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

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--(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/

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

Source: LCNB Corp.