Business
LCNB Corp. Reports Record Financial Results for the Three and Twelve Months Ended December 31, 2022
LCNB Corp. Ended 2022 With Record Total Assets of $1.92 Billion Return on Average Tangible Common Equity Increased Year-Over-Year to 14.96% from 11.67%. 2022
About this update from Lcnb Corporation
[{"type":"text","content":"\nLCNB Corp. Ended 2022 With Record Total Assets of $1.92 Billion\n\nReturn on Average Tangible Common Equity Increased Year-Over-Year to 14.96% from 11.67%.\n\n2022 Net Income Increased 5.5% Year-over-Year to a Record $22.1 Million\n\n2022 Diluted Earnings Per Share Increased 16.3% Year-over-Year to a Record $1.93 Per Share\n\n LEBANON, Ohio--(BUSINESS WIRE)--\nLCNB Corp. (\"LCNB\", “the Company”, or “the Bank”) (NASDAQ: LCNB) today announced financial results for the three and twelve months ended December 31, 2022.\n\nCommenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “We achieved record net income, earnings per share, and net loans for the full year and fourth quarter ended December 31, 2022. LCNB had another strong year of loan growth and overall operating performance as we continue to attract new assets and new customers to LCNB. Our performance in 2022 demonstrates LCNB’s strong team of experienced and dedicated bankers, the value we provide our local communities, and our strategic focus on producing consistent and sustainable financial results.”\n\n“The strength of LCNB’s balance sheet and asset quality provides us with the flexibility to manage and grow the Bank during an increasingly uncertain economic cycle, while we continue to focus on returning capital to shareholders. For the twelve-months ended December 31, 2022, average total deposits increased 5.4%, our net interest margin expanded 10 basis points to 3.55%, and non-performing loans to total loans decreased from 0.11% at December 31, 2021 to 0.03% at December 31, 2022. These trends, combined with stable non-interest expense, successfully offset declines in non-interest income to drive record net income and earnings per share, while expanding returns on assets, equity, and tangible equity,” continued Mr. Meilstrup.\n\n“LCNB also returned a record amount of capital back to shareholders in 2022 through our dividend policy and share repurchase program. We believe LCNB is well positioned for continued growth and strong levels of profitability, even as we expect a more challenging banking landscape in 2023. This is a testament to LCNB’s compelling business model, strong capital and liquidity levels, disciplined credit culture and outstanding team,” concluded Mr. Meilstrup.\n\nIncome Statement\n\nNet income for the 2022 ...