2022-07-26 | NDAQ:LCNB | Press Release

Shira Smolko

Loans, Net Increased 4.2% Year-over-Year to $1.37 Billion

Total Deposits Increased 5.2% Year-over-Year to $1.66 Billion

Credit Quality Remains Strong with Total Nonperforming Loans Declining to $0.6 Million, or 0.04% of Total Loans

Second Quarter Earnings Per Share Increased 19.5% to a Quarterly Record of $0.49 Per Diluted Share

LCNB Corp. (“LCNB”) (NASDAQ: LCNB) today announced financial results for the three and six months ended June 30, 2022.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “LCNB produced strong financial results during the second quarter. Second quarter basic and diluted earnings per share of $0.49 were a quarterly record and benefited from a 5.6% increase in net interest income, an $889,000 gain from the sale of other real estate owned, and our share repurchase program. Solid core profitability combined with our repurchase program also drove an improvement in second quarter return on tangible equity, which grew to 15.52% for the three months ended June 30, 2022.”

Mr. Meilstrup continued, “We believe we are well positioned to navigate the fluid business environment because of our historically strong asset quality, diversified sources of revenue, and the value of our community-oriented financial services. Supporting our commercial, retail, and wealth customers and expanding our diverse financial services to more customers and markets throughout the greater Cincinnati, Dayton, Chillicothe, and Columbus markets are important components of our growth initiatives. Our personal and business banking services, combined with our Wealth Management offerings, provide a powerful platform suite of financial products to our local communities. I am encouraged by the progress we are making attracting more customers to LCNB and growing our balance sheet.”

“We also remain committed to returning excess capital to our shareholders through our dividend policy and share buyback program. Year-to-date, we have retired approximately 8.7% of our common stock through our share repurchase program. In addition, LCNB’s year-to-date dividend payout ratio of nearly 46% and annualized dividend yield of approximately 5% reflects management and the Board’s desire to return a meaningful amount of our earnings back to our shareholders,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2022 second quarter was $5,618,000, compared to $5,290,000 for the same period last year. Earnings per basic and diluted share for the 2022 second quarter were $0.49, compared to $0.41 for the same period last year. Net income for the six-month period ended June 30, 2022, was $10,141,000, compared to $10,530,000 for the same period last year. Earnings per basic and diluted share for the six-month period ended June 30, 2022, were $0.87, compared to $0.82 for the same period last year.

Net interest income for the three months ended June 30, 2022, was $15,167,000, compared to $14,369,000 for the comparable period in 2021. Net interest income for the six-month period ended June 30, 2022, increased $649,000 to $29,390,000, as compared to $28,741,000 in the same period last year. Favorably contributing to the variances for both the three- and six- month periods were overall growth in the taxable debt securities and loan portfolios and decreases in the average rates paid on deposits, aided by a shift from higher cost certificates of deposit to lower cost demand and savings products.

Non-interest income for the three months ended June 30, 2022, decreased $786,000, or by 18.2% to $3,528,000, compared to $4,314,000 for the same period last year. For the six months ended June 30, 2022, non-interest income decreased $701,000, or by 9.0% to $7,078,000, compared to $7,779,000 for the same period last year. Non-interest income for the three and six months ended June 30, 2021, included a one-time refund on the Company’s Ohio Financial Institutions Taxes, which was included in other operating income. The primary drivers for the remainder of the second quarter decrease included decreased fiduciary income, decreased gains from sales of loans, and net unrealized losses recognized on LCNB’s equity securities investment portfolio. Drivers for the remainder of the first half year-over-year decrease in non-interest income included net unrealized losses recognized on LCNB’s equity securities investment portfolio.

Non-interest expense for the three months ended June 30, 2022, was $739,000 less than the comparable period in 2021 primarily due to an $889,000 gain from the sale of other real estate owned during the 2022 second quarter, which was partially offset by a $140,000 impairment charge included in other operating expense that was associated with the sale of the Company’s Colerain Office building. For the first half ended June 30, 2022, non-interest expense increased $19,000 from the comparable period in 2021.

Capital Allocation

During the 2022 second quarter, LCNB invested $0.5 million to repurchase 33,035 shares of its outstanding stock at an average price of $15.48 per share. Year-to-date, LCNB invested $21.5 million to repurchase 1,084,723 shares of its outstanding stock at an average price of $19.87 per share. This equates to approximately 8.7% of the Company’s outstanding common stock prior to the repurchase. At June 30, 2022, LCNB had 466,965 shares remaining under its May 27, 2022, share repurchase program.

For the second quarter ended June 30, 2022, LCNB paid $0.20 per share in dividends, a 5.3% increase from $0.19 per share for the second quarter last year. Year-to-date, LCNB paid $0.40 per share in dividends, compared to $0.38 per share for the first half last year.

Balance Sheet

Total assets at June 30, 2022 increased 3.0% to a record $1.91 billion from $1.86 billion at June 30, 2021. Net loans at June 30, 2022, increased 4.2% to $1.37 billion, compared to $1.31 billion at June 30, 2021.

Total deposits at June 30, 2022 increased 5.2% to a record $1.66 billion, compared to $1.58 billion at June 30, 2021, as LCNB continues to experience year-over-year growth in both interest-bearing and non-interest-bearing accounts.

Long-term debt at June 30, 2022 was $15 million greater than at December 31, 2021 due to the restructuring of a $20 million short-term line of credit into a $15 million three year term loan and a $5 million short-term line of credit.

Asset Quality

For the 2022 second quarter, LCNB recorded a $377,000 provision for loan losses, compared to a credit of $15,000 for the 2021 second quarter. For the six months ended June 30, 2022, LCNB recorded a provision for loan losses of $426,000, compared to a credit for loan losses of $67,000 for the six months ended June 30, 2021. The $493,000 year-over-year increase in the provision for loan losses was partially due to higher year-over-year net charge-offs and additional provisioning for the increase in volume of the commercial real estate loan portfolio.

Net charge-offs for the 2022 second quarter were $74,000, compared to $12,000 for the same period last year. For the 2022 six-month period, net charge-offs were $99,000 or 0.01% of average loans, compared to $9,000 for the 2021 six-month period.

Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest, decreased $2,739,000 from $3,338,000 or 0.25% of total loans at June 30, 2021, to $599,000 or 0.04% of total loans at June 30, 2022. The decrease in nonperforming loans was primarily a result of the completion of the foreclosure process on a commercial real estate loan and the reclassification of that loan to other real estate owned. Nonperforming assets to total assets was 0.03% at June 30, 2022, compared to 0.18% at June 30, 2021.

About LCNB Corp.

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, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, 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.

Forward-Looking Statements

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. Please refer to LCNB’s Annual Report on Form 10-K for the year ended December 31, 2021, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

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. the significant risks and uncertainties for LCNB’s business, results of operations and financial condition, as well as its regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on financial markets, the effectiveness of LCNB’s work from home arrangements and staffing levels in operational facilities, the impact of market participants on which LCNB relies, and actions taken by governmental authorities and other third parties in response to the pandemic;
  3. the disruption of global, national, state, and local economies associated with the COVID-19 pandemic and the Russia/Ukraine conflict, which could affect LCNB’s liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses;
  4. LCNB’s ability to integrate future acquisitions may be unsuccessful, or may be more difficult, time-consuming, or costly than expected;
  5. LCNB may incur increased loan charge-offs in the future;
  6. LCNB may face competitive loss of customers;
  7. changes in the interest rate environment, which may include continued interest rate increases, may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
  8. changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
  9. changes in regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results;
  10. LCNB may experience difficulties growing loan and deposit balances;
  11. United States trade relations with foreign countries could negatively impact the financial condition of LCNB’s customers, which could adversely affect LCNB ‘s operating results and financial condition;
  12. 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;
  13. difficulties with technology or data security breaches, including cyberattacks, that could negatively affect LCNB’s ability to conduct business and its relationships with customers, vendors, and others;
  14. adverse weather events and natural disasters and global and/or national epidemics; and
  15. government intervention in the U.S. financial system, including the effects of recent legislative, tax, accounting and regulatory actions and reforms, including the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, and the Tax Cuts and Jobs Act.

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)

(Unaudited)

Three Months Ended

Six Months Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

6/30/2022

6/30/2021

Condensed Income Statement

Interest income

$

16,208

15,122

15,189

15,024

15,429

31,330

30,964

Interest expense

1,041

899

879

951

1,060

1,940

2,223

Net interest income

15,167

14,223

14,310

14,073

14,369

29,390

28,741

Provision (credit) for loan losses

377

49

(508

)

306

(15

)

426

(67

)

Net interest income after provision (credit) for loan losses

14,790

14,174

14,818

13,767

14,384

28,964

28,808

Non-interest income

3,528

3,550

4,347

4,106

4,314

7,078

7,779

Non-interest expense

11,469

12,250

12,311

12,029

12,208

23,719

23,700

Income before income taxes

6,849

5,474

6,854

5,844

6,490

12,323

12,887

Provision for income taxes

1,231

951

1,227

1,027

1,200

2,182

2,357

Net income

$

5,618

4,523

5,627

4,817

5,290

10,141

10,530

Supplemental Income Statement Information

Amort/Accret income on acquired loans

$

61

66

116

132

216

127

465

Tax-equivalent net interest income

$

15,217

14,273

14,365

14,129

14,427

29,490

28,858

Per Share Data

Dividends per share

$

0.20

0.20

0.20

0.19

0.19

0.40

0.38

Basic earnings per common share

$

0.49

0.38

0.45

0.39

0.41

0.87

0.82

Diluted earnings per common share

$

0.49

0.38

0.45

0.39

0.41

0.87

0.82

Book value per share

$

17.84

18.14

19.22

19.17

18.99

17.84

18.99

Tangible book value per share

$

12.53

12.84

14.33

14.28

14.15

12.53

14.15

Weighted average common shares outstanding:

Basic

11,337,805

11,818,614

12,370,702

12,455,276

12,743,726

11,576,873

12,769,131

Diluted

11,337,805

11,818,614

12,370,702

12,455,276

12,743,726

11,576,873

12,769,146

Shares outstanding at period end

11,374,515

11,401,503

12,414,956

12,434,084

12,634,845

11,374,515

12,634,845

Selected Financial Ratios

Return on average assets

1.18

%

0.96

%

1.18

%

1.02

%

1.15

%

1.07

%

1.17

%

Return on average equity

10.96

%

8.13

%

9.33

%

7.93

%

8.78

%

9.48

%

8.79

%

Return on average tangible common equity

15.52

%

11.11

%

12.51

%

10.62

%

11.76

%

13.18

%

11.79

%

Dividend payout ratio

40.82

%

52.63

%

44.44

%

48.72

%

46.34

%

45.98

%

46.34

%

Net interest margin (tax equivalent)

3.54

%

3.35

%

3.34

%

3.32

%

3.51

%

3.45

%

3.57

%

Efficiency ratio (tax equivalent)

61.18

%

68.73

%

65.79

%

65.96

%

65.14

%

64.86

%

64.69

%

Selected Balance Sheet Items

Cash and cash equivalents

$

31,815

19,941

18,136

23,852

22,909

Debt and equity securities

337,952

330,715

345,649

352,066

349,199

Loans:

Commercial and industrial

$

114,971

105,805

101,792

91,246

97,240

Commercial, secured by real estate

905,703

906,140

889,108

862,202

836,085

Residential real estate

315,930

328,034

334,547

343,318

341,447

Consumer

30,308

32,445

34,190

35,349

35,257

Agricultural

7,412

7,980

10,647

8,852

8,765

Other, including deposit overdrafts

81

45

122

247

369

Deferred net origination fees

(928

)

(928

)

(961

)

(1,055

)

(1,398

)

Loans, gross

1,373,477

1,379,521

1,369,445

1,340,159

1,317,765

Less allowance for loan losses

5,833

5,530

5,506

5,828

5,652

Loans, net

$

1,367,644

1,373,991

1,363,939

1,334,331

1,312,113

Three Months Ended

Six Months Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

6/30/2022

6/30/2021

Selected Balance Sheet Items, continued

Total earning assets

$

1,722,853

1,712,115

1,716,420

1,695,281

1,671,462

Total assets

1,912,627

1,899,630

1,903,629

1,884,252

1,856,670

Total deposits

1,658,825

1,636,606

1,628,819

1,603,203

1,577,345

Short-term borrowings

5,000

24,746

Long-term debt

25,000

10,000

10,000

15,000

15,000

Total shareholders’ equity

202,960

206,875

238,604

238,419

239,952

Equity to assets ratio

10.61

%

10.89

%

12.53

%

12.65

%

12.92

%

Loans to deposits ratio

82.80

%

84.29

%

84.08

%

83.59

%

83.54

%

Tangible common equity (TCE)

$

142,557

146,360

177,949

177,501

178,771

Tangible common assets (TCA)

1,852,224

1,839,115

1,842,974

1,823,334

1,795,489

TCE/TCA

7.70

%

7.96

%

9.66

%

9.73

%

9.96

%

Selected Average Balance Sheet Items

Cash and cash equivalents

$

28,787

32,826

29,614

34,557

45,414

30,788

41,385

Debt and equity securities

338,149

340,666

348,150

356,214

312,596

339,432

286,517

Loans

$

1,375,710

1,376,926

1,351,762

1,321,629

1,328,760

1,376,315

1,321,323

Less allowance for loan losses

5,532

5,503

5,843

5,567

5,678

5,517

5,696

Net loans

$

1,370,178

1,371,423

1,345,919

1,316,062

1,323,082

1,370,798

1,315,627

Total earning assets

$

1,722,503

1,727,335

1,708,392

1,688,589

1,666,126

1,724,938

1,628,066

Total assets

1,912,574

1,917,226

1,896,530

1,879,314

1,852,035

1,914,767

1,813,888

Total deposits

1,655,389

1,646,627

1,615,020

1,595,773

1,570,070

1,651,032

1,529,339

Short-term borrowings

18,263

12,503

893

1,320

716

15,399

530

Long-term debt

12,637

10,000

14,402

15,000

15,571

11,326

17,619

Total shareholders’ equity

205,645

225,725

239,174

240,976

241,651

215,629

241,585

Equity to assets ratio

10.75

%

11.77

%

12.61

%

12.82

%

13.05

%

11.26

%

13.32

%

Loans to deposits ratio

83.10

%

83.62

%

83.70

%

82.82

%

84.63

%

83.36

%

86.40

%

Asset Quality

Net charge-offs (recoveries)

$

74

25

(186

)

$

130

12

99

9

Other real estate owned

Non-accrual loans

$

599

1,455

1,481

2,629

3,338

599

3,338

Loans past due 90 days or more and still accruing

56

13

Total nonperforming loans

$

599

1,455

1,537

$

2,642

3,338

599

3,338

Net charge-offs (recoveries) to average loans

0.02

%

0.01

%

(0.05

) %

0.04

%

0.00

%

0.01

%

0.00

%

Allowance for loan losses to total loans

0.42

%

0.40

%

0.40

%

0.43

%

0.43

%

0.42

%

0.43

%

Nonperforming loans to total loans

0.04

%

0.11

%

0.11

%

0.20

%

0.25

%

0.04

%

0.25

%

Nonperforming assets to total assets

0.03

%

0.08

%

0.08

%

0.14

%

0.18

%

0.03

%

0.18

%

Assets Under Management

LCNB Corp. total assets

$

1,912,627

1,899,630

1,903,629

1,884,252

1,856,670

Trust and investments (fair value)

625,984

700,353

722,093

713,936

701,838

Mortgage loans serviced

153,557

152,271

149,382

140,147

126,924

Cash management

38,914

75,302

34,009

72,622

80,177

Brokerage accounts (fair value)

303,663

326,290

334,670

319,495

314,491

Total assets managed

$

3,034,745

3,153,846

3,143,783

3,130,452

3,080,100

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

June 30, 2022

(Unaudited)

December 31,

2021

ASSETS:

Cash and due from banks

$

20,391

16,810

Interest-bearing demand deposits

11,424

1,326

Total cash and cash equivalents

31,815

18,136

Investment securities:

Equity securities with a readily determinable fair value, at fair value

2,250

2,546

Equity securities without a readily determinable fair value, at cost

2,099

2,099

Debt securities, available-for-sale, at fair value

301,232

308,177

Debt securities, held-to-maturity, at cost

22,516

22,972

Federal Reserve Bank stock, at cost

4,652

4,652

Federal Home Loan Bank stock, at cost

5,203

5,203

Loans, net

1,367,644

1,363,939

Premises and equipment, net

34,519

35,385

Operating leases right of use asset

6,101

6,357

Goodwill

59,221

59,221

Core deposit and other intangibles

2,178

2,473

Bank owned life insurance

43,758

43,224

Interest receivable

7,448

7,999

Other assets

21,991

21,246

TOTAL ASSETS

$

1,912,627

1,903,629

LIABILITIES:

Deposits:

Noninterest-bearing

$

499,124

501,531

Interest-bearing

1,159,701

1,127,288

Total deposits

1,658,825

1,628,819

Short-term borrowings

5,000

Long-term debt

25,000

10,000

Operating lease liabilities

6,227

6,473

Accrued interest and other liabilities

14,615

19,733

TOTAL LIABILITIES

1,709,667

1,665,025

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; issued 14,258,074 and 14,213,792 shares at June 30, 2022 and December 31, 2021, respectively; outstanding 11,374,515 and 12,414,956 shares at June 30, 2022 and December 31, 2021, respectively

143,635

143,130

Retained earnings

131,894

126,312

Treasury shares at cost, 2,883,559 and 1,798,836 shares at June 30, 2022 and December 31, 2021, respectively

(50,629

)

(29,029

)

Accumulated other comprehensive loss, net of taxes

(21,940

)

(1,809

)

TOTAL SHAREHOLDERS’ EQUITY

202,960

238,604

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

1,912,627

1,903,629

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2022

2021

2022

2021

INTEREST INCOME:

Interest and fees on loans

$

14,548

14,108

28,334

28,643

Dividends on equity securities with a readily determinable fair value

14

13

26

26

Dividends on equity securities without a readily determinable fair value

5

5

10

11

Interest on debt securities, taxable

1,254

905

2,349

1,623

Interest on debt securities, non-taxable

188

218

377

442

Other investments

199

180

234

219

TOTAL INTEREST INCOME

16,208

15,429

31,330

30,964

INTEREST EXPENSE:

Interest on deposits

775

945

1,514

1,973

Interest on short-term borrowings

163

1

249

2

Interest on long-term debt

103

114

177

248

TOTAL INTEREST EXPENSE

1,041

1,060

1,940

2,223

NET INTEREST INCOME

15,167

14,369

29,390

28,741

PROVISION (CREDIT) FOR LOAN LOSSES

377

(15

)

426

(67

)

NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES

14,790

14,384

28,964

28,808

NON-INTEREST INCOME:

Fiduciary income

1,643

1,735

3,338

3,264

Service charges and fees on deposit accounts

1,546

1,519

2,952

2,885

Bank owned life insurance income

269

269

534

536

Gains from sales of loans

64

151

188

194

Other operating income

6

640

66

900

TOTAL NON-INTEREST INCOME

3,528

4,314

7,078

7,779

NON-INTEREST EXPENSE:

Salaries and employee benefits

7,014

7,111

14,229

13,544

Equipment expenses

428

443

836

811

Occupancy expense, net

735

729

1,510

1,523

State financial institutions tax

437

437

873

881

Marketing

368

357

630

625

Amortization of intangibles

112

260

252

517

FDIC insurance premiums, net

134

123

260

236

Contracted services

679

623

1,289

1,163

Other real estate owned, net

(879

)

1

(879

)

2

Other non-interest expense

2,441

2,124

4,719

4,398

TOTAL NON-INTEREST EXPENSE

11,469

12,208

23,719

23,700

INCOME BEFORE INCOME TAXES

6,849

6,490

12,323

12,887

PROVISION FOR INCOME TAXES

1,231

1,200

2,182

2,357

NET INCOME

$

5,618

5,290

10,141

10,530

Dividends declared per common share

$

0.20

0.19

0.40

0.38

Earnings per common share:

Basic

0.49

0.41

0.87

0.82

Diluted

0.49

0.41

0.87

0.82

Weighted average common shares outstanding:

Basic

11,337,805

12,743,726

11,576,873

12,769,131

Diluted

11,337,805

12,743,726

11,576,873

12,769,146

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