LCNB, a provider of commercial banking and insurance services, has reported net income of $1.44 million for the first quarter of 2008, compared to $1.40 million for the same period of 2007.
The net interest income for the 2008 period was $454,000 greater than in 2007 primarily due to the additional loans and deposits acquired from Sycamore.
The interest income for the first three months of 2008 was $763,000 greater than in the comparable period of 2007 primarily due to a $53.1 million increase in average interest-earning assets, slightly offset by a 14 basis point decrease in the average rate received on such assets.
The non-interest income for the first three months of 2008 was $117,000 greater than for the comparable period in 2007 primarily due to increases in trust income, check card income, income from bank owned life insurance, and insurance agency commissions. Non-interest expense for the 2008 period was $456,000 greater than for 2007.