LCNB Corp. Reports Record Financial Results for the Three and Twelve Months Ended December 31, 2021

Rhea-AI Summary

LCNB Corp. reported a record total assets increase of 9.0% to $1.90 billion and wealth management assets up 14.7% year-over-year to $1.06 billion for 2021. Net income rose 4.5% to $20.97 million, with diluted EPS increasing 7.1% to $1.66. The company returned $18.03 million to shareholders through stock repurchases and dividends. Despite a 2.0% decline in Q4 net income compared to last year, LCNB's asset quality improved, reflected in a significant reduction in nonperforming loans.

Positive

• Record total assets increased by 9.0% to $1.90 billion.
• Wealth management assets rose by 14.7% to $1.06 billion.
• Diluted earnings per share increased by 7.1% to $1.66.
• Record returns of capital to shareholders totaled $18.03 million.
• Net loans increased by 5.4% year-over-year.

Negative

• Q4 net income declined by 2.0% compared to last year.

LCNB Corp. Total Assets Increased 9.0% to a Record $1.90 Billion

LCNB Wealth Assets Up 14.7% Year-over-Year to a Record $1.06 Billion

2021 Full Year Diluted Earnings Per Share Increased 7.1% Year-over-Year to a Record $1.66 Per Share

LEBANON, Ohio--(BUSINESS WIRE)-- LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and twelve months ended December 31, 2021.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “LCNB reported record 2021 results, reflecting the hard work of all of our team members, the compelling financial services we provide our local communities, and the benefits of our diverse sources of revenue. Record earnings and earnings per share in 2021 were driven by sequential asset and wealth management growth combined with continued strong asset quality. In addition, I am encouraged that net loans increased by 5.4% over the past twelve months, even with the $41,271,000 reduction in Paycheck Protection Program (“PPP”) loans from our portfolio during 2021. I believe our continued loan growth demonstrates positive economic activity within our markets and our ability to attract customers as a result of LCNB’s experienced lenders, local presence, and customized solutions.”

Mr. Meilstrup continued, “LCNB Wealth Management assets, including trust, investment, and brokerage accounts, increased 14.7% during 2021 to a record $1.06 billion. This growth led to record fiduciary income of $6,674,000, an increase of 33.2% over the prior year, and helped drive record noninterest income in 2021. LCNB Wealth Management provides us with a competitive advantage in many of our markets, and we believe there are long-term opportunities to grow our Wealth Management services to new and existing customers.”

“I am proud of our strong performance in 2021, which supported $18,030,000 in record returns of capital to our shareholders. In 2021, we repurchased $8,310,000 of our common stock and returned $9,720,000 through our regular cash dividend program, an increase of 2.9% over the prior year. We believe we are well positioned to continue to grow and create value for our shareholders in 2022 and beyond. We remain focused on key strategies to diversify revenue, grow customer relationships, manage operating expenses, and prudently control risk. Our success navigating the unprecedented challenges caused by the COVID-19 pandemic over the past two years is a direct result of the dedication of all of our valued associates and our steadfast commitment to support our local communities,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2021 fourth quarter was $5,627,000, a 2.0% decline as compared to $5,742,000 for the same period last year. Earnings per basic and diluted share for the 2021 fourth quarter were $0.45, an increase of 2.3% as compared to $0.44 for the same period last year. Net income for the twelve-month period ended December 31, 2021, was $20,974,000, an increase of 4.5% as compared to $20,075,000 for the same period last year. Earnings per basic and diluted share for the twelve-month period ended December 31, 2021, were $1.66, an increase of 7.1% as compared to $1.55 for the same period last year.

Net interest income for the three months ended December 31, 2021, was $14,310,000, compared to $14,513,000 for the comparable period in 2020. Net interest income for the twelve-month period ended December 31, 2021, increased 1.6% to $57,124,000, as compared to $56,218,000 for 2020. Favorably contributing to the variances for both the three- and twelve-month periods were fees recognized from PPP loans and market driven decreases in the average rates paid on deposits, aided by a shift from higher cost certificates of deposit to lower cost demand and savings products. LCNB's cost of funds at December 31, 2021 was 0.19%, compared to 0.33% at December 31, 2020.

Non-interest income for the three months ended December 31, 2021, increased by 1.0% to $4,347,000, compared to $4,305,000 for the same period last year. For the twelve months ended December 31, 2021, non-interest income increased by 3.1% to $16,232,000, compared to $15,741,000 for the same period last year. The primary drivers of the fourth quarter and twelve-month year-over-year changes in non-interest income were increased fiduciary income, deposit service charges, and gain from sales of debt securities, offset by reductions in gains from loan sales and lower bank owned life insurance income.

Non-interest expense for the three months ended December 31, 2021, was $367,000 greater than the comparable period in 2020. For the twelve months ended December 31, 2021, non-interest expense increased $2,255,000 from the comparable period in 2020. The increases for both the three and twelve-month periods were primarily due to increases in salaries and employee benefits, FDIC insurance, ATM expenses, contracted services, and other non-interest expenses.

Capital Allocation

LCNB invested $8,310,000 in its share repurchase program for the 2021 full year, repurchasing 493,257 shares of its outstanding stock at an average price of $16.85 per share. This equates to approximately 3.8% of the Company’s December 31, 2020 outstanding shares. During the 2021 fourth quarter, LCNB invested $439,000 in its share repurchase program, repurchasing 25,185 shares of its outstanding stock at an average price of $17.45 per share. At December 31, 2021, LCNB had 21,191 shares that remained to be repurchased under its August 2020 share repurchase program.

For the full year ended December 31, 2021, LCNB paid $0.77 per share in dividends, a 5.5% increase from $0.73 per share for the full year ended December 30, 2020. On November 15, 2021, LCNB’s Board of Directors approved a 5.3% increase in the Company’s regular quarterly cash dividend payment from $0.19 per share to $0.20 per share. Since 1998, LCNB’s regular cash dividend payment has increased at a compound annual growth rate of 3.5%.

Balance Sheet

Total assets at December 31, 2021, increased 9.0% to a record $1.90 billion from $1.75 billion at December 31, 2020. Net loans at December 31, 2021, increased 5.4% to a record $1.36 billion, compared to $1.29 billion at December 30, 2020. During 2021, LCNB helped its customers receive $41.2 million of PPP forgiveness payments, including $6.0 million during the fourth quarter of 2021. The balance of PPP loans outstanding at December 31, 2021, was $6.9 million.

Total deposits at December 31, 2021, increased 11.9% to a record $1.63 billion, compared to $1.46 billion at December 31, 2020 as LCNB continues attracting interest-bearing and non-interest-bearing accounts to the Bank.

Assets Under Management

Total assets managed at December 31, 2021 were a record $3.14 billion, compared to $2.92 billion at December 31, 2020. The 7.6% year-over-year increase in total assets managed was primarily due to strong growth across LCNB’s Wealth Management group and an increase in mortgage loans serviced.

Asset Quality

For the 2021 fourth quarter, LCNB recorded a credit of $508,000 in its provision for loan losses, compared to a credit of $151,000 for the 2020 fourth quarter. For the twelve months ended December 31, 2021, LCNB recorded a credit of $269,000 in its provision for loan losses, compared to a provision of $2,014,000 for the twelve months ended December 31, 2020. The respective $357,000 and $2,283,000 improvements in the provision for loan losses for the three and twelve-month periods were partially due to strong asset quality and last year’s proactive build in the Company’s allowance for loan losses associated with the estimated economic impacts caused by the COVID-19 pandemic.

Net recoveries for the 2021 fourth quarter were $186,000, compared to net charge-offs of $95,000 for the same period last year. For the 2021 twelve-month period, net recoveries were $47,000 or (0.00)% of average loans, compared to net charge-offs during 2020 of $331,000 or 0.03% of average loans.

Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest decreased $2,181,000, from $3,718,000 or 0.29% of total loans at December 31, 2020, to $1,537,000 or 0.11% of total loans at December 31, 2021. Nonperforming assets to total assets was 0.08% at December 31, 2021, compared to 0.21% at December 31, 2020.

Mr. Meilstrup commented, “We are very pleased with our excellent credit trends, reflecting the strength of our local economy and our prudent underwriting. Our quarter-end ratio of nonperforming assets to total assets has not been this low over the past ten years.”

About LCNB Corp.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in the Southwest and South-Central Ohio regions. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, digital banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” Learn more about LCNB Corp. at www.lcnb.com.

Forward-Looking Statements

Certain statements made in this news release regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “plan”, and similar expressions. Please refer to LCNB’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB’s business and operations. Additionally, LCNB’s financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:

1. the success, impact, and timing of the implementation of LCNB’s business strategies;
2. the significant risks and uncertainties for LCNB's business, results of operations and financial condition, as well as its regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on financial markets, the effectiveness of LCNB's work from home arrangements and staffing levels in operational facilities, the impact of market participants on which LCNB relies, and actions taken by governmental authorities and other third parties in response to the pandemic;
3. the disruption of global, national, state, and local economies associated with the COVID-19 pandemic, which could affect LCNB's liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses;
4. LCNB’s ability to integrate future acquisitions may be unsuccessful, or may be more difficult, time-consuming, or costly than expected;
5. LCNB may incur increased loan charge-offs in the future;
6. LCNB may face competitive loss of customers;
7. changes in the interest rate environment may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
8. changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
9. changes in regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results;
10. LCNB may experience difficulties growing loan and deposit balances;
11. United States trade relations with foreign countries could negatively impact the financial condition of LCNB's customers, which could adversely affect LCNB 's operating results and financial condition;
12. deterioration in the financial condition of the U.S. banking system may impact the valuations of investments LCNB has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments;
13. difficulties with technology or data security breaches, including cyberattacks, that could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;
14. adverse weather events and natural disasters and global and/or national epidemics; and
15. government intervention in the U.S. financial system, including the effects of recent legislative, tax, accounting and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, and the Tax Cuts and Jobs Act.

Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of LCNB and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. LCNB undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.

LCNB Corp. and Subsidiaries Financial Highlights (Dollars in thousands, except per share amounts) (Unaudited)
	Three Months Ended																Twelve Months Ended
	12/31/2021				9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/21			12/31/20
Condensed Income Statement
Interest income	$	15,189			15,024			15,429			15,535			15,945			61,177			63,780
Interest expense		879			951			1,060			1,163			1,432			4,053			7,562
Net interest income		14,310			14,073			14,369			14,372			14,513			57,124			56,218
Provision (credit) for loan losses		(508	)		306			(15	)		(52	)		(151	)		(269	)		2,014
Net interest income after provision (credit) for loan losses		14,818			13,767			14,384			14,424			14,664			57,393			54,204
Non-interest income		4,347			4,106			4,314			3,465			4,305			16,232			15,741
Non-interest expense		12,311			12,029			12,208			11,492			11,944			48,040			45,785
Income before income taxes		6,854			5,844			6,490			6,397			7,025			25,585			24,160
Provision for income taxes		1,227			1,027			1,200			1,157			1,283			4,611			4,085
Net income	$	5,627			4,817			5,290			5,240			5,742			20,974			20,075
Amort/Accret income on acquired loans	$	116			132			216			249			186			713			1,328
Tax-equivalent net interest income	$	14,365			14,129			14,427			14,432			14,577			57,354			56,491
Per Share Data
Dividends per share	$	0.20			0.19			0.19			0.19			0.19			0.77			0.73
Basic earnings per common share	$	0.45			0.39			0.41			0.41			0.44			1.66			1.55
Diluted earnings per common share	$	0.45			0.39			0.41			0.41			0.44			1.66			1.55
Book value per share	$	19.22			19.17			18.99			18.66			18.73			19.22			18.73
Tangible book value per share	$	14.33			14.28			14.15			13.87			13.93			14.33			13.93
Weighted average common shares outstanding:
Basic		12,370,702			12,455,276			12,743,726			12,794,824			12,852,614			12,589,605			12,914,277
Diluted		12,370,702			12,455,276			12,743,726			12,794,852			12,852,657			12,589,613			12,914,584
Shares outstanding at period end		12,414,956			12,434,084			12,634,845			12,820,108			12,858,325			12,414,956			12,858,325
Selected Financial Ratios
Return on average assets		1.18	%		1.02	%		1.15	%		1.20	%		1.31	%		1.13	%		1.18	%
Return on average equity		9.33	%		7.93	%		8.78	%		8.80	%		9.52	%		8.71	%		8.49	%
Return on average tangible common equity		12.51	%		10.62	%		11.76	%		11.81	%		12.83	%		11.67	%		11.53	%
Dividend payout ratio		44.44	%		48.72	%		46.34	%		46.34	%		43.18	%		46.39	%		47.10	%
Net interest margin (tax equivalent)		3.34	%		3.32	%		3.51	%		3.68	%		3.71	%		3.45	%		3.70	%
Efficiency ratio (tax equivalent)		65.79	%		65.96	%		65.14	%		64.21	%		63.26	%		65.28	%		63.39	%
Selected Balance Sheet Items
Cash and cash equivalents	$	18,136			23,852			22,909			41,144			31,730
Debt and equity securities		345,649			352,066			349,199			276,774			248,624
Loans:
Commercial and industrial	$	101,792			91,246			97,240			107,630			100,254
Commercial, secured by real estate		889,108			862,202			836,085			855,894			843,230
Residential real estate		334,547			343,318			341,447			328,265			309,692
Consumer		34,190			35,349			35,257			35,799			36,917
Agricultural		10,647			8,852			8,765			8,698			10,100
Other, including deposit overdrafts		122			247			369			346			363
Deferred net origination fees		(961	)		(1,055	)		(1,398	)		(1,531	)		(1,135	)
Loans, gross		1,369,445			1,340,159			1,317,765			1,335,101			1,299,421
Less allowance for loan losses		5,506			5,828			5,652			5,679			5,728
Loans, net	$	1,363,939			1,334,331			1,312,113			1,329,422			1,293,693
	Three Months Ended																Twelve Months Ended
	12/31/2021				9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/21			12/31/20
Selected Balance Sheet Items, continued
Total earning assets	$	1,716,420			1,695,281			1,671,462			1,634,818			1,562,392
Total assets		1,903,629			1,884,252			1,856,670			1,818,321			1,745,884
Total deposits		1,628,819			1,603,203			1,577,345			1,537,116			1,455,423
Long-term debt		10,000			15,000			15,000			17,000			22,000
Total shareholders’ equity		238,604			238,419			239,952			239,246			240,825
Equity to assets ratio		12.53	%		12.65	%		12.92	%		13.16	%		13.79	%
Loans to deposits ratio		84.08	%		83.59	%		83.54	%		86.86	%		89.28	%
Tangible common equity (TCE)	$	177,949			177,501			178,771			177,805			179,127
Tangible common assets (TCA)		1,842,974			1,823,334			1,795,489			1,756,880			1,684,186
TCE/TCA		9.66	%		9.73	%		9.96	%		10.12	%		10.64	%
Selected Average Balance Sheet Items
Cash and cash equivalents	$	29,614			34,557			45,414			37,269			49,273			36,648			40,825
Debt and equity securities		348,150			356,214			312,596			260,147			218,816			319,619			201,012
Loans	$	1,351,762			1,321,629			1,328,760			1,313,803			1,313,892			1,329,072			1,306,314
Less allowance for loan losses		5,843			5,567			5,678			5,715			5,920			5,701			5,029
Net loans	$	1,345,919			1,316,062			1,323,082			1,308,088			1,307,972			1,323,371			1,301,285
Total earning assets	$	1,708,392			1,688,589			1,666,126			1,589,582			1,561,392			1,663,567			1,528,134
Total assets		1,896,530			1,879,314			1,852,035			1,775,154			1,742,947			1,851,177			1,706,924
Total deposits		1,615,020			1,595,773			1,570,070			1,488,156			1,447,217			1,567,680			1,413,093
Short-term borrowings		893			1,320			716			342			—			821			372
Long-term debt		14,402			15,000			15,571			19,689			30,803			16,148			34,265
Total shareholders’ equity		239,174			240,976			241,651			241,517			239,881			240,823			236,396
Equity to assets ratio		12.61	%		12.82	%		13.05	%		13.61	%		13.76	%		13.01	%		13.85	%
Loans to deposits ratio		83.70	%		82.82	%		84.63	%		88.28	%		90.79	%		84.78	%		92.44	%
Asset Quality
Net charge-offs (recoveries)	$	(186	)		130			12			(3	)		95			(47	)		331
Other real estate owned		—			—			—			—			—			—			—
Non-accrual loans		1,481			2,629			3,338			3,365			3,718			1,481			3,718
Loans past due 90 days or more and still accruing		56			13			—			—			—			56			—
Total nonperforming loans	$	1,537			2,642			3,338			3,365			3,718			1,537			3,718
Net charge-offs (recoveries) to average loans		(0.05	) %		0.04	%		0.00	%		0.00	%		0.03	%		0.00	%		0.03	%
Allowance for loan losses to total loans		0.40	%		0.43	%		0.43	%		0.43	%		0.44	%		0.40	%		0.44	%
Nonperforming loans to total loans		0.11	%		0.20	%		0.25	%		0.25	%		0.29	%		0.11	%		0.29	%
Nonperforming assets to total assets		0.08	%		0.14	%		0.18	%		0.19	%		0.21	%		0.08	%		0.21	%
Assets Under Management
LCNB Corp. total assets	$	1,903,629			1,884,252			1,856,670			1,818,321			1,745,884
Trust and investments (fair value)		722,093			713,936			701,838			673,742			628,414
Mortgage loans serviced		149,382			140,147			126,924			127,290			137,188
Cash management		34,009			72,622			80,177			118,494			116,792
Brokerage accounts (fair value)		334,670			319,495			314,491			299,355			292,953
Total assets managed	$	3,143,783			3,130,452			3,080,100			3,037,202			2,921,231

LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands)
	December 31, 2021 (Unaudited)				December 31, 2020
ASSETS:
Cash and due from banks	$	16,810			17,383
Interest-bearing demand deposits		1,326			14,347
Total cash and cash equivalents		18,136			31,730
Investment securities:
Equity securities with a readily determinable fair value, at fair value		2,546			2,389
Equity securities without a readily determinable fair value, at cost		2,099			2,099
Debt securities, available-for-sale, at fair value		308,177			209,471
Debt securities, held-to-maturity, at cost		22,972			24,810
Federal Reserve Bank stock, at cost		4,652			4,652
Federal Home Loan Bank stock, at cost		5,203			5,203
Loans, net		1,363,939			1,293,693
Premises and equipment, net		35,385			35,376
Operating leases right of use asset		6,357			6,274
Goodwill		59,221			59,221
Core deposit and other intangibles		2,473			3,453
Bank owned life insurance		43,224			42,149
Interest receivable		7,999			8,337
Other assets		21,246			17,027
TOTAL ASSETS	$	1,903,629			1,745,884
LIABILITIES:
Deposits:
Noninterest-bearing	$	501,531			455,073
Interest-bearing		1,127,288			1,000,350
Total deposits		1,628,819			1,455,423
Long-term debt		10,000			22,000
Operating lease liabilities		6,473			6,371
Accrued interest and other liabilities		19,733			21,265
TOTAL LIABILITIES		1,665,025			1,505,059
COMMITMENTS AND CONTINGENT LIABILITIES		—			—
SHAREHOLDERS' EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding		—			—
Common shares –no par value, authorized 19,000,000 shares; issued 14,213,792 and 14,163,904 shares at December 31, 2021 and 2020, respectively; outstanding 12,414,956 and 12,858,325 shares at December 31, 2021 and 2020, respectively		143,130			142,443
Retained earnings		126,312			115,058
Treasury shares at cost, 1,798,836 and 1,305,579 shares at December 31, 2021 and 2020, respectively		(29,029	)		(20,719	)
Accumulated other comprehensive income (loss), net of taxes		(1,809	)		4,043
TOTAL SHAREHOLDERS' EQUITY		238,604			240,825
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,903,629			1,745,884

LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited)
	Three Months Ended December 31,							Twelve Months Ended December 31,
	2021				2020			2021			2020
INTEREST INCOME:
Interest and fees on loans	$	13,770			14,839			56,142			59,267
Dividends on equity securities with a readily determinable fair value		13			14			51			54
Dividends on equity securities without a readily determinable fair value		5			4			21			37
Interest on debt securities, taxable		1,018			666			3,668			2,916
Interest on debt securities, non-taxable		208			239			864			1,027
Other investments		175			183			431			479
TOTAL INTEREST INCOME		15,189			15,945			61,177			63,780
INTEREST EXPENSE:
Interest on deposits		769			1,218			3,578			6,634
Interest on short-term borrowings		2			—			6			7
Interest on long-term debt		108			214			469			921
TOTAL INTEREST EXPENSE		879			1,432			4,053			7,562
NET INTEREST INCOME		14,310			14,513			57,124			56,218
PROVISION (CREDIT) FOR LOAN LOSSES		(508	)		(151	)		(269	)		2,014
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES		14,818			14,664			57,393			54,204
NON-INTEREST INCOME:
Fiduciary income		1,715			1,430			6,674			5,009
Service charges and fees on deposit accounts		1,530			1,444			6,036			5,482
Net gains on sales of debt securities, available-for-sale		303			—			303			221
Bank owned life insurance income		269			278			1,074			1,441
Gains from sales of loans		292			861			852			2,297
Other operating income		238			292			1,293			1,291
TOTAL NON-INTEREST INCOME		4,347			4,305			16,232			15,741
NON-INTEREST EXPENSE:
Salaries and employee benefits		6,976			6,899			27,616			27,178
Equipment expenses		446			460			1,678			1,377
Occupancy expense, net		713			730			2,949			2,875
State financial institutions tax		440			428			1,758			1,708
Marketing		361			348			1,239			1,254
Amortization of intangibles		263			263			1,043			1,046
FDIC insurance premiums, net		127			114			492			256
ATM expense		436			347			1,416			1,028
Computer maintenance and supplies		332			291			1,213			1,107
Telephone expense		64			185			420			706
Contracted services		612			509			2,430			1,821
Other non-interest expense		1,541			1,370			5,786			5,429
TOTAL NON-INTEREST EXPENSE		12,311			11,944			48,040			45,785
INCOME BEFORE INCOME TAXES		6,854			7,025			25,585			24,160
PROVISION FOR INCOME TAXES		1,227			1,283			4,611			4,085
NET INCOME	$	5,627			5,742			20,974			20,075
Dividends declared per common share	$	0.20			0.19			0.77			0.73
Earnings per common share:
Basic		0.45			0.44			1.66			1.55
Diluted		0.45			0.44			1.66			1.55
Weighted average common shares outstanding:
Basic		12,370,702			12,852,614			12,589,605			12,914,277
Diluted		12,370,702			12,852,657			12,589,613			12,914,584

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127006077/en/

Company Contact:

Eric J. Meilstrup

President and Chief Executive Officer

LCNB Corp.

(513) 932-1414

shareholderrelations@lcnb.com

Investor and Media Contact:

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

Source: LCNB Corp.

FAQ

What were LCNB's total assets for 2021?

LCNB's total assets increased 9.0% to $1.90 billion for 2021.

How did LCNB perform in terms of earnings per share in 2021?

The diluted earnings per share for LCNB increased 7.1% to $1.66 for 2021.

What was the increase in LCNB's wealth management assets?

Wealth management assets grew by 14.7% year-over-year, reaching $1.06 billion.

Did LCNB experience any decline in net income?

Yes, LCNB reported a 2.0% decline in net income for the fourth quarter of 2021.

What were the total returns of capital to shareholders for LCNB in 2021?

LCNB returned a total of $18.03 million to shareholders in 2021.