LCNB Corp. Q1 net income falls 8% to $4.2M; NIM contracts to 3.28%; dividend raised 5%

LCNB CORP

2023-Q1 EPS reported $0.37

Net income $4.2M ($0.37 diluted EPS) vs $4.5M ($0.38) in Q1 2022, down 8.1%.
Net interest margin (tax-equivalent) 3.28%, down from 3.35% due to higher interest expense on rising Fed funds rate.
Nonperforming loans to total loans at 0.05% extremely low; allowance for credit losses increased to 0.56% due to CECL adoption.
Total deposits $1.60B, down 2% YoY; uninsured deposits only 13.4% of total deposits.
Dividend increased 5% to $0.21/share; repurchased 107K shares at avg $17.00.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LCNB CORP reported the three months ended March 31, 2023 results: net income $4.2 million, EPS $0.37 per diluted share.

Period: the three months ended March 31, 2023
Net income: $4.2 million
EPS: $0.37 per diluted share
Result: reported results

Exact text from the filing

Net income for the 2023 first quarter decreased 8.1% to $4.2 million, compared to $4.5 million for the same period last year. Earnings per basic and diluted share for the 2023 first quarter were $0.37, compared to $0.38 for the same period last year.

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Source: SEC EDGAR

accession 0001074902-23-000053

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