LCNB Corp. Announces 2023 Fourth Quarter Dividend

Rhea-AI Summary

LCNB Corp. (Nasdaq: LCNB) announced a 4.8% increase in the quarterly cash dividend payment, reflecting the company's commitment to returning capital to shareholders and its strong financial results. The dividend of $0.22 per common share will have a record date of December 1, 2023, and is payable to shareholders on December 15, 2023. President and CEO Eric Meilstrup highlighted the company's six consecutive years of annual cash dividend growth, amounting to a 32.8% increase from 2017 to 2023, and a compound annual growth rate of 3.5% since 1998.

Quarterly Cash Dividend Payment Increased 4.8% Year-over-Year

LEBANON, Ohio--(BUSINESS WIRE)-- LCNB Corp. (Nasdaq: LCNB) today announced that the Company’s Board of Directors declared a cash dividend of $0.22 per common share which is a 4.8% increase over the same period last year. The common stock cash dividend will have a record date of December 1, 2023, and is payable to shareholders on December 15, 2023.

Eric Meilstrup, President and Chief Executive Officer stated, “LCNB has a history of returning capital to shareholders through our growing dividend program. With the increase in our 2023 fourth quarter dividend, LCNB has grown its annual cash dividend for six consecutive years. As a result, our annual dividend has increased 32.8% from $0.64 per share in 2017 to $0.85 per share in 2023. In addition, since 1998, our annual dividend has increased at a compound annual growth rate of 3.5%, reflecting LCNB’s legacy of strong operating and financial results, as well as our continued commitment to return capital to shareholders.”

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 Southwest and South-Central Ohio and Northern Kentucky. 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 also provides community-oriented banking services to customers in Northern Kentucky through a bank office in Boone County, Kentucky. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231120564446/en/

Company Contact:

Eric J. Meilstrup

President Chief Executive Officer

LCNB National Bank

(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.

What is the record date for the cash dividend payment?

The record date for the cash dividend payment is December 1, 2023.

When will the cash dividend be payable to shareholders?

The cash dividend will be payable to shareholders on December 15, 2023.

What is the percentage increase in the quarterly cash dividend payment compared to the same period last year?

The quarterly cash dividend payment increased by 4.8% year-over-year.

How much has the annual cash dividend increased from 2017 to 2023?

The annual cash dividend has increased by 32.8% from $0.64 per share in 2017 to $0.85 per share in 2023.

What is the compound annual growth rate of the annual dividend since 1998?

The compound annual growth rate of the annual dividend since 1998 is 3.5%.