<SEC-DOCUMENT>0000906318-12-000065.txt : 20120420
<SEC-HEADER>0000906318-12-000065.hdr.sgml : 20120420
<ACCEPTANCE-DATETIME>20120420142313
ACCESSION NUMBER:		0000906318-12-000065
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120420
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120420
DATE AS OF CHANGE:		20120420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LCNB CORP
		CENTRAL INDEX KEY:			0001074902
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				311626393
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35292
		FILM NUMBER:		12770515

	BUSINESS ADDRESS:	
		STREET 1:		2 NORTH BROADWAY
		CITY:			LEBANON
		STATE:			OH
		ZIP:			45036
		BUSINESS PHONE:		5139321414

	MAIL ADDRESS:	
		STREET 1:		2 NORTH BROADWAY
		CITY:			LEBANON
		STATE:			OH
		ZIP:			45036
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>lcnb8k042012.htm
<DESCRIPTION>8-K
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<DIV style="width:720px"><P style="margin:0px; font-size:12pt" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0px; font-size:12pt" align=center>Washington, D.C. 20549</P>
<P style="margin:0px; font-size:12pt" align=center>___________________</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center>FORM 8K</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center>CURRENT REPORT</P>
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<P style="margin:0px; font-size:12pt" align=center>Pursuant to Section 13 or 15(d) of the</P>
<P style="margin:0px; font-size:12pt" align=center>Securities Exchange Act of 1934</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:32px; font-size:12pt" align=center>Date of Report (Date of earliest event reported): &nbsp;April 20, 2012</P>
<P style="margin:0px; font-size:12pt" align=center>LCNB CORP.</P>
<P style="margin:0px; font-size:12pt" align=center>(Exact name of Registrant as specified in its Charter)</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=192 /><TD width=48 /><TD width=192 /><TD width=192 /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:12pt" align=center>Ohio</P>
</TD><TD style="margin-top:0px" valign=top width=48><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:12pt" align=center>0-26121</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:12pt" align=center>31-1626393</P>
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<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:12pt" align=center>(State or other jurisdiction of incorporation)</P>
</TD><TD style="margin-top:0px" valign=top width=48><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:12pt" align=center>(Commission File No.)</P>
</TD><TD style="margin-top:0px" valign=top width=192><P style="margin:0px; font-size:12pt" align=center>(IRS Employer Identification Number)</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=384 /><TD width=119.467 /><TD width=127.733 /></TR>
<TR><TD style="margin-top:0px" valign=top width=384><P style="margin:0px; font-size:12pt" align=center>2 North Broadway, Lebanon, Ohio</P>
</TD><TD style="margin-top:0px" valign=top width=119.467><P style="margin:0px; font-size:12pt" align=center>45036</P>
</TD><TD style="margin-top:0px" valign=top width=127.733><P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=384><P style="margin:0px; font-size:12pt" align=center>(Address of principal executive offices)</P>
</TD><TD style="margin-top:0px" valign=top width=119.467><P style="margin:0px; font-size:12pt" align=center>(Zip Code)</P>
</TD><TD style="margin-top:0px" valign=top width=127.733><P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Registrant<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s telephone number, including area code: &nbsp;&nbsp;(513) 932-1414</P>
<P style="margin:0px; font-size:12pt" align=center>N/A</P>
<P style="margin:0px; font-size:12pt" align=center>(Former name or former address, if changed since last report)</P>
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<P style="margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always"><B>Item 2.02 &nbsp;&nbsp;Results of Operations and Financial Condition.</B></P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify>On April 20, 2012, LCNB Corp. issued an earnings release announcing its financial results for the first quarter ended March 31, 2012. &nbsp;A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit&#160;99.2) are attached and are furnished under this Item 2.02. </P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-size:12pt"><B>Item 8.01 &nbsp;&nbsp;Other Events. </B></P>
<P style="margin-top:6.667px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify>On April 20, 2012, LCNB Corp. issued an earnings release announcing its financial results for the first quarter ended March 31, 2012. &nbsp;A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit&#160;99.2) are attached and are furnished under this Item 8.01. &nbsp;</P>
<P style="margin-top:6.667px; margin-bottom:16px; font-size:12pt"><B>Item 9.01 &nbsp;&nbsp;Financial Statements and Exhibits.</B></P>
<P style=margin-top:6.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:12pt; float:left">(c)</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:-2px; font-size:12pt">Exhibits</P>
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<P style=margin-top:6.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:144px; font-size:12pt; float:left"><B>Exhibit No.</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:-2px; font-size:12pt"><B>Description</B></P>
<P style=margin-top:6.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:144px; font-size:12pt; clear:left; float:left">99.1</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:-2px; font-size:12pt">Press release dated April 20, 2012</P>
<P style=margin-top:6.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:144px; font-size:12pt; clear:left; float:left">99.2</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:-2px; font-size:12pt">Unaudited Financial Highlights </P>
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<P style="margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always" align=center>SIGNATURES</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
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</TD><TD style="margin-top:0px" valign=top width=288 colspan=4><P style="margin-top:0px; margin-bottom:7.4px; font-size:12pt">LCNB CORP.</P>
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<TR><TD style="margin-top:0px" valign=top width=240 colspan=5><P style="margin:0px; font-size:12pt">Date: April 20, 2012</P>
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</TD><TD style="margin-top:0px" valign=top width=288 colspan=4><P style="margin:0px; font-size:12pt">By: &nbsp;<U>/s/ Robert C. Haines II&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U></P>
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</TD><TD style="margin-top:0px" valign=top width=240 colspan=3><P style="margin:0px; font-size:12pt">Robert C. Haines II</P>
<P style="margin:0px; font-size:12pt">Chief Financial Officer</P>
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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>lcnbexh991.htm
<DESCRIPTION>EXHIBIT 99.1
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<DIV style="width:700.8px"><P style="margin:0px; font-size:12pt">Press Release</P>
<P style="margin:0px; font-size:12pt">April 20, 2012</P>
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<P style="margin:0px; font-size:14pt" align=center><B>LCNB CORP. REPORTS FINANCIAL RESULTS FOR</B></P>
<P style="margin:0px; font-size:14pt" align=center><B>THE THREE MONTHS ENDED MARCH 31, 2012</B></P>
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<P style="margin:0px; font-size:12pt">LCNB Corp. (LCNB) today announced net income of $2,277,000 (total basic and diluted earnings per share of $0.34) for the three months ended March 31, 2012. &nbsp;Commenting on 2012 earnings, LCNB CEO Steve Wilson stated, <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>Despite a weak economy, LCNB<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s financial results for the first quarter of 2012 were strong. &nbsp;Net income from continuing operations increased 54.1% over results from the first quarter 2011, while total deposits increased 1.8% since December 31, 2011. &nbsp;Our success allowed us to maintain a quarterly dividend to shareholders of $0.16 per share.<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font> &nbsp;</P>
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<P style="margin:0px; font-size:12pt">Net income of $2,277,000 for the first quarter 2012 compares to net income from continuing operations for the first quarter 2011 of $1,478,000 (total basic and diluted earnings per share of $0.22). &nbsp;Income increased due to increases in net interest income and non-interest income and decreases in the provision for loan losses and non-interest expense. &nbsp;Net income in 2011 included income from discontinued operations of $824,000, which consisted of a gain recognized on the sale of LCNB<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s insurance agency subsidiary, Dakin Insurance Agency, Inc., less certain related closing costs, taxes, and a curtailment expense recognized in LCNB<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s nonqualified defined benefit retirement plan due to the sale.</P>
<P style="margin:0px; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; font-size:12pt">Net loan charge-offs for the first quarter 2012 and 2011 totaled $256,000 and $374,000, respectively. &nbsp;Non-accrual loans and loans past due 90 days or more and still accruing interest totaled $3,174,000 or 0.69% of total loans at March 31, 2012, compared to $3,707,000 or 0.80% of total loans at December 31, 2011. &nbsp;The decrease was primarily due to the foreclosure of a non-accrual commercial real estate loan during the first quarter 2012. &nbsp;Consequently, other real estate owned (which includes property acquired through foreclosure or deed-in-lieu of foreclosure and also includes property deemed to be in-substance foreclosed) and other repossessed assets increased from $1,642,000 at December 31, 2011 to $2,091,000 at March 31, 2012.</P>
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<P style="margin:0px; font-size:12pt">Net interest income for the first quarter 2012 was $51,000 greater than results for the first quarter 2011 primarily due to an increase in average interest earning assets, partially offset by a decrease in the net interest margin. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">Non-interest income for the first quarter 2012 was $421,000 greater than the comparable period in 2011 primarily due to increases in trust income and gains recognized on the sale of investment securities and mortgage loans. &nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">Non-interest expense for the first quarter 2012 was $337,000 less than the comparable period in 2011 primarily due to decreases in FDIC insurance premiums and in other expenses. &nbsp;The decrease in other expenses in 2012 reflects the absences of a loss on a standby letter of credit and certain environmental remediation costs recognized during the first quarter 2011. &nbsp;</P>
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<P style="margin:0px; font-size:12pt">LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. &nbsp;LCNB Corp.<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s only business is ownership of LCNB National Bank, which has 25 offices located in Warren, Butler, Montgomery, Clinton, Clermont, and Hamilton Counties, Ohio. &nbsp;Additional information about LCNB Corp. and information about products and services offered by LCNB National Bank can be found on the internet at <FONT style="color:#0000FF"><U>www.lcnb.com</U></FONT>.</P>
<P style="margin:0px; font-size:12pt">&nbsp;&nbsp;</P>
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<P style="margin:0px; padding-left:5.333px; padding-top:1.333px; padding-right:5.333px; padding-bottom:1.333px; border:1px solid #000000">Certain matters disclosed herein may be deemed to be forward-looking statements that involve risks and uncertainties, including regulatory policy changes, interest rate fluctuations, loan demand, loan delinquencies and losses, and other risks. &nbsp;Actual strategies and results in future time periods may differ materially from those currently expected. &nbsp;Such forward-looking statements represent management<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s judgment as of the current date. &nbsp;LCNB disclaims any intent or obligation to update such forward-looking statements. &nbsp;&nbsp;LCNB intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.</P>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>lcnbexh992.htm
<DESCRIPTION>EXHIBIT 99.2
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<DIV style="width:700.8px"><P style="margin:0px; font-size:12pt" align=center><B>LCNB Corp. and Subsidiaries</B></P>
<P style="margin:0px" align=center><B>Financial Highlights</B></P>
<P style="margin:0px" align=center>&nbsp;(Dollars in thousands, except per share amounts)</P>
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<P style="margin:0px; font-size:9pt"><B>Condensed Income Statement</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=234 colspan=3><P style="margin:0px; font-size:9pt" align=center><B>Three Months Ended</B></P>
<P style="margin:0px; font-size:9pt" align=center><B>March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=center>2012</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=center>2011</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Interest income</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt" align=right>$</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>7,731</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>8,130</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Interest expense</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>1,322</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>1,772</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Net interest income</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>6,409</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>6,358</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Provision for loan losses</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>215</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>664</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Net interest income after provision</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>6,194</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>5,694</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Non-interest income</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>2,336</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>1,915</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Non-interest expense</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>5,448</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>5,785</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Income before income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>3,082</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>1,824</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Provision for income taxes</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>805</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>346</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Net income from continuing operations</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>2,277</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>1,478</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Income from discontinued operations, net of taxes</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>824</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Net income</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>2,277</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>2,302</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Dividends per common share</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt">$</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>0.16</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>0.16</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Basic earnings per common share:</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Continuing operations</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt">$</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>0.34</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>0.22</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Discontinued operations</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>0.12</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Diluted earnings per common share:</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Continuing operations</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt">$</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>0.34</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>0.22</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Discontinued operations</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>0.12</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Average shares outstanding:</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Basic</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>6,706,295</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>6,689,743</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Diluted</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>6,773,451</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>6,741,767</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt"><B>Selected Financial Ratios</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Return on average assets</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>1.15%</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>1.22%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Return on average equity</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>11.56%</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>13.16%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Dividend payout ratio</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>47.06%</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>47.06%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Net interest margin (tax equivalent)</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>3.69%</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>3.87%</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=318 /><TD width=18 /><TD width=114 /><TD width=18 /><TD width=102 /></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:9pt"><B>Selected Balance Sheet Items</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=center><B>March 31,</B></P>
<P style="margin:0px; font-size:9pt" align=center><B>2012</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=center><B>December 31,</B></P>
<P style="margin:0px; font-size:9pt" align=center><B>2011</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Investment securities</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt">$</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>265,829</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>&nbsp;267,771</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Loans</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>456,981</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>461,262</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Less allowance for loan losses</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>2,890</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>2,931</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">&nbsp;&nbsp;Net loans</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>454,091</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>458,331</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Total assets</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>791,905</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>791,570</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Total deposits</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>675,566</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>663,562</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Short-term borrowings</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>10,590</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>21,596</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Long-term debt</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>20,731</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>21,373</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Total shareholders<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> equity</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>78,513</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>77,960</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Shares outstanding at period end</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>6,711,691</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>6,704,723</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Book value per share</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt">$</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>11.70</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>11.63</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Equity to assets ratio</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>9.91%</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>9.85%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt"><B>Assets Under Management</B></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px" align=right><BR></P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px" align=right><BR></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">LCNB Corp. total assets</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt">$</P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>791,905</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>791,570</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Trust and investments (fair value)</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>235,205</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>221,950</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Loans serviced</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>68,250</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>67,410</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Business cash management</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>8,682</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>8,583</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Brokerage accounts (fair value)</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>87,250</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>78,863</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=318><P style="margin:0px; font-size:9pt">Total assets managed</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; font-size:9pt">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=114><P style="margin:0px; font-size:9pt" align=right>1,191,292</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px" align=center><BR></P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=102><P style="margin:0px; font-size:9pt" align=right>1,168,376</P>
</TD></TR>
</TABLE>
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<P style="margin:0px"><BR>
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