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." data-reactid="24"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.
Net gains for the three and nine-month periods were respectively $229,000 and $739,000 less than the comparable 2016 periods primarily due to a decrease in the volume of securities sold.
Non-interest expense for the three months ended September 30, 2017 was $79,000 greater than the comparable period in 2016 primarily due to increases in equipment, occupancy, and marketing expense.
Return on average equity for the nine months ended September 30, 2017 was 8.48% compared to 8.15% for the same period in 2016."Net interest income for the three months and nine months ended September 30, 2017 was respectively $137,000 and $300,000 greater than the comparable periods in 2016, primarily due to growth in LCNB's loan portfolio, partially offset by a decrease in the average rate earned on the portfolio.
The provision for loan losses for the three and nine months ended September 30, 2017 was respectively $384,000 and $633,000 less than the comparable periods in 2016.
Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South Central Ohio.
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, Hamilton, Montgomery, Preble, Ross and Warren Counties, Ohio.Marketing expense increased due to the expanded use of television and digital advertising.Other real estate owned expenses decreased because the amount of other real estate owned property held during 2017 was significantly less than the amount of property held during 2016.Commenting on the financial results, LCNB Chief Executive Officer Steve Foster said, "We are pleased to present our financial results for the three and nine months ended September 30, 2017.Our financial results were solid and we experienced continued growth in our loan and deposit relationships.These decreases were partially offset by the increases previously mentioned and by increased salaries and employee benefits on a nine-month " data-reactid="19"LCNB Corp.