Lcnb CorporationNASDAQ: LCNB

LCNB Corp. Reports Financial Results for the Three and Nine Months Ended September 30, 2025

· Issued by Lcnb Corporation via Business Wire

Net earnings per share improved 58.1% from Q3 2024 to $0.49 per diluted share for Q3 2025

Q3 2025 net interest margin expands to 3.57%, from 2.84% at Q3 2024

Return on average assets was 1.21% and 1.02%, respectively, for the three and nine months ended September 30, 2025

LEBANON, Ohio, October 22, 2025--(BUSINESS WIRE)--LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and nine months ended September 30, 2025.

Commenting on the financial results, LCNB Chief Executive Officer, Eric Meilstrup said, "The strength of LCNB’s business model, the disciplined execution of our long-term strategy, and our near-term efforts to optimize recent acquisitions continue to benefit our financial results. During the third quarter, LCNB decreased higher cost certificates of deposit as part of a planned balance sheet reduction strategy. In addition, several loans with lower interest rates paid off, along with maturities of low-rate investment securities. These actions expanded net interest margin by 73 basis points year-over-year to 3.57%, while controlled noninterest expense drove a meaningful improvement in our efficiency ratio, compared to both the prior year and the prior quarter. Positive performance across the business contributed to another quarter of strong net income, a return on average assets above 1%, and book value growth to $19.02 per share."

"LCNB’s loan portfolio at September 30, 2025, reflected the timing of customer payoffs and deliberate efforts to refine portfolio composition following our two recent acquisitions. Our new loan pipeline remains steady, and we expect a return to growth in the first half of 2026, while maintaining our track record of disciplined underwriting standards. At the same time, momentum in LCNB Wealth continues to build, with record trust and investments and investment services assets of $1.54 billion at quarter-end. This growth has contributed to a 23.4% year-over-year increase in third quarter fiduciary income," continued Mr. Meilstrup.

"Our performance through the first nine months of 2025 is encouraging and reflects the ongoing efforts of our dedicated team as we continue to serve the financial needs of our customers and communities. Looking to the final quarter of 2025 and into 2026, we remain focused on investing in our platform, talent, and capabilities to drive sustainable growth and long-term shareholder value," concluded Mr. Meilstrup.

Income Statement

Net income for the 2025 third quarter was $6.9 million, compared to $4.5 million for the same period last year. Earnings per basic and diluted share for the 2025 third quarter were $0.49, compared to $0.31 for the same period last year. Net income for the nine-month period ended September 30, 2025, was $17.5 million, compared to $7.4 million for the same period last year. Earnings per basic and diluted share for the nine-month period ended September 30, 2025 were $1.23, compared to $0.53 for the same period last year.

Net interest income for the three months ended September 30, 2025 was $18.1 million, compared to $15.0 million for the same period in 2024. Net interest income for the nine-month period ended September 30, 2025 was $52.0 million, as compared to $44.1 million in the same period last year. The growth in net interest income was primarily due to the reduction in average interest rates paid on interest-bearing liabilities and higher average rates earned on loans. For the 2025 third quarter, LCNB’s tax equivalent net interest margin was 3.57%, compared to 2.84% for the same period last year. Net interest margin for the nine-month period ended September 30, 2025 was 3.43%, as compared to 2.81% in the same period last year.

Non-interest income for the three months ended September 30, 2025 was $5.7 million, compared to $6.4 million for the same period last year. The 11.0% year-over-year decrease was primarily due to a $0.9 million reduction in net gains from sales of loans and lower bank-owned life insurance income, partially offset by higher fiduciary income and service charges and fees on deposit accounts. For the nine months ended September 30, 2025, non-interest income increased 12.2% to $16.2 million, compared to $14.4 million for the same period last year, as a result of higher fiduciary income and service charges and fees on deposit accounts.

Non-interest expense for the three months ended September 30, 2025 was $15.1 million, compared to $15.4 million for the same period last year. The $0.3 million decrease was primarily due to stable operating expenses and the absence of $0.3 million of one-time merger-related expenses that occurred in the 2024 third quarter. For the nine months ended September 30, 2025, non-interest expense was $2.2 million lower than the comparable period in 2024, partially due to a $3.2 million reduction in merger-related expenses and lower FDIC insurance premiums, partially offset by higher marketing, contracted services, and other non-interest expenses.

Capital Allocation

For the three months ended September 30, 2025, LCNB paid $0.22 per share in dividends. Year-to-date, LCNB has paid $0.66 per share in dividends.

Balance Sheet

Total assets at September 30, 2025 decreased 4.4%, to $2.24 billion, from $2.35 billion at September 30, 2024, and were down 2.7% compared to $2.31 billion at December 31, 2024. Net loans at September 30, 2025 were $1.67 billion, a decrease of 2.4%, or $40.3 million, from September 30, 2024, and down 2.5%, or $43.0 million, from December 31, 2024. During the quarter ended September 30, 2025, the Company originated $67.0 million in loans and sold $23.4 million into the secondary market, which contributed $0.7 million of gains to third quarter non-interest income.

Loans held for sale totaled $4.0 million at September 30, 2025, compared to $5.6 million at December 31, 2024 and $35.7 million at September 30, 2024, and are primarily composed of loans scheduled to be sold to an investor.

Total deposits at September 30, 2025 decreased 3.5%, to $1.85 billion, compared to $1.92 billion at September 30, 2024, and were down 1.6% from $1.88 billion at December 31, 2024.

At September 30, 2025, shareholders' equity was $269.9 million, compared to $253.2 million at September 30, 2024. On a per-share basis, shareholders' equity at September 30, 2025 was $19.02, compared to $17.95 at September 30, 2024.

At September 30, 2025, tangible shareholders' equity was $172.4 million, compared to $154.7 million at September 30, 2024. The 11.4% year-over-year increase in tangible shareholders' equity was primarily from higher retained earnings and an improvement in the unrealized losses on the available-for-sale investment portfolio. On a per-share basis, tangible shareholders' equity was $12.15 at September 30, 2025, compared to $10.97 at September 30, 2024.

Assets Under Management

Total assets managed at September 30, 2025 were $4.20 billion, compared to $4.25 billion at September 30, 2024, and $4.23 billion at December 31, 2024. The year-over-year decrease in total assets managed was due to lower LCNB total assets, mortgage loans serviced, and cash management, partially offset by higher trust and investments and brokerage accounts. Trust and investments and brokerage accounts increased due to a higher number of new LCNB Wealth Management customer accounts and an increase in the fair value of managed assets.

Asset Quality

For the 2025 third quarter, LCNB recorded a provision for credit losses of $211,000, compared to a provision for credit losses of $660,000 for the 2024 third quarter. For the nine months ended September 30, 2025, LCNB recorded a total provision for credit losses of $426,000, compared to a total provision for credit losses of $1.3 million for the nine months ended September 30, 2024.

Net charge-offs for the 2025 third quarter were $169,000, or 0.04% of average loans, compared to net charge-offs of $84,000, or 0.02% of average loans, annualized, for the same period last year. For the 2025 nine-month period, net charge-offs were $287,000, or 0.02% of average loans, compared to net charge-offs of $147,000, or 0.01% of average loans, for the 2024 nine-month period.

Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $2.0 million, or 0.12% of total loans, at September 30, 2025, compared to $3.3 million, or 0.19% of total loans, at September 30, 2024. The year-over-year decrease in nonaccrual loans was primarily due to the disposition of one commercial real estate loan. The nonperforming assets-to-total-assets ratio was 0.09% at September 30, 2025, compared to 0.14% at September 30, 2024.

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, 2024, 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:

1.

the success, impact, and timing of the implementation of LCNB’s business strategies;

2.

LCNB’s ability to integrate recent and future acquisitions, including Cincinnati Bancorp, Inc. and Eagle Financial Bancorp, Inc., may be unsuccessful or may be more difficult, time-consuming, or costly than expected;

3.

LCNB may incur increased loan charge-offs in the future and the allowance for credit losses may be inadequate;

4.

LCNB may face competitive loss of customers;

5.

changes in the interest rate environment, either by interest rate increases or decreases, may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;

6.

changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;

7.

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;

8.

LCNB may experience difficulties growing loan and deposit balances;

9.

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;

10.

global and/or domestic geopolitical relations and/or conflicts could create financial market uncertainty and have negative impacts on commodities, currency, and stability, which could adversely affect LCNB's operating results and financial condition;

11.

difficulties with technology or data security breaches, including cyberattacks or widespread outages, could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;

12.

adverse weather events and natural disasters and global and/or national epidemics could negatively affect LCNB’s customers given its concentrated geographic scope, which could impact LCNB’s operating results; and

13.

government intervention in the U.S. financial system, including the effects of legislative, tax, accounting, and regulatory actions and reforms, including, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, changes in deposit insurance premium levels, and any such future regulatory actions or reforms.

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.

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended

Nine Months Ended

9/30/2025

6/30/2025

3/31/2025

12/31/2024

9/30/2024

9/30/2025

9/30/2024

Condensed Income Statement

Interest income

$

26,305

25,939

25,316

26,894

26,398

77,560

78,121

Interest expense

8,179

8,398

9,017

10,181

11,428

25,594

34,039

Net interest income

18,126

17,541

16,299

16,713

14,970

51,966

44,082

Provision for credit losses

211

18

197

649

660

426

1,313

Net interest income after provision for credit losses

17,915

17,523

16,102

16,064

14,310

51,540

42,769

Non-interest income

5,704

5,248

5,222

5,988

6,407

16,174

14,416

Non-interest expense

15,145

15,567

15,809

14,592

15,387

46,521

48,684

Income before income taxes

8,474

7,204

5,515

7,460

5,330

21,193

8,501

Provision for income taxes

1,538

1,285

906

1,340

798

3,729

1,129

Net income

$

6,936

$

5,919

$

4,609

$

6,120

$

4,532

$

17,464

$

7,372

Supplemental Income Statement Information

Accretion income on acquired loans

$

904

1,174

692

1,271

800

2,770

2,824

Amortization expenses on acquired interest-bearing liabilities

—

—

—

119

378

—

1,475

Tax-equivalent net interest income

18,169

17,584

16,338

16,754

15,013

52,090

44,202

Pre-provision, pre-tax net income

8,685

7,222

5,712

8,109

5,990

21,619

9,814

Per Share Data

Dividends per share

$

0.22

0.22

0.22

0.22

0.22

0.66

0.66

Basic earnings per common share

$

0.49

0.41

0.33

0.44

0.31

1.23

0.53

Diluted earnings per common share

$

0.49

0.41

0.33

0.44

0.31

1.23

0.53

Book value per share

$

19.02

18.59

18.26

17.92

17.95

19.02

17.95

Tangible book value per share

$

12.15

11.69

11.34

10.96

10.97

12.15

10.97

Weighted average common shares outstanding:

Basic

14,097,414

14,085,764

14,051,310

14,027,043

14,018,765

14,079,519

13,676,989

Diluted

14,097,414

14,085,764

14,051,310

14,027,043

14,018,765

14,079,519

13,676,989

Shares outstanding at period end

14,186,204

14,175,241

14,166,915

14,118,040

14,110,210

14,186,204

14,110,210

Selected Financial Ratios

Return on average assets

1.21

%

1.04

%

0.81

%

1.04

%

0.76

%

1.02

%

0.42

%

Return on average equity

10.33

%

9.09

%

7.33

%

9.60

%

7.23

%

8.95

%

4.06

%

Return on average tangible common equity

16.29

%

14.54

%

11.91

%

15.67

%

12.27

%

14.32

%

6.70

%

Dividend payout ratio

44.90

%

53.66

%

66.67

%

50.00

%

70.97

%

53.66

%

124.53

%

Net interest margin (tax equivalent)

3.57

%

3.47

%

3.25

%

3.22

%

2.84

%

3.43

%

2.81

%

Efficiency ratio (tax equivalent)

63.44

%

68.18

%

73.33

%

64.16

%

71.83

%

68.15

%

83.05

%

Selected Balance Sheet Items

Cash and cash equivalents

$

35,865

49,778

37,670

35,744

39,374

Debt and equity securities

292,604

302,935

305,644

306,795

313,545

Loans:

Commercial and industrial

$

107,925

110,528

112,580

118,494

119,079

Commercial, secured by real estate

1,083,748

1,110,875

1,110,276

1,113,921

1,105,405

Residential real estate

454,918

459,473

463,379

456,298

459,740

Consumer

17,748

18,452

19,030

20,474

22,088

Agricultural

15,262

14,413

13,161

13,242

13,113

Other, including deposit overdrafts

267

171

133

179

496

Deferred net origination fees

(840

)

(902

)

(929

)

(796

)

(861

)

Loans, gross

1,679,028

1,713,010

1,717,630

1,721,812

1,719,060

Less allowance for credit losses

12,170

12,108

12,124

12,001

11,867

Loans, net

$

1,666,858

$

1,700,902

$

1,705,506

$

1,709,811

$

1,707,193

Loans held for sale

$

4,018

6,026

6,098

5,556

35,687

Three Months Ended

Nine Months Ended

9/30/2025

6/30/2025

3/31/2025

12/31/2024

9/30/2024

...

9/30/2025

9/30/2024

Selected Balance Sheet Items, continued

Allowance for Credit Losses on Loans:

Allowance for credit losses, beginning of period

$

12,108

12,124

12,001

11,867

11,270

Fair value adjustment for purchased credit deteriorated loans

—

—

—

—

—

Provision for credit losses on loans

231

63

162

728

681

Losses charged off

(193

)

(95

)

(53

)

(616

)

(122

)

Recoveries

24

16

14

22

38

Allowance for credit losses, end of period

$

12,170

12,108

12,124

12,001

11,867

Total earning assets

$

1,983,606

2,034,540

2,038,666

2,044,208

2,044,318

Goodwill

90,310

90,310

90,310

90,310

90,209

Core deposit intangibles

7,161

7,408

7,708

8,006

8,309

Mortgage servicing rights

2,519

2,698

2,908

3,098

3,296

Other non-earning assets

160,769

172,844

163,153

161,772

200,776

Total non-earning assets

260,759

273,260

264,079

263,186

302,590

Total assets

2,244,365

2,307,800

2,302,745

2,307,394

2,346,908

Total deposits

1,849,082

1,919,372

1,921,649

1,878,292

1,917,005

Long-term debt

104,717

105,000

104,637

155,153

155,662

Total shareholders’ equity

269,870

263,474

258,651

253,036

253,246

Equity to assets ratio

12.02

%

11.42

%

11.23

%

10.97

%

10.79

%

Loans to deposits ratio

90.80

%

89.25

%

89.38

%

91.67

%

89.67

%

Tangible common equity (TCE)

$

172,399

165,756

160,633

154,721

154,728

Tangible common assets (TCA)

2,146,894

2,210,082

2,204,727

2,209,079

2,248,390

TCE/TCA

8.03

%

7.50

%

7.29

%

7.00

%

6.88

%

Selected Average Balance Sheet Items

Cash and cash equivalents

$

38,466

34,256

36,125

31,648

39,697

36,174

43,486

Debt and equity securities

298,341

302,475

304,033

311,323

314,255

301,713

311,551

Loans, including loans held for sale

$

1,706,281

1,718,959

1,721,894

1,751,644

1,770,330

1,715,654

1,770,383

Less allowance for credit losses on loans

12,099

12,117

11,996

11,856

11,281

12,071

11,059

Net loans

$

1,694,182

1,706,842

1,709,898

1,739,788

1,759,049

1,703,583

1,759,324

Total earning assets

$

2,017,294

2,031,261

2,036,514

2,072,397

2,099,954

2,028,403

2,099,536

Goodwill

90,310

90,310

90,310

90,218

94,006

90,310

88,442

Core deposit intangibles

7,275

7,555

7,854

8,154

8,458

7,559

7,349

Mortgage servicing rights

2,699

2,908

3,099

3,296

3,522

2,901

3,787

Other non-earning assets

159,328

158,251

160,281

158,022

159,736

159,163

155,999

Total non-earning assets

259,612

259,024

261,544

259,690

265,722

259,933

255,577

Total assets

2,276,906

2,290,285

2,298,058

2,332,087

2,365,676

2,288,336

2,355,113

Total deposits

1,884,748

1,906,305

1,896,443

1,901,442

1,936,601

1,895,791

1,909,146

Short-term borrowings

52

63

72

11

11

62

25,358

Long-term debt

104,951

104,701

127,289

155,573

158,419

112,232

157,056

Total shareholders’ equity

266,489

261,193

255,120

253,727

249,370

260,976

242,829

Equity to assets ratio

11.70

%

11.40

%

11.10

%

10.88

%

10.54

%

11.40

%

10.31

%

Loans to deposits ratio

90.53

%

90.17

%

90.80

%

92.12

%

91.41

%

90.50

%

92.73

%

Asset Quality

Net charge-offs

$

169

79

39

595

84

287

147

Other real estate owned

—

—

—

—

—

Non-accrual loans

$

1,793

4,500

4,710

4,528

3,001

Loans past due 90 days or more and still accruing

163

271

181

90

283

Total nonperforming loans

$

1,956

$

4,771

$

4,891

$

4,618

$

3,284

Net charge-offs to average loans

0.04

%

0.02

%

0.01

%

0.14

%

0.02

%

0.02

%

0.01

%

Allowance for credit losses on loans to total loans

0.72

%

0.71

%

0.71

%

0.70

%

0.69

%

Nonperforming loans to total loans

0.12

%

0.28

%

0.28

%

0.27

%

0.19

%

Nonperforming assets to total assets

0.09

%

0.21

%

0.21

%

0.20

%

0.14

%

Three Months Ended

Nine Months Ended

9/30/2025

6/30/2025

3/31/2025

12/31/2024

9/30/2024

9/30/2025

9/30/2024

Assets Under Management

LCNB Corp. total assets

$

2,244,365

2,307,800

2,302,745

2,307,394

2,346,908

Trust and investments (fair value)

1,041,270

990,699

957,359

942,249

933,341

Mortgage loans serviced

341,548

348,003

354,593

397,625

366,175

Cash management

73,002

62,737

100,830

146,657

165,218

Investment services (fair value)

494,947

466,299

441,621

438,310

435,611

Total assets managed

$

4,195,132

4,175,538

4,157,148

4,232,235

4,247,253

Three Months Ended September 30,

Three Months Ended June 30,

2025

2024

2025

Average

Interest

Average

Average

Interest

Average

Average

Interest

Average

Outstanding

Earned/

Yield/

Outstanding

Earned/

Yield/

Outstanding

Earned/

Yield/

Balance

Paid

Rate

Balance

Paid

Rate

Balance

Paid

Rate

Loans (1)

$

1,706,281

24,163

5.62

%

1,770,330

24,342

5.47

%

1,718,959

23,838

5.56

%

Interest-bearing demand deposits

12,416

183

5.85

%

15,369

209

5.41

%

9,573

140

5.87

%

Interest-bearing time deposits

256

2

3.10

%

—

—

—

%

254

6

9.47

%

Federal Reserve Bank stock

6,405

96

5.95

%

6,393

(1

)

(0.06

)%

6,405

98

6.14

%

Federal Home Loan Bank stock

20,710

452

8.66

%

20,710

464

8.91

%

20,710

447

8.66

%

Investment securities:

Equity securities

5,072

37

2.89

%

5,026

40

3.17

%

5,053

36

2.86

%

Debt securities, taxable

247,878

1,212

1.94

%

262,220

1,181

1.79

%

251,920

1,213

1.93

%

Debt securities, non-taxable (2)

18,276

203

4.41

%

19,906

206

4.12

%

18,387

204

4.45

%

Total earnings assets

2,017,294

26,348

5.18

%

2,099,954

26,441

5.01

%

2,031,261

25,982

5.13

%

Non-earning assets

271,717

277,003

271,147

Allowance for credit losses

(12,105

)

(11,281

)

(12,123

)

Total assets

$

2,276,906

2,365,676

2,290,285

Interest-bearing demand and money market deposits

$

638,825

2,693

1.67

%

585,823

3,006

2.04

%

603,066

2,374

1.58

%

Savings deposits

359,481

206

0.23

%

367,045

274

0.30

%

363,679

199

0.22

%

IRA and time certificates

420,508

3,958

3.73

%

538,070

6,298

4.66

%

466,065

4,546

3.91

%

Short-term borrowings

52

1

7.63

%

11

—

—

%

63

1

6.37

%

Long-term debt

104,951

1,321

4.99

%

158,419

1,850

4.65

%

104,701

1,278

4.90

%

Total interest-bearing liabilities

1,523,817

8,179

2.13

%

1,649,368

11,428

2.76

%

1,537,574

8,398

2.19

%

Demand deposits

465,934

445,663

473,495

Other liabilities

20,666

21,275

18,023

Equity

266,489

249,370

261,193

Total liabilities and equity

$

2,276,906

2,365,676

2,290,285

Net interest rate spread (3)

3.05

%

2.25

%

2.94

%

Net interest income and net interest margin on a taxable-equivalent basis (4)

18,169

3.57

%

15,013

2.84

%

17,584

3.47

%

Ratio of interest-earning assets to interest-bearing liabilities

132.38

%

127.32

%

132.11

%

(1)

Includes non-accrual loans and loans held for sale

(2)

Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%.

(3)

The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities.

(4)

The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets.

For the Nine Months Ended September 30,

2025

2024

Average

Interest

Average

Average

Interest

Average

Outstanding

Earned/

Yield/

Outstanding

Earned/

Yield/

Balance

Paid

Rate

Balance

Paid

Rate

Loans (1)

$

1,715,654

71,182

5.55

%

1,770,383

71,860

5.42

%

Interest-bearing demand deposits

10,783

455

5.64

%

17,602

747

5.67

%

Interest-bearing time deposits

253

8

4.23

%

—

—

—

%

Federal Reserve Bank stock

6,405

288

6.01

%

6,051

176

3.89

%

Federal Home Loan Bank stock

20,710

1,367

8.83

%

19,040

1,172

8.22

%

Investment securities:

Equity securities

5,056

112

2.96

%

5,002

119

3.18

%

Debt securities, taxable

251,597

3,681

1.96

%

262,360

3,596

1.83

%

Debt securities, non-taxable (2)

17,945

591

4.40

%

19,098

571

3.99

%

Total earnings assets

2,028,403

77,684

5.12

%

2,099,536

78,241

4.98

%

Non-earning assets

272,010

266,641

Allowance for credit losses

(12,077

)

(11,064

)

Total assets

$

2,288,336

2,355,113

Interest-bearing demand and money market deposits

$

604,372

7,404

1.64

%

625,785

10,498

2.24

%

Savings deposits

362,989

600

0.22

%

369,104

787

0.28

%

IRA and time certificates

460,970

13,531

3.92

%

467,425

16,173

4.62

%

Short-term borrowings

62

3

6.47

%

25,358

1,116

5.88

%

Long-term debt

112,232

4,056

4.83

%

157,056

5,465

4.65

%

Total interest-bearing liabilities

1,540,625

25,594

2.22

%

1,644,728

34,039

2.76

%

Demand deposits

467,460

446,832

Other liabilities

19,275

20,724

Equity

260,976

242,829

Total liabilities and equity

$

2,288,336

2,355,113

Net interest rate spread (3)

2.90

%

2.22

%

Net interest income and net interest margin on a taxable-equivalent basis (4)

52,090

3.43

%

44,202

2.81

%

Ratio of interest-earning assets to interest-bearing liabilities

131.66

%

127.65

%

(1)

Includes non-accrual loans and loans held for sale

(2)

Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%.

(3)

The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities.

(4)

The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets.

Exhibit 99.2

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited, dollars in thousands)

September 30,
2025

December 31,
2024

Unaudited

Audited

ASSETS:

Cash and due from banks

$

28,167

20,393

Interest-bearing demand deposits

7,698

15,351

Total cash and cash equivalents

35,865

35,744

Interest-bearing time deposits

258

250

Investment securities:

Equity securities with a readily determinable fair value, at fair value

1,414

1,363

Equity securities without a readily determinable fair value, at cost

3,666

3,666

Debt securities, available-for-sale, at fair value

243,105

258,327

Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $12 and $5 at September 30, 2025 and December 31, 2024, respectively

17,304

16,324

Federal Reserve Bank stock, at cost

6,405

6,405

Federal Home Loan Bank stock, at cost

20,710

20,710

Loans held-for-sale

4,018

5,556

Loans, net of allowance for credit losses of $12,170 and $12,001 at September 30, 2025 and December 31, 2024, respectively

1,666,858

1,709,811

Premises and equipment, net

39,422

41,049

Operating lease right-of-use assets

6,405

5,785

Goodwill

90,310

90,310

Core deposit and other intangibles, net

9,680

11,104

Bank-owned life insurance

55,061

54,002

Interest receivable

8,803

8,701

Other assets, net

35,081

38,287

TOTAL ASSETS

$

2,244,365

2,307,394

LIABILITIES:

Deposits:

Noninterest-bearing

$

454,192

459,619

Interest-bearing

1,394,890

1,418,673

Total deposits

1,849,082

1,878,292

Long-term debt

104,717

155,153

Operating lease liabilities

6,770

6,115

Accrued interest and other liabilities

13,926

14,798

TOTAL LIABILITIES

1,974,495

2,054,358

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 17,401,712 and 17,329,423 shares at September 30, 2025 and December 31, 2024, respectively; outstanding 14,186,204 and 14,118,040 shares at September 30, 2025 and December 31, 2024, respectively

187,957

186,937

Retained earnings

149,403

141,290

Treasury shares at cost, 3,215,508 and 3,211,383 shares at September 30, 2025 and December 31, 2024, respectively

(56,071

)

(56,002

)

Accumulated other comprehensive loss, net of taxes

(11,419

)

(19,189

)

TOTAL SHAREHOLDERS' EQUITY

269,870

253,036

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

2,244,365

2,307,394

Exhibit 99.2

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2025

2024

2025

2024

INTEREST INCOME:

Interest and fees on loans

$

24,163

24,342

71,182

71,860

Dividends on equity securities:

With a readily determinable fair value

12

10

33

28

Without a readily determinable fair value

25

30

79

91

Interest on debt securities:

Taxable

1,212

1,181

3,681

3,596

Non-taxable

160

163

467

451

Other investments

733

672

2,118

2,095

TOTAL INTEREST INCOME

26,305

26,398

77,560

78,121

INTEREST EXPENSE:

Interest on deposits

6,857

9,578

21,535

27,458

Interest on short-term borrowings

1

—

3

1,116

Interest on long-term debt

1,321

1,850

4,056

5,465

TOTAL INTEREST EXPENSE

8,179

11,428

25,594

34,039

NET INTEREST INCOME

18,126

14,970

51,966

44,082

PROVISION FOR CREDIT LOSSES

211

660

426

1,313

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

17,915

14,310

51,540

42,769

NON-INTEREST INCOME:

Fiduciary income

2,588

2,097

7,014

6,137

Service charges and fees on deposit accounts

1,935

1,899

5,585

4,820

Net losses from sales of debt securities, available-for-sale

—

—

—

(214

)

Bank-owned life insurance income

361

654

1,060

1,313

Net gains from sales of loans

718

1,625

2,174

2,197

Net other operating income

102

132

341

163

TOTAL NON-INTEREST INCOME

5,704

6,407

16,174

14,416

NON-INTEREST EXPENSE:

Salaries and employee benefits

8,682

9,025

26,726

26,585

Equipment expenses

380

420

1,133

1,205

Occupancy expense, net

1,015

966

3,047

2,915

State financial institutions tax

432

505

1,334

1,409

Marketing

336

320

932

704

Amortization of intangibles

247

304

845

838

FDIC insurance premiums, net

359

547

1,149

1,445

Contracted services

880

807

2,609

2,435

Merger-related expenses

—

281

140

3,376

Other non-interest expense

2,814

2,212

8,606

7,772

TOTAL NON-INTEREST EXPENSE

15,145

15,387

46,521

48,684

INCOME BEFORE INCOME TAXES

8,474

5,330

21,193

8,501

PROVISION FOR INCOME TAXES

1,538

798

3,729

1,129

NET INCOME

$

6,936

4,532

17,464

7,372

Earnings per common share:

Basic

0.49

0.31

1.23

0.53

Diluted

0.49

0.31

1.23

0.53

Weighted average common shares outstanding:

Basic

14,097,414

14,018,765

14,079,519

13,676,989

Diluted

14,097,414

14,018,765

14,079,519

13,676,989

View source version on businesswire.com: https://www.businesswire.com/news/home/20251022157333/en/

Contacts

Company Contact:
Eric J. Meilstrup
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

View original source (Business Wire)