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LCNB Corporation (LCNB) has reported a 9.51 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.25 million, or $0.32 a share in the quarter, compared with $2.96 million, or $0.30 a share for the same period last year. Revenue during the quarter went up marginally by 0.63 percent to $12.40 million from $12.32 million in the previous year period. Net interest income for the quarter rose 2.20 percent over the prior year period to $9.99 million. Non-interest income for the quarter fell 8.02 percent over the last year period to $2.43 million.
LCNB Corporation has made provision of $0.02 million for loan losses during the quarter, down 83.33 percent from $0.09 million in the same period last year.
Net interest margin improved 6 basis points to 3.55 percent in the quarter from 3.49 percent in the last year period. Efficiency ratio for the quarter improved to 62.06 percent from 64.74 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Commenting on the financial results, LCNB chief executive eofficer Steve Foster said, "We are pleased to present our financial results for the first quarter of 2017. Net income for the 2017 quarter was 9.5% greater than for the first quarter of 2016. Return on average assets (ROAA) was 1.01% and the return on average equity (ROAE) was 9.10%. This compares to an ROAA of 0.93% and an ROAE of 8.37% for the first quarter of 2016. Much of the increase was driven by growth in the loan portfolio, from a net balance of $775.6 million at March 31, 2016 to $807.2 million at March 31, 2017."
Liabilities outpace assets growth
Total assets stood at $1,319.07 million as on Mar. 31, 2017, up 2.58 percent compared with $1,285.92 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,173.76 million as on Mar. 31, 2017, up 2.69 percent from $1,142.99 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $807.15 million as on Mar. 31, 2017, up 4.07 percent compared with $775.56 million on Mar. 31, 2016. Deposits stood at $1,148.20 million as on Mar. 31, 2017, up 2.50 percent compared with $1,120.21 million on Mar. 31, 2016. Loans to deposits ratio was 70.59 percent for the quarter, up from 69.52 percent for the previous year quarter.
Investments stood at $365.13 million as on Mar. 31, 2017, down 5.80 percent or $22.48 million from year-ago. Shareholders equity stood at $145.32 million as on Mar. 31, 2017, up 1.67 percent or $2.39 million from year-ago.
Return on average assets moved up 8 basis points to 1.01 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity increased 73 basis points to 9.10 percent in the quarter from 8.37 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.29 percent in the quarter, down from 0.33 percent in the last year period.
Equity to assets ratio was 11.02 percent for the quarter, down from 11.12 percent for the previous year quarter. Book value per share was $14.52 for the quarter, up 0.90 percent or $0.13 compared to $14.39 for the same period last year.
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