Investment securities

$

251,053

 

 217,639

     

Loans

 

454,991

 

460,416

  Less allowance for loan losses

 

2,641

 

2,998

  Net loans

 

452,350

 

457,418

     

Total assets

 

760,134

 

734,409

Total deposits

 

638,539

 

624,179

Short-term borrowings

 

21,691

 

 14,265

Long-term debt

 

23,120

 

24,960

Total shareholders’ equity

 

70,707

 

65,615

     

Shares outstanding at period end

 

6,689,743

 

6,687,232

     

Book value per share

$

10.57

 

9.81

Equity to assets ratio

 

9.30%

 

8.93%

     

Assets Under Management

    

LCNB Corp. total assets

$

760,134

 

734,409

Trust and investments (fair value)

 

223,545

 

197,125

Mortgage loans serviced

 

70,705

 

57,369

Business cash management

 

9,591

 

17,902

Brokerage accounts (fair value)

 

82,385

 

72,202

Total assets managed

$

1,146,360

 

1,079,007