Business
LCNB Corp. Reports Record Financial Results for the Three and Nine Months Ended September 30, 2021
LCNB Wealth Assets Up 30.5% Year-over-Year to a Record $1.03 Billion Total Assets Managed1 13.5% Higher Year-over-Year to a Record $3.13 Billion Third
About this update from Lcnb Corporation
[{"type":"text","content":"\nLCNB Wealth Assets Up 30.5% Year-over-Year to a Record $1.03 Billion\n\nTotal Assets Managed1 13.5% Higher Year-over-Year to a Record $3.13 Billion\n\nThird Quarter Diluted Earnings Per Share Increased 18.2% Year-over-Year to $0.39 Per Share\n\n LEBANON, Ohio--(BUSINESS WIRE)--\nLCNB Corp. (\"LCNB\") (NASDAQ: LCNB) today announced financial results for the three and nine months ended September 30, 2021.\n\nCommenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “LCNB achieved strong third quarter earnings, driven by sustained growth in LCNB Wealth assets, an increase in total earning assets, and sustained strong asset quality. Growing assets under management, actively controlling risk, and diversifying our revenue streams have positioned LCNB to effectively navigate the current low-rate environment. Fee income generated from the Paycheck Protection Program (“PPP”) also contributed $492,000 to our third quarter earnings. PPP loans continue to wind down and our loan portfolio included $12,971,000 of PPP loans at September 30, 2021. We were able to help a significant number of companies get through the pandemic with PPP loans and we believe that we have strengthened and created numerous opportunities for new client relationships in the process. In addition, for the first nine months of 2021, fiduciary income grew 38.6% over the prior year period to $4,959,000.”\n\nMr. Meilstrup continued, “Net loans at September 30, 2021 are up compared to June 30, 2021, despite an additional $10,849,000 of PPP loans forgiven during the third quarter, which reflects our unceasing commitment to a strong local presence and the value we provide customers within our compelling Ohio markets. Competition for loans remains high in the current environment, however our approach to risk and pricing of loans has been consistent, leading to strong asset quality. At September 30, 2021, non-performing loans totaled $2,642,000, a $1,562,000 or 37.2% decrease from September 30, 2020, and net charge-offs remain limited. Our prudent capital management approach supports our proactive share repurchase program. During the third quarter our board demonstrated its belief that our shares are undervalued as we repurchased 206,768 shares of our common stock. Year-to-date we have repurchased 468,072 shares at an average cost of ...