Business
LCNB Corp. Reports Record Financial Results for the Three and Six Months Ended June 30, 2022
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
About this update from Lcnb Corporation
[{"type":"text","content":"\nLoans, Net Increased 4.2% Year-over-Year to $1.37 Billion\n\nTotal Deposits Increased 5.2% Year-over-Year to $1.66 Billion\n\nCredit Quality Remains Strong with Total Nonperforming Loans Declining to $0.6 Million, or 0.04% of Total Loans\n\nSecond Quarter Earnings Per Share Increased 19.5% to a Quarterly Record of $0.49 Per Diluted Share\n\n LEBANON, Ohio--(BUSINESS WIRE)--\nLCNB Corp. (\"LCNB\") (NASDAQ: LCNB) today announced financial results for the three and six months ended June 30, 2022.\n\nCommenting 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.”\n\nMr. 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.”\n\n\"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 shareholder...