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LCNB Corporation Reports Net Income Of $1,837,000 For Q3, 2009

The net interest income for the three months ended September 30, 2009 increased $995,000 over the comparative periods in 2008

LCNB Corporation (LCNB) has announced a net income available to common shareholders of $1,837,000 ($0.27 basic and diluted earnings per common share) and $4,932,000 ($0.74 basic and diluted earnings per common share) for the three and nine months ended September 30, 2009, respectively.

 

This compares to $1,794,000 ($0.27 basic and diluted earnings per common share) and $4,936,000 ($0.74 basic and diluted earnings per common share) for the same three and nine-month periods in 2008.

 

Significantly affecting net income for the 2009 periods were the provision for loan losses and industry-wide increases in FDIC premium expense. The provision for loan losses for the three and nine month periods in 2009 was $664,000 and $970,000, respectively, compared to $188,000 and $322,000 for the same periods in 2008.

 

FDIC premiums expensed during the three and nine months ended September 30, 2009 totalled $317,000 and $926,000, respectively, compared to $21,000 and $52,000 for the comparable periods in 2008.

 

The net interest income for the three and nine months ended September 30, 2009 increased $995,000 and $2,843,000, respectively, over the comparative periods in 2008 primarily due to growth in interest-earning assets and a reduction in general market rates.

 

The increase in net interest income was partially offset by increases of $266,000 and $1,903,000 in non-interest expense for the three and nine months ended September 30, 2009, respectively, and the previously discussed increases in the provision for loan losses.

 

The pension plan related charge mentioned above is related to the redesign during the first quarter 2009 of LCNB’s retirement program.