LCNB Corp. reports record $7.5 million second quarter profit

• LCNB Corp. reported a record second-quarter net income of $7.5 million alongside $19.8 million in net interest income.
• The financial institution recorded a 29 percent year-over-year increase in its quarterly earnings to reach $0.53 per share.
• The business stated it expects its expanding wealth management division and asset growth to drive consistent future returns.

LCNB Corp. (NASDAQ:LCNB) reported a record second-quarter net income of $7.5 million and earnings of $0.53 per share for the three months ended June 30.

The company generated higher profits compared to last year, representing a 29 percent year-over-year increase in its quarterly earnings per share.

The bank recorded a 12.8 percent year-over-year increase in quarterly net interest income to reach $19.8 million.

The financial institution achieved a 1.34 percent return on average assets alongside a 52 basis point expansion in its net interest margin to 3.99 percent.

The business expects to maintain its current momentum.

The company stated that its wealth management division produced $2.7 million in fiduciary income during the quarter from a record $1.7 billion in total assets.

The regional banking institution increased its tangible book value by 10.4 percent year-over-year to reach $12.90 per share by the end of June.