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Form 8-K LCNB CORP For: Jan 29

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January 30, 2015 8:51 AM EST

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________

FORM 8K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): January 30, 2015
LCNB CORP.
(Exact name of Registrant as specified in its Charter)


Ohio
0-26121
31-1626393
(State or other jurisdiction of incorporation)
(Commission File No.)
(IRS Employer Identification Number)


2 North Broadway, Lebanon, Ohio
45036
(Address of principal executive offices)
(Zip Code)

Registrants telephone number, including area code: (513) 932-1414
N/A
(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

__����Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

__����Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

__����Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

__����Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02 Results of Operations and Financial Condition.

On January 30, 2015, LCNB Corp. issued an earnings release announcing its financial results for the fourth quarter ended December 31, 2014. 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 7.01 Regulation FD Disclosure.

On January 30, 2015, LCNB Corp. issued an earnings release announcing its financial results for the fourth quarter ended December 31, 2014. A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit�99.2) are attached and are furnished under this Item 7.01.
Item 9.01 Financial Statements and Exhibits.
(d)����Exhibits.

Exhibit No.��������Description
99.1
Earnings Press Release Dated January 30, 2015
99.2
Unaudited Financial Highlights
�


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: January 30, 2015
�
By: /s/ Robert C. Haines II��������������
�
�
�
�
Robert C. Haines II
Chief Financial Officer
�
�
�
�
�




Exhibit 99.1

Press Release
January 30, 2015

LCNB CORP. REPORTS FINANCIAL RESULTS FOR
THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2014

LCNB Corp. (LCNB) today announced net income of $3,217,000 (total basic and diluted earnings per share of $0.34) and $9,869,000 (total basic and diluted earnings per common share of $1.06 and $1.05, respectively) for the three and twelve months ended December 31, 2014, respectively. �This compares to net income of $2,347,000 (total basic and diluted earnings per common share of $0.27) and $8,780,000 (total basic and diluted earnings per common share of $1.12 and $1.10, respectively) for the same three and twelve-month periods in 2013. �Results for 2013 and 2014 were significantly affected by the completion of mergers with First Capital Bancshares, Inc. and its subsidiary, Citizens National Bank of Chillicothe, on January 11, 2013 and Eaton National Bank & Trust Co. ("Eaton National") on January 24, 2014. In addition, 1,642,857 shares of new voting common stock were issued during the fourth quarter 2013.

Commenting on the financial results, LCNB CEO Steve Wilson said, "We are pleased to present solid financial results for 2014. The investments in First Capital Bancshares and Eaton National are positively impacting earnings and loan volume. We look forward to 2015 with optimism and to our pending partnership with BNB Bancorp, Inc. and its subsidiary Brookville National Bank of Brookville, Ohio, which we anticipate closing during the second quarter 2015. This acquisition will strengthen our presence in the desirable Montgomery County market and open up new markets as we provide Brookville's customers with a broader array of banking services."

Net interest income for the three and twelve months ended December 31, 2014 increased $1,884,000 and $6,455,000, respectively, from the comparative periods in 2013 due primarily to the increased volume of average interest earning assets provided from the merger with Eaton National and by an increase in the net interest margin.

The provision for loan losses for the three months ended December 31, 2014 was $26,000 less than the comparable period in 2013, while the full-year provision for 2014 was $342,000 greater than the comparable periods in 2013. �Net loan charge-offs for 2014 and 2013 totaled $1,397,000 and $437,000, respectively. �Contributing to this increase were net charge-offs totaling $628,000 during 2014 on three commercial real estate loans and one commercial and industrial loan. Non-accrual loans and loans past due 90 days or more and still accruing interest totaled $5,721,000 or 0.82% of total loans at December 31, 2014, compared to $3,211,000 or 0.56% of total loans at December 31, 2013. �The increase was predominately due to acquired impaired loans that were classified as non-accrual at December 31, 2014. Other real estate owned (which includes property acquired through foreclosure or deed-in-lieu of foreclosure and also includes property deemed to be in-substance foreclosed) and other repossessed assets totaled $1,370,000 and $1,463,000 at December 31, 2014 and 2013, respectively.

Non-interest income for the three and twelve months ended December 31, 2014 was $91,000 and $52,000 greater than the comparable periods in 2013 primarily due to increases in trust income and service charges and fees on deposit accounts. These increases were partially offset by decreased gains from sales of investment securities and mortgage loans. The increase in trust income was due to growth in the fair value of trust assets serviced and to fee adjustments. The increase in service charges and fees were primarily due to a greater number of deposit accounts resulting from the merger. The decreases in gains from sales of investment securities and mortgage loans were due to lower sales volumes during the 2014 period.





Non-interest expense for the three and twelve months ended December 31, 2014 was $700,000 and $4,632,000 greater than the comparable periods in 2013. Salaries and employee benefits, as well as a variety of other expense items, increased significantly due to the increased number of employees and offices resulting from the merger with Eaton National. Also contributing to the increase in non-interest expense were increases in other real estate owned expenses, contracted services, amortization of Eaton National's core deposit intangible, and marketing costs.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. �LCNB Corp.s only business is ownership of LCNB National Bank, which has 35 offices located in Warren, Butler, Montgomery, Clinton, Clermont, Hamilton, Fayette, Ross, and Preble Counties, Ohio. �Additional information about LCNB Corp. and information about products and services offered by LCNB National Bank can be found on the internet at www.lcnb.com.
��
Certain statements made in this news release regarding LCNBs 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.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNBs business and operations. Additionally, LCNBs 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 LCNBs business strategies, including the successful integration of recently completed and pending acquisitions;
2.
LCNB may incur increased charge-offs in the future;
3.
LCNB may face competitive loss of customers;
4.
changes in the interest rate environment may have results on LCNBs operations materially different from those anticipated by LCNBs market risk management functions;
5.
changes in general economic conditions and increased competition could adversely affect LCNBs operating results;
6.
changes in other regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNBs operating results;
7.
LCNB may experience difficulties growing loan and deposit balances;
8.
the current economic environment poses significant challenges for us and could adversely affect our��financial condition and results of operations;
9.
deterioration in the financial condition of the U.S. banking system may impact the valuations of investments LCNB has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments; and
10.
the effects of the Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) and the regulations promulgated and to be promulgated thereunder, which may subject LCNB and its subsidiaries to a variety of new and more stringent legal and regulatory requirements which adversely affect their respective businesses.�

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.�






Exhibit 99.2

LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share amounts)
(Unaudited)
�
Three Months Ended
�
Year Ended
�
12/31/2014
�
9/30/2014
�
6/30/2014
�
3/31/2014
�
12/31/2013
�
12/31/2014
�
12/31/2013
Condensed Income Statement
�
�
�
�
�
�
�
�
�
�
�
�
�
Interest income
$
10,367

�
$
9,906

�
9,926

�
9,278

�
8,566

�
39,477

�
33,497

Interest expense
844

�
911

�
920

�
915

�
927

�
3,590

�
4,065

Net interest income
9,523

�
8,995

�
9,006

�
8,363

�
7,639

�
35,887

�
29,432

Provision for loan losses
193

�
401

�
255

�
81

�
219

�
930

�
588

Net interest income after provision
9,330

�
8,594

�
8,751

�
8,282

�
7,420

�
34,957

�
28,844

Non-interest income
2,449

�
2,315

�
2,301

�
2,077

�
2,358

�
9,142

�
9,090

Non-interest expense
7,334

�
7,238

�
7,600

�
8,672

�
6,634

�
30,844

�
26,212

Income before income taxes
4,445

�
3,671

�
3,452

�
1,687

�
3,144

�
13,255

�
11,722

Provision for income taxes
1,228

�
953

�
841

�
364

�
797

�
3,386

�
2,942

Net income
$
3,217

�
2,718

�
2,611

�
1,323

�
2,347

�
9,869

�
8,780

�
�
�
�
�
�
�
�
�
�
�
�
�
�
Per Share Data
�
�
�
�
�
�
�
�
�
�
�
�
�
Dividends per share
$
0.16

�
0.16

�
0.16

�
0.16

�
0.16

�
0.64

�
0.64

Basic earnings per share
$
0.34

�
0.30

�
0.28

�
0.14

�
0.27

�
1.06

�
1.12

Diluted earnings per share
$
0.34

�
0.29

�
0.28

�
0.14

�
0.27

�
1.05

�
1.10

Book value per share
$
13.50

�
13.24

�
13.18

�
12.89

�
12.80

�
13.50

�
12.80

Tangible book value per share
$
10.08

�
9.80

�
9.71

�
9.44

�
11.02

�
10.08

�
11.02

Average basic shares outstanding
9,306,382

�
9,299,691

�
9,293,382

�
9,288,400

�
8,623,134

�
9,297,019

�
7,852,514

Average diluted shares outstanding
9,403,013

�
9,405,013

�
9,402,343

�
9,413,049

�
8,755,416

�
9,406,346

�
7,982,997

Shares outstanding at period end
9,311,318

�
9,305,208

�
9,298,270

�
9,292,226

�
9,287,536

�
9,311,318

�
9,287,536

�
�
�
�
�
�
�
�
�
�
�
�
�
�
Selected Financial Ratios
�
�
�
�
�
�
�
�
�
�
�
�
�
Return on average assets
1.14
%
�
0.95
%
�
0.91
%
�
0.50
%
�
0.98
%
�
0.88
%
�
0.93
%
Return on average equity
10.18
%
�
8.71
%
�
8.60
%
�
4.47
%
�
8.48
%
�
8.04
%
�
9.02
%
Dividend payout ratio
47.06
%
�
53.33
%
�
57.14
%
�
114.29
%
�
59.26
%
�
60.38
%
�
57.14
%
Net interest margin (tax equivalent)
3.82
%
�
3.57
%
�
3.59
%
�
3.66
%
�
3.63
%
�
3.66
%
�
3.57
%
Efficiency ratio (tax equivalent)
59.48
%
�
61.97
%
�
65.26
%
�
80.50
%
�
64.24
%
�
66.44
%
�
65.78
%
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Selected Balance Sheet Items
�
�
�
�
�
�
�
�
�
�
�
�
�
Investment securities and stock
$
314,074

�
322,341

�
357,567

�
331,771

�
279,021

�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Loans
$
698,956

�
685,915

�
691,719

�
685,196

�
574,354

�
�
�
�
Less allowance for loan losses
3,121

�
3,298

�
3,394

�
3,370

�
3,588

�
�
�
�
Net loans
$
695,835

�
682,617

�
688,325

�
681,826

�
570,766

�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Total assets
$
1,108,066

�
1,123,356

�
1,151,109

�
1,133,508

�
932,338

�
�
�
�
Total deposits
946,205

�
956,633

�
986,824

�
984,514

�
785,761

�
�
�
�
Short-term borrowings
16,645

�
24,954

�
23,523

�
11,215

�
8,655

�
�
�
�
Long-term debt
11,357

�
11,432

�
11,506

�
11,580

�
12,102

�
�
�
�
Total shareholders equity
125,695

�
123,179

�
122,584

�
119,761

�
118,873

�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Tangible common equity (TCE)
$
93,277

�
90,579

�
89,800

�
87,017

�
101,893

�
�
�
�
Tangible common assets (TCA)
1,075,648

�
1,090,756

�
1,118,325

�
1,100,764

�
915,358

�
�
�
�
TCE/TA
8.67
%
�
8.30
%
�
8.03
%
�
7.91
%
�
11.13
%
�
�
�
�
Loans to deposit ratio
73.87
%
�
71.70
%
�
70.10
%
�
69.60
%
�
73.10
%
�
�
�
�
Equity to assets ratio
11.34
%
�
10.97
%
�
10.65
%
�
10.57
%
�
12.75
%
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�




�
Three Months Ended
�
Twelve Months Ended
�
12/31/2014
�
9/30/2014
�
6/30/2014
�
3/31/2014
�
12/31/2013
�
12/31/2014
�
12/31/2013
Selected Average Balance Sheet Items
�
�
�
�
�
�
�
�
�
�
�
�
Investment securities and stock
$
311,395

�
348,469

�
347,837

�
302,791

�
284,630

�
327,704

�
295,812

�
�
�
�
�
�
�
�
�
�
�
�
�
�
Loans
$
694,185

�
688,972

�
685,581

�
647,535

�
573,421

�
679,223

�
555,602

Less allowance for loan losses
3,075

�
3,288

�
3,367

�
3,372

�
3,428

�
3,275

�
3,401

Net loans
$
691,110

�
685,684

�
682,214

�
644,163

�
569,993

�
675,948

�
552,201

�
�
�
�
�
�
�
�
�
�
�
�
�
�
Total assets
$
1,123,949

�
1,140,922

�
1,145,300

�
1,071,198

�
953,929

�
1,120,515

�
944,659

Total deposits
967,505

�
976,109

�
991,809

�
922,051

�
809,264

�
964,526

�
812,037

Short-term borrowings
12,217

�
22,547

�
13,601

�
10,814

�
17,387

�
14,820

�
16,912

Long-term debt
11,382

�
11,457

�
11,531

�
11,821

�
12,218

�
11,546

�
12,768

Total shareholders equity
125,302

�
123,807

�
121,725

�
119,959

�
109,860

�
122,716

�
97,349

�
�
�
�
�
�
�
�
�
�
�
�
�
�
Asset Quality
�
�
�
�
�
�
�
�
�
�
�
�
�
Net charge-offs
$
370

�
496

�
232

�
299

�
54

�
�
�
�
Other real estate owned
1,370

�
1,460

�
1,906

�
1,799

�
1,463

�
�
�
�
Non-accrual loans
5,625

�
6,264

�
6,243

�
5,374

�
2,961

�
�
�
�
Loans past due 90 days or more and still accruing
96

�
111

�
130

�
825

�
250

�
�
�
�
Total nonperforming loans
$
5,721

�
6,375

�
6,373

�
6,199

�
3,211

�
�
�
�
Net charge-offs to average loans
0.21
%
�
0.29
%
�
0.14
%
�
0.19
%
�
0.04
%
�
�
�
�
Allowance for loan losses to total loans
0.45
%
�
0.48
%
�
0.49
%
�
0.49
%
�
0.62
%
�
�
�
�
Nonperforming loans to total loans
0.82
%
�
0.93
%
�
0.92
%
�
0.90
%
�
0.56
%
�
�
�
�
Nonperforming assets to total assets
0.64
%
�
0.70
%
�
0.72
%
�
0.71
%
�
0.50
%
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Assets Under Management
�
�
�
�
�
�
�
�
�
�
�
�
�
LCNB Corp. total assets
$
1,108,066

�
1,123,356

�
1,151,109

�
1,133,508

�
932,338

�
�
�
�
Trust and investments (fair value)
258,266

�
255,409

�
267,857

�
262,666

�
257,088

�
�
�
�
Mortgage loans serviced
120,433

�
123,792

�
128,855

�
133,504

�
90,343

�
�
�
�
Business cash management
5,811

�
5,846

�
6,307

�
5,871

�
5,647

�
�
�
�
Brokerage accounts (fair value)
132,823

�
127,303

�
126,069

�
120,768

�
115,745

�
�
�
�
Total assets managed
$
1,625,399

�
1,635,706

�
1,680,197

�
1,656,317

�
1,401,161

�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Non-GAAP Financial Measures
�
�
�
�
�
�
�
�
�
�
�
�
�
Net income
$
3,217

�
2,718

�
2,611

�
1,323

�
2,347

�
9,869

�
8,780

Less (add) net gain (loss) on sales of securities, net of tax
37

�
64

�
0

�
(3
)
�
203

�
98

�
700

Add merger-related expenses, net of tax
26

�
3

�
46

�
853

�
71

�
928

�
981

Core net income
$
3,206

�
2,657

�
2,657

�
2,179

�
2,215

�
10,699

�
9,061

Basic core earnings per share
$
0.34

�
0.29

�
0.29

�
0.23

�
0.26

�
1.15

�
1.15

Diluted core earnings per share
$
0.34

�
0.28

�
0.28

�
0.23

�
0.25

�
1.14

�
1.14

Adjusted return on average assets
1.13
%
�
0.92
%
�
0.93
%
�
0.82
%
�
0.92
%
�
0.95
%
�
0.96
%
Adjusted return on average equity
10.06
%
�
8.44
%
�
8.67
%
�
7.32
%
�
7.97
%
�
8.67
%
�
9.29
%
Core efficiency ratio (tax equivalent)
59.48
%
�
62.46
%
�
64.66
%
�
68.48
%
�
65.14
%
�
63.62
%
�
63.88
%
�
�
�
�
�
�
�
�
�
�
�
�
�
�







LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
At December 31,
(Dollars in thousands)
�
�
2014 (Unaudited)
�
2013
ASSETS:
�
�
�
�
Cash and due from banks
�
$
14,235

�
10,410

Interest-bearing demand deposits
�
1,610

�
4,278

Total cash and cash equivalents
�
15,845

�
14,688

Investment securities:
�
�

�
�

Available-for-sale, at fair value
�
285,365

�
258,241

Held-to-maturity, at cost
�
22,725

�
16,323

Federal Reserve Bank stock, at cost
�
2,346

�
1,603

Federal Home Loan Bank stock, at cost
�
3,638

�
2,854

Loans, net
�
695,835

�
570,766

Premises and equipment, net
�
20,733

�
19,897

Goodwill
�
27,638

�
14,186

Bank owned life insurance
�
21,936

�
21,280

Other assets
�
12,005

�
12,500

TOTAL ASSETS
�
$
1,108,066

�
932,338

LIABILITIES:
�
�

�
�

Deposits:
�
�

�
�

Noninterest-bearing
�
$
213,303

�
164,912

Interest-bearing
�
732,902

�
620,849

Total deposits
�
946,205

�
785,761

Short-term borrowings
�
16,645

�
8,655

Long-term debt
�
11,357

�
12,102

Accrued interest and other liabilities
�
8,164

�
6,947

TOTAL LIABILITIES
�
982,371

�
813,465

SHAREHOLDERS' EQUITY:
�
�

�
�

Preferred shares  no par value, authorized 1,000,000 shares, none outstanding
�


�


Common shares  no par value, authorized 12,000,000 shares, issued 10,064,945 and 10,041,163 shares at December 31, 2014 and 2013, respectively
�
67,181

�
66,785

Retained earnings
�
69,394

�
65,475

Treasury shares at cost, 753,627 shares at December 31, 2014 and 2013
�
(11,665
)
�
(11,665
)
Accumulated other comprehensive loss, net of taxes
�
785

�
(1,722
)
TOTAL SHAREHOLDERS' EQUITY
�
125,695

�
118,873

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
�
$
1,108,066

�
932,338









LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
�
�
Three Months Ended�
�December 31,
�
Year Ended�
�December 31,
�
�
2014
�
2013
�
2014
�
2013
INTEREST INCOME:
�
�
�
�
�
�
�
�
Interest and fees on loans
�
$
8,698

�
7,027

�
32,706

�
27,325

Interest on investment securities 
�
�

�
�

�
�

�
�

Taxable
�
856

�
813

�
3,757

�
3,369

Non-taxable
�
694

�
641

�
2,713

�
2,573

Other short-term investments
�
119

�
85

�
301

�
230

TOTAL INTEREST INCOME
�
10,367

�
8,566

�
39,477

�
33,497

INTEREST EXPENSE:
�
�

�
�

�
�

�
�

Interest on deposits
�
738

�
813

�
3,161

�
3,602

Interest on short-term borrowings
�
4

�
7

�
22

�
25

Interest on long-term debt
�
102

�
107

�
407

�
438

TOTAL INTEREST EXPENSE
�
844

�
927

�
3,590

�
4,065

NET INTEREST INCOME
�
9,523

�
7,639

�
35,887

�
29,432

PROVISION FOR LOAN LOSSES
�
193

�
219

�
930

�
588

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
�
9,330

�
7,420

�
34,957

�
28,844

NON-INTEREST INCOME:
�
�

�
�

�
�

�
�

Trust income
�
832

�
708

�
2,903

�
2,518

Service charges and fees on deposit accounts
�
1,219

�
1,041

�
4,838

�
4,155

Net gain (loss) on sales of securities
�
56

�
307

�
149

�
1,060

Bank owned life insurance income
�
164

�
166

�
671

�
678

Gains from sales of mortgage loans
�
55

�
34

�
147

�
339

Other operating income
�
123

�
102

�
434

�
340

TOTAL NON-INTEREST INCOME
�
2,449

�
2,358

�
9,142

�
9,090

NON-INTEREST EXPENSE:
�
�

�
�

�
�

�
�

Salaries and employee benefits
�
3,866

�
3,704

�
15,762

�
13,487

Equipment expenses
�
340

�
324

�
1,316

�
1,232

Occupancy expense, net
�
526

�
513

�
2,232

�
2,042

State franchise tax
�
241

�
211

�
955

�
846

Marketing
�
162

�
115

�
703

�
561

FDIC insurance premiums
�
168

�
124

�
660

�
499

Merger-related expenses
�
34

�
107

�
1,400

�
1,433

Other non-interest expense
�
1,997

�
1,536

�
7,816

�
6,112

TOTAL NON-INTEREST EXPENSE
�
7,334

�
6,634

�
30,844

�
26,212

INCOME BEFORE INCOME TAXES
�
4,445

�
3,144

�
13,255

�
11,722

PROVISION FOR INCOME TAXES
�
1,228

�
797

�
3,386

�
2,942

NET INCOME
�
$
3,217

�
2,347

�
9,869

�
8,780

Dividends declared per common share
�
$
0.16

�
0.16

�
0.64

�
0.64

Earnings per common share:
�
�

�
�

�
�

�
�

Basic
�
$
0.34

�
0.27

�
1.06

�
1.12

Diluted
�
0.34

�
0.27

�
1.05

�
1.10

Weighted average common shares outstanding:
�
�

�
�

�
�

�
�

Basic
�
9,306,382

�
8,623,134

�
9,297,019

�
7,852,514

Diluted
�
9,403,013

�
8,755,416

�
9,406,346

�
7,982,997





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