LCNB Corp. Announces New 500,000 Share Repurchase Program
28 Febbraio 2023 - 2:00PM
Business Wire
LCNB Corp. (Nasdaq: LCNB) today announced that the Company’s
Board of Directors has approved a new share repurchase program
under which the Company is authorized to repurchase up to 500,000
shares of its common stock (the “Program”).
LCNB President and Chief Executive Officer Eric Meilstrup said,
“Since 2020, LCNB has invested approximately $34 million to
repurchase 1,851,403 shares of our stock, reducing our common
shares outstanding by approximately 14.3% prior to the repurchase.
In addition, over this period our annual dividend has increased by
11% to $0.81 per share. Our share repurchase program and dividend
policy reflect LCNB’s compelling business model, strong balance
sheet, and excellent asset quality, as well as our long-standing
commitment to maintain attractive returns and return excess capital
back to shareholders.”
The Program will replace and supersede LCNB’s prior share
repurchase program approved on May 27, 2022, which authorized the
repurchase of up to 500,000 of its outstanding common shares. Under
the Program, the Company may purchase common shares through various
means such as open market transactions, including block purchases,
and privately negotiated transactions. The number of shares
repurchased and the timing, manner, price, and amount of any
repurchases will be determined at the Company’s discretion. Factors
include, but are not limited to, share price, trading volume and
general market conditions, along with the Company’s general
business conditions. The Program may be suspended or discontinued
at any time and does not obligate the Company to acquire any
specific number of its common shares.
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. 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 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. www.lcnb.com.
Forward-Looking Statements
Certain statements made in this news release regarding LCNB’s
financial condition, results of operations, plans, objectives,
future performance and business, are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are identified by the fact they
are not historical facts and include words such as “anticipate”,
“could”, “may”, “feel”, “expect”, “believe”, “plan”, and similar
expressions. Please refer to LCNB’s Annual Report on Form 10-K for
the year ended December 31, 2021, as well as its other filings with
the SEC, for a more detailed discussion of risks, uncertainties and
factors that could cause actual results to differ from those
discussed in the forward-looking statements.
These forward-looking statements reflect management's current
expectations based on all information available to management and
its knowledge of LCNB’s business and operations. Additionally,
LCNB’s financial condition, results of operations, plans,
objectives, future performance and business are subject to risks
and uncertainties that may cause actual results to differ
materially. These factors include, but are not limited to:
- the success, impact, and timing of the implementation of LCNB’s
business strategies;
- the significant risks and uncertainties for LCNB's business,
results of operations and financial condition, as well as its
regulatory capital and liquidity ratios and other regulatory
requirements, caused by the COVID-19 pandemic, which will depend on
several factors, including the scope and duration of the pandemic,
its influence on financial markets, the effectiveness of LCNB's
work from home arrangements and staffing levels in operational
facilities, the impact of market participants on which LCNB relies,
and actions taken by governmental authorities and other third
parties in response to the pandemic;
- the disruption of global, national, state, and local economies
associated with the COVID-19 pandemic and the Russia/Ukraine
conflict, which could affect LCNB's liquidity and capital
positions, impair the ability of our borrowers to repay outstanding
loans, impair collateral values, and further increase the allowance
for credit losses;
- LCNB’s ability to integrate future acquisitions may be
unsuccessful, or may be more difficult, time-consuming, or costly
than expected;
- LCNB may incur increased loan charge-offs in the future;
- LCNB may face competitive loss of customers;
- changes in the interest rate environment, which may include
continued interest rate increases, may have results on LCNB’s
operations materially different from those anticipated by LCNB’s
market risk management functions;
- changes in general economic conditions and increased
competition could adversely affect LCNB’s operating results;
- changes in regulations and government policies affecting bank
holding companies and their subsidiaries, including changes in
monetary policies, could negatively impact LCNB’s operating
results;
- LCNB may experience difficulties growing loan and deposit
balances;
- United States trade relations with foreign countries could
negatively impact the financial condition of LCNB's customers,
which could adversely affect LCNB's operating results and financial
condition;
- deterioration in the financial condition of the U.S. banking
system may impact the valuations of investments LCNB has made in
the securities of other financial institutions resulting in either
actual losses or other than temporary impairments on such
investments;
- difficulties with technology or data security breaches,
including cyberattacks, that could negatively affect LCNB's ability
to conduct business and its relationships with customers, vendors,
and others;
- adverse weather events and natural disasters and global and/or
national epidemics; and
- government intervention in the U.S. financial system, including
the effects of recent legislative, tax, accounting and regulatory
actions and reforms, including the Coronavirus Aid, Relief, and
Economic Security ("CARES") Act, the Dodd-Frank Wall Street Reform
and Consumer Protection Act, the Jumpstart Our Business Startups
Act, the Consumer Financial Protection Bureau, the capital ratios
of Basel III as adopted by the federal banking authorities, and the
Tax Cuts and Jobs Act.
Forward-looking statements made herein reflect management's
expectations as of the date such statements are made. Such
information is provided to assist shareholders and potential
investors in understanding current and anticipated financial
operations of LCNB and is included pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
LCNB undertakes no obligation to update any forward-looking
statement to reflect events or circumstances that arise after the
date such statements are made.
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version on businesswire.com: https://www.businesswire.com/news/home/20230227005752/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
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