LCNB Corp. (LCNB) LCNB today announced net income of $3,003,000 (total basic and diluted earnings per share of $0.30) and $6,249,000 (total basic and diluted earnings per share of $0.62) for the three and six months ended June 30, 2017. This compares to net income of $2,968,000 (total basic and diluted earnings per share of $0.30 and $0.29, respectively) and $5,932,000 (total basic and diluted earnings per share of $0.60 and $0.59, respectively) for the same three and six-month periods in 2016.
Commenting on the financial results, LCNB Chief Executive Officer Steve Foster said, "We are pleased to present our financial results for the first half of 2017. Our financial results were solid and we experienced continued growth in our loan and deposit relationships. Return on average assets for the six months ended June 30, 2017 was 0.96% compared to 0.92% for the first half of 2016. Return on average equity for the first half of 2017 was 8.62% compared to 8.32% for the same period in 2016. Comparing June 30, 2017 to June 30, 2016, net loans increased $26.5 million or 3.3% and total deposits increased $19.2 million or 1.7%.
Net interest income for the three months ended June 30, 2017 was $52,000 less from the comparable period in 2016 primarily due to a decrease in the interest rate margin from 3.55% for the second quarter 2016 to 3.50% for the second quarter 2017. Net interest income for the six months ended June 30, 2017 increased $163,000 over the comparable period in 2016 due primarily 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 six months ended June 30, 2017 was $174,000 and $249,000, respectively, less than the comparable periods in 2016. Net loan charge-offs for the three and six months ended June 30, 2017 totaled $168,000 and $430,000, respectively. This compares to net charge-offs of $173,000 and $242,000 for the three and six months ended June 30, 2016, respectively. Non-accrual loans and loans past due 90 days or more and still accruing interest decreased $1,860,000, from $5,748,000 or 0.70% of total loans at December 31, 2016, to $3,888,000 or 0.47% of total loans at June 30, 2017. The decrease is primarily due to two non-accrual commercial real estate loans to the same borrower with a carrying value of $1,236,000 at December 31, 2016 that were transferred into other real estate owned and subsequently sold during the first quarter 2017.
Non-interest income for the three months ended June 30, 2017 was $40,000 greater than the comparable period in 2016 primarily due to increases in trust income, service charges and fees on deposit accounts and income from bank owned life insurance. These increases were largely offset by decreases in gains from the sale of investment securities. Non-interest income for the six months ended June 30, 2017 was $172,000 less than the comparable period in 2016, primarily due to a $510,000 decrease in gains from the sales of investment securities, partially offset by increases in the same line items mentioned previously.
Non-interest expense for the three months ended June 30, 2017 was $143,000 greater than the comparable period in 2016 primarily due to organizational costs for a captive insurance agency incorporated by LCNB Corp. during the second quarter 2017 and to increases in salaries and employee benefits, partially offset by a decrease in other real estate owned expenses. Non-interest expense for the six months ended June 30, 2017 was $181,000 less than the comparable period in 2016, primarily due to a $380,000 decrease in other real estate owned expenses and to the absence of a $251,000 penalty incurred during the first quarter 2016 to pre-pay a Federal Home Loan Bank borrowing bearing an interest rate of 5.25%. The borrowing was paid off to reduce future interest expense on long-term debt. These decreases were partially offset by the increases previously mentioned.
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 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. A commercial loan office is located in Franklin County, 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, online 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.
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.
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. LCNB may incur
increased charge-offs in the future;
3. LCNB may face
competitive loss of customers;
4. 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;
5. changes in general economic
conditions and increased competition could adversely affect LCNB's
operating results;
6. changes in other regulations
and government policies affecting bank holding companies and their
subsidiaries, including changes in monetary policies, could negatively
impact LCNB's operating results;
7. LCNB may
experience difficulties growing loan and deposit balances;
8.
the current economic environment poses significant challenges for us
and could adversely affect our financial condition and results of
operations;
9. 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; and
10. the effects
of the Wall Street Reform and Consumer Protection Act (the "Dodd-Frank
Act") and the regulations promulgated and to be promulgated thereunder,
which may subject LCNB and its subsidiaries to a variety of new and more
stringent legal and regulatory requirements which adversely affect their
respective businesses.
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) |
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(Unaudited)
|
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Three Months Ended | Six Months Ended | |||||||||||||||||||||
6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 6/30/2017 | 6/30/2016 | ||||||||||||||||
Condensed Income Statement |
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Interest income | $ | 10,934 | 10,864 | 11,226 | 10,895 | 11,008 | 21,798 | 21,629 | ||||||||||||||
Interest expense | 861 | 877 | 887 | 885 | 883 | 1,738 | 1,732 | |||||||||||||||
Net interest income | 10,073 | 9,987 | 10,339 | 10,010 | 10,125 | 20,060 | 19,897 | |||||||||||||||
Provision for loan losses | 222 | 15 | 55 | 372 | 396 | 237 | 486 | |||||||||||||||
Net interest income after provision | 9,851 | 9,972 | 10,284 | 9,638 | 9,729 | 19,823 | 19,411 | |||||||||||||||
Non-interest income | 2,790 | 2,430 | 2,615 | 2,846 | 2,750 | 5,220 | 5,392 | |||||||||||||||
Non-interest expense | 8,611 | 7,968 | 7,908 | 8,593 | 8,468 | 16,579 | 16,760 | |||||||||||||||
Income before income taxes | 4,030 | 4,434 | 4,991 | 3,891 | 4,011 | 8,464 | 8,043 | |||||||||||||||
Provision for income taxes | 1,027 | 1,188 | 1,337 | 995 | 1,043 | 2,215 | 2,111 | |||||||||||||||
Net income | $ | 3,003 | 3,246 | 3,654 | 2,896 | 2,968 | 6,249 | 5,932 | ||||||||||||||
Accreted income on acquired loans | $ | 180 | 220 | 495 | 223 | 304 | 400 | 647 | ||||||||||||||
Tax-equivalent net interest income | $ | 10,494 | 10,410 | 10,772 | 10,432 | 10,538 | 20,904 | 20,704 | ||||||||||||||
Per Share Data |
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Dividends per share | $ | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.32 | 0.32 | ||||||||||||||
Basic earnings per common share | $ | 0.30 | 0.32 | 0.37 | 0.29 | 0.30 | 0.62 | 0.60 | ||||||||||||||
Diluted earnings per common share | $ | 0.30 | 0.32 | 0.37 | 0.29 | 0.29 | 0.62 | 0.59 | ||||||||||||||
Book value per share | $ | 14.77 | 14.52 | 14.30 | 14.70 | 14.66 | 14.77 | 14.66 | ||||||||||||||
Tangible book value per share | $ | 11.38 | 11.11 | 10.86 | 11.24 | 11.17 | 11.38 | 11.17 | ||||||||||||||
Average basic common shares outstanding | 10,004,422 | 9,995,054 | 9,984,344 | 9,962,571 | 9,922,024 | 9,999,765 | 9,919,070 | |||||||||||||||
Average diluted common shares outstanding | 10,011,312 | 10,002,878 | 9,997,565 | 9,977,592 | 9,943,797 | 10,007,192 | 9,971,900 | |||||||||||||||
Shares outstanding at period end | 10,014,004 | 10,009,642 | 9,998,025 | 9,993,695 | 9,937,262 | 10,014,004 | 9,937,262 | |||||||||||||||
Selected Financial Ratios |
||||||||||||||||||||||
Return on average assets | 0.91 | % | 1.01 | % | 1.10 | % | 0.87 | % | 0.92 | % | 0.96 | % | 0.92 | % | ||||||||
Return on average equity | 8.15 | % | 9.10 | % | 9.91 | % | 7.82 | % | 8.28 | % | 8.62 | % | 8.32 | % | ||||||||
Dividend payout ratio | 53.33 | % | 50.00 | % | 43.24 | % | 55.17 | % | 53.33 | % | 51.61 | % | 53.33 | % | ||||||||
Net interest margin (tax equivalent) | 3.50 | % | 3.55 | % | 3.56 | % | 3.42 | % | 3.55 | % | 3.53 | % | 3.52 | % | ||||||||
Efficiency ratio (tax equivalent) | 64.82 | % | 62.06 | % | 59.07 | % | 64.71 | % | 63.73 | % | 63.47 | % | 64.22 | % | ||||||||
Selected Balance Sheet Items |
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Cash and cash equivalents | $ | 29,967 | 33,274 | 18,865 | 33,213 | 19,007 | ||||||||||||||||
Investment securities and stock | 373,595 | 371,501 | 368,032 | 394,798 | 399,345 | |||||||||||||||||
Loans: | ||||||||||||||||||||||
Commercial and industrial | $ | 38,651 | 40,039 | 41,878 | 40,097 | 45,153 | ||||||||||||||||
Commercial, secured by real estate | 495,255 | 475,594 | 477,275 | 467,512 | 455,654 | |||||||||||||||||
Residential real estate | 258,710 | 260,853 | 265,788 | 268,574 | 266,625 | |||||||||||||||||
Consumer | 17,475 | 17,646 | 19,173 | 18,752 | 18,545 | |||||||||||||||||
Agricultural | 16,014 | 15,459 | 14,802 | 15,872 | 13,605 | |||||||||||||||||
Other, including deposit overdrafts | 547 | 609 | 633 | 619 | 635 | |||||||||||||||||
Deferred net origination costs | 281 | 281 | 254 | 236 | 248 | |||||||||||||||||
Loans, gross | 826,933 | 810,481 | 819,803 | 811,662 | 800,465 | |||||||||||||||||
Less allowance for loan losses | 3,382 | 3,328 | 3,575 | 3,798 | 3,373 | |||||||||||||||||
Loans, net | $ | 823,551 | 807,153 | 816,228 | 807,864 | 797,092 | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
6/30/2017 | 3/31/2017 | 12/31/2016 | 9/30/2016 | 6/30/2016 | 6/30/2017 | 6/30/2016 | ||||||||||||||||
Selected Balance Sheet Items, continued |
||||||||||||||||||||||
Total earning assets | $ | 1,211,096 | 1,200,544 | 1,188,322 | 1,222,614 | 1,201,563 | ||||||||||||||||
Total assets | 1,335,571 | 1,319,074 | 1,306,799 | 1,333,536 | 1,312,635 | |||||||||||||||||
Total deposits | 1,143,920 | 1,148,198 | 1,110,905 | 1,158,921 | 1,124,698 | |||||||||||||||||
Short-term borrowings | 31,712 | 15,957 | 42,040 | 16,989 | 30,541 | |||||||||||||||||
Long-term debt | 402 | 480 | 598 | 662 | 726 | |||||||||||||||||
Total shareholders' equity | 147,927 | 145,318 | 142,944 | 146,906 | 145,710 | |||||||||||||||||
Equity to assets ratio | 11.08 | % | 11.02 | % | 10.94 | % | 11.02 | % | 11.10 | % | ||||||||||||
Loans to deposits ratio | 72.29 | % | 70.59 | % | 73.80 | % | 70.04 | % | 71.17 | % | ||||||||||||
Tangible common equity (TCE) | $ | 113,542 | 110,745 | 108,178 | 111,946 | 110,541 | ||||||||||||||||
Tangible common assets (TCA) | 1,301,186 | 1,284,501 | 1,272,033 | 1,298,576 | 1,277,466 | |||||||||||||||||
TCE/TCA | 8.73 | % | 8.62 | % | 8.50 | % | 8.62 | % | 8.65 | % | ||||||||||||
Selected Average Balance Sheet Items |
||||||||||||||||||||||
Cash and cash equivalents | $ | 33,639 | 26,672 | 28,422 | 32,011 | 29,399 | 30,173 | 28,466 | ||||||||||||||
Investment securities and stock | 373,295 | 366,499 | 380,138 | 396,620 | 396,130 | 369,916 | 392,889 | |||||||||||||||
Loans | $ | 811,186 | 813,597 | 812,537 | 800,729 | 784,324 | 812,385 | 778,264 | ||||||||||||||
Less allowance for loan losses | 3,334 | 3,557 | 3,654 | 3,382 | 3,103 | 3,445 | 3,116 | |||||||||||||||
Net loans | $ | 807,852 | 810,040 | 808,883 | 797,347 | 781,221 | 808,940 | 775,148 | ||||||||||||||
Total earning assets | $ | 1,202,129 | 1,188,383 | 1,204,360 | 1,212,232 | 1,193,585 | 1,195,294 | 1,182,647 | ||||||||||||||
Total assets | 1,321,442 | 1,308,591 | 1,316,037 | 1,323,532 | 1,303,073 | 1,315,052 | 1,290,543 | |||||||||||||||
Total deposits | 1,148,206 | 1,125,457 | 1,138,740 | 1,147,981 | 1,133,403 | 1,136,895 | 1,118,867 | |||||||||||||||
Short-term borrowings | 15,030 | 28,500 | 20,406 | 16,328 | 14,355 | 21,728 | 17,532 | |||||||||||||||
Long-term debt | 441 | 537 | 620 | 684 | 747 | 489 | 1,002 | |||||||||||||||
Total shareholders' equity | 147,826 | 144,672 | 146,602 | 147,371 | 144,185 | 146,258 | 143,316 | |||||||||||||||
Equity to assets ratio | 11.19 | % | 11.06 | % | 11.14 | % | 11.13 | % | 11.06 | % | 11.12 | % | 11.11 | % | ||||||||
Loans to deposits ratio | 70.65 | % | 72.29 | % | 71.35 | % | 69.75 | % | 69.20 | % | 71.46 | % | 69.56 | % | ||||||||
Asset Quality |
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Net charge-offs | $ | 168 | 262 | 278 | (53 | ) | 173 | 430 | 242 | |||||||||||||
Other real estate owned | 0 | 0 | 0 | 270 | 682 | 0 | 682 | |||||||||||||||
Non-accrual loans | 3,747 | 3,869 | 5,725 | 4,619 | 2,697 | 3,747 | 2,697 | |||||||||||||||
Loans past due 90 days or more and still accruing | 141 | 12 | 23 | 20 | 369 | 141 | 369 | |||||||||||||||
Total nonperforming loans | $ | 3,888 | 3,881 | 5,748 | 4,639 | 3,066 | 3,888 | 3,066 | ||||||||||||||
Net charge-offs to average loans | 0.08 | % | 0.13 | % | 0.14 | % | (0.03 | )% | 0.09 | % | 0.11 | % | 0.06 | % | ||||||||
Allowance for loan losses to total loans | 0.41 | % | 0.41 | % | 0.44 | % | 0.47 | % | 0.42 | % | 0.41 | % | 0.42 | % | ||||||||
Nonperforming loans to total loans | 0.47 | % | 0.48 | % | 0.70 | % | 0.57 | % | 0.38 | % | 0.47 | % | 0.38 | % | ||||||||
Nonperforming assets to total assets | 0.29 | % | 0.29 | % | 0.44 | % | 0.37 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||
Assets Under Management |
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LCNB Corp. total assets | $ | 1,335,571 | 1,319,074 | 1,306,799 | 1,333,536 | 1,312,635 | ||||||||||||||||
Trust and investments (fair value) | 315,450 | 316,856 | 303,534 | 293,808 | 284,118 | |||||||||||||||||
Mortgage loans serviced | 98,234 | 99,324 | 100,982 | 105,018 | 107,189 | |||||||||||||||||
Cash management | 45,519 | 29,102 | 30,319 | 27,453 | 28,362 | |||||||||||||||||
Brokerage accounts (fair value) | 209,019 | 199,019 | 188,663 | 179,244 | 163,596 | |||||||||||||||||
Total assets managed | $ | 2,003,793 | 1,963,375 | 1,930,297 | 1,939,059 | 1,895,900 |
LCNB CORP. AND SUBSIDIARIES | |||||||
CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||
(Dollars in thousands) |
|||||||
June 30, 2017 | December 31, | ||||||
(Unaudited) | 2016 | ||||||
ASSETS: | |||||||
Cash and due from banks | $ | 19,399 | 18,378 | ||||
Interest-bearing demand deposits | 10,568 | 487 | |||||
Total cash and cash equivalents | 29,967 | 18,865 | |||||
Investment securities: | |||||||
Available-for-sale, at fair value | 328,788 | 320,659 | |||||
Held-to-maturity, at cost | 38,437 | 41,003 | |||||
Federal Reserve Bank stock, at cost | 2,732 | 2,732 | |||||
Federal Home Loan Bank stock, at cost | 3,638 | 3,638 | |||||
Loans, net | 823,551 | 816,228 | |||||
Premises and equipment, net | 34,980 | 30,244 | |||||
Goodwill | 30,183 | 30,183 | |||||
Core deposit and other intangibles | 4,202 | 4,582 | |||||
Bank owned life insurance | 27,604 | 27,307 | |||||
Other assets | 11,489 | 11,358 | |||||
TOTAL ASSETS | $ | 1,335,571 | 1,306,799 | ||||
LIABILITIES: | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 275,346 | 271,332 | ||||
Interest-bearing | 868,574 | 839,573 | |||||
Total deposits | 1,143,920 | 1,110,905 | |||||
Short-term borrowings | 31,712 | 42,040 | |||||
Long-term debt | 402 | 598 | |||||
Accrued interest and other liabilities | 11,610 | 10,312 | |||||
TOTAL LIABILITIES | 1,187,644 | 1,163,855 | |||||
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 at June 30, 2017 and December 31, 2016; issued 10,767,631 and 10,751,652 shares at June 30, 2017 and December 31, 2016, respectively | 76,785 | 76,490 | |||||
Retained earnings | 83,782 | 80,736 | |||||
Treasury shares at cost, 753,627 shares at March 31, 2017 and December 31, 2016 | (11,665 | ) | (11,665 | ) | |||
Accumulated other comprehensive income, net of taxes | (975 | ) | (2,617 | ) | |||
TOTAL SHAREHOLDERS' EQUITY | 147,927 | 142,944 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,335,571 | 1,306,799 |
LCNB CORP. AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF INCOME | ||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||
(Unaudited) |
||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
INTEREST INCOME: | ||||||||||||
Interest and fees on loans | $ | 8,823 | 8,892 | 17,738 | 17,519 | |||||||
Interest on investment securities – | ||||||||||||
Taxable | 1,149 | 1,187 | 2,242 | 2,376 | ||||||||
Non-taxable | 795 | 794 | 1,594 | 1,552 | ||||||||
Other short-term investments | 167 | 135 | 224 | 182 | ||||||||
TOTAL INTEREST INCOME | 10,934 | 11,008 | 21,798 | 21,629 | ||||||||
INTEREST EXPENSE: | ||||||||||||
Interest on deposits | 846 | 870 | 1,689 | 1,693 | ||||||||
Interest on short-term borrowings | 12 | 8 | 42 | 22 | ||||||||
Interest on long-term debt | 3 | 5 | 7 | 17 | ||||||||
TOTAL INTEREST EXPENSE | 861 | 883 | 1,738 | 1,732 | ||||||||
NET INTEREST INCOME | 10,073 | 10,125 | 20,060 | 19,897 | ||||||||
PROVISION FOR LOAN LOSSES | 222 | 396 | 237 | 486 | ||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,851 | 9,729 | 19,823 | 19,411 | ||||||||
NON-INTEREST INCOME: | ||||||||||||
Trust income | 881 | 837 | 1,733 | 1,600 | ||||||||
Service charges and fees on deposit accounts | 1,312 | 1,243 | 2,534 | 2,436 | ||||||||
Net gain (loss) on sales of securities | 140 | 279 | 140 | 650 | ||||||||
Bank owned life insurance income | 297 | 191 | 486 | 360 | ||||||||
Gains from sales of loans | 63 | 61 | 102 | 102 | ||||||||
Other operating income | 97 | 139 | 225 | 244 | ||||||||
TOTAL NON-INTEREST INCOME | 2,790 | 2,750 | 5,220 | 5,392 | ||||||||
NON-INTEREST EXPENSE: | ||||||||||||
Salaries and employee benefits | 4,703 | 4,532 | 9,229 | 9,095 | ||||||||
Equipment expenses | 264 | 239 | 475 | 488 | ||||||||
Occupancy expense, net | 636 | 588 | 1,204 | 1,157 | ||||||||
State franchise tax | 286 | 276 | 570 | 557 | ||||||||
Marketing | 216 | 201 | 359 | 368 | ||||||||
Amortization of intangibles | 188 | 188 | 373 | 375 | ||||||||
FDIC insurance premiums | 108 | 162 | 212 | 327 | ||||||||
Contracted services | 375 | 223 | 623 | 450 | ||||||||
Other real estate owned | — | 356 | 5 | 385 | ||||||||
Other non-interest expense | 1,835 | 1,703 | 3,529 | 3,558 | ||||||||
TOTAL NON-INTEREST EXPENSE | 8,611 | 8,468 | 16,579 | 16,760 | ||||||||
INCOME BEFORE INCOME TAXES | 4,030 | 4,011 | 8,464 | 8,043 | ||||||||
PROVISION FOR INCOME TAXES | 1,027 | 1,043 | 2,215 | 2,111 | ||||||||
NET INCOME | $ | 3,003 | 2,968 | 6,249 | 5,932 | |||||||
Dividends declared per common share | $ | 0.16 | 0.16 | 0.32 | 0.32 | |||||||
Earnings per common share: | ||||||||||||
Basic | 0.30 | 0.30 | 0.62 | 0.60 | ||||||||
Diluted | 0.30 | 0.29 | 0.62 | 0.59 | ||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 10,004,422 | 9,922,024 | 9,999,765 | 9,919,070 | ||||||||
Diluted | 10,011,312 | 9,943,797 | 10,007,192 | 9,971,900 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170718006447/en/
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