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LCNB Corp

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)--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 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

 

 

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.