8-K - LCNB - Equibles

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 22, 2025

LCNB CORP.

(Exact name of Registrant as specified in its Charter)

Ohio	001-35292	31-1626393
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification Number)

2 North Broadway, Lebanon, Ohio 45036

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (513) 932-1414

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, No Par Value	LCNB	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 22, 2025, LCNB Corp. issued an earnings release announcing its financial results for the six months ended June 30, 2025. A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit 99.2) are attached and are furnished under this Item 2.02.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Earnings Press Release Dated July 22, 2025

99.2 Unaudited Financial Highlights

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	LCNB CORP.
Date: July 22, 2025	By: /s/ Robert C. Haines II
		Robert C. Haines II<br> Chief Financial Officer

ex_816284.htm

Exhibit 99.1

Press Release

Two North Broadway

Lebanon, Ohio 45036

Company Contact:<br><br> <br>Eric J. Meilstrup<br><br> <br>President and Chief Executive Officer<br><br> <br>LCNB National Bank<br><br> <br>(513) 932-1414<br><br> <br>shareholderrelations@lcnb.com	Investor and Media Contact:<br><br> <br>Andrew M. Berger<br><br> <br>Managing Director<br><br> <br>SM Berger & Company, Inc.<br><br> <br>(216) 464-6400<br><br> <br>andrew@smberger.com

LCNB CORP. REPORTS FINANCIAL RESULTS FOR

THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

Net earnings per share improved 24.2% from Q1 2025 to $0.41 per diluted share for Q2 2025

Q2 2025 net interest margin expanded to 3.47%, from 2.86% at Q2 2024

Return on average assets was 1.04% for the quarter ended June 30, 2025

LEBANON, Ohio--LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and six months ended June 30, 2025.

Commenting on the financial results, LCNB President and Chief Executive Officer, Eric Meilstrup said, “LCNB delivered a strong second quarter, reflecting continued momentum across our core operations and the success of our multi-year growth strategies. Second-quarter net interest margin expanded year-over-year by 61 basis points as a result of prior actions to strengthen our balance sheet, recent loan originations, and a stable interest rate environment. Noninterest income was also solid, asset quality remains strong, and we continue to manage operating expenses. These factors contributed to strong net income, driving our return on assets above 1% for the quarter.”

“We continue to see the benefits from our recent acquisitions, including encouraging traction in cross selling our wealth and trust services. The investment services division has increased assets under management by over 300% at newly acquired branches over the past 12 months, which highlights the need in our new markets for our local, relationship-based financial services,” continued Mr. Meilstrup.

“While we expect the economic environment to remain fluid, we believe we are well positioned to continue to drive long-term growth, supported by our strong asset quality, strengthening levels of profitability, and the value we bring to our Ohio communities. Most importantly, our continued success reflects the ongoing dedication and commitment of our team,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2025 second quarter was $5.9 million, compared to $0.9 million for the same period last year. Earnings per basic and diluted share for the 2025 second quarter were $0.41, compared to $0.07 for the same period last year. Net income for the six-month period ended June 30, 2025 was $10.5 million, compared to $2.8 million for the same period last year. Earnings per basic and diluted share for the six-month period ended June 30, 2025 were $0.74, compared to $0.21 for the same period last year.

Net interest income for the three months ended June 30, 2025 was $17.5 million, compared to $15.2 million for the same period in 2024. Net interest income for the six-month period ended June 30, 2025 was $33.8 million, as compared to $29.1 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 second quarter, LCNB’s tax equivalent net interest margin was 3.47%, compared to 2.86% for the same period last year. The net interest margin for the six-month period ended June 30, 2025 was 3.36%, as compared to 2.80% in the same period last year.

Non-interest income for the three months ended June 30, 2025 increased 28.6% to $5.2 million, compared to $4.1 million for the same period last year. For the six months ended June 30, 2025, non-interest income increased 30.7% to $10.5 million, compared to $8.0 million for the same period last year. The increase in non-interest income for both the three- and six-month periods was primarily due to net gains from sales of loans, as well as higher fiduciary income, service charges, and other income.

Non-interest expense for the three months ended June 30, 2025 was $15.6 million, compared to $17.8 million for the same period last year. The $2.2 million decrease was primarily due to higher operating and merger-related expenses in the 2024 second quarter associated with the Eagle acquisition during April 2024. For the six months ended June 30, 2025, non-interest expense was $1.9 million lower than the comparable period in 2024, partially due to a $3.0 million reduction in merger-related expenses and lower FDIC insurance premiums, partially offset by higher salaries and employee benefits, marketing, contracted services, and other non-interest expenses.

Capital Allocation

For the three months ended June 30, 2025, LCNB paid $0.22 per share in dividends. Year-to-date, LCNB has paid $0.44 per share in dividends.

Balance Sheet ****

Total assets at June 30, 2025 decreased 2.7%, to $2.31 billion, from $2.37 billion at June 30, 2024 and were stable compared to $2.31 billion at December 31, 2024. Net loans at June 30, 2025 were $1.71 billion, a decrease of 1.4%, or $24.6 million, from June 30, 2024 and down 0.5%, or $8.9 million, from December 31, 2024. During the quarter ended June 30, 2025, the Company originated $88.8 million in loans and sold $30.0 million into the secondary market, which generated $615,000 of gains and benefited second quarter non-interest income.

Loans held for sale totaled $6.0 million at June 30, 2025, compared to $5.6 million at December 31, 2024 and $44.0 million at June 30, 2024, and are primarily composed of loans scheduled to be sold to an investor.

Total deposits at June 30, 2025 decreased 1.2% to $1.92 billion compared to $1.94 billion at June 30, 2024, and were up 2.2% from $1.88 billion at December 31, 2024.

At June 30, 2025, shareholders' equity was $263.5 million, compared to $245.2 million at June 30, 2024. On a per-share basis, shareholders' equity at June 30, 2025 was $18.59, compared to $17.33 at June 30, 2024.

At June 30, 2025, tangible shareholders' equity was $165.8 million, compared to $142.7 million at June 30, 2024. The 16.2% year-over-year increase in tangible shareholders' equity was primarily due to 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 $11.69 at June 30, 2025, compared to $10.08 at June 30, 2024.

Assets Under Management

Total assets managed at June 30, 2025 were $4.18 billion, compared to $4.21 billion at June 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 second quarter, LCNB recorded a provision for credit losses of $18,000, compared to a provision for credit losses of $528,000 for the 2024 second quarter. For the six months ended June 30, 2025, LCNB recorded a total provision for credit losses of $215,000, compared to a total provision for credit losses of $653,000 for the six months ended June 30, 2024.

Net charge-offs for the 2025 second quarter were $80,000, or 0.02% of average loans, compared to net charge-offs of $18,000, or 0.00% of average loans, annualized, for the same period last year. For the 2025 six-month period, net charge-offs were $119,000, or 0.01% of average loans, compared to net charge-offs of $63,000, or 0.01% of average loans, for the 2024 six-month period.

Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $4.8 million, or 0.28% of total loans, at June 30, 2025, compared to $3.0 million, or 0.17% of total loans, at June 30, 2024. The year-over-year increase in nonaccrual loans was primarily due to one commercial and industrial relationship, representing a balance of $1.4 million, and three residential real estate loans, representing a total balance of $537,000. LCNB does not foresee any additional losses on these loans, as they are currently deemed to have adequate provision. The nonperforming assets-to-total-assets ratio was 0.21% at June 30, 2025, compared to 0.13% at June 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.”

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.

ex_816285.htm

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)

	Three Months Ended															Six Months Ended
	6/30/2025			3/31/2025			12/31/2024			9/30/2024			6/30/2024			6/30/2025			6/30/2024
Condensed Income Statement			****			****			****			****			****			****			****
Interest income	$	25,939			25,316			26,894			26,398			26,965			51,255			51,723
Interest expense		8,398			9,017			10,181			11,428			11,748			17,415			22,611
Net interest income		17,541			16,299			16,713			14,970			15,217			33,840			29,112
Provision for credit losses		18			197			649			660			528			215			653
Net interest income after provision for credit losses		17,523			16,102			16,064			14,310			14,689			33,625			28,459
Non-interest income		5,248			5,222			5,988			6,407			4,080			10,470			8,009
Non-interest expense		15,567			15,809			14,592			15,387			17,825			31,376			33,297
Income before income taxes		7,204			5,515			7,460			5,330			944			12,719			3,171
Provision for income taxes		1,285			906			1,340			798			19			2,191			331
Net income	$	5,919		$	4,609		$	6,120		$	4,532		$	925		$	10,528		$	2,840
Supplemental Income Statement Information			****			****			****			****			****			****			****
Accretion income on acquired loans	$	1,174			692			1,271			800			1,248			1,866			2,024
Amortization expenses on acquired interest-bearing liabilities		—			—			119			378			638			—			1,096
Tax-equivalent net interest income		17,584			16,338			16,754			15,013			15,256			33,922			29,189
Pre-provision, pre-tax net income		7,222			5,712			8,109			5,990			1,472			12,934			3,824
Per Share Data			****			****			****			****			****			****			****
Dividends per share	$	0.22			0.22			0.22			0.22			0.22			0.44			0.44
Basic earnings per common share	$	0.41			0.33			0.44			0.31			0.07			0.74			0.21
Diluted earnings per common share	$	0.41			0.33			0.44			0.31			0.07			0.74			0.21
Book value per share	$	18.59			18.26			17.92			17.95			17.33			18.59			17.33
Tangible book value per share	$	11.69			11.34			10.96			10.97			10.08			11.69			10.08
Weighted average common shares outstanding:
Basic		14,085,764			14,051,310			14,027,043			14,018,765			13,948,671			14,070,417			13,526,261
Diluted		14,085,764			14,051,310			14,027,043			14,018,765			13,948,671			14,070,417			13,526,261
Shares outstanding at period end		14,175,241			14,166,915			14,118,040			14,110,210			14,151,755			14,175,241			14,151,755
Selected Financial Ratios			****			****			****			****			****			****			****
Return on average assets		1.04	%		0.81	%		1.04	%		0.76	%		0.15	%		0.93	%		0.24	%
Return on average equity		9.09	%		7.33	%		9.60	%		7.23	%		1.53	%		8.22	%		2.38	%
Return on average tangible common equity		14.54	%		11.91	%		15.67	%		12.27	%		2.59	%		13.26	%		3.88	%
Dividend payout ratio		53.66	%		66.67	%		50.00	%		70.97	%		314.29	%		59.46	%		209.52	%
Net interest margin (tax equivalent)		3.47	%		3.25	%		3.22	%		2.84	%		2.86	%		3.36	%		2.80	%
Efficiency ratio (tax equivalent)		68.18	%		73.33	%		64.16	%		71.83	%		92.19	%		70.68	%		89.51	%
Selected Balance Sheet Items			****			****			****			****			****			****			****
Cash and cash equivalents	$	49,778			37,670			35,744			39,374			34,872
Debt and equity securities		302,935			305,644			306,795			313,545			312,241
Loans:			****			****			****			****			****			****			****
Commercial and industrial	$	110,528			112,580			118,494			119,079			125,703
Commercial, secured by real estate		1,110,875			1,110,276			1,113,921			1,105,405			1,117,798
Residential real estate		459,473			463,379			456,298			459,740			458,949
Consumer		18,452			19,030			20,474			22,088			22,912
Agricultural		14,413			13,161			13,242			13,113			11,685
Other, including deposit overdrafts		171			133			179			496			233
Deferred net origination fees		(902	)		(929	)		(796	)		(861	)		(533	)
Loans, gross		1,713,010			1,717,630			1,721,812			1,719,060			1,736,747
Less allowance for credit losses		12,108			12,124			12,001			11,867			11,270
Loans, net	$	1,700,902		$	1,705,506		$	1,709,811		$	1,707,193		$	1,725,477
Loans held for sale	$	6,026			6,098			5,556			35,687			44,002

	Three Months Ended															Six Months Ended
	6/30/2025			3/31/2025			12/31/2024			9/30/2024			6/30/2024			6/30/2025			6/30/2024
Selected Balance Sheet Items, continued			****			****			****			****			****			****			****
Allowance for Credit Losses on Loans:			****			****			****			****			****			****			****
Allowance for credit losses, beginning of period	$	12,124			12,001			11,867			11,270			10,557
Fair value adjustment for purchased credit deteriorated loans		—			—			—			—			189
Provision for credit losses on loans		63			162			728			681			542
Losses charged off		(95	)		(53	)		(616	)		(122	)		(87	)
Recoveries		16			14			22			38			69
Allowance for credit losses, end of period	$	12,108			12,124			12,001			11,867			11,270
Total earning assets	$	2,034,540			2,038,666			2,044,208			2,044,318			2,058,110
Goodwill		90,310			90,310			90,310			90,209			93,922
Core deposit intangibles		7,408			7,708			8,006			8,309			8,613
Mortgage servicing rights		2,698			2,908			3,098			3,296			3,522
Other non-earning assets		172,844			163,153			161,772			200,776			207,146
Total non-earning assets		273,260			264,079			263,186			302,590			313,203
Total assets		2,307,800			2,302,745			2,307,394			2,346,908			2,371,313
Total deposits		1,919,372			1,921,649			1,878,292			1,917,005			1,943,060
Long-term debt		105,000			104,637			155,153			155,662			162,150
Total shareholders’ equity		263,474			258,651			253,036			253,246			245,214
Equity to assets ratio		11.42	%		11.23	%		10.97	%		10.79	%		10.34	%
Loans to deposits ratio		89.25	%		89.38	%		91.67	%		89.67	%		89.38	%
Tangible common equity (TCE)	$	165,756			160,633			154,721			154,728			142,679
Tangible common assets (TCA)		2,210,082			2,204,727			2,209,079			2,248,390			2,268,778
TCE/TCA		7.50	%		7.29	%		7.00	%		6.88	%		6.29	%
Selected Average Balance Sheet Items			****			****			****			****			****			****			****
Cash and cash equivalents	$	34,256			36,125			31,648			39,697			39,396			35,063			45,378
Debt and equity securities		302,475			304,033			311,323			314,255			309,668			303,373			310,222
Loans, including loans held for sale	$	1,718,959			1,721,894			1,751,644			1,770,330			1,818,253			1,720,418			1,770,410
Less allowance for credit losses on loans		12,117			11,996			11,856			11,281			11,386			12,057			10,950
Net loans	$	1,706,842			1,709,898			1,739,788			1,759,049			1,806,867			1,708,361			1,759,460
Total earning assets	$	2,031,261			2,036,514			2,072,397			2,099,954			2,142,064			2,033,996			2,099,362
Goodwill		90,310			90,310			90,218			94,006			91,733			90,310			85,630
Core deposit intangibles		7,555			7,854			8,154			8,458			8,302			7,704			6,789
Mortgage servicing rights		2,908			3,099			3,296			3,522			3,746			3,003			3,919
Other non-earning assets		158,251			160,281			158,022			159,736			158,937			159,138			154,075
Total non-earning assets		259,024			261,544			259,690			265,722			262,718			260,155			250,413
Total assets		2,290,285			2,298,058			2,332,087			2,365,676			2,404,782			2,294,151			2,349,775
Total deposits		1,906,305			1,896,443			1,901,442			1,936,601			1,965,987			1,901,402			1,895,268
Short-term borrowings		63			72			11			11			11,291			67			38,171
Long-term debt		104,701			127,289			155,573			158,419			162,555			115,933			156,366
Total shareholders’ equity		261,193			255,120			253,727			249,370			243,927			258,173			239,523
Equity to assets ratio		11.40	%		11.10	%		10.88	%		10.54	%		10.14	%		11.25	%		10.19	%
Loans to deposits ratio		90.17	%		90.80	%		92.12	%		91.41	%		92.49	%		90.48	%		93.41	%
Asset Quality			****			****			****			****			****			****			****
Net charge-offs	$	79			39			595			84			18			118			63
Other real estate owned		—			—			—			—			—
Non-accrual loans	$	4,500			4,710			4,528			3,001			2,845
Loans past due 90 days or more and still accruing		271			181			90			283			159
Total nonperforming loans	$	4,771		$	4,891		$	4,618		$	3,284		$	3,004
Net charge-offs to average loans		0.02	%		0.01	%		0.14	%		0.02	%		0.00	%		0.01	%		0.01	%
Allowance for credit losses on loans to total loans		0.71	%		0.71	%		0.70	%		0.69	%		0.65	%
Nonperforming loans to total loans		0.28	%		0.28	%		0.27	%		0.19	%		0.17	%
Nonperforming assets to total assets		0.21	%		0.21	%		0.20	%		0.14	%		0.13	%

	Three Months Ended										Six Months Ended
	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		6/30/2025	6/30/2024
Assets Under Management	****	****	****	****	****	****	****	****	****	****	****	****
LCNB Corp. total assets	$	2,307,800		2,302,745		2,307,394		2,346,908		2,371,313
Trust and investments (fair value)		990,699		957,359		942,249		933,341		897,746
Mortgage loans serviced		348,003		354,593		397,625		366,175		422,951
Cash management		62,737		100,830		146,657		165,218		93,842
Investment services (fair value)		466,299		441,621		438,310		435,611		419,646
Total assets managed	$	4,175,538		4,157,148		4,232,235		4,247,253		4,205,498

	Three Months Ended June 30,					Three Months Ended March 31,
	2025		2024			2025
	Average	Average	Average	Interest	Average	Average	Interest	Average
	Outstanding	Yield/	Outstanding	Earned/	Yield/	Outstanding	Earned/	Yield/
	Balance	Rate	Balance	Paid	Rate	Balance	Paid	Rate
Loans (1)	1,718,959	5.56%	1,818,253	24,836	5.49%	1,721,894	23,181	5.46%
Interest-bearing demand deposits	9,573	5.87%	14,143	215	6.11%	10,337	130	5.10%
Interest-bearing time deposits	254	9.47%	—	—	—%	250	—	—%
Federal Reserve Bank stock	6,405	6.14%	6,248	180	11.59%	6,405	95	6.02%
Federal Home Loan Bank stock	20,710	8.66%	20,152	367	7.32%	20,710	469	9.18%
Investment securities:
Equity securities	5,053	2.86%	4,985	39	3.15%	5,043	39	3.14%
Debt securities, taxable	251,920	1.93%	259,768	1,183	1.83%	254,715	1,256	2.00%
Debt securities, non-taxable (2)	18,387	4.45%	18,515	184	4.00%	17,160	185	4.37%
Total earnings assets	2,031,261	5.13%	2,142,064	27,004	5.07%	2,036,514	25,355	5.05%
Non-earning assets	271,147		274,104			273,545
Allowance for credit losses	(12,123)		(11,386)			(12,001)
Total assets	2,290,285		2,404,782			2,298,058
Interest-bearing demand and money market deposits	603,066	1.58%	648,772	3,575	2.22%	570,473	2,337	1.66%
Savings deposits	363,679	0.22%	372,240	307	0.33%	365,876	195	0.22%
IRA and time certificates	466,065	3.91%	493,297	5,808	4.74%	497,178	5,027	4.10%
Short-term borrowings	63	6.37%	11,291	181	6.45%	72	1	5.63%
Long-term debt	104,701	4.90%	162,555	1,877	4.64%	127,289	1,457	4.64%
Total interest-bearing liabilities	1,537,574	2.19%	1,688,155	11,748	2.80%	1,560,888	9,017	2.34%
Demand deposits	473,495		451,678			462,916
Other liabilities	18,023		21,022			19,134
Equity	261,193		243,927			255,120
Total liabilities and equity	2,290,285		2,404,782			2,298,058
Net interest rate spread (3)		2.94%			2.27%			2.71%
Net interest income and net interest margin on a taxable-equivalent basis (4)		3.47%		15,256	2.86%		16,338	3.25%
Ratio of interest-earning assets to interest-bearing liabilities	132.11%		126.89%			130.47%

All values are in US Dollars.

(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 Six Months Ended June 30,
	2025								2024
	Average			Interest		Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/
	Balance			Paid		Rate			Balance			Paid		Rate
Loans ^(1)^	$	1,720,418			47,019		5.51	%		1,770,410			47,518		5.40	%
Interest-bearing demand deposits		9,953			272		5.51	%		18,730			539		5.79	%
Interest-bearing time deposits		252			6		4.80	%		—			—		—	%
Federal Reserve Bank stock		6,405			192		6.05	%		5,879			176		6.02	%
Federal Home Loan Bank stock		20,710			915		8.91	%		18,196			708		7.82	%
Investment securities:
Equity securities		5,048			75		3.00	%		4,990			79		3.18	%
Debt securities, taxable		253,434			2,469		1.96	%		262,467			2,415		1.85	%
Debt securities, non-taxable ^(2)^		17,776			389		4.41	%		18,690			365		3.93	%
Total earnings assets		2,033,996			51,337		5.09	%		2,099,362			51,800		4.96	%
Non-earning assets		272,217								261,367
Allowance for credit losses		(12,062	)							(10,954	)
Total assets	$	2,294,151								2,349,775
Interest-bearing demand and money market deposits	$	586,860			4,711		1.62	%		645,986			7,492		2.33	%
Savings deposits		364,771			394		0.22	%		370,145			513		0.28	%
IRA and time certificates		481,536			9,573		4.01	%		431,714			9,875		4.60	%
Short-term borrowings		67			2		6.02	%		38,171			1,116		5.88	%
Long-term debt		115,933			2,735		4.76	%		156,366			3,615		4.65	%
Total interest-bearing liabilities		1,549,167			17,415		2.27	%		1,642,382			22,611		2.77	%
Demand deposits		468,235								447,423
Other liabilities		18,576								20,447
Equity		258,173								239,523
Total liabilities and equity	$	2,294,151								2,349,775
Net interest rate spread^(3)^							2.82	%							2.19	%
Net interest income and net interest margin on a taxable-equivalent basis ^(4)^					33,922		3.36	%					29,189		2.80	%
Ratio of interest-earning assets to interest-bearing liabilities		131.30	%							127.82	%
(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, 2024
			Audited
ASSETS:		****			****
Cash and due from banks	37,465			20,393
Interest-bearing demand deposits	12,313			15,351
Total cash and cash equivalents	49,778			35,744
Interest-bearing time deposits	256			250
Investment securities:
Equity securities with a readily determinable fair value, at fair value	1,405			1,363
Equity securities without a readily determinable fair value, at cost	3,666			3,666
Debt securities, available-for-sale, at fair value	253,320			258,327
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of 5 at June 30, 2025 and December 31, 2024	17,429			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	6,026			5,556
Loans, net of allowance for credit losses of 12,108 and 12,001 at June 30, 2025 and December 31, 2024, respectively	1,700,902			1,709,811
Premises and equipment, net	39,662			41,049
Operating lease right-of-use assets	6,020			5,785
Goodwill	90,310			90,310
Core deposit and other intangibles, net	10,106			11,104
Bank-owned life insurance	54,701			54,002
Interest receivable	8,795			8,701
Other assets, net	38,309			38,287
TOTAL ASSETS	2,307,800			2,307,394
LIABILITIES:		****			****
Deposits:
Noninterest-bearing	463,123			459,619
Interest-bearing	1,456,249			1,418,673
Total deposits	1,919,372			1,878,292
Long-term debt	105,000			155,153
Operating lease liabilities	6,401			6,115
Accrued interest and other liabilities	13,553			14,798
TOTAL LIABILITIES	2,044,326			2,054,358
COMMITMENTS AND CONTINGENT LIABILITIES	—			—
SHAREHOLDERS' EQUITY:		****			****
Preferred shares – no par value, authorized 19,000,000 shares, none outstanding	—			—
Common shares – no par value; authorized 19,000,000 shares; issued 17,390,749 and 17,329,423 shares at June 30, 2025 and December 31, 2024, respectively; outstanding 14,175,241 and 14,118,040 shares at June 30, 2025 and December 31, 2024, respectively	187,653			186,937
Retained earnings	145,621			141,290
Treasury shares at cost, 3,215,508 and 3,211,383 shares at June 30, 2025 and December 31, 2024, respectively	(56,071	)		(56,002	)
Accumulated other comprehensive loss, net of taxes	(13,729	)		(19,189	)
TOTAL SHAREHOLDERS' EQUITY	263,474			253,036
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,307,800			2,307,394

All values are in US Dollars.

Exhibit 99.2

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
INTEREST INCOME:									****
Interest and fees on loans	$	23,838		24,836		47,019		47,518
Dividends on equity securities:
With a readily determinable fair value		11		9		21		18
Without a readily determinable fair value		25		30		54		61
Interest on debt securities:
Taxable		1,213		1,183		2,469		2,415
Non-taxable		161		145		307		288
Other investments		691		762		1,385		1,423
TOTAL INTEREST INCOME		25,939		26,965		51,255		51,723
INTEREST EXPENSE:									****
Interest on deposits		7,119		9,690		14,678		17,880
Interest on short-term borrowings		1		181		2		1,116
Interest on long-term debt		1,278		1,877		2,735		3,615
TOTAL INTEREST EXPENSE		8,398		11,748		17,415		22,611
NET INTEREST INCOME		17,541		15,217		33,840		29,112
PROVISION FOR CREDIT LOSSES		18		528		215		653
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		17,523		14,689		33,625		28,459
NON-INTEREST INCOME:									****
Fiduciary income		2,262		2,067		4,426		4,040
Service charges and fees on deposit accounts		1,884		1,537		3,650		2,921
Net losses from sales of debt securities, available-for-sale		—		—		—		(214	)
Bank-owned life insurance income		353		341		699		659
Net gains from sales of loans		615		50		1,456		572
Net other operating income		134		85		239		31
TOTAL NON-INTEREST INCOME		5,248		4,080		10,470		8,009
NON-INTEREST EXPENSE:									****
Salaries and employee benefits		8,872		9,006		18,044		17,560
Equipment expenses		371		395		753		785
Occupancy expense, net		1,022		944		2,032		1,949
State financial institutions tax		449		476		902		904
Marketing		281		210		596		384
Amortization of intangibles		301		298		598		534
FDIC insurance premiums, net		380		394		790		898
Contracted services		859		844		1,729		1,628
Merger-related expenses		140		2,320		140		3,095
Other non-interest expense		2,892		2,938		5,792		5,560
TOTAL NON-INTEREST EXPENSE		15,567		17,825		31,376		33,297
INCOME BEFORE INCOME TAXES		7,204		944		12,719		3,171
PROVISION FOR INCOME TAXES		1,285		19		2,191		331
NET INCOME	$	5,919		925		10,528		2,840
Earnings per common share:
Basic		0.41		0.07		0.74		0.21
Diluted		0.41		0.07		0.74		0.21
Weighted average common shares outstanding:
Basic		14,085,764		13,948,671		14,070,417		13,526,261
Diluted		14,085,764		13,948,671		14,070,417		13,526,261