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LCNB Corporation (LCNB+3.31%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing is available for review filing.
The filing details LCNB's financial performance for the year, reporting a net income of $13,492,000, or $0.97 per share, compared to $12,628,000, or $1.10 per share, in the previous year.
LCNB's total assets as of December 31, 2024, were $2,307,394,000, an increase from $2,291,592,000 at the end of 2023. The company's total deposits increased to $1,878,292,000 from $1,824,389,000.
The report notes that LCNB completed the acquisition of Eagle Financial Bancorp, Inc. on April 12, 2024, which contributed to the increase in assets and deposits.
LCNB's net interest income for 2024 was $60,795,000, up from $56,349,000 in 2023, reflecting growth in loan balances and interest rate changes.
The provision for credit losses in 2024 was $1,962,000, compared to $2,077,000 in 2023, with net charge-offs totaling $741,000 for the year.
Non-interest income increased to $20,404,000 in 2024 from $15,411,000 in 2023, driven by higher fiduciary income and gains from loan sales.
Non-interest expenses rose to $63,276,000 in 2024 from $54,423,000 in 2023, primarily due to increased salaries, benefits, and merger-related expenses.
The company reported an effective tax rate of 15.5% for 2024, down from 17.2% in the previous year, due to tax-exempt income and tax credits.
LCNB's capital ratios remained strong, with the bank maintaining a 'well-capitalized' status under regulatory guidelines.
The filing also outlines LCNB's risk management strategies, including its approach to credit risk, interest rate risk, and liquidity management.
LCNB continues to focus on expanding its market presence and enhancing shareholder value through strategic acquisitions and organic growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LCNB Corporation annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.