LCNB Corp Q1 net income falls 54% to $1.9M; EPS $0.15 vs $0.37; Eagle deal closed Apr 12

LCNB CORP

2024-Q1 EPS reported $0.15

GAAP net income $1.9M (EPS $0.15) vs $4.2M ($0.37) YoY; adjusted net income $2.6M ($0.20) excluding $775K merger costs.
Net interest income flat at $13.9M; net interest margin (tax-equivalent) fell to 2.72% from 3.28% due to deposit repricing.
Non-interest income up 9.7% to $3.9M, but non-interest expense rose $2.9M to $15.5M including merger expenses.
Completed Eagle Financial Bancorp acquisition on April 12; total assets pro forma $2.28B, deposits $1.99B, loans $1.79B.
Dividend raised 4.8% to $0.22/share; nonperforming loans 0.20% of total loans vs 0.05% prior year due to one CRE relationship.

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 1.0

LCNB CORP reported three months ended March 31, 2024 results: net income $1.9 million, EPS $0.15.

Period: three months ended March 31, 2024
Net income: $1.9 million
EPS: $0.15
Result: reported results

Exact text from the filing

Net income for the 2024 first quarter was $1.9 million, compared to net income of $4.2 million for the same period last year. Earnings per basic and diluted share for the 2024 first quarter were $0.15, compared to $0.37 for the same period last year.

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Source: SEC EDGAR

accession 0001074902-24-000075

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