LCNB Corp. Reports Record Financial Results for the Three and Twelve Months Ended December 31, 2021

LCNB Corp. Total Assets Increased 9.0% to a Record $1.90 Billion

LCNB Wealth Assets Up 14.7% Year-over-Year to a Record $1.06 Billion

2021 Full Year Diluted Earnings Per Share Increased 7.1% Year-over-Year to a Record $1.66 Per Share

LEBANON, Ohio--(BUSINESS WIRE)--LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and twelve months ended December 31, 2021.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “LCNB reported record 2021 results, reflecting the hard work of all of our team members, the compelling financial services we provide our local communities, and the benefits of our diverse sources of revenue. Record earnings and earnings per share in 2021 were driven by sequential asset and wealth management growth combined with continued strong asset quality. In addition, I am encouraged that net loans increased by 5.4% over the past twelve months, even with the $41,271,000 reduction in Paycheck Protection Program (“PPP”) loans from our portfolio during 2021. I believe our continued loan growth demonstrates positive economic activity within our markets and our ability to attract customers as a result of LCNB’s experienced lenders, local presence, and customized solutions.”

Mr. Meilstrup continued, “LCNB Wealth Management assets, including trust, investment, and brokerage accounts, increased 14.7% during 2021 to a record $1.06 billion. This growth led to record fiduciary income of $6,674,000, an increase of 33.2% over the prior year, and helped drive record noninterest income in 2021. LCNB Wealth Management provides us with a competitive advantage in many of our markets, and we believe there are long-term opportunities to grow our Wealth Management services to new and existing customers.”

“I am proud of our strong performance in 2021, which supported $18,030,000 in record returns of capital to our shareholders. In 2021, we repurchased $8,310,000 of our common stock and returned $9,720,000 through our regular cash dividend program, an increase of 2.9% over the prior year. We believe we are well positioned to continue to grow and create value for our shareholders in 2022 and beyond. We remain focused on key strategies to diversify revenue, grow customer relationships, manage operating expenses, and prudently control risk. Our success navigating the unprecedented challenges caused by the COVID-19 pandemic over the past two years is a direct result of the dedication of all of our valued associates and our steadfast commitment to support our local communities,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2021 fourth quarter was $5,627,000, a 2.0% decline as compared to $5,742,000 for the same period last year. Earnings per basic and diluted share for the 2021 fourth quarter were $0.45, an increase of 2.3% as compared to $0.44 for the same period last year. Net income for the twelve-month period ended December 31, 2021, was $20,974,000, an increase of 4.5% as compared to $20,075,000 for the same period last year. Earnings per basic and diluted share for the twelve-month period ended December 31, 2021, were $1.66, an increase of 7.1% as compared to $1.55 for the same period last year.

Net interest income for the three months ended December 31, 2021, was $14,310,000, compared to $14,513,000 for the comparable period in 2020. Net interest income for the twelve-month period ended December 31, 2021, increased 1.6% to $57,124,000, as compared to $56,218,000 for 2020. Favorably contributing to the variances for both the three- and twelve-month periods were fees recognized from PPP loans and market driven decreases in the average rates paid on deposits, aided by a shift from higher cost certificates of deposit to lower cost demand and savings products. LCNB's cost of funds at December 31, 2021 was 0.19%, compared to 0.33% at December 31, 2020.

Non-interest income for the three months ended December 31, 2021, increased by 1.0% to $4,347,000, compared to $4,305,000 for the same period last year. For the twelve months ended December 31, 2021, non-interest income increased by 3.1% to $16,232,000, compared to $15,741,000 for the same period last year. The primary drivers of the fourth quarter and twelve-month year-over-year changes in non-interest income were increased fiduciary income, deposit service charges, and gain from sales of debt securities, offset by reductions in gains from loan sales and lower bank owned life insurance income.

Non-interest expense for the three months ended December 31, 2021, was $367,000 greater than the comparable period in 2020. For the twelve months ended December 31, 2021, non-interest expense increased $2,255,000 from the comparable period in 2020. The increases for both the three and twelve-month periods were primarily due to increases in salaries and employee benefits, FDIC insurance, ATM expenses, contracted services, and other non-interest expenses.

Capital Allocation

LCNB invested $8,310,000 in its share repurchase program for the 2021 full year, repurchasing 493,257 shares of its outstanding stock at an average price of $16.85 per share. This equates to approximately 3.8% of the Company’s December 31, 2020 outstanding shares. During the 2021 fourth quarter, LCNB invested $439,000 in its share repurchase program, repurchasing 25,185 shares of its outstanding stock at an average price of $17.45 per share. At December 31, 2021, LCNB had 21,191 shares that remained to be repurchased under its August 2020 share repurchase program.

For the full year ended December 31, 2021, LCNB paid $0.77 per share in dividends, a 5.5% increase from $0.73 per share for the full year ended December 30, 2020. On November 15, 2021, LCNB’s Board of Directors approved a 5.3% increase in the Company’s regular quarterly cash dividend payment from $0.19 per share to $0.20 per share. Since 1998, LCNB’s regular cash dividend payment has increased at a compound annual growth rate of 3.5%.

Balance Sheet

Total assets at December 31, 2021, increased 9.0% to a record $1.90 billion from $1.75 billion at December 31, 2020. Net loans at December 31, 2021, increased 5.4% to a record $1.36 billion, compared to $1.29 billion at December 30, 2020. During 2021, LCNB helped its customers receive $41.2 million of PPP forgiveness payments, including $6.0 million during the fourth quarter of 2021. The balance of PPP loans outstanding at December 31, 2021, was $6.9 million.

Total deposits at December 31, 2021, increased 11.9% to a record $1.63 billion, compared to $1.46 billion at December 31, 2020 as LCNB continues attracting interest-bearing and non-interest-bearing accounts to the Bank.

Assets Under Management

Total assets managed at December 31, 2021 were a record $3.14 billion, compared to $2.92 billion at December 31, 2020. The 7.6% year-over-year increase in total assets managed was primarily due to strong growth across LCNB’s Wealth Management group and an increase in mortgage loans serviced.

Asset Quality

For the 2021 fourth quarter, LCNB recorded a credit of $508,000 in its provision for loan losses, compared to a credit of $151,000 for the 2020 fourth quarter. For the twelve months ended December 31, 2021, LCNB recorded a credit of $269,000 in its provision for loan losses, compared to a provision of $2,014,000 for the twelve months ended December 31, 2020. The respective $357,000 and $2,283,000 improvements in the provision for loan losses for the three and twelve-month periods were partially due to strong asset quality and last year’s proactive build in the Company’s allowance for loan losses associated with the estimated economic impacts caused by the COVID-19 pandemic.

Net recoveries for the 2021 fourth quarter were $186,000, compared to net charge-offs of $95,000 for the same period last year. For the 2021 twelve-month period, net recoveries were $47,000 or (0.00)% of average loans, compared to net charge-offs during 2020 of $331,000 or 0.03% of average loans.

Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest decreased $2,181,000, from $3,718,000 or 0.29% of total loans at December 31, 2020, to $1,537,000 or 0.11% of total loans at December 31, 2021. Nonperforming assets to total assets was 0.08% at December 31, 2021, compared to 0.21% at December 31, 2020.

Mr. Meilstrup commented, “We are very pleased with our excellent credit trends, reflecting the strength of our local economy and our prudent underwriting. Our quarter-end ratio of nonperforming assets to total assets has not been this low over the past ten years.”

About LCNB Corp.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in the Southwest and South-Central Ohio regions. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, digital banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more about LCNB Corp. at www.lcnb.com.

Forward-Looking Statements

Certain statements made in this news release regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “plan”, and similar expressions. Please refer to LCNB’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB’s business and operations. Additionally, LCNB’s financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:

1. the success, impact, and timing of the implementation of LCNB’s business strategies;
2. the significant risks and uncertainties for LCNB's business, results of operations and financial condition, as well as its regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on financial markets, the effectiveness of LCNB's work from home arrangements and staffing levels in operational facilities, the impact of market participants on which LCNB relies, and actions taken by governmental authorities and other third parties in response to the pandemic;
3. the disruption of global, national, state, and local economies associated with the COVID-19 pandemic, which could affect LCNB's liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses;
4. LCNB’s ability to integrate future acquisitions may be unsuccessful, or may be more difficult, time-consuming, or costly than expected;
5. LCNB may incur increased loan charge-offs in the future;
6. LCNB may face competitive loss of customers;
7. changes in the interest rate environment may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
8. changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
9. changes in regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results;
10. LCNB may experience difficulties growing loan and deposit balances;
11. United States trade relations with foreign countries could negatively impact the financial condition of LCNB's customers, which could adversely affect LCNB 's operating results and financial condition;
12. deterioration in the financial condition of the U.S. banking system may impact the valuations of investments LCNB has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments;
13. difficulties with technology or data security breaches, including cyberattacks, that could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;
14. adverse weather events and natural disasters and global and/or national epidemics; and
15. government intervention in the U.S. financial system, including the effects of recent legislative, tax, accounting and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, and the Tax Cuts and Jobs Act.

Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of LCNB and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. LCNB undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.

LCNB Corp. and Subsidiaries Financial Highlights (Dollars in thousands, except per share amounts) (Unaudited)
	Three Months Ended											Twelve Months Ended
	12/31/2021			9/30/2021		6/30/2021		3/31/2021		12/31/2020		12/31/21		12/31/20
Condensed Income Statement
Interest income	$	15,189		15,024		15,429		15,535		15,945		61,177		63,780
Interest expense		879		951		1,060		1,163		1,432		4,053		7,562
Net interest income		14,310		14,073		14,369		14,372		14,513		57,124		56,218
Provision (credit) for loan losses		(508	)	306		(15	)	(52	)	(151	)	(269	)	2,014
Net interest income after provision (credit) for loan losses		14,818		13,767		14,384		14,424		14,664		57,393		54,204
Non-interest income		4,347		4,106		4,314		3,465		4,305		16,232		15,741
Non-interest expense		12,311		12,029		12,208		11,492		11,944		48,040		45,785
Income before income taxes		6,854		5,844		6,490		6,397		7,025		25,585		24,160
Provision for income taxes		1,227		1,027		1,200		1,157		1,283		4,611		4,085
Net income	$	5,627		4,817		5,290		5,240		5,742		20,974		20,075
Amort/Accret income on acquired loans	$	116		132		216		249		186		713		1,328
Tax-equivalent net interest income	$	14,365		14,129		14,427		14,432		14,577		57,354		56,491
Per Share Data
Dividends per share	$	0.20		0.19		0.19		0.19		0.19		0.77		0.73
Basic earnings per common share	$	0.45		0.39		0.41		0.41		0.44		1.66		1.55
Diluted earnings per common share	$	0.45		0.39		0.41		0.41		0.44		1.66		1.55
Book value per share	$	19.22		19.17		18.99		18.66		18.73		19.22		18.73
Tangible book value per share	$	14.33		14.28		14.15		13.87		13.93		14.33		13.93
Weighted average common shares outstanding:
Basic		12,370,702		12,455,276		12,743,726		12,794,824		12,852,614		12,589,605		12,914,277
Diluted		12,370,702		12,455,276		12,743,726		12,794,852		12,852,657		12,589,613		12,914,584
Shares outstanding at period end		12,414,956		12,434,084		12,634,845		12,820,108		12,858,325		12,414,956		12,858,325
Selected Financial Ratios
Return on average assets		1.18	%	1.02	%	1.15	%	1.20	%	1.31	%	1.13	%	1.18	%
Return on average equity		9.33	%	7.93	%	8.78	%	8.80	%	9.52	%	8.71	%	8.49	%
Return on average tangible common equity		12.51	%	10.62	%	11.76	%	11.81	%	12.83	%	11.67	%	11.53	%
Dividend payout ratio		44.44	%	48.72	%	46.34	%	46.34	%	43.18	%	46.39	%	47.10	%
Net interest margin (tax equivalent)		3.34	%	3.32	%	3.51	%	3.68	%	3.71	%	3.45	%	3.70	%
Efficiency ratio (tax equivalent)		65.79	%	65.96	%	65.14	%	64.21	%	63.26	%	65.28	%	63.39	%
Selected Balance Sheet Items
Cash and cash equivalents	$	18,136		23,852		22,909		41,144		31,730
Debt and equity securities		345,649		352,066		349,199		276,774		248,624
Loans:
Commercial and industrial	$	101,792		91,246		97,240		107,630		100,254
Commercial, secured by real estate		889,108		862,202		836,085		855,894		843,230
Residential real estate		334,547		343,318		341,447		328,265		309,692
Consumer		34,190		35,349		35,257		35,799		36,917
Agricultural		10,647		8,852		8,765		8,698		10,100
Other, including deposit overdrafts		122		247		369		346		363
Deferred net origination fees		(961	)	(1,055	)	(1,398	)	(1,531	)	(1,135	)
Loans, gross		1,369,445		1,340,159		1,317,765		1,335,101		1,299,421
Less allowance for loan losses		5,506		5,828		5,652		5,679		5,728
Loans, net	$	1,363,939		1,334,331		1,312,113		1,329,422		1,293,693
	Three Months Ended											Twelve Months Ended
	12/31/2021			9/30/2021		6/30/2021		3/31/2021		12/31/2020		12/31/21		12/31/20
Selected Balance Sheet Items, continued
Total earning assets	$	1,716,420		1,695,281		1,671,462		1,634,818		1,562,392
Total assets		1,903,629		1,884,252		1,856,670		1,818,321		1,745,884
Total deposits		1,628,819		1,603,203		1,577,345		1,537,116		1,455,423
Long-term debt		10,000		15,000		15,000		17,000		22,000
Total shareholders’ equity		238,604		238,419		239,952		239,246		240,825
Equity to assets ratio		12.53	%	12.65	%	12.92	%	13.16	%	13.79	%
Loans to deposits ratio		84.08	%	83.59	%	83.54	%	86.86	%	89.28	%
Tangible common equity (TCE)	$	177,949		177,501		178,771		177,805		179,127
Tangible common assets (TCA)		1,842,974		1,823,334		1,795,489		1,756,880		1,684,186
TCE/TCA		9.66	%	9.73	%	9.96	%	10.12	%	10.64	%
Selected Average Balance Sheet Items
Cash and cash equivalents	$	29,614		34,557		45,414		37,269		49,273		36,648		40,825
Debt and equity securities		348,150		356,214		312,596		260,147		218,816		319,619		201,012
Loans	$	1,351,762		1,321,629		1,328,760		1,313,803		1,313,892		1,329,072		1,306,314
Less allowance for loan losses		5,843		5,567		5,678		5,715		5,920		5,701		5,029
Net loans	$	1,345,919		1,316,062		1,323,082		1,308,088		1,307,972		1,323,371		1,301,285
Total earning assets	$	1,708,392		1,688,589		1,666,126		1,589,582		1,561,392		1,663,567		1,528,134
Total assets		1,896,530		1,879,314		1,852,035		1,775,154		1,742,947		1,851,177		1,706,924
Total deposits		1,615,020		1,595,773		1,570,070		1,488,156		1,447,217		1,567,680		1,413,093
Short-term borrowings		893		1,320		716		342		—		821		372
Long-term debt		14,402		15,000		15,571		19,689		30,803		16,148		34,265
Total shareholders’ equity		239,174		240,976		241,651		241,517		239,881		240,823		236,396
Equity to assets ratio		12.61	%	12.82	%	13.05	%	13.61	%	13.76	%	13.01	%	13.85	%
Loans to deposits ratio		83.70	%	82.82	%	84.63	%	88.28	%	90.79	%	84.78	%	92.44	%
Asset Quality
Net charge-offs (recoveries)	$	(186	)	130		12		(3	)	95		(47	)	331
Other real estate owned		—		—		—		—		—		—		—
Non-accrual loans		1,481		2,629		3,338		3,365		3,718		1,481		3,718
Loans past due 90 days or more and still accruing		56		13		—		—		—		56		—
Total nonperforming loans	$	1,537		2,642		3,338		3,365		3,718		1,537		3,718
Net charge-offs (recoveries) to average loans		(0.05	) %	0.04	%	0.00	%	0.00	%	0.03	%	0.00	%	0.03	%
Allowance for loan losses to total loans		0.40	%	0.43	%	0.43	%	0.43	%	0.44	%	0.40	%	0.44	%
Nonperforming loans to total loans		0.11	%	0.20	%	0.25	%	0.25	%	0.29	%	0.11	%	0.29	%
Nonperforming assets to total assets		0.08	%	0.14	%	0.18	%	0.19	%	0.21	%	0.08	%	0.21	%
Assets Under Management
LCNB Corp. total assets	$	1,903,629		1,884,252		1,856,670		1,818,321		1,745,884
Trust and investments (fair value)		722,093		713,936		701,838		673,742		628,414
Mortgage loans serviced		149,382		140,147		126,924		127,290		137,188
Cash management		34,009		72,622		80,177		118,494		116,792
Brokerage accounts (fair value)		334,670		319,495		314,491		299,355		292,953
Total assets managed	$	3,143,783		3,130,452		3,080,100		3,037,202		2,921,231

LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands)
	December 31, 2021 (Unaudited)			December 31, 2020
ASSETS:
Cash and due from banks	$	16,810		17,383
Interest-bearing demand deposits		1,326		14,347
Total cash and cash equivalents		18,136		31,730
Investment securities:
Equity securities with a readily determinable fair value, at fair value		2,546		2,389
Equity securities without a readily determinable fair value, at cost		2,099		2,099
Debt securities, available-for-sale, at fair value		308,177		209,471
Debt securities, held-to-maturity, at cost		22,972		24,810
Federal Reserve Bank stock, at cost		4,652		4,652
Federal Home Loan Bank stock, at cost		5,203		5,203
Loans, net		1,363,939		1,293,693
Premises and equipment, net		35,385		35,376
Operating leases right of use asset		6,357		6,274
Goodwill		59,221		59,221
Core deposit and other intangibles		2,473		3,453
Bank owned life insurance		43,224		42,149
Interest receivable		7,999		8,337
Other assets		21,246		17,027
TOTAL ASSETS	$	1,903,629		1,745,884
LIABILITIES:
Deposits:
Noninterest-bearing	$	501,531		455,073
Interest-bearing		1,127,288		1,000,350
Total deposits		1,628,819		1,455,423
Long-term debt		10,000		22,000
Operating lease liabilities		6,473		6,371
Accrued interest and other liabilities		19,733		21,265
TOTAL LIABILITIES		1,665,025		1,505,059
COMMITMENTS AND CONTINGENT LIABILITIES		—		—
SHAREHOLDERS' EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding		—		—
Common shares –no par value, authorized 19,000,000 shares; issued 14,213,792 and 14,163,904 shares at December 31, 2021 and 2020, respectively; outstanding 12,414,956 and 12,858,325 shares at December 31, 2021 and 2020, respectively		143,130		142,443
Retained earnings		126,312		115,058
Treasury shares at cost, 1,798,836 and 1,305,579 shares at December 31, 2021 and 2020, respectively		(29,029	)	(20,719	)
Accumulated other comprehensive income (loss), net of taxes		(1,809	)	4,043
TOTAL SHAREHOLDERS' EQUITY		238,604		240,825
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,903,629		1,745,884

LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited)
	Three Months Ended December 31,					Twelve Months Ended December 31,
	2021			2020		2021		2020
INTEREST INCOME:
Interest and fees on loans	$	13,770		14,839		56,142		59,267
Dividends on equity securities with a readily determinable fair value		13		14		51		54
Dividends on equity securities without a readily determinable fair value		5		4		21		37
Interest on debt securities, taxable		1,018		666		3,668		2,916
Interest on debt securities, non-taxable		208		239		864		1,027
Other investments		175		183		431		479
TOTAL INTEREST INCOME		15,189		15,945		61,177		63,780
INTEREST EXPENSE:
Interest on deposits		769		1,218		3,578		6,634
Interest on short-term borrowings		2		—		6		7
Interest on long-term debt		108		214		469		921
TOTAL INTEREST EXPENSE		879		1,432		4,053		7,562
NET INTEREST INCOME		14,310		14,513		57,124		56,218
PROVISION (CREDIT) FOR LOAN LOSSES		(508	)	(151	)	(269	)	2,014
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES		14,818		14,664		57,393		54,204
NON-INTEREST INCOME:
Fiduciary income		1,715		1,430		6,674		5,009
Service charges and fees on deposit accounts		1,530		1,444		6,036		5,482
Net gains on sales of debt securities, available-for-sale		303		—		303		221
Bank owned life insurance income		269		278		1,074		1,441
Gains from sales of loans		292		861		852		2,297
Other operating income		238		292		1,293		1,291
TOTAL NON-INTEREST INCOME		4,347		4,305		16,232		15,741
NON-INTEREST EXPENSE:
Salaries and employee benefits		6,976		6,899		27,616		27,178
Equipment expenses		446		460		1,678		1,377
Occupancy expense, net		713		730		2,949		2,875
State financial institutions tax		440		428		1,758		1,708
Marketing		361		348		1,239		1,254
Amortization of intangibles		263		263		1,043		1,046
FDIC insurance premiums, net		127		114		492		256
ATM expense		436		347		1,416		1,028
Computer maintenance and supplies		332		291		1,213		1,107
Telephone expense		64		185		420		706
Contracted services		612		509		2,430		1,821
Other non-interest expense		1,541		1,370		5,786		5,429
TOTAL NON-INTEREST EXPENSE		12,311		11,944		48,040		45,785
INCOME BEFORE INCOME TAXES		6,854		7,025		25,585		24,160
PROVISION FOR INCOME TAXES		1,227		1,283		4,611		4,085
NET INCOME	$	5,627		5,742		20,974		20,075
Dividends declared per common share	$	0.20		0.19		0.77		0.73
Earnings per common share:
Basic		0.45		0.44		1.66		1.55
Diluted		0.45		0.44		1.66		1.55
Weighted average common shares outstanding:
Basic		12,370,702		12,852,614		12,589,605		12,914,277
Diluted		12,370,702		12,852,657		12,589,613		12,914,584