-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vq2zZw3N8d31ge1gd2YtQPWphQXuZEw7/oQRj0PvHTxzEj5wBbno5gu5O0N88zPO TAT7GDnaaGbFTFzkGjLePg== 0000906318-05-000189.txt : 20051017 0000906318-05-000189.hdr.sgml : 20051017 20051017161431 ACCESSION NUMBER: 0000906318-05-000189 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051017 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051017 DATE AS OF CHANGE: 20051017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LCNB CORP CENTRAL INDEX KEY: 0001074902 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 311626393 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26121 FILM NUMBER: 051141055 BUSINESS ADDRESS: STREET 1: 2 NORTH BROADWAY CITY: LEBANON STATE: OH ZIP: 45036 BUSINESS PHONE: 5139321414 MAIL ADDRESS: STREET 1: 2 NORTH BROADWAY CITY: LEBANON STATE: OH ZIP: 45036 8-K 1 lcnb8k1017.htm FORM 8-K Converted by EDGARwiz





SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________



FORM 8-K


CURRENT REPORT



Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934



Date of Report (Date of earliest event reported):  October 17, 2005

LCNB CORP.

(Exact name of Registrant as specified in its Charter)



 

Ohio

   

0-26121

  

31-1626393

(State or other jurisdiction

 

(Commission File No.)  

(IRS Employer

of incorporation)

  

Identification Number)



2 North Broadway, Lebanon, Ohio

   

45036

(Address of principal executive offices)

  

(Zip Code)


Registrant’s telephone number, including area code:   (513) 932-1414

N/A

(Former name or former address, if changed since last report)














Item 2.02   Results of Operations and Financial Condition.

On October 17, 2005, LCNB Corp. issued an earnings release announcing its financial results for the third quarter ended September 30, 2005.  A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit 99.2) are attached and are furnished under this Item 2.02.

 Item 8.01. Other Events.

On October 17, 2005, LCNB Corp. issued an earnings release announcing its financial results for the third quarter ended September 30, 2005.  A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit 99.2) are attached and are furnished under this Item 8.01.

Item 9.01   Financial Statements and Exhibits.

(c)

Exhibits


Exhibit No.

Description

99.1

Press release dated October 17, 2005

99.2

Unaudited Financial Information









SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


       

LCNB CORP.

          
           

Date: October 17, 2005

  

By:  /s/ Steve P. Foster

        

Steve P. Foster

Chief Financial Officer

        









 EX-99 2 lcnb8k1017ex991.htm EXHIBIT 99.1 Exhibit 99





Exhibit 99.1


Press Release

October 17, 2005


LCNB CORP. REPORTS FINANCIAL RESULTS FOR

THE NINE MONTHS ENDED SEPTEMBER 30, 2005


LCNB Corp. today announced earnings of $4,919,000 or $1.49 basic earnings per share for the nine months ended September 30, 2005, compared to $4,800,000 or $1.43 basic earnings per share for the comparable period in 2004.  Return on average assets for the nine month periods in 2005 and 2004 were 1.23% and 1.26%, respectively.  Return on average equity for the 2005 period was 12.55% compared to 12.21% for the 2004 period.  


Net interest income for the 2005 period was $185,000 or 1.4% greater than for the same period in 2004.  The increase was primarily due to growth in LCNB’s loan portfolio, from $336.4 million at September 30, 2004 to $353.9 million at September 30, 2005.  Non-interest income for the 2005 period was $269,000 greater than for the same period in 2004.  The increase is primarily due to income from the trust department, brokerage services, bank owned life insurance, and service charges and fees on deposit accounts, partially offset by the absence of  $539,000 in gains recognized during 2004 from the sale of $15.9 million in investment securities and approximately $2.5 million in credit card receivables.  Non-interest expenses for the 2005 period were $641,000 greater than for the same period in 2004 primarily due to increases in salaries and wages, pension, and health insurance costs.  


Total assets grew $20.3 million or 3.9%, from $519.2 million at September 30, 2004 to $539.5 million at September 30, 2005.  Loans increased $17.5 million as discussed above and bank owned life insurance increased $10.4 million.  The loan growth was primarily due to growth in the commercial loan portfolio.  LCNB did not hold bank owned life insurance during the 2004 period.  Funding the asset growth was a $21.4 million or 4.7% increase in total deposits.  The deposit growth was primarily in NOW accounts and certificate of deposit accounts.


Assets under management include LCNB’s corporate assets discussed above, the trust and brokerage businesses, mortgage loans serviced for others, and business cash management accounts.  Total assets under management grew $51.1 million or 6.5%, from $792.0 million at September 30, 2004 to $843.1 million at September 30, 2005.  In addition to the $20.3 million growth in LCNB’s assets, the trust department grew by $21.5 million or 12.4% and brokerage accounts grew by $13.0 million, or 61.8%.  Brokerage accounts are offered through a partnership with UVEST Financial Services, Inc.


As a result of LCNB’s positive earnings and its stock repurchase program, LCNB’s book value per share at September 30, 2005 was $15.83, a 1.2% increase from $15.64 at September 30, 2004.  Dividends paid to shareholders during the first nine months of 2005 totaled $0.87 per share, a 4.2% increase from total dividends of $0.835 per share for the comparable period in 2004.

  

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio.  Affiliates of LCNB Corp. are Lebanon Citizens National Bank, with twenty-one offices located in Warren, Butler, Clinton, Clermont, and Hamilton Counties, Ohio, and Dakin Insurance Agency, Inc.   Additional information about LCNB Corp. and information about products and services offered by Lebanon Citizens National Bank and Dakin Insurance Agency can be found on the internet at www.lcnb.com and www.dakin-ins.com.


Certain matters disclosed herein may be deemed to be forward-looking statements that involve risks and uncertainties, including regulatory policy changes, interest rate fluctuations, loan demand, loan delinquencies and losses, and other risks.  Actual strategies and results in future time periods may differ materially from those currently expected.  Such forward-looking statements represent management’s judgment as of the current date.  LCNB Corp. disclaims any intent or obligation to update such forward-looking statements.






EX-99 3 lcnb8k1017ex992.htm EXHIBIT 99.2 Exhibit 99






Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

For the Nine Months Ended September 30,

(Dollars in thousands, except per share amounts)


                                                                   %

                                           2005        2004      Change

Condensed Income Statement

Interest income                         $ 20,362      19,096      6.63%

Interest expense                           6,517       5,436     19.89%

  Net interest income                     13,845      13,660      1.35%

Provision for loan losses                    262         430    -39.07%

  Net interest income after provision     13,583      13,230      2.67%

Non-interest income                        5,945       5,676      4.74%

Non-interest expense                      12,970      12,329      5.20%

  Income before income taxes               6,558       6,577     -0.29%

Provision for income taxes                 1,639       1,777     -7.77%

  Net income                            $  4,919       4,800      2.48%

                                        ========     =======


Basic earnings per common share         $   1.49        1.43      4.20%

                                        ========     =======

Dividends per common share              $   0.87        0.835     4.19%

                                        ========     ========

Average basic shares outstanding       3,311,763   3,358,429

                                       =========   =========


Selected Balance Sheet Items

Investment securities                   $136,857     136,289      0.42%


Loans                                    353,869     336,364      5.20%

  Less allowance for loan losses           2,151       2,150      0.05%

  Net loans                              351,718     334,214      5.24%


Total assets                             539,546     519,204      3.92%

Total deposits                           480,988     459,577      4.66%

Long-term debt                             2,090       4,152    -49.66%

Total shareholders’ equity                52,188      52,086      0.20%


Book value per share                      $15.83      $15.64      1.21%

Shares outstanding at period end       3,296,508   3,331,299


Selected Financial Ratios

Return on average assets                    1.23%       1.26%    -2.38%

Return on average equity                   12.55%      12.21%     2.78%

Equity to assets ratio                      9.67%      10.03%    -3.59%

Dividend payout ratio                      58.39%      58.39%        -%

Net interest margin *                       3.99%       4.04%    -1.24%


*   tax-equivalent basis


Assets Under Management

LCNB Corp. total assets                 $539,546     519,204      3.92%

Trust and investments **                 195,583     174,037     12.38%

Mortgage loans serviced                   47,593      47,705     -0.23%

Business cash management                  26,322      30,014    -12.30%

Brokerage accounts **                     34,072      21,052     61.85%

Total assets managed                    $843,116     792,012      6.45%

                                        ========     =======


*  at fair market value





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