Form 8-K LCNB CORP For: Oct 19

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October 19, 2015 4:06 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): October 19, 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 October 19, 2015, LCNB Corp. issued an earnings release announcing its financial results for the third quarter ended September 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 October 19, 2015, LCNB Corp. issued an earnings release announcing its financial results for the third quarter ended September 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 October 19, 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: October 19, 2015
 
By: /s/ Robert C. Haines II              
 
 
 
 
Robert C. Haines II
Chief Financial Officer
 
 
 
 
 




Exhibit 99.1

Press Release
October 19, 2015

LCNB CORP. REPORTS FINANCIAL RESULTS FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2015

LCNB Corp. (LCNB) today announced net income of $2,633,000 (total basic and diluted earnings per share of $0.26) and $8,590,000 (total basic and diluted earnings per share of $0.89 and $0.88, respectively) for the three and nine months ended September 30, 2015, respectively.  This compares to net income of $2,718,000 (total basic and diluted earnings per share of $0.30 and $0.29) and $6,652,000 (total basic and diluted earnings per share of $0.72 and $0.71) for the same three and nine-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 nine months ended September 30, 2015. Despite incurring $641,000 in acquisition related costs during 2015, our return on average assets for the first nine months was 0.95% and our return on average equity was 8.55%. Organic loan growth during the nine-month period was $34,281,000 and we obtained $34,661,000 in seasoned loans from the BNB acquisition, both contributing to increased net interest income."
 
Net interest income for the three and nine months ended September 30, 2015 increased $502,000 and $3,061,000, respectively, from the comparative periods in 2014 due primarily to an increase in the volume of average interest earning assets, primarily loans.

The provision for loan losses for the three months ended September 30, 2015 was $161,000 less than for the same quarter in 2014 and $249,000 greater for the nine-month period. Net loan charge-offs for for the first nine months of 2015 and 2014 totaled $1,148,000 and $1,027,000, respectively.  Non-accrual loans and loans past due 90 days or more and still accruing interest decreased $3,418,000, from $5,802,000 or 0.83% of total loans at December 31, 2014 to $2,384,000 or 0.31% of total loans at September 30, 2015 primarily due to the impaired loan sale mentioned above.  Other real estate owned (which includes property acquired through foreclosure or deed-in-lieu of foreclosure) decreased from $1,370,000 at December 31, 2014 to $1,208,000 at September 30, 2015 due to a write-down recognized on commercial property.

Non-interest income for the three months ended September 30, 2015 was $71,000 greater than the comparable period in 2014 primarily due to increases in trust income and service charges and fees on deposit accounts, partially offset by a decrease in gains from sales of investment securities due to no sales during the third quarter 2015. Non-interest income for the nine months ended September 30, 2015 was $830,000 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. Gains from sales of investment securities increased on a year-to-date basis because of a greater volume of sales.

Non-interest expense for the three and nine months ended September 30, 2015 was $850,000 and $653,000 greater than the comparable periods in 2014 primarily due to increases in salaries and employee benefits, other real estate owned expenses, and smaller decreases on other accounts. Salaries and employee benefits increased 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. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Hamilton, Montgomery, Preble, Ross and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more about LCNB Corp. 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
 
Nine Months Ended
 
9/30/2015
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
9/30/2015
 
9/30/2014
Condensed Income Statement
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
$
10,409

 
$
11,348

 
10,090

 
10,367

 
9,906

 
31,847

 
29,110

Interest expense
912

 
748

 
762

 
844

 
911

 
2,422

 
2,746

Net interest income
9,497

 
10,600

 
9,328

 
9,523

 
8,995

 
29,425

 
26,364

Provision for loan losses
240

 
677

 
69

 
193

 
401

 
986

 
737

Net interest income after provision
9,257

 
9,923

 
9,259

 
9,330

 
8,594

 
28,439

 
25,627

Non-interest income
2,386

 
2,831

 
2,306

 
2,449

 
2,315

 
7,523

 
6,693

Non-interest expense
8,088

 
8,426

 
7,649

 
7,334

 
7,238

 
24,163

 
23,510

Income before income taxes
3,555

 
4,328

 
3,916

 
4,445

 
3,671

 
11,799

 
8,810

Provision for income taxes
922

 
1,205

 
1,082

 
1,228

 
953

 
3,209

 
2,158

Net income
$
2,633

 
3,123

 
2,834

 
3,217

 
2,718

 
8,590

 
6,652

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per Share Data
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends per share
$
0.16

 
0.16

 
0.16

 
0.16

 
0.16

 
0.48

 
0.48

Basic earnings per share
$
0.26

 
0.33

 
0.30

 
0.34

 
0.30

 
0.89

 
0.72

Diluted earnings per share
$
0.26

 
0.32

 
0.30

 
0.34

 
0.29

 
0.88

 
0.71

Book value per share
$
14.22

 
13.91

 
13.80

 
13.50

 
13.24

 
14.22

 
13.24

Tangible book value per share
$
10.66

 
10.33

 
10.40

 
10.08

 
9.80

 
10.66

 
9.80

Average basic shares outstanding
9,898,233

 
9,694,732

 
9,312,636

 
9,306,382

 
9,299,691

 
9,637,344

 
9,293,866

Average diluted shares outstanding
10,005,788

 
9,804,728

 
9,410,774

 
9,403,013

 
9,405,013

 
9,742,839

 
9,407,110

Shares outstanding at period end
9,903,294

 
9,896,904

 
9,317,583

 
9,311,318

 
9,305,208

 
9,903,294

 
9,305,208

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Financial Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
0.82
%
 
1.03
%
 
1.02
%
 
1.14
%
 
0.95
%
 
0.95
%
 
0.79
%
Return on average equity
7.51
%
 
9.21
%
 
9.01
%
 
10.18
%
 
8.71
%
 
8.55
%
 
7.30
%
Dividend payout ratio
61.54
%
 
48.48
%
 
53.33
%
 
47.06
%
 
53.33
%
 
53.93
%
 
66.67
%
Net interest margin (tax equivalent)
3.37
%
 
3.95
%
 
3.83
%
 
3.82
%
 
3.57
%
 
3.71
%
 
3.60
%
Efficiency ratio (tax equivalent)
65.97
%
 
61.08
%
 
63.90
%
 
59.48
%
 
61.97
%
 
63.55
%
 
68.95
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Items
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities and stock
$
391,430

 
378,651

 
329,429

 
314,074

 
322,341

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
45,325

 
47,958

 
36,447

 
35,424

 
34,997

 
 
 
 
Commercial, secured by real estate
407,818

 
399,551

 
381,371

 
379,141

 
371,533

 
 
 
 
Residential real estate
274,054

 
273,249

 
255,926

 
254,087

 
248,113

 
 
 
 
Consumer
19,283

 
19,718

 
17,296

 
18,006

 
19,305

 
 
 
 
  Agricultural
15,462

 
13,434

 
9,816

 
11,472

 
9,249

 
 
 
 
Other, including deposit overdrafts
676

 
638

 
678

 
680

 
2,651

 
 
 
 
Deferred net origination costs (fees)
215

 
188

 
151

 
146

 
67

 
 
 
 
  Loans, gross
762,833

 
754,736

 
701,685

 
698,956

 
685,915

 
 
 
 
Less allowance for loan losses
2,958

 
2,879

 
2,837

 
3,121

 
3,298

 
 
 
 
  Loans, net
$
759,875

 
751,857

 
698,848

 
695,835

 
682,617

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
1,275,171

 
1,249,363

 
1,129,497

 
1,108,066

 
1,123,356

 
 
 
 
Total deposits
1,103,513

 
1,084,033

 
973,725

 
946,205

 
956,633

 
 
 
 
Short-term borrowings
14,931

 
12,731

 
13,454

 
16,645

 
24,954

 
 
 
 
Long-term debt
6,016

 
6,085

 
6,153

 
11,357

 
11,432

 
 
 
 
Total shareholders’ equity
140,851

 
137,698

 
128,576

 
125,695

 
123,179

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 
Three Months Ended
 
Nine Months Ended
 
9/30/2015
 
6/30/2015
 
3/31/2015
 
12/31/2014
 
9/30/2014
 
9/30/2015
 
9/30/2014
Selected Balance Sheet Items, continued
 
 
 
 
 
 
 
 
 
 
 
 
Tangible common equity (TCE)
$
105,063

 
101,694

 
96,340

 
93,277

 
90,579

 
 
 
 
Tangible common assets (TCA)
1,239,383

 
1,213,359

 
1,097,261

 
1,075,648

 
1,090,756

 
 
 
 
TCE/TA
8.48
%
 
8.38
%
 
8.78
%
 
8.67
%
 
8.30
%
 
 
 
 
Loans to deposit ratio
69.13
%
 
69.62
%
 
72.06
%
 
73.87
%
 
71.70
%
 
 
 
 
Equity to assets ratio
11.05
%
 
11.02
%
 
11.38
%
 
11.34
%
 
10.97
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected Average Balance Sheet Items
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities and stock
$
385,353

 
360,750

 
313,279

 
311,395

 
348,469

 
353,391

 
333,200

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans
$
760,159

 
737,021

 
699,959

 
694,185

 
688,972

 
732,600

 
674,181

Less allowance for loan losses
2,885

 
2,865

 
2,870

 
3,075

 
3,288

 
2,873

 
3,342

Net loans
$
757,274

 
734,156

 
697,089

 
691,110

 
685,684

 
729,727

 
670,839

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
1,267,171

 
1,220,938

 
1,125,326

 
1,123,949

 
1,140,922

 
1,204,909

 
1,119,396

Total deposits
1,099,730

 
1,057,818

 
969,658

 
967,505

 
976,109

 
1,042,879

 
963,521

Short-term borrowings
13,450

 
12,803

 
13,824

 
12,217

 
22,547

 
13,358

 
15,697

Long-term debt
6,040

 
6,108

 
6,598

 
11,382

 
11,457

 
6,247

 
11,602

Total shareholders’ equity
139,032

 
136,003

 
127,608

 
125,302

 
123,807

 
134,256

 
121,845

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs
$
160

 
636

 
352

 
370

 
496

 
 
 
 
Other real estate owned
1,208

 
1,364

 
1,364

 
1,370

 
1,460

 
 
 
 
Non-accrual loans
2,254

 
1,961

 
3,972

 
5,599

 
6,264

 
 
 
 
Loans past due 90 days or more and still accruing
130

 
128

 
355

 
203

 
111

 
 
 
 
Total nonperforming loans
$
2,384

 
2,089

 
4,327

 
5,802

 
6,375

 


 
 
Net charge-offs to average loans
0.08
%
 
0.35
%
 
0.20
%
 
0.21
%
 
0.29
%
 
 
 
 
Allowance for loan losses to total loans
0.39
%
 
0.38
%
 
0.40
%
 
0.45
%
 
0.48
%
 



 
Nonperforming loans to total loans
0.31
%
 
0.28
%
 
0.62
%
 
0.83
%
 
0.93
%
 



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



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets Under Management
 
 
 
 
 
 
 
 
 
 
 
 
 
LCNB Corp. total assets
$
1,275,171

 
1,249,363

 
1,129,497

 
1,108,066

 
1,123,356

 
 
 
 
Trust and investments (fair value)
258,675

 
272,209

 
264,122

 
258,266

 
255,409

 
 
 
 
Mortgage loans serviced
113,610

 
117,204

 
116,534

 
120,433

 
123,792

 
 
 
 
Business cash management
6,809

 
6,628

 
5,839

 
5,811

 
5,846

 
 
 
 
Brokerage accounts (fair value)
142,151

 
144,186

 
141,439

 
132,823

 
127,303

 
 
 
 
Total assets managed
$
1,796,416

 
1,789,590

 
1,657,431

 
1,625,399

 
1,635,706

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures
 
 
 
 
 
 
 
 
 
 
 
 
 
Accreted income on acquired loans
$
243

 
1,348

 
326

 
442

 
375

 
1,917

 
1,110

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
2,633

 
3,123

 
2,834

 
3,217

 
2,718

 
8,590

 
6,652

Less (add) net gain (loss) on sales of securities, net of tax
0

 
146

 
73

 
37

 
64

 
219

 
61

Add merger-related expenses, net of tax
32

 
363

 
50

 
26

 
3

 
461

 
902

Core net income
$
2,665

 
3,340

 
2,811

 
3,206

 
2,657

 
8,832

 
7,493

Basic core earnings per share
$
0.27

 
0.34

 
0.30

 
0.34

 
0.29

 
0.92

 
0.81

Diluted core earnings per share
$
0.27

 
0.34

 
0.30

 
0.34

 
0.28

 
0.91

 
0.80

Adjusted return on average assets
0.83
%
 
1.10
%
 
1.01
%
 
1.13
%
 
0.92
%
 
0.98
%
 
0.89
%
Adjusted return on average equity
7.60
%
 
9.85
%
 
8.86
%
 
10.06
%
 
8.44
%
 
8.80
%
 
8.17
%
Core efficiency ratio (tax equivalent)
65.57
%
 
58.23
%
 
63.91
%
 
59.48
%
 
62.46
%
 
62.41
%
 
65.12
%




LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)
 
 
September 30, 2015 (Unaudited)
 
December 31, 2014
ASSETS:
 
 
 
 
Cash and due from banks
 
$
18,844

 
14,235

Interest-bearing demand deposits
 
14,367

 
1,610

Total cash and cash equivalents
 
33,211

 
15,845

Investment securities:
 
 

 
 

Available-for-sale, at fair value
 
360,741

 
285,365

Held-to-maturity, at cost
 
24,575

 
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
 
759,875

 
695,835

Premises and equipment, net
 
22,434

 
20,733

Goodwill
 
30,187

 
27,638

Core deposit and other intangibles
 
5,601

 
4,780

Bank owned life insurance
 
22,406

 
21,936

Other assets
 
10,027

 
7,225

TOTAL ASSETS
 
$
1,275,171

 
1,108,066

LIABILITIES:
 
 

 
 

Deposits:
 
 

 
 

Noninterest-bearing
 
$
238,796

 
213,303

Interest-bearing
 
864,717

 
732,902

Total deposits
 
1,103,513

 
946,205

Short-term borrowings
 
14,931

 
16,645

Long-term debt
 
6,016

 
11,357

Accrued interest and other liabilities
 
9,860

 
8,164

TOTAL LIABILITIES
 
1,134,320

 
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 10,656,921 and 10,064,945 shares at September 30, 2015 and December 31, 2014, respectively
 
76,711

 
67,181

Retained earnings
 
73,330

 
69,394

Treasury shares at cost, 753,627 shares at September 30, 2015 and December 31, 2014
 
(11,665
)
 
(11,665
)
Accumulated other comprehensive loss, net of taxes
 
2,475

 
785

TOTAL SHAREHOLDERS' EQUITY
 
140,851

 
125,695

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
 
$
1,275,171

 
1,108,066









LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2015
 
2014
 
2015
 
2014
INTEREST INCOME:
 
 
 
 
 
 
 
Interest and fees on loans
$
8,540

 
8,168

 
26,572

 
24,008

Interest on investment securities –
 
 
 

 
 

 
 

Taxable
1,094

 
984

 
2,983

 
2,901

Non-taxable
732

 
716

 
2,087

 
2,019

Other short-term investments
43

 
38

 
205

 
182

TOTAL INTEREST INCOME
10,409

 
9,906

 
31,847

 
29,110

INTEREST EXPENSE:
 

 
 

 
 

 
 

Interest on deposits
834

 
800

 
2,187

 
2,423

Interest on short-term borrowings
5

 
10

 
13

 
18

Interest on long-term debt
73

 
101

 
222

 
305

TOTAL INTEREST EXPENSE
912

 
911

 
2,422

 
2,746

NET INTEREST INCOME
9,497

 
8,995

 
29,425

 
26,364

PROVISION FOR LOAN LOSSES
240

 
401

 
986

 
737

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
9,257

 
8,594

 
28,439

 
25,627

NON-INTEREST INCOME:
 

 
 

 
 

 
 

Trust income
754

 
688

 
2,406

 
2,071

Service charges and fees on deposit accounts
1,314

 
1,245

 
3,655

 
3,619

Net gain (loss) on sales of securities
—

 
97

 
332

 
93

Bank owned life insurance income
156

 
165

 
470

 
507

Gains from sales of mortgage loans
34

 
24

 
288

 
92

Other operating income
128

 
96

 
372

 
311

TOTAL NON-INTEREST INCOME
2,386

 
2,315

 
7,523

 
6,693

NON-INTEREST EXPENSE:
 

 
 

 
 

 
 

Salaries and employee benefits
4,340

 
4,022

 
13,011

 
11,896

Equipment expenses
324

 
337

 
914

 
976

Occupancy expense, net
570

 
541

 
1,749

 
1,706

State franchise tax
251

 
231

 
753

 
714

Marketing
176

 
212

 
559

 
541

Amortization of intangibles
189

 
150

 
510

 
424

FDIC insurance premiums
136

 
183

 
432

 
492

Merger-related expenses
49

 
4

 
641

 
1,366

Other non-interest expense
2,053

 
1,558

 
5,594

 
5,395

TOTAL NON-INTEREST EXPENSE
8,088

 
7,238

 
24,163

 
23,510

INCOME BEFORE INCOME TAXES
3,555

 
3,671

 
11,799

 
8,810

PROVISION FOR INCOME TAXES
922

 
953

 
3,209

 
2,158

NET INCOME
$
2,633

 
2,718

 
8,590

 
6,652

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.16

 
0.16

 
0.48

 
0.48

Earnings per common share:
 

 
 

 
 

 
 

Basic
$
0.26

 
0.30

 
0.89

 
0.72

Diluted
0.26

 
0.29

 
0.88

 
0.71

Weighted average common shares outstanding:
 
 
 

 
 
 
 

Basic
9,898,233

 
9,299,691

 
9,637,344

 
9,293,866

Diluted
10,005,788

 
9,405,013

 
9,742,839

 
9,407,110





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