Letter To Our Shareholders
Dear Shareholders:
in the first quarter of 2014. Likewise, LCNB
negotiated the purchase of Brookville
The 2014 Annual Report showcases just a
National Bank during the fourth quarter
few of those men and women who served in
of 2014 and we expect to close the transac-
the Armed Forces since
the Bank’s
founding.
Most of the individuals
featured in our Annual
Report are relatives of
our LCNB employees,
and several, in fact, are
employees who served.
LCNB employees under-
stand the importance of
serving the communities
in which they live and
work. It is a very impor-
Steve Wilson
Steve Foster
tion in the first half of
tion in the first half of
2015. Brookville National
2015. Brookville National
Bank
Bank
(BNB) will add
(BNB) will add
two offices to our orga-
two offices to our orga
nization, increasing our
nization, increasing our
office total to 37 across
office total to 37 across
nine counties. Both BNB
nine counties. Both BNB
offices are located in the
offices are located in the
city of Brookville which
city of Brookville which
is west of Dayton, Ohio
is west of Dayton, Ohio
in Montgomery County.
in Montgomery County.
This purchase will comple-
This purchase will comple
ment last year’s addition
ment last year’s addition
tant part of being a community bank. They
of the five Eaton National Bank offices located
embrace this responsibility by volunteering
west of Brookville in Preble County. BNB will
with United Way, Relay for Life, the Chamber
add approximately $110 million in assets to
of Commerce, scouting, food pantries, and
LCNB’s balance sheet making LCNB a $1.2
many more charitable and civic organiza-
billion financial institution.
tions such as Rotary, Optimists, Kiwanis,
and Jaycees. It is this dedication to the
Last year was another successful year for
communities that we serve that makes LCNB
LCNB. Strong earnings in 2014 allowed
a community bank. That has been our philoso-
LCNB to provide shareholders a dividend
phy since 1877.
payout ratio of just over 60%. The return on
average assets (ROAA) was 0.88% and the
As Yogi Berra said, “It’s déjà vu all over again”.
return on average equity (ROAE) was 8.04%
The year 2014 started much like the previous
for 2014. LCNB’s earnings were affected by
year began. LCNB negotiated the purchase
one-time merger expenses of approximately
of Eaton National Bank
in the fourth
$1.4 million on a pre-tax basis. If these tax-
quarter of 2013 and closed the transaction
effected merger expenses were not included,
A N N U A L R E P O R T 2 0 1 4
1
L C N B C O R P.
Letter To Our Shareholders
Continued
LCNB’s ROAA would have been 0.95% and the
Columbus Avenue and Middletown branches
ROAE would have been 8.67%. Net income
during his tenure at LCNB. He is best remem-
was $9.9 million, resulting in total basic earn-
bered as a loan officer that had a very large
ings per share of $1.06. Total shareholder’s
and loyal customer base. Like Mr. Wilson,
equity increased $6.8 million from December
Dave helped LCNB successfully grow during
31, 2013 to December 31, 2014, an increase of
his 45 years with the bank. Both gentlemen
5.74%. LCNB’s net interest margin improved
will be missed as bankers and as strong citi-
from 3.57% on December 31, 2013 to 3.66%
zens of our community.
on December 31, 2014.
Additional statistical data and information on
It is with great sadness that we report that
our financial performance for 2014 is avail-
Howard Wilson, former Chairman and CEO
able in the LCNB Corp. Annual Report on
of LCNB, passed away on January 4, 2015 and
Form 10-K. This report is filed annually with
Dave Witham, Vice President, passed away on
the Securities and Exchange Commission. We
February 21, 2015.
have enclosed the Form 10-K with the initial
mailing of this report to shareholders and it
Mr. Wilson was named President of Lebanon
is available upon request or from the share-
Citizens National Bank in 1969 after joining
holder information section on our website,
the bank as Executive Vice President in
www.LCNB.com or www.lcnbcorp.com.
1968. Mr. Wilson retired in 1992. During
Mr. Wilson’s tenure the bank increased in total
The Annual Meeting for LCNB Corp. will be
assets by approximately $260 million and the
Tuesday, April 28, 2015 at 10:00 a.m. at our
bank started its branch expansion under Mr.
Main Office located at 2 North Broadway in
Wilson’s leadership. Howard Wilson, like so
Lebanon, Ohio. Proxy material is included
many represented in this Annual Report, was
with this mailing. Please review, sign, and
a Navy veteran of WWII and a great commu-
return the proxy in the envelope provided.
nity banker.
We would be pleased to have you attend our
annual meeting in person. Thank you for your
Mr. Witham worked for LCNB for 45 years
continued support.
and retired from the bank in 2010. Dave, a
native of Lebanon and a U.S. Air Force veteran
who served in Vietnam, was well known in
the community. Mr. Witham managed the
Stephen P. Wilson
Chairman and CEO
Steve P. Foster
President
A N N U A L R E P O R T 2 0 1 4
2
L C N B C O R P.
Board of Directors
Stephen P. Wilson
Chairman of the Board
Chief Executive Officer
Steve P. Foster
Steve P. Foster
Steve P. Foster
President
William H. Kaufman
Attorney
Spencer S. Cropper
Certified Public Accountant
Stolle Properties, Inc.
Anne E. Krehbiel
Attorney
George L. Leasure
President
GMi Company
Rick L. Blossom
Managing Partner
Reality Check, LLC
John H. Kochensparger, III
Retired
Stephen P. Wilson
Chairman of the Board
Chief Executive Officer
Steve P. Foster
President
George L. Leasure
President,
GMi Company
William H. Kaufman
Attorney
Spencer S. Cropper
Certified Public Accountant,
Stolle Properties, Inc.
Anne E. Krehbiel
Attorney
Rick L. Blossom
Managing Partner,
Reality Check, LLC
John H. Kochensparger, III
Retired
A N N U A L R E P O R T 2 0 1 4
3
L C N B C O R P.
LCNB Officers
Name
Years
with
LCNB
Title
Years of
Related
Experience
Name
Years
with
LCNB
Title
Years of
Related
Experience
40
Stephen P. Wilson
38
Steve P. Foster
23
Robert C. Haines, II
32
Matthew P. Layer
19
Leroy F. McKay
27
Eric J. Meilstrup
14
Stephen P. Anglin
28
Brian N. Bausmith
32
Kenneth R. Layer
8
John Rost
25
Timothy J. Sheridan
28
Ann M. Smith
10
Peter G. Berninger
1
David Bock
4
Gene G. Bonny
1
John Chartrand
1
Daniel Daughtery
1
Jeffery M. Doles
1
Deborah Fitzwater
2
Jodi Hart
6
Kelly Haworth
9
Annie S. Joseph
Mark Kennard
3
Steven C. Lautenslager 25
12
Michael Lavatori
25
Kimberli R. Layer
2
Jeff Meeker
9
Roger P. Mersch
36
Patricia D. Mitchell
2
Lori Raines
6
Rebecca H. Roess
1
Scott Roman
7
Bradley A. Ruppert
6
Nathan Sachritz
17
Lonnie D. Schear
12
Connie A. Sears
13
Deborah G. Stevens
8
David A. Stitsinger
38
Beverly K. Taylor
26
John E. Wetzig, III
1
Frank Williams
2
Gregory Woods
29
Melanie K. Crane
1
Myra Frame
23
S. Diane Ingram
2
Jacqueline A. Manley
19
Christina L. Harris
24
Patricia S. Hogan
2
Ronda Holdren
1
Michele Kreitzer
11
Paula L. Lee
A N N U A L R E P O R T 2 0 1 4
Chairman & CEO 43
41
President
23
Executive VP
32
Executive VP
29
Executive VP
27
Executive VP
36
Senior VP
28
Senior VP
32
Senior VP
32
Senior VP
38
Senior VP
28
Senior VP
32
Vice President
13
Vice President
9
Vice President
12
Vice President
36
Vice President
29
Vice President
22
Vice President
18
Vice President
34
Vice President
17
VP/Regional
11
Vice President
25
Vice President
26
Vice President
25
Vice President
31
Vice President
31
Vice President
36
Vice President
23
Vice President
16
VP/Trust Officer
11
Vice President
16
VP/Trust Officer
35
Vice President
41
Vice President
27
Vice President
38
Vice President
36
Vice President
38
Vice President
26
Vice President
VP/Trust Officer
37
12
Vice President
AVP/Trust Officer 29
AVP/Trust Officer 33
AVP/Trust Officer 23
8
AVP/Trust Officer
19
Regional AVP
24
Regional AVP
23
Regional AVP
26
Regional AVP
13
Regional AVP
26
Teresa A. McCurley
1
Amy Aldridge
8
Randy Bernhardt
2
Pam Bowles
1
Deborah Bradley
23
Amy L. Butler
16
William E. Childers
27
Karen M. Cramer
9
Lisa E. Emmel
1
Chris Fourman
12
Lisa A. Gibson
19
Kimberly B. Isaacs
Sherry L. Jackson
20
Kimberly J. Johnson-Hall 34
8
Judith Neiheisel
2
Mark Pennington
1
Sara Sorrell
5
John L. Torbeck
1
Juli Troutman
4
Elizabeth G. Vogele
11
Simone Walter
22
Rhonda G. Wetzig
16
Jenny Bates
2
Ann Blackburn
14
Melissa M. Cordes
7
Clint Day
20
Karen A. Day
10
Chris Fisher
1
Amy Fouche
8
Jenny Giltrow
19
Traci Hammiel
25
Terry J. Howard
28
Mary Lynn Johnson
11
M. Teresa Jenkins
12
Veronica Keen
13
Ursula Keith
2
Phoebe Kerby
13
Amy R. Kobes
2
Jodi Lowrey
25
Michele McIntosh
14
Angela Otis
11
Patricia Q. Partch
19
Janet M. Preston
2
Tami Reisinger
9
Daren Roark
17
Tonya Scott
17
Betty Seibert
17
Lenora Schoultheis
7
Tyler Tepe
1
Ann Weadick
5
Sarah Wilson
Regional AVP
26
Assistant VP
34
Assistant VP
30
Assistant VP
23
Assistant VP
33
Assistant VP
23
Assistant VP
19
Assistant VP
27
Assistant VP
25
Assistant VP
30
Assistant VP
24
Assistant VP
19
Assistant VP
20
Assistant VP
36
Assistant VP
32
Assistant VP
12
Assistant VP
3
Assistant VP
29
Assistant VP
14
Assistant VP
33
Assistant VP
11
22
Assistant VP
Assistant IT Officer 16
27
Branch Officer
Branch Officer
20
7
Loan Officer
Assistant Cashier 20
IT Officer
12
Assistant Cashier 13
8
Assistant Cashier
Asst. Trust Officer 19
Branch Officer
25
Assistant Cashier 28
41
Branch Officer
12
Branch Officer
17
Branch Officer
Branch Officer
17
Asst. Trust Officer 13
19
Branch Officer
Branch Officer
25
Assistant Cashier 14
29
Bus. Dev. Officer
Assistant Cashier 29
11
Branch Officer
Branch Officer
9
Assistant Cashier 17
25
Branch Officer
44
Branch Officer
Loan Officer
7
Assistant Cashier 10
5
Assistant Cashier
6
L C N B C O R P.
Financial Highlights
For the Years Ended December 31,
Income Statement
Net interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income from continuing operations . . . . . . . . . . . . . . . . . . . . . .
Income from discontinued operations, net of tax . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . .
Basic earnings per common share:
Continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per common share:
Continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance Sheet
Loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Per common share:
Book value at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Performance Ratios
Return on average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return on average shareholders’ equity. . . . . . . . . . . . . . . . . . . . . . .
2014
$ 35,887
9,869
—
9,869
0.64
1.06
—
1.05
—
$ 695,835
1,014,640
1,108,066
946,205
16,645
11,357
125,695
(Dollars in thousands, except per share data)
2011
2013
2012
29,432
8,780
—
8,780
0.64
1.12
—
1.10
—
570,766
857,653
932,338
785,761
8,655
12,102
118,873
25,049
8,270
—
8,270
0.64
1.23
—
1.22
—
450,346
732,968
788,637
671,471
13,756
13,705
82,006
25,706
7,322
793
8,115
0.64
1.09
0.12
1.08
0.12
458,331
736,119
791,570
663,562
21,596
21,373
77,960
2010
25,697
9,133
240
9,373
0.64
1.37
0.03
1.36
0.03
452,350
706,226
760,134
638,539
21,691
23,120
70,707
13.50
12.80
12.18
11.63
10.57
0.88%
8.04%
0.93%
9.02%
1.02%
10.22%
1.02%
10.89%
1.22%
13.36%
Condensed Consolidated Balance Sheets
At December 31, (Dollars in thousands)
ASSETS:
Cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest-bearing demand deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment securities:
Available-for-sale, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Held-to-maturity, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal Reserve Bank stock, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal Home Loan Bank stock, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Premises and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Core deposit and other intangibles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank owned life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2014
$ 14,235
1,610
15,845
285,365
22,725
2,346
3,638
695,835
20,733
27,638
4,780
21,936
7,225
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,108,066
LIABILITIES:
Deposits:
Noninterest-bearing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued interest and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SHAREHOLDERS’ EQUITY:
Preferred shares - no par value, authorized 1,000,000 shares, none outstanding. . . . . . . . . . . . . . . . . . . . . . . . .
Common shares - no par value, authorized 12,000,000 shares, issued 10,064,945 and 10,041,163
shares at December 31, 2014 and 2013, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury shares at cost, 753,627 shares at December 31, 2014 and 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive income (loss), net of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL SHAREHOLDERS’ EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 213,303
732,902
946,205
16,645
11,357
8,164
982,371
—
67,181
69,394
(11,665)
785
125,695
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,108,066
2013
10,410
4,278
14,688
258,241
16,323
1,603
2,854
570,766
19,897
14,186
2,795
21,280
9,705
932,338
164,912
620,849
785,761
8,655
12,102
6,947
813,465
—
66,785
65,475
(11,665)
(1,722)
118,873
932,338
A N N U A L R E P O R T 2 0 1 4
7
L C N B C O R P.
Condensed Consolidated Statements of Income
For the years ended December 31, (Dollars in thousands, except per share data)
INTEREST INCOME:
Interest and fees on loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on investment securities:
Taxable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-taxable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL INTEREST INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTEREST EXPENSE:
Interest on deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on short-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET INTEREST INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PROVISION FOR LOAN LOSSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES . . . . . . . . . . . . . . . . . . . . . . . . . . .
NON-INTEREST INCOME:
Trust income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Service charges and fees on deposit accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net gain on sales of securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank owned life insurance income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gains from sales of mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL NON-INTEREST INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NON-INTEREST EXPENSE:
Salaries and employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equipment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Occupancy expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State franchise tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of intangibles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FDIC premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ATM expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Computer maintenance and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Telephone expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Contracted services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other real estate owned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger-related expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL NON-INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INCOME BEFORE INCOME TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PROVISION FOR INCOME TAXES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Earnings per common share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average shares outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2014
$32,706
3,757
2,713
301
39,477
3,161
22
407
3,590
35,887
930
34,957
2,903
4,838
149
671
147
434
9,142
15,762
1,316
2,232
955
703
574
660
624
794
690
880
285
1,400
3,969
30,844
13,255
3,386
$ 9,869
$ 1.06
1.05
2013
27,325
3,369
2,573
230
33,497
3,602
25
438
4,065
29,432
588
28,844
2,518
4,155
1,060
678
339
340
9,090
13,487
1,232
2,042
846
561
334
499
534
616
566
568
(30)
1,433
3,524
26,212
11,722
2,942
8,780
1.12
1.10
2012
23,585
3,737
2,441
175
29,938
4,317
16
556
4,889
25,049
1,351
23,698
2,317
3,605
1,853
578
506
190
9,049
11,614
1,100
1,671
790
526
57
405
620
524
465
441
490
79
2,900
21,682
11,065
2,795
8,270
1.23
1.22
9,297,019
9,406,346
7,852,514
7,982,997
6,717,357
6,802,475
A N N U A L R E P O R T 2 0 1 4
8
L C N B C O R P.
LCNB National Bank Locations and Hours
MAIN OFFICE • 2 North Broadway • P.O. Box 59 • Lebanon, Ohio 45036
BUTLER COUNTY
Fairfield Office
765 Nilles Rd.
Fairfield, Ohio 45014
Hamilton Office
794 NW Washington Blvd.
Hamilton, Ohio 45013
Middletown Office
4441 Marie Drive
Middletown, Ohio 45044
Monroe Office
101 Clarence F. Warner Drive
Monroe, Ohio 45050
Okeana Office
6225 Cincinnati-Brookville Rd.
Okeana, Ohio 45053
Oxford Office
30 West Park Place
Oxford, Ohio 45056
CLERMONT COUNTY
Goshen Office
6726 Dick Flynn Blvd.
(St. Rte. 28 & 132)
Goshen, Ohio 45122
CLINTON COUNTY
Wilmington Office
1243 Rombach Avenue
Wilmington, Ohio 45177
FAYETTE COUNTY
Washington Court House Office
100 Crossings Drive
Washington Court House, Ohio 43160
HAMILTON COUNTY
Colerain Township Office
3209 West Galbraith Rd.
Cincinnati, Ohio 45239
Loveland Office
500 Loveland-Madeira Rd.
Loveland, Ohio 45140
BRANCH OFFICES
MONTGOMERY COUNTY
Centerville Office
9605 Dayton-Lebanon Pike (St. Rte. 48)
Centerville, Ohio 45458
Oakwood Office
2705 Far Hills Avenue
Dayton, Ohio 45419
PREBLE COUNTY
Barron Street Office
1697 North Barron Street
Eaton, Ohio 45320
Eaton Office
110 West Main Street
Eaton, Ohio 45320
Lewisburg Office
522 South Commerce Street
Lewisburg, Ohio 45338
New Paris Office
201 South Washington Street
New Paris, Ohio 45347
West Alexandria Office
55 East Dayton Street
West Alexandria, Ohio 45381
ROSS COUNTY
Bridge Street Office
1240 North Bridge Street
Chillicothe, Ohio 45601
Chillicothe Office
33 West Main Street
Chillicothe, Ohio 45601
Clarksburg Office
10820 Main Street
Clarksburg, Ohio 43115
Frankfort Office
1 North Main St.
Frankfort, Ohio 45628
Western Avenue Office
1006 Western Avenue
Chillicothe, Ohio 45601
WARREN COUNTY
Auto Bank
35 N. Mechanic
Lebanon, Ohio 45036
Columbus Avenue Office
730 Columbus Avenue
Lebanon, Ohio 45036
Hunter Office
3878 St. Rte. 122
Franklin, Ohio 45005
Lebanon High School Office
Warrior Branch
1916 Drake Road
Lebanon, Ohio 45036
Maineville/Hamilton Township Office
7795 South State Route 48
Maineville, Ohio 45039
Mason/West Chester Office
1050 Reading Road (U.S. Rte. 42)
Mason, Ohio 45040
Otterbein Office
Campus Center Building
585 N. St. Rte. 741
Lebanon, Ohio 45036
Roachester/Morrow Office
6123 East U.S. 22 & 3
Morrow, Ohio 45152
South Lebanon Office
603 Corwin Nixon Blvd.
South Lebanon, Ohio 45065
Springboro/Franklin Office
525 West Central Ave. (St. Rte. 73)
Springboro, Ohio 45066
Waynesville Office
9 N. Main Street
Waynesville, Ohio 45068
ELECTRONIC BRANCH • Countryside YMCA • 1699 Deerfield Road • Lebanon, Ohio 45036
BANKING HOURS
All locations (except as noted)
Monday - Thursday . . . . . . . . . . . . . . . 9-5
Friday . . . . . . . . . . . . . . . . . . . . . . . . . . 9-6
Saturday . . . . . . . . . . . . . . . . . . . . . . . . 9-1
Drive-Thru open Mon.- Sat. at 8:30 am
Barron Street Office
Monday - Friday. . . . . . . . . . . . . . . . . . 9-6
Saturday . . . . . . . . . . . . . . . . . . . . . . . . 9-1
Drive-Thru open Mon.- Sat. at 8:30 am
Chillicothe Office – Main Street
Saturday (Office and Drive Thru) Closed
Okeana
Monday, Tuesday, Thursday . . . 9-12/1-5
Wednesday . . . . . . . . . . . . . . . . . . . . Closed
Friday . . . . . . . . . . . . . . . . . . . . . . 9-12/1-6
Saturday . . . . . . . . . . . . . . . . . . . . . . . . 9-1
Otterbein
Monday-Thursday. . . . . . . . . . . . 9-12/1-5
Friday . . . . . . . . . . . . . . . . . . . . . . 9-12/1-6
Saturday . . . . . . . . . . . . . . . . . . . . . . Closed
PHONE NUMBERS
CenturyLink Customers (513) 932-1414
AT&T Customers ............ (513) 423-9911
Cincinnati Bell Cust. ...... (513) 677-2203
Dayton Area .................... (937) 704-9490
Fayette County ............... (740) 335-2257
Oxford Area .................... (513) 523-2141
Preble County ................. (937) 456-5544
Ross County .................... (740) 775-6777
Wilmington Area ............ (937) 383-4500
Toll Free ....................... (800) 344-BANK
2 2 6 5
FAX ................................. (513) 933-LCNB
5 2 6 2
“BANKLINE”
24-Hour Automated
Telephone Banking Service
CenturyLink Customers
(513) 932-BANK
2 2 6 5
AT&T/Verizon Customers (toll-free)
(888) 786-5262
Cincinnati Bell Customers
(513) 336-BANK
2 2 6 5
Up-To-The-Minute
Time•Temperature•Weather
CenturyLink .................... (513) 932-1111
AT&T Customers ............. (513) 727-1010
=F
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