LCNB Corp. Reports Financial Results for the Three and Twelve Months Ended December 31, 2025

Key Terms

tangible book value financial

Tangible book value is the accounting measure of a company’s net worth after removing intangible items like goodwill, patents and trademarks, leaving only physical and financial assets minus liabilities. For investors it offers a clearer view of the company’s hard-asset backing per share—like estimating the cash you could get by selling the furniture, machinery and cash in a house—helping gauge downside risk and whether a stock may be cheaply valued.

return on average assets financial

Return on average assets (ROAA) measures how efficiently a company turns its assets into profit by comparing profit after expenses to the average value of its assets over a period (usually the average of beginning and ending assets). It matters to investors because it shows how well management uses the company’s resources to generate returns—think of it as how much profit a baker earns from the oven space they actually used over time.

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

provision for credit losses financial

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

nonperforming loans financial

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

Tangible book value per share increased 13.6% year-over-year to $12.45 per share at December 31, 2025, reflecting strong annual earnings growth and an improvement in the unrealized losses on the available-for-sale investment portfolio

LCNB Wealth Management assets increased 12.9% year-over-year to a record $1.56 billion at December 31, 2025, driving record fiduciary income of $9.5 million for the 2025 full year

Return on average assets was 1.01% and 1.02%, respectively, for the three and twelve months ended December 31, 2025

LEBANON, Ohio--(BUSINESS WIRE)-- LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and twelve months ended December 31, 2025.

Commenting on the financial results, LCNB Chief Executive Officer, Eric Meilstrup said, “2025 was a transformative year for LCNB, reflecting the earnings power of our enhanced platform following the acquisitions of Eagle Financial Bancorp, Inc. ("Eagle") and Cincinnati Bancorp, Inc. ("Cincinnati Federal"). During the year, we executed strategies aimed at proactively strengthening our balance sheet, expanding net interest margin, maintaining tight control over operating expenses, continuing the growth of LCNB Wealth Management, and further investing in our leadership team. I am pleased to report that these efforts contributed to record annual net income of $23.1 million in 2025, resulting in a 1.02% return on average assets for the full year and a 13.6% increase in tangible book value to $12.45 per share at December 31, 2025.”

“During the fourth quarter of 2025, we increased our provision for credit losses on loans primarily due to a reserve against one loan in the logistics sector and to support recent loan growth. The provision for credit losses during the fourth quarter reduced after-tax earnings by $0.08 per diluted share. LCNB’s exposure to the logistics industry is limited and our overall asset quality remains strong with nonperforming loans to total loans of 0.14% at December 31, 2025, compared to 0.27% at December 31, 2024,” continued Mr. Meilstrup.

“As we look ahead to 2026, we remain focused on disciplined growth, including measured loan growth, continued strength in wealth management, and stable asset quality. We believe this balanced approach positions LCNB to deliver another year of consistent returns and continued book value growth,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2025 fourth quarter was $5.7 million, compared to $6.1 million for the same period in 2024. Earnings per basic and diluted share for the 2025 fourth quarter were $0.40, compared to $0.44 for the same period in 2024. Net income for the twelve-month period ended December 31, 2025, was $23.1 million, compared to $13.5 million for the same period in 2024. Earnings per basic and diluted share for the twelve-month period ended December 31, 2025 were $1.63, compared to $0.97 for the same period in 2024.

Net interest income for the three months ended December 31, 2025 was $18.3 million, compared to $16.7 million for the same period in 2024. Net interest income for the twelve-month period ended December 31, 2025 was $70.2 million, as compared to $60.8 million in the same period in 2024. The year over year 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 fourth quarter, LCNB’s tax equivalent net interest margin was 3.69%, compared to 3.22% for the same period in 2024. Net interest margin for the twelve-month period ended December 31, 2025 was 3.50%, as compared to 2.91% in the same period in 2024.

Non-interest income for the three months ended December 31, 2025 was $5.6 million, compared to $6.0 million for the same period in 2024. The 6.5% year-over-year decrease was primarily due to a $0.5 million reduction in net gains from sales of loans and lower service charges and fees on deposit accounts, partially offset by $0.2 million of higher fiduciary income. For the twelve months ended December 31, 2025, non-interest income increased 6.7% to $21.8 million, compared to $20.4 million for the same period in 2024, as a result of higher fiduciary income and service charges and fees on deposit accounts, partially offset by lower net gains from sales of loans and bank-owned life insurance income.

Non-interest expense for the three months ended December 31, 2025 was $15.4 million, compared to $14.6 million for the same period in 2024. The $0.8 million increase was primarily due to higher salaries and employee benefits, computer, and contracted services expenses, as well as higher other non-interest expenses. For the twelve months ended December 31, 2025, non-interest expense was $1.4 million lower than the comparable period in 2024, partially due to a $3.3 million reduction in merger-related expenses and lower FDIC insurance premiums, partially offset by higher salaries and employee benefits, contracted services, and other non-interest expenses.

Capital Allocation

For the three months ended December 31, 2025, LCNB paid $0.22 per share in dividends. For the full year ended December 31, 2025, LCNB paid $0.88 per share in dividends.

Balance Sheet

Total assets at December 31, 2025 decreased 2.9%, to $2.24 billion, from $2.31 billion at December 31, 2024. Net loans at December 31, 2025 were $1.69 billion, a decrease of 1.1%, or $18.0 million, from December 31, 2024. During the year ended December 31, 2025, the Company originated $375.1 million in loans and sold $102.4 million into the secondary market, which contributed $2.9 million of gains to full year non-interest income.

Loans held for sale totaled $1.7 million at December 31, 2025, compared to $5.6 million at December 31, 2024, and were primarily composed of loans scheduled to be sold to an investor.

Total deposits at December 31, 2025 decreased 2.0%, to $1.84 billion, compared to $1.88 billion at December 31, 2024. The change includes modest growth in noninterest‑bearing demand deposit accounts, and the decline in interest‑bearing balances reflects the strategic runoff of higher‑cost certificates of deposit and IRA balances as part of the Company’s funding optimization strategy.

At December 31, 2025, shareholders' equity was $273.9 million, compared to $253.0 million at December 31, 2024. On a per-share basis, shareholders' equity at December 31, 2025 was $19.30, compared to $17.92 at December 31, 2024.

At December 31, 2025, tangible shareholders' equity was $176.7 million, compared to $154.7 million at December 31, 2024. The 14.2% 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 $12.45 at December 31, 2025, compared to $10.96 at December 31, 2024.

Assets Under Management

Total assets managed at December 31, 2025, were $4.14 billion, compared to $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 fourth quarter, LCNB recorded a provision for credit losses of $1.5 million, compared to a provision for credit losses of $0.6 million for the 2024 fourth quarter. For the twelve months ended December 31, 2025, LCNB recorded a total provision for credit losses of $1.9 million, compared to a total provision for credit losses of $2.0 million for the twelve months ended December 31, 2024.

Net recoveries for the 2025 fourth quarter were $14,000, or 0.00% of average loans, compared to net charge-offs of $595,000, or 0.14% of average loans, annualized, for the same period in 2024. For the 2025 twelve-month period, net charge-offs were $273,000, or 0.02% of average loans, compared to net charge-offs of $742,000, or 0.04% of average loans, for the 2024 twelve-month period.

During the fourth quarter of 2025, the Company increased its provision for credit losses due to loan growth, but primarily to fully reserve for a $1.4 million loan within the logistics sector. The Company does not believe there will be any additional reserves associated with this loan and anticipates the loan will be charged off during the first quarter of 2026. LCNB believes this event is isolated to this borrower, and does not reflect the overall strength, diversity, or performance of its loan portfolio or the markets the Company serves.

Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $2.3 million, or 0.14% of total loans, at December 31, 2025, compared to $4.6 million, or 0.27% of total loans, at December 31, 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 0.10% at December 31, 2025, compared to 0.20% at December 31, 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																				Year Ended
		12/31/2025				9/30/2025				6/30/2025				3/31/2025				12/31/2024				12/31/2025				12/31/2024
Condensed Income Statement
Interest income		$	25,187				26,305				25,939				25,316				26,894				102,747				105,015
Interest expense			6,931				8,179				8,398				9,017				10,181				32,525				44,220
Net interest income			18,256				18,126				17,541				16,299				16,713				70,222				60,795
Provision for credit losses			1,510				211				18				197				649				1,936				1,962
Net interest income after provision for credit losses			16,746				17,915				17,523				16,102				16,064				68,286				58,833
Non-interest income			5,601				5,704				5,248				5,222				5,988				21,775				20,404
Non-interest expense			15,388				15,145				15,567				15,809				14,592				61,909				63,276
Income before income taxes			6,959				8,474				7,204				5,515				7,460				28,152				15,961
Provision for income taxes			1,303				1,538				1,285				906				1,340				5,032				2,469
Net income		$	5,656				6,936				5,919				4,609				6,120				23,120				13,492
Supplemental Income Statement Information
Accretion income on acquired loans		$	816				904				1,174				692				1,271				3,586				4,095
Amortization expenses on acquired interest-bearing liabilities			—				—				—				—				119				—				1,594
Tax-equivalent net interest income			18,297				18,169				17,584				16,338				16,754				70,388				60,956
Pre-provision, pre-tax net income			8,469				8,685				7,222				5,712				8,109				30,088				17,923
Per Share Data
Dividends per share		$	0.22				0.22				0.22				0.22				0.22				0.88				0.88
Basic earnings per common share		$	0.40				0.49				0.41				0.33				0.44				1.63				0.97
Diluted earnings per common share		$	0.40				0.49				0.41				0.33				0.44				1.63				0.97
Book value per share		$	19.30				19.02				18.59				18.26				17.92				19.30				17.92
Tangible book value per share		$	12.45				12.15				11.69				11.34				10.96				12.45				10.96
Weighted average common shares outstanding:
Basic			14,106,778				14,097,414				14,085,764				14,051,310				14,027,043				14,086,379				13,764,985
Diluted			14,106,778				14,097,414				14,085,764				14,051,310				14,027,043				14,086,379				13,764,985
Shares outstanding at period end			14,193,577				14,186,204				14,175,241				14,166,915				14,118,040				14,193,577				14,118,040
Selected Financial Ratios
Return on average assets			1.01	%			1.21	%			1.04	%			0.81	%			1.04	%			1.02	%			0.57	%
Return on average equity			8.22	%			10.33	%			9.09	%			7.33	%			9.60	%			8.76	%			5.49	%
Return on average tangible common equity			12.78	%			16.29	%			14.54	%			11.91	%			15.67	%			13.91	%			9.05	%
Dividend payout ratio			55.00	%			44.90	%			53.66	%			66.67	%			50.00	%			53.99	%			90.72	%
Net interest margin (tax equivalent)			3.69	%			3.57	%			3.47	%			3.25	%			3.22	%			3.50	%			2.91	%
Efficiency ratio (tax equivalent)			64.39	%			63.44	%			68.18	%			73.33	%			64.16	%			67.17	%			77.77	%
Selected Balance Sheet Items
Cash and cash equivalents		$	21,614				35,865				49,778				37,670				35,744
Debt and equity securities			280,565				292,604				302,935				305,644				306,795
Loans:
Commercial and industrial		$	104,013				107,925				110,528				112,580				118,494
Commercial, secured by real estate			1,100,203				1,083,748				1,110,875				1,110,276				1,113,921
Residential real estate			469,574				454,918				459,473				463,379				456,298
Consumer			16,928				17,748				18,452				19,030				20,474
Agricultural			15,666				15,262				14,413				13,161				13,242
Other, including deposit overdrafts			210				267				171				133				179
Deferred net origination fees			(1,063	)			(840	)			(902	)			(929	)			(796	)
Loans, gross			1,705,531				1,679,028				1,713,010				1,717,630				1,721,812
Less allowance for credit losses			13,704				12,170				12,108				12,124				12,001
Loans, net		$	1,691,827				1,666,858				1,700,902				1,705,506				1,709,811
Loans held for sale		$	1,718				4,018				6,026				6,098				5,556

		Three Months Ended																				Year Ended
		12/31/2025				9/30/2025				6/30/2025				3/31/2025				12/31/2024				12/31/2025				12/31/2024
Selected Balance Sheet Items, continued
Allowance for Credit Losses on Loans:
Allowance for credit losses, beginning of period		$	12,170				12,108				12,124				12,001				11,867
Provision for credit losses on loans			1,520				231				63				162				728
Losses charged off			(67	)			(193	)			(95	)			(53	)			(616	)
Recoveries			81				24				16				14				22
Allowance for credit losses, end of period		$	13,704				12,170				12,108				12,124				12,001
Total earning assets		$	1,993,785				1,983,606				2,034,540				2,038,666				2,044,208
Goodwill			90,310				90,310				90,310				90,310				90,310
Core deposit intangibles			6,931				7,161				7,408				7,708				8,006
Mortgage servicing rights			2,340				2,519				2,698				2,908				3,098
Other non-earning assets			147,403				160,769				172,844				163,153				161,772
Total non-earning assets			246,984				260,759				273,260				264,079				263,186
Total assets			2,240,769				2,244,365				2,307,800				2,302,745				2,307,394
Total deposits			1,840,355				1,849,082				1,919,372				1,921,649				1,878,292
Long-term debt			104,428				104,717				105,000				104,637				155,153
Total shareholders’ equity			273,929				269,870				263,474				258,651				253,036
Equity to assets ratio			12.22	%			12.02	%			11.42	%			11.23	%			10.97	%
Loans to deposits ratio			92.67	%			90.80	%			89.25	%			89.38	%			91.67	%
Tangible common equity (TCE)		$	176,689				172,399				165,756				160,633				154,721
Tangible common assets (TCA)			2,143,529				2,146,894				2,210,082				2,204,727				2,209,079
TCE/TCA			8.24	%			8.03	%			7.50	%			7.29	%			7.00	%
Selected Average Balance Sheet Items
Cash and cash equivalents		$	29,395				38,466				34,256				36,125				31,648				34,419				40,219
Debt and equity securities			285,810				298,341				302,475				304,033				311,323				297,720				311,476
Loans, including loans held for sale		$	1,675,449				1,706,281				1,718,959				1,721,894				1,751,644				1,705,520				1,765,672
Less allowance for credit losses on loans			12,186				12,099				12,117				11,996				11,856				12,100				11,257
Net loans		$	1,663,263				1,694,182				1,706,842				1,709,898				1,739,788				1,693,420				1,754,415
Total earning assets		$	1,968,188				2,017,294				2,031,261				2,036,514				2,072,397				2,013,275				2,093,035
Goodwill			90,310				90,310				90,310				90,310				90,218				90,310				88,888
Core deposit intangibles			7,043				7,275				7,555				7,854				8,154				7,429				7,552
Mortgage servicing rights			2,520				2,699				2,908				3,099				3,296				2,805				3,663
Other non-earning assets			153,528				159,328				158,251				160,281				158,022				157,697				156,189
Total non-earning assets			253,401				259,612				259,024				261,544				259,690				258,241				256,292
Total assets			2,221,589				2,276,906				2,290,285				2,298,058				2,332,087				2,271,516				2,349,327
Total deposits			1,822,412				1,884,748				1,906,305				1,896,443				1,901,442				1,877,295				1,907,208
Short-term borrowings			—				52				63				72				11				47				18,987
Long-term debt			104,664				104,951				104,701				127,289				155,573				110,324				156,683
Total shareholders’ equity			272,856				266,489				261,193				255,120				253,727				263,970				245,568
Equity to assets ratio			12.28	%			11.70	%			11.40	%			11.10	%			10.88	%			11.62	%			10.45	%
Loans to deposits ratio			91.94	%			90.53	%			90.17	%			90.80	%			92.12	%			90.85	%			92.58	%
Asset Quality
Net charge-offs (recoveries)		$	(14	)			169				79				39				595				273				742
Other real estate owned			—				—				—				—				—
Non-accrual loans		$	1,794				1,793				4,500				4,710				4,528
Loans past due 90 days or more and still accruing			530				163				271				181				90
Total nonperforming loans		$	2,324				1,956				4,771				4,891				4,618
Net charge-offs to average loans			0.00	%			0.04	%			0.02	%			0.01	%			0.14	%			0.02	%			0.04	%
Allowance for credit losses on loans to total loans			0.80	%			0.72	%			0.71	%			0.71	%			0.70	%
Nonperforming loans to total loans			0.14	%			0.12	%			0.28	%			0.28	%			0.27	%
Nonperforming assets to total assets			0.10	%			0.09	%			0.21	%			0.21	%			0.20	%

		Three Months Ended																				Year Ended
		12/31/2025				9/30/2025				6/30/2025				3/31/2025				12/31/2024				12/31/2025				12/31/2024
Assets Under Management
LCNB Corp. total assets		$	2,240,769				2,244,365				2,307,800				2,302,745				2,307,394
Trust and investments (fair value)			1,053,887				1,041,270				990,699				957,359				942,249
Mortgage loans serviced			333,518				341,548				348,003				354,593				397,625
Cash management			10,935				73,002				62,737				100,830				146,657
Investment services (fair value)			504,123				494,947				466,299				441,621				438,310
Total assets managed		$	4,143,232				4,195,132				4,175,538				4,157,148				4,232,235

		Three Months Ended December 31,																								Three Months Ended September 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)		$	1,675,449				23,131				5.48	%			1,751,644				24,617				5.59	%			1,706,281				24,163				5.62	%
Interest-bearing demand deposits			6,058				122				7.99	%			9,185				143				6.19	%			12,416				183				5.85	%
Interest-bearing time deposits			871				6				2.73	%			245				—				—	%			256				2				3.10	%
Federal Reserve Bank stock			6,405				96				5.95	%			6,414				193				11.97	%			6,405				96				5.95	%
Federal Home Loan Bank stock			20,710				418				8.01	%			20,710				469				9.01	%			20,710				452				8.66	%
Investment securities:
Equity securities			5,087				61				4.76	%			5,043				65				5.13	%			5,072				37				2.89	%
Debt securities, taxable			235,962				1,195				2.01	%			260,429				1,251				1.91	%			247,878				1,212				1.94	%
Debt securities, non-taxable (2)			17,646				200				4.50	%			18,727				197				4.18	%			18,276				203				4.41	%
Total earnings assets			1,968,188				25,229				5.09	%			2,072,397				26,935				5.17	%			2,017,294				26,348				5.18	%
Non-earning assets			265,599												271,546												271,717
Allowance for credit losses			(12,198	)											(11,856	)											(12,105	)
Total assets		$	2,221,589												2,332,087												2,276,906
Interest-bearing demand and money market deposits		$	625,175				2,283				1.45	%			551,626				2,379				1.72	%			638,825				2,693				1.67	%
Savings deposits			357,676				205				0.23	%			366,310				241				0.26	%			359,481				206				0.23	%
IRA and time certificates			369,494				3,126				3.36	%			523,486				5,760				4.38	%			420,508				3,958				3.73	%
Short-term borrowings			—				—				—	%			11				1				36.17	%			52				1				7.63	%
Long-term debt			104,664				1,318				5.00	%			155,573				1,800				4.60	%			104,951				1,321				4.99	%
Total interest-bearing liabilities			1,457,009				6,932				1.89	%			1,597,006				10,181				2.54	%			1,523,817				8,179				2.13	%
Demand deposits			470,067												460,020												465,934
Other liabilities			21,657												21,334												20,666
Equity			272,856												253,727												266,489
Total liabilities and equity		$	2,221,589												2,332,087												2,276,906
Net interest rate spread (3)											3.20	%											2.63	%											3.05	%
Net interest income and net interest margin on a taxable-equivalent basis (4)							18,297				3.69	%							16,754				3.22	%							18,169				3.57	%
Ratio of interest-earning assets to interest-bearing liabilities			135.08	%											129.77	%											132.38	%

(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 Year Ended December 31,
		2025												2024
		Average				Interest				Average				Average				Interest				Average
		Outstanding				Earned/				Yield/				Outstanding				Earned/				Yield/
		Balance				Paid				Rate				Balance				Paid				Rate
Loans (1)		$	1,705,520				94,313				5.53	%			1,765,672				96,477				5.46	%
Interest-bearing demand deposits			9,592				577				6.02	%			15,486				880				5.68	%
Interest-bearing time deposits			443				14				3.16	%			401				10				2.49	%
Federal Reserve Bank stock			6,405				384				6.00	%			6,143				369				6.01	%
Federal Home Loan Bank stock			20,710				1,785				8.62	%			19,460				1,641				8.43	%
Investment securities:
Equity securities			5,064				173				3.42	%			5,012				184				3.67	%
Debt securities, taxable			247,671				4,876				1.97	%			261,856				4,847				1.85	%
Debt securities, non-taxable (2)			17,870				791				4.43	%			19,005				768				4.04	%
Total earnings assets			2,013,275				102,913				5.11	%			2,093,035				105,176				5.03	%
Non-earning assets			270,348												267,555
Allowance for credit losses			(12,107	)											(11,263	)
Total assets		$	2,271,516												2,349,327
Interest-bearing demand and money market deposits		$	609,615				9,686				1.59	%			607,144				12,877				2.12	%
Savings deposits			361,650				805				0.22	%			368,401				1,028				0.28	%
IRA and time certificates			437,913				16,657				3.80	%			481,516				21,933				4.55	%
Short-term borrowings			47				3				6.38	%			18,987				1,117				5.88	%
Long-term debt			110,324				5,374				4.87	%			156,683				7,265				4.64	%
Total interest-bearing liabilities			1,519,549				32,525				2.14	%			1,632,731				44,220				2.71	%
Demand deposits			468,117												450,147
Other liabilities			19,880												20,880
Equity			263,970												245,568
Total liabilities and equity		$	2,271,516												2,349,326
Net interest rate spread (3)											2.97	%											2.32	%
Net interest income and net interest margin on a taxable-equivalent basis (4)							70,388				3.50	%							60,956				2.91	%
Ratio of interest-earning assets to interest-bearing liabilities			132.49	%											128.19	%

(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)
		December 31, 2025				December 31, 2024
		Unaudited				Audited
ASSETS:
Cash and due from banks		$	18,353				20,393
Interest-bearing demand deposits			3,261				15,351
Total cash and cash equivalents			21,614				35,744
Interest-bearing time deposits			2,710				250
Investment securities:
Equity securities with a readily determinable fair value, at fair value			1,433				1,363
Equity securities without a readily determinable fair value, at cost			3,666				3,666
Debt securities, available-for-sale, at fair value			232,271				258,327
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $11 and $5 at December 31, 2025 and December 31, 2024, respectively			16,080				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			1,718				5,556
Loans, net of allowance for credit losses of $13,704 and $12,001 at December 31, 2025 and December 31, 2024, respectively			1,691,827				1,709,811
Premises and equipment, net			39,196				41,049
Operating lease right-of-use assets			6,475				5,785
Goodwill			90,310				90,310
Core deposit and other intangibles, net			9,271				11,104
Bank-owned life insurance			55,424				54,002
Interest receivable			7,968				8,701
Other assets, net			33,691				38,287
TOTAL ASSETS		$	2,240,769				2,307,394
LIABILITIES:
Deposits:
Noninterest-bearing		$	466,094				459,619
Interest-bearing			1,374,261				1,418,673
Total deposits			1,840,355				1,878,292
Long-term debt			104,428				155,153
Operating lease liabilities			6,877				6,115
Accrued interest and other liabilities			15,180				14,798
TOTAL LIABILITIES			1,966,840				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 17,409,085 and 17,329,423 shares at December 31, 2025 and December 31, 2024, respectively; outstanding 14,193,577 and 14,118,040 shares at December 31, 2025 and December 31, 2024, respectively			188,212				186,937
Retained earnings			151,938				141,290
Treasury shares at cost, 3,215,508 and 3,211,383 shares at December 31, 2025 and December 31, 2024, respectively			(56,071	)			(56,002	)
Accumulated other comprehensive loss, net of taxes			(10,150	)			(19,189	)
TOTAL SHAREHOLDERS' EQUITY			273,929				253,036
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	2,240,769				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								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
INTEREST INCOME:
Interest and fees on loans		$	23,131				24,617				94,313				96,477
Dividends on equity securities:
With a readily determinable fair value			10				10				43				38
Without a readily determinable fair value			51				55				130				146
Interest on debt securities:
Taxable			1,195				1,251				4,876				4,847
Non-taxable			158				156				625				607
Other investments			642				805				2,760				2,900
TOTAL INTEREST INCOME			25,187				26,894				102,747				105,015
INTEREST EXPENSE:
Interest on deposits			5,613				8,380				27,148				35,838
Interest on short-term borrowings			—				1				3				1,117
Interest on long-term debt			1,318				1,800				5,374				7,265
TOTAL INTEREST EXPENSE			6,931				10,181				32,525				44,220
NET INTEREST INCOME			18,256				16,713				70,222				60,795
PROVISION FOR CREDIT LOSSES			1,510				649				1,936				1,962
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			16,746				16,064				68,286				58,833
NON-INTEREST INCOME:
Fiduciary income			2,517				2,308				9,531				8,445
Service charges and fees on deposit accounts			1,799				1,939				7,384				6,759
Net losses from sales of debt securities, available-for-sale			—				—				—				(214	)
Bank-owned life insurance income			362				352				1,422				1,665
Net gains from sales of loans			763				1,236				2,937				3,433
Net other operating income			160				153				501				316
TOTAL NON-INTEREST INCOME			5,601				5,988				21,775				20,404
NON-INTEREST EXPENSE:
Salaries and employee benefits			8,770				8,585				35,496				35,170
Equipment expenses			384				379				1,517				1,584
Occupancy expense, net			936				810				3,983				3,725
State financial institutions tax			382				472				1,716				1,881
Marketing			291				343				1,223				1,047
Amortization of intangibles			230				304				1,075				1,142
FDIC insurance premiums, net			338				450				1,487				1,895
Computer maintenance and supplies			375				240				1,506				1,425
Contracted services			911				777				3,520				3,212
Merger-related expenses			—				66				140				3,442
Other non-interest expense			2,771				2,166				10,246				8,753
TOTAL NON-INTEREST EXPENSE			15,388				14,592				61,909				63,276
INCOME BEFORE INCOME TAXES			6,959				7,460				28,152				15,961
PROVISION FOR INCOME TAXES			1,303				1,340				5,032				2,469
NET INCOME		$	5,656				6,120				23,120				13,492
Earnings per common share:
Basic			0.40				0.44				1.63				0.97
Diluted			0.40				0.44				1.63				0.97
Weighted average common shares outstanding:
Basic			14,106,778				14,027,043				14,086,379				13,764,985
Diluted			14,106,778				14,027,043				14,086,379				13,764,985

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260129417898/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.