Hello, and welcome to the annual meeting of shareholders of LCNB Corp. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Spencer Cropper, Chairman of the Board. Mr. Cropper, the floor is yours.
Good morning, ladies and gentlemen. I'm Spencer Cropper, and I am the Chairman of the Board of Directors for LCNB National Bank and LCNB Corp. It's my pleasure to welcome you all to the LCNB 2022 Annual Meeting of Shareholders. We appreciate your willingness to attend today's virtual annual meeting of shareholders. When we come to the Q&A portion, we will give shareholders the opportunity to ask a question. Questions can be submitted online at any time by clicking the dialogue icon in the upper right corner of the meeting center screen. We will save all comments and questions for a Q&A session after the proposals have been presented. Please remember that you may vote your shares at any time before the polls close by clicking on the link provided in the virtual meeting center.
If you have already voted and do not want to change your vote, you do not need to take any further action. I'd now like to call to order the annual meeting of the shareholders of LCNB Corp. For the 2022 annual meeting of the board of directors, the board of directors have appointed Bernard H. Wright Jr. to serve as Inspector of Election in connection with the matters voted on at this meeting. The Inspector of Election will supervise the conduct of the meeting at this meeting. At this time, I would like to introduce you to the members of the board of directors and executive committee, executive officers of LCNB, all of which are participating today. The directors are Steve Foster, Eric Meilstrup, Steve Wilson, Bill Kaufman, Anne Krehbiel, Rhett Huddle, Mike Johrendt, Mary Bradford, Craig Johnson, and Keith Lawson.
Executive officers, and again, all of them are participating, Eric Meilstrup, Rob Haynes, Matt Layer, Brad Ruppert, Mike Miller, and Mary Mulligan. Also joining us online today are guests from the BKD accounting firm and from LCNB's legal counsel, Dinsmore & Shohl. Eric Meilstrup will now read the certificate signed by him as the President and Chief Executive Officer of LCNB concerning the giving of notice of this meeting.
I, Eric J. Meilstrup, President and Chief Executive Officer of LCNB Corp., do hereby certify that on or about March 15, 2022, LCNB, acting on my instructions, did mail to each shareholder of record of LCNB, as of close of business on March 1, 2022, a notice of annual meeting by regular mail specifying the date, place, time, and purpose of the annual meeting of shareholders of LCNB, a proxy statement and a form of proxy with respect thereto.
Will any shareholders who have not previously submitted a proxy and any shareholders who have submitted a proxy but who wish to revoke the proxy and vote online at this meeting, please click on the link provided in the virtual meeting center and do so now. The polls will close in two minutes. Our Inspector of Elections reports that shareholders entitled to cast more than 79.84% of the votes eligible to be cast at this meeting are present or represented by proxy. Therefore, a quorum is present and the meeting may proceed. The meeting will now consider the business items as described in our proxy statement. We will present each of the business items one at a time. Item number one is a proposal to elect four Class Two directors to serve for a term of three years.
As indicated in the proxy statement, the board of directors recommends that the stockholders elect the director nominees. I will now give a brief background of the nominees and their experience. Each of the nominees are incumbent directors. First, Steve P. Foster has had a diverse career within the banking industry, which provides him with the ability to provide insight in a breadth of areas to the board of LCNB Corp. Mr. Foster is the former Chief Executive Officer of both LCNB Corp. and LCNB National Bank, a position he held from 2015 until his retirement in 2019. He joined LCNB in 1977 and served as internal auditor, branch manager, and loan officer. He founded the information technology department and served as Chief Financial Officer and President. Mr.
Foster is former chair of the Ohio Bankers League, one of the strongest financial trade associations in the country. Mr. Foster serves on the trust committee, the pension committee, and the loan committee. Anne E. Krehbiel's distinguished career as an attorney and firm principal provides a valuable perspective on legal matters and business management to the board of LCNB Corp. Earning a JD from the University of Cincinnati in 1980, Ms. Krehbiel practiced law in several capacities, including at U.S. Bank, prior to founding Krehbiel Law Office in 1998. She is OSBA board certified in estate planning and a trust and probate law specialist. Ms. Krehbiel serves on and is past president of the Warren County Bar Association.
She also serves on Warren County Foundation Board of Trustees and Rotary Club of Lebanon. Ms. Krehbiel is the Corporate Secretary for LCNB Corp.
She chairs the compensation committee and also serves on the audit and nominating and corporate governance committees. His expertise in law and commercial real estate are significant contributions to the LCNB Corp. board. A graduate of The Ohio State University Moritz College of Law, Mr. Johrendt practices business and tax law as a principal in the law firm of Johrendt & Holford based in Columbus, Ohio. Mr. Johrendt also owns and operates a commercial real estate investment company. Mr. Johrendt previously served as a director of Columbus First Bank from August 2007 until its purchase by LCNB National Bank in May 2018. Mr. Johrendt has also served as vice chair of the Ohio Board of Tax Appeals. Mr. Johrendt chairs the Nominating and Corporate Governance Committee and also serves on the Compensation Committee.
Takeitha W. Lawson brings corporate finance and investor relations expertise to her role on the board of LCNB Corp. Ms. Lawson has experience in working in finance and operations for some of the nation's most well-known companies, including DuPont, Lockheed Martin, and Lexmark. Currently, she holds a director-level role at Cincinnati Bell and previously guided investor relations strategy for that company. She holds a BS from Temple University and an MBA from Drexel University and has held Six Sigma Green Belt certifications. Extremely active in the Cincinnati community, Ms. Lawson currently serves on nonprofit boards in the treasury capacity, including Women Helping Women and Jack and Jill of America. Ms. Lawson serves the LCNB board through her participation on the Audit Committee, Compensation Committee, and the Nominating and Corporate Governance Committee.
The inspector of the election certified that with respect to the election of directors, a total of 6,550,603 votes were cast in favor of electing Steve P. Foster to the board of directors. A total of 6,561,744 votes were cast in favor of electing Anne E. Krehbiel to the board of directors. A total of 6,403,926 votes were cast in favor of electing Michael J. Johrendt to the board of directors. A total of 6,622,254 votes were cast in favor of electing Takeitha W. Lawson to the board of directors. As such, I hereby declare that Steve P. Foster, Anne E. Krehbiel, Michael J. Johrendt, and Takeitha W. Lawson.
Lawson have all been duly elected to the board of directors of LCNB to serve in such positions until the 2025 annual meeting of shareholders. Item two is a proposal to amend the articles of incorporation to eliminate cumulative voting for director elections. As indicated in the proxy statement, the board of directors recommends that shareholders vote in favor of this amendment. A total of 5,203,470 votes were cast in favor to amend the articles of incorporation to eliminate cumulative voting for director elections. A total of 1,644,468 votes were cast against amending the articles of incorporation to eliminate cumulative voting for director elections. Item three is a proposal to adopt an advisory, non-binding say-on-pay resolution to approve the compensation of our named executive officers.
As indicated in the proxy statement, the board of directors recommends that shareholders vote in favor of this proposal. A total of 6,445,855 votes were cast in favor of the approval to adopt an advisory, non-binding say-on-pay resolution to approve the compensation of our named executive officers. A total of 386,037 votes were cast against adopting an advisory, non-binding say-on-pay resolution to approve the compensation of our named executive officers. The Compensation Committee and the board will take the outcome of this vote into account when considering future executive compensation arrangements. Item 4 is a proposal to adopt an advisory, non-binding resolution regarding the frequency of our advisory votes on executive compensation. As indicated in the proxy statement, the board of directors recommends that shareholders vote in favor of one year for this proposal.
A total of 6,192,189 votes were cast in favor of adopting an advisory, non-binding resolution regarding having an advisory vote on executive compensation every year. A total of 198,058 votes were cast in favor of adopting an advisory, non-binding resolution regarding having an advisory vote on executive compensation less frequently, either every two or every three years. The Compensation Committee and the board will take the outcome of this vote into account when considering future executive compensation arrangements. Item five is a proposal to ratify the appointment of BKD LLP as LCNB's independent registered accounting firm. As indicated in the proxy statement, the board of directors recommends that shareholders vote in favor of this proposal.
A total of 8,817,056 votes were cast in favor of ratification of the appointment of BKD, LLP as the independent registered accounting firm for LCNB. A total of 57,315 votes were cast against the ratification of the appointment of BKD, LLP as the independent registered accounting firm for LCNB. I hereby declare that the appointment of BKD, LLP as the independent registered accounting firm for LCNB has been ratified. That concludes the report of preliminary voting. Details of the final results will be available for all shareholders in our filings with the SEC within four business days. Now we will hear from Eric J. Meilstrup, LCNB's President and Chief Executive Officer, with the report to shareholders on the LCNB's performance in 2021 and our plans for 2022.
Thank you, Spence. Good morning, and thank you all who are participating in today's virtual annual meeting and for your continued interest in LCNB as we celebrate 145 years of serving the financial needs of our local communities. Like 2020, challenges from the COVID-19 pandemic continued in 2021. I'm particularly proud of LCNB's financial performance throughout the COVID-19 pandemic as we helped our local markets and customers navigate unprecedented challenges and uncertainty. Throughout 2021, our entire LCNB family continued to focus on supporting and meeting the needs of our customers and our communities we serve while producing record results in many areas. I am also extremely proud of our engaged board of directors, experienced management team, dedicated associates, and our powerful and successful business model.
It is a privilege to be part of such a great group of individuals who continue to show their commitment through hard work while demonstrating an extremely high level of care. I mentioned some record results, and they include record earnings and earnings per share in 2021. These results were driven by asset and wealth management growth, combined with continued strong asset quality. The bank's total assets grew 9% to an all-time high of $1.9 billion. Net loans increased 5.4% to a record $1.36 billion, even as we helped our customers receive $41.2 million of PPP forgiveness payments last year. Total deposits increased 11.9% to a record $1.63 billion.
Total assets managed, which includes the bank assets, both trust and brokerage assets, cash management, and mortgage loan servicing, grew 7.6%, ending the year at a record $3.14 billion. LCNB's wealth management group and an increase in mortgage loan servicing were major contributors to our assets under management growth. Net income for 2021 was nearly $21 million, an increase of 4.5% as compared to 2020 and represents an all-time high. Earnings were at $1.66 per basic and diluted share for 2021, an increase of 7.1% as compared to the $1.55 for the same period last year. Finally, LCNB wealth management assets, including trust, investment, and brokerage accounts, increased 14.7% during 2021 to a record $1.06 billion.
This growth led to a record fiduciary income of $6.67 million. I'm very proud of what our board, management team, and associates accomplished while dealing with the continued challenges of the pandemic, wage pressures, and a challenging labor market. LCNB has made ongoing investments in technology to improve the client experience and to provide for a better work environment for our employees. We have recently upgraded our digital capabilities and have automated many processes that used to require manual intervention. The bank has introduced expanded digital technology in our banking centers to facilitate the sales process. Furthermore, we are committed to continually enhancing our PC environment and supporting an exciting digital roadmap which will improve experiences for both customers and employees. Lastly, we opened our new Union Village branch last summer.
This office highlights an efficient and forward-looking sales center offering a welcoming open branch layout, a smaller footprint that features the latest branch automation technology. We continue to look for efficiencies, cost-saving opportunities, and leveraging technology. We completed an overhaul of our wide area network in 2021. This project has allowed us to create a more robust and cost-effective network with significant cost savings that we believe will be realized in 2020 and beyond. Demonstrating our commitment to creating value for shareholders, we increased our cash dividend payment by 5.3% during 2021's fourth quarter. LCNB has a long history of paying dividends and returning capital to shareholders, maintaining our quarterly dividend throughout various economic cycles, even when other financial institutions lowered their cash dividend payments.
Our fourth quarter dividend payment represents the fourth consecutive annual increase in our dividend payment, and we are focused on supporting shareholders through our growing dividend policy. Yesterday, we filed our first quarter earnings release demonstrating continued improvements in our financial and operating performance. Our wealth team continues to contribute to both growth and non-interest income. We maintained the $3 billion mark for assets under management. Asset quality, while already strong, continues to improve, bolstering the bank for the economic uncertainty that lays ahead. We also continue to strengthen our corporate governance by attracting diverse, experienced, and independent individuals to our board of directors. Many of you probably already are aware and have seen the announcement that Takeitha W. Lawson was added to the board in the fourth quarter of 2021.
In a short period of time, Key has brought a fresh perspective to our board while contributing and engaging at high levels. We are very fortunate to have Key not only as a board member, but part of the LCNB family. To conclude my prepared remarks before we open the meeting to questions, I am extremely proud of our performance during 2021 and excited about the opportunities we have for 2022 and beyond. I would like to once again to thank everyone at LCNB for their continued hard work and dedication. With that, Spence, I'm looking to see if we have any questions that are out there. I do not see any, Spence, so I will turn it back over to you.
Okay. Thank you, Eric. Thank you to our shareholders who took the time to submit questions today. That completes the business schedule for today's meeting. We'd like to thank you all for joining us online and participating. Have a great day, and we look forward to seeing you all soon. Our meeting is now concluded.
This concludes the meeting, and you may now disconnect.