Form 8-K LCNB CORP For: Jul 23

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July 23, 2015 4:14 PM EDT

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): July 23, 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)

Registrant’s 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 July 23, 2015, LCNB Corp. issued an earnings release announcing its financial results for the second quarter ended June 30, 2015. 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 July 23, 2015, LCNB Corp. issued an earnings release announcing its financial results for the second quarter ended June 30, 2015. 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 July 23, 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: July 23, 2015
 
By: /s/ Robert C. Haines II              
 
 
 
 
Robert C. Haines II
Chief Financial Officer
 
 
 
 
 




Exhibit 99.1

Press Release
July 23, 2015

LCNB CORP. REPORTS FINANCIAL RESULTS FOR
THE SIX MONTHS ENDED JUNE 30, 2015

LCNB Corp. (LCNB) today announced net income of $3,123,000 (total basic and diluted earnings per share of $0.33 and $0.32, respectively) and $5,957,000 (total basic and diluted earnings per share of $0.63 and $0.62) for the three and six months ended June 30, 2015, respectively.  This compares to net income of $2,611,000 (total basic and diluted earnings per share of $0.28) and $3,934,000 (total basic and diluted earnings per share of $0.42) for the same three and six-month periods in 2014.  Results for 2015 and 2014 were significantly affected by the acquisitions of BNB Bancorp, Inc. ("BNB") on April 30, 2015 and Eaton National Bank & Trust Co. ("Eaton National") on January 24, 2014. In addition, LCNB sold impaired loans with a carrying value of approximately $4.5 million during the second quarter 2015.

Commenting on the financial results, LCNB CEO Steve Wilson said, "We are pleased to report our financial results for the three and six months ended June 30, 2015. Financial results were solid and actions taken during the second quarter, including the acquisition of BNB and the sale of impaired loans, favorably position LCNB for increased future profitability. The acquisition of BNB strengthens our presence in the desirable Montgomery County market and opens up new markets as we provide Brookville's customers with a broader array of banking services. The loan sale reduces LCNB's level of watched credits and improves credit quality metrics. Growth in the loan portfolio has contributed to increased net interest income and a higher net interest margin. The acquisition of BNB added $34.7 million to our loan portfolio and organic loan growth during the first half of 2015 added another $25.6 million."
 
Net interest income for the three and six months ended June 30, 2015 increased $1,594,000 and $2,559,000, respectively, from the comparative periods in 2014 due primarily to non-accrual interest recognized on the loan sale mentioned above, an increase in the volume of average interest earning assets, primarily loans, and an increase in the net interest margin.

The provision for loan losses for the three and six months ended June 30, 2015 was $422,000 and $410,000, respectively, greater than the comparable periods in 2014, primarily due to replenishment of the allowance for loan losses after the loan sale . Net loan charge-offs for for the first half of 2015 and 2014 totaled $988,000 and $531,000, respectively.  Non-accrual loans and loans past due 90 days or more and still accruing interest decreased $3,713,000, from $5,802,000 or 0.83% of total loans at December 31, 2014 to $2,089,000 or 0.28% of total loans at June 30, 2015.  Other real estate owned (which includes property acquired through foreclosure or deed-in-lieu of foreclosure) remained relatively unchanged, totaling $1,364,000 and $1,370,000 at June 30, 2015 and December 31, 2014, respectively.

Non-interest income for the three and six months ended June 30, 2015 was $530,000 and $759,000, respectively, greater than the comparable period in 2014 primarily due to increases in trust income, gains from sales of investment securities, and gains from sale of loans. The increase in trust income was due to growth in the fair value of assets serviced. The increase in gains from sales of investment securities was due to a higher volume of sales during the 2015 period and the increase in gains from sales of loans was primarily due to a gain recognized on the loan sale.




Non-interest expense for the three months ended June 30, 2015 was $826,000 greater than the comparable period in 2014 primarily due to merger-related expenses from the acquisition of BNB and to increases in salaries and employee benefits. Non-interest expense for the six months ended June 30, 2015 was $197,000 less than the comparable period in 2014 primarily due to merger-related expenses for the six month period in 2015 being $770,000 less than merger-related expenses for the comparable 2014 period and secondarily due to smaller decreases in other accounts. These decreases were largely offset by increased salaries and employee benefits primarily due to salary and wage increases, employees retained from the BNB and Eaton National acquisitions, an increase in the number of employees outside of the acquisitions, and an increase in retirement plan expenses.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio.  LCNB Corp.’s only business is ownership of LCNB National Bank, which has 37 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 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.

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, 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 LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
5.
changes in general economic conditions and increased competition could adversely affect LCNB’s 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 LCNB’s 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
 
Six Months Ended
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
6/30/2014
 
6/30/2015
 
6/30/2014
Condensed Income Statement
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
$
11,348

 
$
10,090

 
10,367

 
9,906

 
9,926

 
21,438

 
19,204

Interest expense
748

 
762

 
844

 
911

 
920

 
1,510

 
1,835

Net interest income
10,600

 
9,328

 
9,523

 
8,995

 
9,006

 
19,928

 
17,369

Provision for loan losses
677

 
69

 
193

 
401

 
255

 
746

 
336

Net interest income after provision
9,923

 
9,259

 
9,330

 
8,594

 
8,751

 
19,182

 
17,033

Non-interest income
2,831

 
2,306

 
2,449

 
2,315

 
2,301

 
5,137

 
4,378

Non-interest expense
8,426

 
7,649

 
7,334

 
7,238

 
7,600

 
16,075

 
16,272

Income before income taxes
4,328

 
3,916

 
4,445

 
3,671

 
3,452

 
8,244

 
5,139

Provision for income taxes
1,205

 
1,082

 
1,228

 
953

 
841

 
2,287

 
1,205

Net income
$
3,123

 
2,834

 
3,217

 
2,718

 
2,611

 
5,957

 
3,934

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per Share Data
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends per share
$
0.16

 
0.16

 
0.16

 
0.16

 
0.16

 
0.32

 
0.32

Basic earnings per share
$
0.33

 
0.30

 
0.34

 
0.30

 
0.28

 
0.63

 
0.42

Diluted earnings per share
$
0.32

 
0.30

 
0.34

 
0.29

 
0.28

 
0.62

 
0.42

Book value per share
$
13.91

 
13.80

 
13.50

 
13.24

 
13.18

 
13.91

 
13.18

Tangible book value per share
$
10.33

 
10.40

 
10.08

 
9.80

 
9.73

 
10.33

 
9.73

Average basic shares outstanding
9,694,732

 
9,312,636

 
9,306,382

 
9,299,691

 
9,293,382

 
9,504,739

 
9,290,905

Average diluted shares outstanding
9,804,728

 
9,410,774

 
9,403,013

 
9,405,013

 
9,402,343

 
9,609,050

 
9,407,964

Shares outstanding at period end
9,896,904

 
9,317,583

 
9,311,318

 
9,305,208

 
9,298,270

 
9,896,904

 
9,298,270

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Financial Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
1.03
%
 
1.02
%
 
1.14
%
 
0.95
%
 
0.91
%
 
1.02
%
 
0.72
%
Return on average equity
9.21
%
 
9.01
%
 
10.18
%
 
8.71
%
 
8.60
%
 
9.11
%
 
6.57
%
Dividend payout ratio
48.48
%
 
53.33
%
 
47.06
%
 
53.33
%
 
57.14
%
 
50.79
%
 
76.19
%
Net interest margin (tax equivalent)
3.95
%
 
3.83
%
 
3.82
%
 
3.57
%
 
3.59
%
 
3.89
%
 
3.62
%
Efficiency ratio (tax equivalent)
61.08
%
 
63.90
%
 
59.48
%
 
61.97
%
 
65.26
%
 
62.39
%
 
72.58
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Items
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities and stock
$
378,651

 
329,429

 
314,074

 
322,341

 
357,567

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
47,958

 
36,447

 
35,424

 
34,997

 
38,919

 
 
 
 
Commercial, secured by real estate
399,551

 
381,371

 
379,141

 
371,533

 
377,806

 
 
 
 
Residential real estate
273,249

 
255,926

 
254,087

 
248,113

 
243,966

 
 
 
 
Consumer
19,718

 
17,296

 
18,006

 
19,305

 
20,015

 
 
 
 
  Agricultural
13,434

 
9,816

 
11,472

 
9,249

 
8,466

 
 
 
 
Other, including deposit overdrafts
638

 
678

 
680

 
2,651

 
2,594

 
 
 
 
Deferred net origination costs (fees)
188

 
151

 
146

 
67

 
(47
)
 
 
 
 
  Loans, gross
754,736

 
701,685

 
698,956

 
685,915

 
691,719

 
 
 
 
Less allowance for loan losses
2,879

 
2,837

 
3,121

 
3,298

 
3,394

 
 
 
 
  Loans, net
$
751,857

 
698,848

 
695,835

 
682,617

 
688,325

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
1,249,363

 
1,129,497

 
1,108,066

 
1,123,356

 
1,151,109

 
 
 
 
Total deposits
1,084,033

 
973,725

 
946,205

 
956,633

 
986,824

 
 
 
 
Short-term borrowings
12,731

 
13,454

 
16,645

 
24,954

 
23,523

 
 
 
 
Long-term debt
6,085

 
6,153

 
11,357

 
11,432

 
11,506

 
 
 
 
Total shareholders’ equity
137,698

 
128,576

 
125,695

 
123,179

 
122,584

 
 
 
 




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
6/30/2014
 
6/30/2015
 
6/30/2014
Selected Balance Sheet Items, continued
 
 
 
 
 
 
 
 
 
 
 
 
Tangible common equity (TCE)
$
101,694

 
96,340

 
93,277

 
90,579

 
89,800

 
 
 
 
Tangible common assets (TCA)
1,213,359

 
1,097,261

 
1,075,648

 
1,090,756

 
1,118,325

 
 
 
 
TCE/TA
8.38
%
 
8.78
%
 
8.67
%
 
8.30
%
 
8.03
%
 
 
 
 
Loans to deposit ratio
69.62
%
 
72.06
%
 
73.87
%
 
71.70
%
 
70.10
%
 
 
 
 
Equity to assets ratio
11.02
%
 
11.38
%
 
11.34
%
 
10.97
%
 
10.65
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Average Balance Sheet Items
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities and stock
$
360,750

 
313,279

 
311,395

 
348,469

 
347,837

 
337,146

 
325,438

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans
$
737,021

 
699,959

 
694,185

 
688,972

 
685,581

 
718,592

 
666,663

Less allowance for loan losses
2,865

 
2,870

 
3,075

 
3,288

 
3,367

 
2,868

 
3,369

Net loans
$
734,156

 
697,089

 
691,110

 
685,684

 
682,214

 
715,724

 
663,294

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
1,220,938

 
1,125,326

 
1,123,949

 
1,140,922

 
1,145,300

 
1,173,307

 
1,108,454

Total deposits
1,057,818

 
969,658

 
967,505

 
976,109

 
991,809

 
1,013,982

 
957,123

Short-term borrowings
12,803

 
13,824

 
12,217

 
22,547

 
13,601

 
13,310

 
12,215

Long-term debt
6,108

 
6,598

 
11,382

 
11,457

 
11,531

 
6,352

 
11,675

Total shareholders’ equity
136,003

 
127,608

 
125,302

 
123,807

 
121,725

 
131,829

 
120,847

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs
$
636

 
352

 
370

 
496

 
232

 
 
 
 
Other real estate owned
1,364

 
1,364

 
1,370

 
1,460

 
1,906

 
 
 
 
Non-accrual loans
1,961

 
3,972

 
5,599

 
6,264

 
6,243

 
 
 
 
Loans past due 90 days or more and still accruing
128

 
355

 
203

 
111

 
130

 
 
 
 
Total nonperforming loans
$
2,089

 
4,327

 
5,802

 
6,375

 
6,373

 


 
 
Net charge-offs to average loans
0.35
%
 
0.20
%
 
0.21
%
 
0.29
%
 
0.14
%
 
 
 
 
Allowance for loan losses to total loans
0.38
%
 
0.40
%
 
0.45
%
 
0.48
%
 
0.49
%
 



 
Nonperforming loans to total loans
0.28
%
 
0.62
%
 
0.83
%
 
0.93
%
 
0.92
%
 



 
Nonperforming assets to total assets
0.28
%
 
0.50
%
 
0.65
%
 
0.70
%
 
0.72
%
 



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets Under Management
 
 
 
 
 
 
 
 
 
 
 
 
 
LCNB Corp. total assets
$
1,249,363

 
1,129,497

 
1,108,066

 
1,123,356

 
1,151,109

 
 
 
 
Trust and investments (fair value)
272,209

 
264,122

 
258,266

 
255,409

 
267,857

 
 
 
 
Mortgage loans serviced
117,204

 
116,534

 
120,433

 
123,792

 
128,855

 
 
 
 
Business cash management
6,628

 
5,839

 
5,811

 
5,846

 
6,307

 
 
 
 
Brokerage accounts (fair value)
144,186

 
141,439

 
132,823

 
127,303

 
126,069

 
 
 
 
Total assets managed
$
1,789,590

 
1,657,431

 
1,625,399

 
1,635,706

 
1,680,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures
 
 
 
 
 
 
 
 
 
 
 
 
 
Accreted income on acquired loans
$
1,348

 
326

 
442

 
375

 
361

 
1,674

 
736

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
3,123

 
2,834

 
3,217

 
2,718

 
2,611

 
5,957

 
3,934

Less (add) net gain (loss) on sales of securities, net of tax
146

 
73

 
37

 
64

 
0

 
219

 
(3
)
Add merger-related expenses, net of tax
363

 
50

 
26

 
3

 
46

 
429

 
899

Core net income
$
3,340

 
2,811

 
3,206

 
2,657

 
2,657

 
6,167

 
4,836

Basic core earnings per share
$
0.34

 
0.30

 
0.34

 
0.29

 
0.29

 
0.65

 
0.52

Diluted core earnings per share
$
0.34

 
0.30

 
0.34

 
0.28

 
0.28

 
0.64

 
0.51

Adjusted return on average assets
1.10
%
 
1.01
%
 
1.13
%
 
0.92
%
 
0.93
%
 
1.06
%
 
0.88
%
Adjusted return on average equity
9.85
%
 
8.86
%
 
10.06
%
 
8.44
%
 
8.67
%
 
9.43
%
 
8.02
%
Core efficiency ratio (tax equivalent)
58.23
%
 
63.91
%
 
59.48
%
 
62.46
%
 
64.66
%
 
60.88
%
 
66.50
%




LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)
 
 
June 30, 2015 (Unaudited)
 
December 31, 2014
ASSETS:
 
 
 
 
Cash and due from banks
 
$
21,195

 
14,235

Interest-bearing demand deposits
 
6,718

 
1,610

Total cash and cash equivalents
 
27,913

 
15,845

Investment securities:
 
 

 
 

Available-for-sale, at fair value
 
347,860

 
285,365

Held-to-maturity, at cost
 
24,677

 
22,725

Federal Reserve Bank stock, at cost
 
2,476

 
2,346

Federal Home Loan Bank stock, at cost
 
3,638

 
3,638

Loans, net
 
751,857

 
695,835

Premises and equipment, net
 
22,591

 
20,733

Goodwill
 
30,187

 
27,638

Core deposit and other intangibles
 
5,817

 
4,780

Bank owned life insurance
 
22,250

 
21,936

Other assets
 
10,097

 
7,225

TOTAL ASSETS
 
$
1,249,363

 
1,108,066

LIABILITIES:
 
 

 
 

Deposits:
 
 

 
 

Noninterest-bearing
 
$
228,743

 
213,303

Interest-bearing
 
855,290

 
732,902

Total deposits
 
1,084,033

 
946,205

Short-term borrowings
 
12,731

 
16,645

Long-term debt
 
6,085

 
11,357

Accrued interest and other liabilities
 
8,816

 
8,164

TOTAL LIABILITIES
 
1,111,665

 
982,371

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 10,650,531 and 10,064,945 shares at June 30, 2015 and December 31, 2014, respectively
 
76,607

 
67,181

Retained earnings
 
72,281

 
69,394

Treasury shares at cost, 753,627 shares at June 30, 2015 and December 31, 2014
 
(11,665
)
 
(11,665
)
Accumulated other comprehensive loss, net of taxes
 
475

 
785

TOTAL SHAREHOLDERS' EQUITY
 
137,698

 
125,695

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
 
$
1,249,363

 
1,108,066









LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
INTEREST INCOME:
 
 
 
 
 
 
 
Interest and fees on loans
$
9,492

 
8,144

 
18,032

 
15,840

Interest on investment securities –
 
 
 

 
 

 
 

Taxable
1,033

 
1,026

 
1,889

 
1,917

Non-taxable
702

 
657

 
1,355

 
1,303

Other short-term investments
121

 
99

 
162

 
144

TOTAL INTEREST INCOME
11,348

 
9,926

 
21,438

 
19,204

INTEREST EXPENSE:
 

 
 

 
 

 
 

Interest on deposits
671

 
814

 
1,353

 
1,623

Interest on short-term borrowings
4

 
5

 
8

 
8

Interest on long-term debt
73

 
101

 
149

 
204

TOTAL INTEREST EXPENSE
748

 
920

 
1,510

 
1,835

NET INTEREST INCOME
10,600

 
9,006

 
19,928

 
17,369

PROVISION FOR LOAN LOSSES
677

 
255

 
746

 
336

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
9,923

 
8,751

 
19,182

 
17,033

NON-INTEREST INCOME:
 

 
 

 
 

 
 

Trust income
852

 
728

 
1,652

 
1,383

Service charges and fees on deposit accounts
1,234

 
1,252

 
2,341

 
2,374

Net gain (loss) on sales of securities
221

 
—

 
332

 
(4
)
Bank owned life insurance income
155

 
170

 
314

 
342

Gains from sales of mortgage loans
219

 
53

 
254

 
68

Other operating income
150

 
98

 
244

 
215

TOTAL NON-INTEREST INCOME
2,831

 
2,301

 
5,137

 
4,378

NON-INTEREST EXPENSE:
 

 
 

 
 

 
 

Salaries and employee benefits
4,381

 
3,956

 
8,671

 
7,874

Equipment expenses
302

 
345

 
590

 
639

Occupancy expense, net
584

 
514

 
1,179

 
1,165

State franchise tax
250

 
239

 
502

 
483

Marketing
220

 
197

 
383

 
329

Amortization of intangibles
175

 
148

 
321

 
274

FDIC insurance premiums
145

 
160

 
296

 
309

Merger-related expenses
522

 
70

 
592

 
1,362

Other non-interest expense
1,847

 
1,971

 
3,541

 
3,837

TOTAL NON-INTEREST EXPENSE
8,426

 
7,600

 
16,075

 
16,272

INCOME BEFORE INCOME TAXES
4,328

 
3,452

 
8,244

 
5,139

PROVISION FOR INCOME TAXES
1,205

 
841

 
2,287

 
1,205

NET INCOME
$
3,123

 
2,611

 
5,957

 
3,934

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.16

 
0.16

 
0.32

 
0.32

Earnings per common share:
 

 
 

 
 

 
 

Basic
$
0.33

 
0.28

 
0.63

 
0.42

Diluted
0.32

 
0.28

 
0.62

 
0.42

Weighted average common shares outstanding:
 
 
 

 
 
 
 

Basic
9,694,732

 
9,293,382

 
9,504,739

 
9,290,905

Diluted
9,804,728

 
9,402,343

 
9,609,050

 
9,407,964





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