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LCNB Q1 Profit Rises 4.6%

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UPDATE: LCNB To Aquire BNB Bancorp. $15.75/Share In Cash And 2.005 Shares of LCNB

LCNB Corp. (NASDAQ: LCNB) revealed net income of $2.96 million, up 4.6 percent from $2.83 million in the year-ago quarter. However, its earnings per share of $0.30 remained flat with the last year. The company indicated that the results were significantly affected by the acquisition of BNB Bancorp, Inc. on April 30, 2015.

The company said that its net interest income grew 4.7 percent to $9.77 million from $9.33 million in the previous year quarter. The company attributed the growth to a $72.2 million increase in average loans and a $76.4 million increase in average investment securities and stock.

LCNB CEO, commented about the results stating "We are pleased to announce solid financial results for the first quarter of 2016. As the economy continues to improve, LCNB has experienced increased loan demand. In addition to the $34.7 million in loans that BNB added to our portfolio in April 2015, organic growth since March 2015 totaled $37.5 million."

The CEO further stated, "We believe that our strong balance sheet and recent actions, including the construction of our new operations center in Lebanon, Ohio, as well as technology and delivery channel investments, favorably position us for future growth. All of our acquisitions are fully integrated and we look forward to making our full line of financial products and services available to our current and future customers."

Posted-In: Earnings News

 

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