LCNB Corp. Reports Record Financial Results for the Three and Twelve Months Ended December 31, 2022
LCNB Corp. ("LCNB", “the Company”, or “the Bank”) (NASDAQ: LCNB) today announced financial results for the three and twelve months ended December 31, 2022.
Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “We achieved record net income, earnings per share, and net loans for the full year and fourth quarter ended December 31, 2022. LCNB had another strong year of loan growth and overall operating performance as we continue to attract new assets and new customers to LCNB. Our performance in 2022 demonstrates LCNB’s strong team of experienced and dedicated bankers, the value we provide our local communities, and our strategic focus on producing consistent and sustainable financial results.”
“The strength of LCNB’s balance sheet and asset quality provides us with the flexibility to manage and grow the Bank during an increasingly uncertain economic cycle, while we continue to focus on returning capital to shareholders. For the twelve-months ended December 31, 2022, average total deposits increased 5.4%, our net interest margin expanded 10 basis points to 3.55%, and non-performing loans to total loans decreased from 0.11% at December 31, 2021 to 0.03% at December 31, 2022. These trends, combined with stable non-interest expense, successfully offset declines in non-interest income to drive record net income and earnings per share, while expanding returns on assets, equity, and tangible equity,” continued Mr. Meilstrup.
“LCNB also returned a record amount of capital back to shareholders in 2022 through our dividend policy and share repurchase program. We believe LCNB is well positioned for continued growth and strong levels of profitability, even as we expect a more challenging banking landscape in 2023. This is a testament to LCNB’s compelling business model, strong capital and liquidity levels, disciplined credit culture and outstanding team,” concluded Mr. Meilstrup.
Income Statement
Net income for the 2022 fourth quarter was a quarterly record of $6,408,000, a 13.9% increase as compared to $5,627,000 for the same period last year. Earnings per basic and diluted share for the 2022 fourth quarter were a quarterly record of $0.57, an increase of 26.7% as compared to $0.45 for the same period last year. Net income for the twelve-month period ended December 31, 2022, was an annual record of $22,128,000, representing an increase of 5.5% as compared to $20,974,000 for the same period last year. Earnings per basic and diluted share for the twelve-month period ended December 31, 2022, were an annual record of $1.93, representing an increase of 16.3% as compared to $1.66 for the same period last year.
Net interest income for the three months ended December 31, 2022, increased 13.3% to $16,208,000, as compared to $14,310,000 for the same period in 2021. Net interest income for the twelve-month period ended December 31, 2022, increased 6.9% to $61,042,000, as compared to $57,124,000 for 2021. Favorably contributing to the variance for the three-and twelve-month periods were overall growth in the loan portfolio and higher average rates earned on the loan and debt securities portfolios. Growth in the taxable debt securities and loan portfolios also benefited interest income for the twelve-month period. For the 2022 fourth quarter, LCNB’s net interest margin expanded to 3.77%, from 3.34% for the same period last year. For the 2022 full year, LCNB’s net interest margin was 3.55%, compared to 3.45% in 2021.
Non-interest income for the three months ended December 31, 2022, was $3,629,000, compared to $4,347,000 for the same period last year. For the twelve months ended December 31, 2022, non-interest income was $14,288,000, compared to $16,232,000 for the same period last year. The primary drivers of the fourth quarter and twelve-month year-over-year changes in non-interest income were decreased fiduciary income, reduced gains from sales of loans and debt securities, and lower other operating income. Fiduciary income decreased because the fair value of wealth management assets, upon which fees are calculated, decreased due to current market conditions, even though the number of accounts increased. The lower other operating income for the full year was partially due to the absence of a one-time $508,000 Ohio Financial Institutions Tax refund recognized in 2021.
Non-interest expense for the three months ended December 31, 2022, was $246,000 lower than the comparable period in 2021. For the twelve months ended December 31, 2022, non-interest expense increased $94,000 from the comparable period in 2021. Other non-interest expense for the twelve-months ended December 31, 2022, included $471,000 in losses from the sales of two office buildings as a result of our branch consolidation strategy, which was offset by an $866,000 gain from the sale of other real estate owned recognized during the 2022 second quarter.
Capital Allocation
LCNB invested $23,660,000 in its share repurchase program through 2022, repurchasing 1,212,634 shares of its outstanding stock at an average price of $19.47 per share. This equates to approximately 9.8% of the Company’s outstanding common stock prior to the repurchase. During the 2022 fourth quarter, LCNB invested $678,000 in its share repurchase program, repurchasing 40,178 shares of its outstanding stock at an average price of $16.87 per share. At December 31, 2022, 339,054 shares remained under its May 27, 2022 share repurchase program.
For the full year ended December 31, 2022, LCNB paid $0.81 per share in dividends, a 5.2% increase from $0.77 per share for the full year ended December 31, 2021. On November 21, 2022, LCNB’s Board of Directors approved a 5.0% increase in the Company’s regular quarterly cash dividend payment from $0.20 per share to $0.21 per share. Since 2018, LCNB’s regular cash dividend payment has increased at a compound annual growth rate of 5.7%.
Balance Sheet
Total assets at December 31, 2022, increased by $15,492,000 to a record $1.92 billion from $1.90 billion at December 31, 2021. Net loans at December 31, 2022, increased 2.3% to a record $1.40 billion, compared to $1.36 billion at December 31, 2021.
Total deposits at December 31, 2022, decreased 1.5% to $1.60 billion, compared to $1.63 billion at December 31, 2021, as LCNB experiences greater competition for interest-bearing accounts along with seasonal deposit trends of certain public fund deposit relationships.
Assets Under Management
Total assets managed at December 31, 2022, were $3.10 billion, compared to $3.14 billion at December 31, 2021. The 1.5% year-over-year decrease in total assets managed was primarily due to a decrease in the fair value of managed assets at LCNB’s Wealth Management group associated with a challenging capital market environment in 2022 and a decrease in cash management accounts.
Asset Quality
In the 2022 fourth quarter consolidated condensed statements of income, LCNB recorded a net loan loss recovery of $19,000, compared to a net loan loss recovery of $508,000 for the 2021 fourth quarter. For the twelve months ended December 31, 2022, LCNB recorded a provision for loan losses of $250,000, compared to a net loan loss recovery of $269,000 for the twelve months ended December 31, 2021.
Net loan recoveries for the 2022 fourth quarter were $21,000, compared to net loan recoveries of $186,000 for the same period last year. For the 2022 twelve-month period, net loan charge-offs were $110,000 or 0.01% of average loans, compared to net loan recoveries during 2021 of $47,000 or 0.00% of average loans.
Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest decreased $1,107,000, from $1,537,000 or 0.11% of total loans at December 31, 2021, to $430,000 or 0.03% of total loans at December 31, 2022. Nonperforming assets to total assets was 0.02% at December 31, 2022, compared to 0.08% at December 31, 2021.
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. at 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.
LCNB Corp. and Subsidiaries
Financial Highlights
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
12/31/2022
9/30/2022
6/30/2022
3/31/2022
12/31/2021
12/31/2022
12/31/2021
Condensed Income Statement
Interest income
$
17,719
16,704
16,208
15,122
15,189
65,753
61,177
Interest expense
1,511
1,260
1,041
899
879
4,711
4,053
Net interest income
16,208
15,444
15,167
14,223
14,310
61,042
57,124
Provision for (recovery of) loan losses
(19
)
(157
)
377
49
(508
)
250
(269
)
Net interest income after provision for (recovery of) loan losses
16,227
15,601
14,790
14,174
14,818
60,792
57,393
Non-interest income
3,629
3,581
3,528
3,550
4,347
14,288
16,232
Non-interest expense
12,065
12,350
11,469
12,250
12,311
48,134
48,040
Income before income taxes
7,791
6,832
6,849
5,474
6,854
26,946
25,585
Provision for income taxes
1,383
1,253
1,231
951
1,227
4,818
4,611
Net income
$
6,408
5,579
5,618
4,523
5,627
22,128
20,974
Supplemental Income Statement Information
Amort/Accret income on acquired loans
$
249
144
61
66
116
520
713
Tax-equivalent net interest income
$
16,257
15,495
15,217
14,273
14,365
61,242
57,354
Per Share Data
Dividends per share
$
0.21
0.20
0.20
0.20
0.20
0.81
0.77
Basic earnings per common share
$
0.57
0.49
0.49
0.38
0.45
1.93
1.66
Diluted earnings per common share
$
0.57
0.49
0.49
0.38
0.45
1.93
1.66
Book value per share
$
17.82
17.31
17.84
18.14
19.22
17.82
19.22
Tangible book value per share
$
12.48
11.97
12.53
12.84
14.33
12.48
14.33
Weighted average common shares outstanding:
Basic
11,211,328
11,284,225
11,337,805
11,818,614
12,370,702
11,410,981
12,589,605
Diluted
11,211,328
11,284,225
11,337,805
11,818,614
12,370,702
11,410,981
12,589,613
Shares outstanding at period end
11,259,080
11,293,639
11,374,515
11,401,503
12,414,956
11,259,080
12,414,956
Selected Financial Ratios
Return on average assets
1.34
%
1.15
%
1.18
%
0.96
%
1.18
%
1.16
%
1.13
%
Return on average equity
12.90
%
10.80
%
10.96
%
8.13
%
9.33
%
10.62
%
8.71
%
Return on average tangible common equity
18.59
%
15.30
%
15.52
%
11.11
%
12.51
%
14.96
%
11.67
%
Dividend payout ratio
36.84
%
40.82
%
40.82
%
52.63
%
44.44
%
41.97
%
46.39
%
Net interest margin (tax equivalent)
3.77
%
3.54
%
3.54
%
3.35
%
3.34
%
3.55
%
3.45
%
Efficiency ratio (tax equivalent)
60.67
%
64.74
%
61.18
%
68.73
%
65.79
%
63.73
%
65.28
%
Selected Balance Sheet Items
Cash and cash equivalents
$
22,701
29,460
31,815
19,941
18,136
Debt and equity securities
323,167
325,801
337,952
330,715
345,649
Loans:
Commercial and industrial
$
120,236
114,694
114,971
105,805
101,792
Commercial, secured by real estate
938,022
908,130
905,703
906,140
889,108
Residential real estate
305,575
316,669
315,930
328,034
334,547
Consumer
28,290
29,451
30,308
32,445
34,190
Agricultural
10,054
8,630
7,412
7,980
10,647
Other, including deposit overdrafts
81
52
81
45
122
Deferred net origination fees
(980
)
(937
)
(928
)
(928
)
(961
)
Loans, gross
1,401,278
1,376,689
1,373,477
1,379,521
1,369,445
Less allowance for loan losses
5,646
5,644
5,833
5,530
5,506
Loans, net
$
1,395,632
1,371,045
1,367,644
1,373,991
1,363,939
Three Months Ended
Twelve Months Ended
12/31/2022
9/30/2022
6/30/2022
3/31/2022
12/31/2021
12/31/2022
12/31/2021
Selected Balance Sheet Items, continued
Total earning assets
$
1,726,902
1,714,196
1,722,853
1,712,115
1,716,420
Total assets
1,919,121
1,904,700
1,912,627
1,899,630
1,903,629
Total deposits
1,604,970
1,657,370
1,658,825
1,636,606
1,628,819
Short-term borrowings
71,455
4,000
5,000
24,746
—
Long-term debt
19,072
24,539
25,000
10,000
10,000
Total shareholders’ equity
200,675
195,439
202,960
206,875
238,604
Equity to assets ratio
10.46
%
10.26
%
10.61
%
10.89
%
12.53
%
Loans to deposits ratio
87.31
%
83.06
%
82.80
%
84.29
%
84.08
%
Tangible common equity (TCE)
$
140,498
135,149
142,557
146,360
177,949
Tangible common assets (TCA)
1,858,944
1,844,410
1,852,224
1,839,115
1,842,974
TCE/TCA
7.56
%
7.33
%
7.70
%
7.96
%
9.66
%
Selected Average Balance Sheet Items
Cash and cash equivalents
$
24,330
35,763
28,787
32,826
29,614
30,364
36,648
Debt and equity securities
323,195
338,299
338,149
340,666
348,150
335,051
319,619
Loans
$
1,383,809
1,384,520
1,375,710
1,376,926
1,351,762
1,380,272
1,329,072
Less allowance for loan losses
5,647
5,830
5,532
5,503
5,843
5,629
5,701
Net loans
$
1,378,162
1,378,690
1,370,178
1,371,423
1,345,919
1,374,643
1,323,371
Total earning assets
$
1,711,524
1,736,031
1,722,503
1,727,335
1,708,392
1,724,350
1,663,567
Total assets
1,903,338
1,928,868
1,912,574
1,917,226
1,896,530
1,915,431
1,851,177
Total deposits
1,637,201
1,669,932
1,655,389
1,646,627
1,615,020
1,652,309
1,567,680
Short-term borrowings
21,433
5,728
18,263
12,503
893
14,482
821
Long-term debt
23,855
24,920
12,637
10,000
14,402
17,910
16,148
Total shareholders’ equity
197,014
205,051
205,645
225,725
239,174
208,271
240,823
Equity to assets ratio
10.35
%
10.63
%
10.75
%
11.77
%
12.61
%
10.87
%
13.01
%
Loans to deposits ratio
84.52
%
82.91
%
83.10
%
83.62
%
83.70
%
83.54
%
84.78
%
Asset Quality
Net charge-offs (recoveries)
$
(21
)
32
74
25
(186
)
110
(47
)
Non-accrual loans
$
391
465
599
1,455
1,481
391
1,481
Loans past due 90 days or more and still accruing
39
—
—
—
56
39
56
Total nonperforming loans
$
430
465
599
1,455
1,537
430
1,537
Net charge-offs (recoveries) to average loans
(0.01
)%
0.01
%
0.02
%
0.01
%
(0.05
)%
0.01
%
0.00
%
Allowance for loan losses to total loans
0.40
%
0.41
%
0.42
%
0.40
%
0.40
%
0.40
%
0.40
%
Nonperforming loans to total loans
0.03
%
0.03
%
0.04
%
0.11
%
0.11
%
0.03
%
0.11
%
Nonperforming assets to total assets
0.02
%
0.02
%
0.03
%
0.08
%
0.08
%
0.02
%
0.08
%
Assets Under Management
LCNB Corp. total assets
$
1,919,121
1,904,700
1,912,627
1,899,630
1,903,629
Trust and investments (fair value)
678,366
611,409
625,984
700,353
722,093
Mortgage loans serviced
148,412
145,317
153,557
152,271
149,382
Cash management
1,925
53,199
38,914
75,302
34,009
Brokerage accounts (fair value)
347,737
314,144
303,663
326,290
334,670
Total assets managed
$
3,095,561
3,028,769
3,034,745
3,153,846
3,143,783
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
December 31,
2022
(Unaudited)
December 31,
2021
ASSETS:
Cash and due from banks
$
20,244
16,810
Interest-bearing demand deposits
2,457
1,326
Total cash and cash equivalents
22,701
18,136
Investment securities:
Equity securities with a readily determinable fair value, at fair value
2,273
2,546
Equity securities without a readily determinable fair value, at cost
2,099
2,099
Debt securities, available-for-sale, at fair value
289,850
308,177
Debt securities, held-to-maturity, at cost
19,878
22,972
Federal Reserve Bank stock, at cost
4,652
4,652
Federal Home Loan Bank stock, at cost
4,415
5,203
Loans, net
1,395,632
1,363,939
Premises and equipment, net
33,042
35,385
Operating leases right of use asset
6,248
6,357
Goodwill
59,221
59,221
Core deposit and other intangibles
1,827
2,473
Bank owned life insurance
44,298
43,224
Interest receivable
7,482
7,999
Other assets
25,503
21,246
TOTAL ASSETS
$
1,919,121
1,903,629
LIABILITIES:
Deposits:
Noninterest-bearing
$
505,824
501,531
Interest-bearing
1,099,146
1,127,288
Total deposits
1,604,970
1,628,819
Short-term borrowings
71,455
—
Long-term debt
19,072
10,000
Operating lease liabilities
6,370
6,473
Accrued interest and other liabilities
16,579
19,733
TOTAL LIABILITIES
1,718,446
1,665,025
COMMITMENTS AND CONTINGENT LIABILITIES
—
—
SHAREHOLDERS' EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding
—
—
Common shares –no par value, authorized 19,000,000 shares; issued 14,270,550 and 14,213,792 shares at December 31, 2022 and 2021, respectively; outstanding 11,259,080 and 12,414,956 shares at December 31, 2022 and 2021, respectively
144,069
143,130
Retained earnings
139,249
126,312
Treasury shares at cost, 3,011,470 and 1,798,836 shares at December 31, 2022 and 2021, respectively
(52,689
)
(29,029
)
Accumulated other comprehensive loss, net of taxes
(29,954
)
(1,809
)
TOTAL SHAREHOLDERS' EQUITY
200,675
238,604
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
1,919,121
1,903,629
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2022
2021
2022
2021
INTEREST INCOME:
Interest and fees on loans
$
15,887
13,770
59,247
56,142
Dividends on equity securities with a readily determinable fair value
16
13
56
51
Dividends on equity securities without a readily determinable fair value
13
5
29
21
Interest on debt securities, taxable
1,355
1,018
5,027
3,668
Interest on debt securities, non-taxable
186
208
753
864
Other investments
262
175
641
431
TOTAL INTEREST INCOME
17,719
15,189
65,753
61,177
INTEREST EXPENSE:
Interest on deposits
1,189
769
3,682
3,578
Interest on short-term borrowings
96
2
416
6
Interest on long-term debt
226
108
613
469
TOTAL INTEREST EXPENSE
1,511
879
4,711
4,053
NET INTEREST INCOME
16,208
14,310
61,042
57,124
PROVISION FOR (RECOVERY OF) LOAN LOSSES
(19
)
(508
)
250
(269
)
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) LOAN LOSSES
16,227
14,818
60,792
57,393
NON-INTEREST INCOME:
Fiduciary income
1,617
1,715
6,468
6,674
Service charges and fees on deposit accounts
1,532
1,530
6,190
6,036
Net gains on sales of debt securities, available-for-sale
—
303
—
303
Bank owned life insurance income
271
269
1,074
1,074
Gains from sales of loans
8
292
196
852
Other operating income
201
238
360
1,293
TOTAL NON-INTEREST INCOME
3,629
4,347
14,288
16,232
NON-INTEREST EXPENSE:
Salaries and employee benefits
7,192
6,976
28,483
27,616
Equipment expenses
395
446
1,629
1,678
Occupancy expense, net
767
713
3,067
2,949
State financial institutions tax
428
440
1,740
1,758
Marketing
339
361
1,184
1,239
Amortization of intangibles
113
263
478
1,043
FDIC insurance premiums, net
133
127
530
492
ATM Expense
340
436
1,370
1,416
Computer maintenance and supplies
283
332
1,114
1,213
Telephone expense
63
64
240
420
Contracted services
601
612
2,503
2,430
Other real estate owned, net
8
—
(866
)
2
Other non-interest expense
1,403
1,541
6,662
5,784
TOTAL NON-INTEREST EXPENSE
12,065
12,311
48,134
48,040
INCOME BEFORE INCOME TAXES
7,791
6,854
26,946
25,585
PROVISION FOR INCOME TAXES
1,383
1,227
4,818
4,611
NET INCOME
$
6,408
5,627
22,128
20,974
Dividends declared per common share
$
0.21
0.20
0.81
0.77
Earnings per common share:
Basic
0.57
0.45
1.93
1.66
Diluted
0.57
0.45
1.93
1.66
Weighted average common shares outstanding:
Basic
11,211,328
12,370,702
11,410,981
12,589,605
Diluted
11,211,328
12,370,702
11,410,981
12,589,613
View source version on businesswire.com: https://www.businesswire.com/news/home/20230126005986/en/