What drove LCNB's earnings growth in 2024?

LCNB's earnings growth in 2024 was primarily driven by strategic initiatives and organic growth in its lending activities and wealth management services. 1. **Interest Income and Net Interest Income**: The company's total interest income increased by $105.015 million, primarily due to higher interest income from loans. This was driven by organic growth and acquisitions, reflecting the company's successful expansion and operational efficiency. The net interest income, which is the interest earned minus the interest expenses, also saw a notable increase, contributing to the overall earnings growth. 2. **Wealth Management and Asset Management**: LCNB's wealth management and asset management services experienced significant growth, with total assets under management increasing by 19.4% year-over-year to a record $3.98 billion. This segment contributed positively to the company's non-interest income, which rose by 9.7% year-over-year to $3.9 million. 3. **Loan Performance**: The company's loan portfolio continued to perform well, with net loans increasing by 18.7% year-over-year to $1.65 billion, fueled by organic growth and recent acquisitions. This growth in loans, which are a key component of interest income, supported the company's earnings growth. 4. **Efficiency and Cost Management**: LCNB's efforts to optimize its balance sheet and operational efficiencies also contributed to its earnings growth. The company completed over $97 million of opportunistic asset sales, which improved its asset quality and potentially enhanced its profitability. 5. **Strategic Acquisitions**: The successful acquisitions of Eagle Financial Bancorp and Cincinnati Bancorp have been instrumental in LCNB's growth strategy. These acquisitions not only increased the company's scale but also provided new opportunities to offer financial services to a broader customer base. In summary, LCNB's earnings growth in 2024 was driven by a combination of factors including increased interest income, growth in wealth and asset management services, effective cost management, and the successful integration of strategic acquisitions. These elements collectively contributed to the company's financial growth and improved profitability.