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

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1:30 PM on Wednesday, October 22

The Associated Press

LEBANON, Ohio--(BUSINESS WIRE)--Oct 22, 2025--

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 byinterest 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