Business
LCNB Corp. Reports Financial Results for the Three Months Ended March 31, 2023
Ended the First Quarter with a Stable Deposit Base and an 86.97% Loan to Deposit Ratio Asset Quality Remains Excellent with Total Nonperforming Loans to
About this update from Lcnb Corporation
[{"type":"text","content":"\nEnded the First Quarter with a Stable Deposit Base and an 86.97% Loan to Deposit Ratio\n\n\nAsset Quality Remains Excellent with Total Nonperforming Loans to Total Loans of 0.05% at March 31, 2023\n\n\nTotal Earning Assets Increased 1.4% Year-over-Year to a Record $1.74 Billion\n\n\nLCNB Wealth Management Assets Up 6.2% Year-over-Year to a Record $1.09 Billion\n\n\nFirst Quarter Earnings of $0.37 Per Diluted Share\n\n\n LEBANON, Ohio--(BUSINESS WIRE)--\nLCNB Corp. (\"LCNB\") (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2023.\n\n\nCommenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “We continue to successfully navigate an extremely fluid operating environment as a result of the community banking values we have followed throughout our history, our prudent focus on risk management, and our commitment to our customers and communities. We believe these core operating principles not only position the bank for success in any economic environment, but also resonate with our customers and support our growth. We ended the quarter with record total assets under management driven by growing customer accounts and record assets within our LCNB Wealth Management group. This drove a 2.7% year-over-year increase in fiduciary income and helped grow non-interest income in the first quarter. I am encouraged by the positive momentum underway at LCNB Wealth Management as we leverage our local approach, growing scale, and expanding relationships.”\n\n\n“LCNB’s long history of serving our communities helps us build longstanding relationships with our customers and builds a stable funding base. At March 31, 2023, we had over 60,000 consumer, public fund, small business and non-profit checking and savings accounts with an average balance of approximately $23,000 per account. With a loan-to-deposit ratio of 86.97% and an equity-to-asset ratio of 10.60% at March 31, 2023, we are well capitalized to support our loan portfolio. LCNB’s strong liquidity levels also continue to support our share repurchase program and during the first quarter we repurchased 107,028 shares of our common stock,” continued Mr. Meilstrup.\n\n\n“LCNB has a solid foundation of experienced leaders, excellent asset quality, and strong capital levels. We are focused on leveraging this platform to...