LCNB Corp. reported a net income of $13.5 million for the fiscal year ending December 31, 2024, translating to earnings per share of $0.97. This marks a slight increase from the previous year's net income of $12.6 million, or $1.10 per share. However, the current year's earnings are significantly lower than the $22.1 million reported in 2022, reflecting the impact of merger-related expenses and changes in market conditions. The company’s net interest income rose to $60.8 million, up from $56.3 million in 2023, driven by an increase in average loans and higher interest rates.
The year saw LCNB complete two significant acquisitions: Cincinnati Bancorp, Inc. on November 1, 2023, and Eagle Financial Bancorp, Inc. on April 12, 2024. These mergers contributed to a rise in total loans, which reached approximately $1.72 billion, although this figure represents a slight decrease from $1.73 billion in 2023. The provision for credit losses was $1.96 million, a decrease from $2.08 million in the prior year, indicating improved credit quality in the loan portfolio. The allowance for credit losses stood at $12 million, or 0.70% of total loans, compared to 0.61% in 2023.
Operationally, LCNB expanded its footprint with the addition of new branches in the Cincinnati area, enhancing its market presence. The company operated 36 offices and 39 ATMs across Southwestern Ohio and Northern Kentucky as of December 31, 2024. The total employee count increased to 393, reflecting the integration of staff from the acquired banks. The bank's customer base also grew, with a notable increase in deposits, which totaled $1.88 billion, up from $1.82 billion in 2023.
Looking ahead, LCNB's management expressed optimism about future growth, citing the potential for increased market share and profitability stemming from the recent acquisitions. However, they acknowledged ongoing challenges, including fluctuating interest rates and economic conditions that could impact loan demand and credit quality. The company plans to continue focusing on enhancing its service offerings and maintaining strong customer relationships to navigate these challenges effectively.
About LCNB CORP
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