Business
LCNB Corp. Reports Financial Results for the Three Months Ended March 31, 2024
Non-interest income increased 9.7% year-over-year to $3.9 million Strengthening balance sheet as cash and cash equivalents grew by 3.4% and debt and equity
About this update from Lcnb Corporation
[{"type":"text","content":"\nNon-interest income increased 9.7% year-over-year to $3.9 million\n\n\nStrengthening balance sheet as cash and cash equivalents grew by 3.4% and debt and equity securities decreased by 6.5%\n\n\nAsset quality remains excellent with total nonperforming loans to total loans of 0.20% at March 31, 2024\n\n\nLCNB successfully completed the Eagle Financial Bancorp, Inc. acquisition on April 12, 2024\n\n\nManagement expects earnings growth will reaccelerate in the fourth quarter of 2024\n\n\n LEBANON, Ohio--(BUSINESS WIRE)--\nLCNB Corp. (\"LCNB\") (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2024.\n\n\nCommenting on the financial results, LCNB President and Chief Executive Officer, Eric Meilstrup said, “Our first quarter performance reflects our near-term focus on integrating the November 2023 Cincinnati Federal acquisition and completing the merger with Eagle Financial Bancorp, Inc. (“EFBI” or “Eagle”), which I am pleased to report closed on April 12, 2024. I am excited by the opportunities underway to leverage the benefits of these two acquisitions and serve compelling communities within the greater Cincinnati region. While we expect one-time merger-related expenses will continue throughout the first half of 2024, we believe we are well positioned for earnings growth to reaccelerate in the fourth quarter of 2024.”\n\n\n“We are simultaneously pursuing organic growth opportunities while providing our communities with best-in-class and local financial services. Total assets managed by LCNB Wealth Management increased 19.4% year-over-year and are up 8.6% over the past three months. The continued growth of LCNB Wealth Management demonstrates the value our financial, trust, and investment products provide to our local communities,” Mr. Meilstrup continued.\n\n\n“In addition to the growth strategies underway, we are also focused on maintaining excellent asset quality and pursuing initiatives that strengthen our balance sheet. As we successfully execute these actions over the coming quarters, we believe we will enhance our earnings power, strengthen our competitive advantage, and position LCNB National Bank for long-term success. I am proud of the direction LCNB is headed, and I look forward to updating shareholders on the progress we are making,” concluded Mr. Meilstrup.\n\n\nIncome Statement\n\n\n...