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Note 15 - Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Earnings Per Share [Text Block] | NOTE 15 – EARNINGS PER COMMON SHARE LCNB has granted restricted stock awards with non-forfeitable dividend rights, which are considered participating securities. Accordingly, earnings per share is computed using the two-class method as required by ASC No. 260-10-45. Basic earnings per common share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share is adjusted for the dilutive effects of stock options, warrants, and restricted stock. The diluted average number of common shares outstanding has been increased for the assumed exercise of stock options and warrants with proceeds used to purchase treasury shares at the average market price for the period. Earnings per share for the three and nine months ended September 30, 2024 and 2023 were calculated as follows (dollars in thousands, except share and per share data):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income |  | $ | 4,532 |  |  |  | 4,070 |  |  |  | 7,372 |  |  |  | 12,921 |
Less allocation of earnings and dividends to participating securities |  |  | 28 |  |  |  | 29 |  |  |  | 46 |  |  |  | 92 |
Net income allocated to common shareholders |  | $ | 4,504 |  |  |  | 4,041 |  |  |  | 7,326 |  |  |  | 12,829 |
Weighted average common shares outstanding, gross |  |  | 14,187,951 |  |  |  | 11,117,737 |  |  |  | 13,846,175 |  |  |  | 11,173,810 |
Less average participating securities |  |  | 84,593 |  |  |  | 79,017 |  |  |  | 84,593 |  |  |  | 79,625 |
Adjusted weighted average number of shares outstanding used in the calculation of basic and diluted earnings per common share |  |  | 14,103,358 |  |  |  | 11,038,720 |  |  |  | 13,761,582 |  |  |  | 11,094,185 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.31 |  |  |  | 0.37 |  |  |  | 0.53 |  |  |  | 1.16 |
Diluted |  |  | 0.31 |  |  |  | 0.37 |  |  |  | 0.53 |  |  |  | 1.16 |

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