LCNB Corp (LCNB) has reported a 26.70 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $3.65 million, or $0.37 a share in the quarter, compared with $2.88 million, or $0.29 a share for the same period last year.
Revenue during the quarter grew 6.37 percent to $12.90 million from $12.13 million in the previous year period. Net interest income for the quarter rose 4.37 percent over the prior year period to $10.34 million. Non-interest income for the quarter rose 0.58 percent over the last year period to $2.62 million.
LCNB Corp has made provision of $0.06 million for loan losses during the quarter, down 85.53 percent from $0.38 million in the same period last year.
Net interest margin improved 10 basis points to 3.56 percent in the quarter from 3.46 percent in the last year period. Efficiency ratio for the quarter improved to 59.07 percent from 63.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Commenting on the financial results, LCNB chief executive officer Steve Foster said, "We are pleased to present our financial results for the three and twelve months ended December 31, 2016. We had solid financial results and continued growth in our loan and deposit relationships. In addition, LCNB continues to invest in technological advancements, including a new mobile banking platform introduced during the second quarter of 2016. New features included the ability to make mobile deposits and mobile payments. Construction continues on our new Operations Center in downtown Lebanon, Ohio. When complete in early Spring, the new facility will provide much needed additional space as LCNB continues to grow and expand and will allow us to more efficiently meet our customers' investment and borrowing needs."
Liabilities outpace assets growth
Total assets stood at $1,306.80 million as on Dec. 31, 2016, up 2.05 percent compared with $1,280.53 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,163.86 million as on Dec. 31, 2016, up 2.05 percent from $1,140.42 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $816.23 million as on Dec. 31, 2016, up 6.31 percent compared with $767.81 million on Dec. 31, 2015. Deposits stood at $1,110.90 million as on Dec. 31, 2016, up 2.18 percent compared with $1,087.16 million on Dec. 31, 2015. Loans to deposits ratio was 73.80 percent for the quarter, up from 70.91 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $271.33 million or 24.42 percent of total deposits on Dec. 31, 2016, compared with $250.31 million or 23.02 percent of total deposits on Dec. 31, 2015.
Investments stood at $361.66 million as on Dec. 31, 2016, down 9.72 percent or $38.95 million from year-ago. Shareholders equity stood at $142.94 million as on Dec. 31, 2016, up 2.02 percent or $2.84 million from year-ago.
Return on average assets moved up 21 basis points to 1.10 percent in the quarter from 0.89 percent in the last year period. At the same time, return on average equity increased 184 basis points to 9.91 percent in the quarter from 8.07 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.44 percent in the quarter, up from 0.24 percent in the last year period.
Equity to assets ratio was stable at 10.94 percent in the quarter, when compared with the last year period. Book value per share was $14.30 for the quarter, up 1.27 percent or $0.18 compared to $14.12 for the same period last year.
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