lcnb-20240723

Exhibit 99.1

Press Release

Two North Broadway

Lebanon, Ohio 45036


Company Contact: Eric J. Meilstrup President and Chief Executive Officer LCNB National Bank (513) 932-1414 [email protected]			Investor and Media Contact: Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 [email protected]

LCNB CORP. REPORTS FINANCIAL RESULTS FOR

THE THREE AND SIX MONTHS ENDED JUNE 30, 2024

Second quarter results include the initial contribution of the April 12, 2024 Eagle Financial Bancorp, Inc. acquisition and the growing benefits of the November 1, 2023 Cincinnati Bancorp, Inc. acquisition

LCNB ended the quarter with record total assets, record LCNB Wealth Management assets, and record total assets managed of $4.21 billion

Non-interest income for the 2024 second quarter increased 11.9% year-over-year to $4.1 million, and up 3.8% from the first quarter

Net interest margin for the 2024 second quarter increased 14 basis points from the 2024 first quarter

Management continues to expect year-over-year earnings growth to reaccelerate in the fourth quarter of 2024

LEBANON, Ohio--LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months and six months ended June 30, 2024.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “Our second quarter results demonstrate the initial contribution of the April 12, 2024 Eagle Financial Bancorp, Inc. (“EFBI” or “Eagle”) acquisition and the growing benefits of the November 1, 2023 Cincinnati Bancorp, Inc. (“Cincinnati Federal”) acquisition. As a result of these transformative transactions, LCNB's scale increased to $4.21 billion in total assets managed, becoming one of the largest independent community banks in Ohio. I am extremely proud of how our teams have come together to successfully integrate the Eagle and Cincinnati Federal acquisitions. During the 2024 second quarter, we completed the data and customer conversion of the Eagle transaction, and we are now on one system under the LCNB brand.”

Mr. Meilstrup continued, “We believe our financial results are beginning to reflect the benefits of our larger scale and the opportunities to provide additional financial services to customers across our Ohio and Kentucky markets, including expanded wealth management solutions, greater mortgage loan capabilities, and additional cash management offerings. As a result, we experienced year-over-year and sequential growth in non-interest income, and we saw a 14-basis point sequential increase in our tax equivalent net interest margin. In addition, I am encouraged by the significant improvement in adjusted net income, a non-GAAP financial measure that excludes certain nonrecurring items, over the past three months, as our 2024 second quarter adjusted net income increased by 56.8% to $4.1 million, or $0.29 per diluted share.”

“We believe we are well positioned for continued improvements in profitability as a result of the completion of our integration efforts, our excellent asset quality, and the initiatives we are pursuing to strengthen our balance sheet. I look forward to updating shareholders on the progress we are making, as we focus on providing leading financial services and expanding our product offerings to more customers throughout our Ohio and Kentucky communities,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2024 second quarter was $0.9 million, compared to net income of $4.7 million for the same period last year. Earnings per basic and diluted share for the 2024 second quarter were $0.07, compared to $0.42 for the same period last year. Net income for the six-month period ended June 30, 2024 was $2.8 million, compared to $8.9 million for the same period last year. Earnings per basic and diluted share for the six-month period ended June 30, 2024 were $0.21, compared to $0.79 for the same period last year.

Adjusted net income for the 2024 second quarter was $4.1 million, or $0.29 per basic and diluted share, compared to $5.0 million, or $0.45 per basic and diluted share, for the same period last year. Adjusted net income for the first half ended June 30, 2024 was $6.7 million, or $0.49 per basic and diluted share, compared to $9.2 million, or $0.82 per basic and diluted share, in the prior year period.

Net interest income for the three months ended June 30, 2024 was $15.2 million, compared to $14.2 million for the comparable period in 2023. Net interest income for the six-month period ended June 30, 2024 was $29.1 million, as compared to $28.1 million in the same period last year. An increase in interest income from loans, due to a higher volume of average loans outstanding and the average rates earned on these loans, was partially offset by higher average balances in interest-bearing demand and money market deposits, IRA and time certificates, and long-term debt and an increase in rates paid for these liabilities. For the 2024 second quarter, LCNB’s tax equivalent net interest margin was 2.86%, compared to 3.28% for the same period last year. Net interest margin for the six-month period ended June 30, 2024 was 2.80%, as compared to 3.28% in the same period last year.

Non-interest income for the three months ended June 30, 2024 was $4.1 million, compared to $3.6 million for the same period last year. For the six months ended June 30, 2024, non-interest income increased $782,000, or by 10.8%, to $8.0 million, compared to $7.2 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 higher fiduciary income and higher gains on sales of loans. Partially offsetting non-interest income during the quarter was a $843,000 pretax loss on the sale of approximately $48.9 million of below market rate loans acquired from Cincinnati Federal. The Company estimates an earn-back period of three to four months on the sale associated with reduced interest expense.

Non-interest expense for the three months ended June 30, 2024 was $17.8 million, compared to $12.1 million for the same period last year. The $5.7 million increase was primarily due to higher personnel and operating expenses, as well as one-time merger related expenses, associated with the Cincinnati Federal and Eagle acquisitions. For the six months ended June 30, 2024, non-interest expense was $8.7 million higher than the comparable period in 2023, partially due to an increase of $3.2 million in salaries and employee benefit costs, a $459,000 increase in FDIC insurance premiums, and a $2.7 million increase in merger-related expenses. In addition, non-interest expense for the 2023 second quarter benefited from a $425,000 gain recognized on the sale of an office building that had been closed as a result of LCNB's office consolidation strategy. The remaining net increase can be attributed to smaller increases in various other accounts.

Capital Allocation

During the six months ended June 30, 2024, LCNB did not repurchase any of its outstanding shares. At June 30, 2024, LCNB had 315,047 shares remaining under its share repurchase program.

For the second quarter ended June 30, 2024, LCNB paid $0.22 per share in dividends, a 4.8% increase from $0.21 per share in the second quarter of last year. Year-to-date, LCNB paid $0.44 per share in dividends, compared to $0.42 per share for the first half of last year.

Balance Sheet

Total assets at June 30, 2024 increased 21.6%, to $2.37 billion, from $1.95 billion at June 30, 2023. Net loans at June 30, 2024 increased 20.9%, to $1.73 billion, compared to $1.43 billion at June 30, 2023. The year-over-year improvement resulted primarily from the contribution of continued organic loan growth and the completion of the Cincinnati Federal and Eagle acquisitions. Not including the Cincinnati Federal and Eagle acquisitions, total net loans increased 2.1% organically, or by $30.4 million, from the same period a year ago.

Loans held for sale totaled $44.0 million, compared to $75.6 million at March 31, 2024, and are primarily composed of loans scheduled to be sold to an investor during the remainder of 2024. LCNB anticipates that proceeds from the sale will be used for general corporate purposes, which may include supporting loan growth, paying down long-term debt, and adding to liquidity balances.

Total deposits at June 30, 2024 increased 21.7% to $1.94 billion, compared to $1.60 billion at June 30, 2023. Not including the Cincinnati Federal and Eagle acquisitions, total deposits increased 6.8% organically, or by $108.7 million, from June 30, 2023.

As of the transaction date, the fair value of loans acquired from Eagle totaled $127.0 million and the fair value of deposits acquired totaled $132.4 million. Core deposit intangibles totaled $3.8 million and the increase to goodwill was $14.0 million.

Assets Under Management

Total assets managed at June 30, 2024 were a record $4.21 billion, compared to $3.23 billion at June 30, 2023. The year-over-year increase in total assets managed was primarily due to the Cincinnati Federal and Eagle acquisitions and organic growth in LCNB total assets, trust and investments, mortgage loans serviced, and brokerage accounts. Organically, 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. Mortgage loans serviced increased primarily due to the Cincinnati Federal acquisition.

Asset Quality

For the 2024 second quarter, LCNB recorded a provision for credit losses of $528,000, compared to a provision for credit losses of $30,000 for the 2023 second quarter. For the six months ended June 30, 2024, LCNB recorded a total provision for credit losses of $653,000, compared to a total recovery of credit losses of $27,000 for the six months ended June 30, 2023.

Net charge-offs for the 2024 second quarter were $18,000, or 0.00% of average loans, compared to net charge-offs of $33,000, or 0.01% of average loans, annualized, for the same period last year. For the 2024 six-month period, net charge-offs were $63,000, or 0.01% of average loans, compared to net charge-offs of $49,000, or 0.01% of average loans, for the 2023 six-month period.

Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $3.0 million, or 0.17% of total loans, at June 30, 2024, compared to $707,000, or 0.05% of total loans, at June 30, 2023. The year-over-year increase in nonaccrual loans was primarily due to one commercial real estate relationship, representing a balance of $2.6 million. LCNB does not foresee a loss on this loan as it is deemed to have adequate provision based on management’s current review of the property value. The nonperforming assets to total assets ratio was 0.13% at June 30, 2024, compared to 0.04% at June 30, 2023.

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 and Northern Kentucky. 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 also provides community-oriented banking services to customers in Northern Kentucky through a bank office in Boone County, Kentucky. 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, 2023, 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 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, which may include further interest rate increases, 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 geopolitical relations and/or conflicts could create financial market uncertainty and have negative impacts on commodities and currency, which could adversely affect LCNB's operating results and financial condition;

11.difficulties with technology or data security breaches, including cyberattacks, 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 Dodd-Frank Wall Street Reform and Consumer Protection Act, 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									Six Months Ended
	06-30-2024		03-31-2024		12-31-2023		09-30-2023		06-30-2023	06-30-2024	06-30-2023


Condensed Income Statement
Interest income	$	26,965	$	24,758	$	23,310	19,668		18,703	51,723	36,621
Interest expense	11,748		10,863		8,651		6,097		4,526	22,611	8,502
Net interest income	15,217		13,895		14,659		13,571		14,177	29,112	28,119
Provision for (recovery of) credit losses	528		125		2,218		(114)		30	653	(27)
Net interest income after provision for (recovery of) credit losses	14,689		13,770		12,441		13,685		14,147	28,459	28,146
Non-interest income	4,080		3,929		4,606		3,578		3,646	8,009	7,227
Non-interest expense	17,825		15,472		17,576		12,244		12,078	33,297	24,603
Income (loss) before income taxes	944		2,227		(529)		5,019		5,715	3,171	10,770
Provision for (benefit from) income taxes	19		312		(236)		949		1,021	331	1,919
Net income (loss)	$	925	$	1,915	$	(293)	$	4,070	4,694	2,840	8,851

Supplemental Income Statement Information
Amort/Accrete income on acquired loans	$	1,248	$	776	$	410	—		—	2,024	74
Amort/Accrete expenses on acquired interest-bearing liabilities	$	638	$	459	$	309	—		—	1,096	—
Tax-equivalent net interest income	$	15,256	$	13,933	$	14,703	13,617		14,223	29,189	28,212

Per Share Data
Dividends per share	$	0.22	$	0.22	$	0.22	0.21		0.21	0.44	0.42
Basic earnings (loss) per common share	$	0.07	$	0.15	$	(0.02)	0.37		0.42	0.21	0.79
Diluted earnings (loss) per common share	$	0.07	$	0.15	$	(0.02)	0.37		0.42	0.21	0.79
Book value per share	$	17.33	$	17.67	$	17.86	18.10		18.20	17.33	18.20
Tangible book value per share	$	10.08	$	11.26	$	11.42	12.72		12.81	10.08	12.81
Weighted average common shares outstanding:
Basic	14,033,264		13,112,302		12,378,289		11,038,720		11,056,308	13,610,854	11,122,371
Diluted	14,033,264		13,112,302		12,378,289		11,038,720		11,056,308	13,610,854	11,122,371
Shares outstanding at period end	14,151,755		13,224,276		13,173,569		11,123,382		11,116,080	14,151,755	11,116,080

Selected Financial Ratios
Return on average assets	0.15%		0.34%		(0.05)%		0.82%		0.98%	0.24%	0.93%
Return on average equity	1.53%		3.28%		(0.53)%		7.92%		9.22%	2.38%	8.78%
Return on average tangible common equity	2.02%		4.39%		(0.72)%		11.21%		13.07%	3.17%	12.46%
Dividend payout ratio	314.29%		146.67%		NM		56.76%		50.00%	209.52%	53.16%
Net interest margin (tax equivalent)	2.86%		2.72%		2.99%		3.04%		3.28%	2.80%	3.28%
Efficiency ratio (tax equivalent)	92.19%		86.62%		91.02%		71.21%		67.59%	89.51%	69.42%

Selected Balance Sheet Items
Cash and cash equivalents	$	34,872	$	32,951	$	39,723	43,422		26,020
Debt and equity securities	312,241		306,775		318,723		309,094		314,763

Loans:
Commercial and industrial	$	125,703	$	122,229	$	120,411	125,751		127,553
Commercial, secured by real estate	1,117,798		1,099,601		1,107,556		981,787		961,173
Residential real estate	458,949		398,250		459,073		313,286		312,338
Consumer	22,912		24,137		25,578		27,018		29,007
Agricultural	11,685		12,647		10,952		11,278		9,955
Other, including deposit overdrafts	233		73		82		80		69
Deferred net origination fees	(533)		(583)		(181)		(796)		(844)
Loans, gross	1,736,747		1,656,354		1,723,471		1,458,404		1,439,251
Less allowance for credit losses	11,270		10,557		10,525		7,932		7,956
Loans, net	$	1,725,477	1,645,797		1,712,946		1,450,472		1,431,295

Loans held for sale	44,002		75,581		—		—		—

NM - Not Meaningful


	Three Months Ended														Six Months Ended
	06-30-2024			03-31-2024			12-31-2023			09-30-2023		06-30-2023			06-30-2024		06-30-2023
Selected Balance Sheet Items, continued

Allowance for Credit Losses on Loans:
Allowance for credit losses, beginning of period	$	10,557		10,525			7,932			7,956		7,858
Fair value adjustment for purchased credit deteriorated loans	189			—			493			—		—
Provision for credit losses	542			77			2,203			9		131
Losses charged off	(87)			(78)			(126)			(57)		(49)
Recoveries	69			33			23			24		16
Allowance for credit losses, end of period	$	11,270		10,557			10,525			7,932		7,956

Total earning assets	$	2,058,110		$	1,971,130		$	2,045,382		1,787,796		$	1,756,157
Total assets	2,371,313			2,283,151			2,291,592			1,981,668		1,950,763
Total deposits	1,943,060			1,858,493			1,824,389			1,616,890		1,596,709
Short-term borrowings	—			10,000			97,395			30,000		112,289
Long-term debt	162,150			162,638			113,123			112,641		18,122
Total shareholders’ equity	245,214			233,663			235,303			201,349		202,316
Equity to assets ratio	10.34		%	10.23		%	10.27		%	10.16	%	10.37		%
Loans to deposits ratio	89.38		%	89.12		%	94.47		%	90.20	%	90.14		%

Tangible common equity (TCE)	$	142,679		$	145,850		$	146,999		141,508		142,362
Tangible common assets (TCA)	2,268,778			2,195,338			2,203,288			1,921,827		1,890,809
TCE/TCA	6.29		%	6.64		%	6.67		%	7.36	%	7.53		%

Selected Average Balance Sheet Items
Cash and cash equivalents	$	39,396		$	51,366		$	49,436		36,177		30,742			45,378		33,205
Debt and equity securities	309,668			310,771			310,274			313,669		321,537			310,222		324,320

Loans, including loans held for sale	$	1,818,253		$	1,722,568		$	1,622,911		1,451,153		1,405,939			1,770,410		1,397,708
Less allowance for credit losses on loans	11,386			10,523			8,826			7,958		7,860			10,954		7,692
Net loans	$	1,806,867		1,712,045			1,614,085			1,443,195		1,398,079			1,759,456		1,390,016

Total earning assets, including loans held for sale	$	2,142,064		$	2,056,656		$	1,952,121		1,775,713		1,737,256			2,099,362		1,733,160
Total assets	2,404,782			2,294,766			2,182,477			1,971,269		1,927,956			2,349,774		1,925,004
Total deposits	1,965,987			1,824,546			1,759,677			1,610,508		1,604,346			1,895,268		1,594,159
Short-term borrowings	11,291			65,052			64,899			63,018		79,485			38,171		86,996
Long-term debt	162,555			150,177			115,907			72,550		18,514			156,366		18,747
Total shareholders’ equity	243,927			235,119			220,678			203,967		204,085			239,523		203,257
Equity to assets ratio	10.14		%	10.25		%	10.11		%	10.35	%	10.59		%	10.19	%	10.56	%
Loans to deposits ratio	92.49		%	94.41		%	92.23		%	90.11	%	87.63		%	93.41	%	87.68	%

Asset Quality
Net charge-offs	$	18		$	45		$	102		33		33			63		49
Other real estate owned	—			—			—			—		—			—		—

Non-accrual loans	$	2,845		$	2,719		$	80		85		451			2,845		451
Loans past due 90 days or more and still accruing	159			524			72			176		256			159		256
Total nonperforming loans	$	3,004		3,243			152			261		707			3,004		707

Net charge-offs to average loans	0.00		%	0.01		%	0.02		%	0.01	%	0.01		%	0.01	%	0.01	%
Allowance for credit losses on loans to total loans	0.65		%	0.64		%	0.61		%	0.54	%	0.55		%
Nonperforming loans to total loans	0.17		%	0.20		%	0.01		%	0.02	%	0.05		%
Nonperforming assets to total assets	0.13		%	0.14		%	0.01		%	0.01	%	0.04		%


	Three Months Ended													Six Months Ended
	06-30-2024			03-31-2024			12-31-2023			09-30-2023		06-30-2023		06-30-2024		06-30-2023
Assets Under Management
LCNB Corp. total assets	$	2,371,313		2,283,151			2,291,592			1,981,668		1,950,763
Trust and investments (fair value)	897,746			890,800			806,770			731,342		744,149
Mortgage loans serviced	422,951			386,490			391,800			146,483		143,093
Cash management	93,842			13,314			2,375			2,445		2,668
Brokerage accounts (fair value)	419,646			411,211			392,390			368,854		384,889
Total assets managed	$	4,205,498		3,984,966			3,884,927			3,230,792		3,225,562

Reconciliation of Net Income Less Tax-Effected Merger-Related Costs
Net income (loss)	$	925		1,915			(293)			4,070		4,694		2,840		8,851
Merger expenses	2,320			775			3,914			302		415		3,095		440
Provision for credit losses on non-PCD loans	763			—			1,722			—		—		763		—
Loss on sale of below-market acquired loans	843			—			—			—		—		843		—
Tax effect	(773)			(90)			(1,102)			(3)		(63)		(863)		(67)
Adjusted net income	$	4,078		2,600			4,241			4,369		5,046		6,678		9,224

Adjusted basic and diluted earnings per share	$	0.29		$	0.20		$	0.34		0.40		0.45		0.49		0.82
Adjusted return on average assets	0.68		%	0.46		%	0.77		%	0.88	%	1.05	%	0.57	%	0.97	%
Adjusted return on average equity	6.72		%	4.45		%	7.62		%	8.50	%	9.92	%	5.61	%	9.15	%


	Three Months Ended June 30,												Three Months Ended March 31,
	2024						2023						2024
	Average Outstanding Balance			Interest Earned/ Paid	Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Paid	Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Paid	Average Yield/ Rate
Loans (1)	$	1,818,253		24,836	5.49	%	$	1,405,939		16,763	4.78	%	$	1,722,568		22,682	5.30	%

Interest-bearing demand deposits	14,143			215	6.11	%	9,780			144	5.91	%	23,317			324	5.59	%



Federal Reserve Bank stock	6,248			180	11.59	%	4,652			140	12.07	%	5,509			(4)	(0.29)	%
Federal Home Loan Bank stock	20,152			367	7.32	%	6,713			121	7.23	%	16,239			341	8.45	%
Investment securities:
Equity securities	4,985			39	3.15	%	3,386			38	4.50	%	4,995			40	3.22	%
Debt securities, taxable	259,768			1,183	1.83	%	282,325			1,323	1.88	%	265,164			1,232	1.87	%
Debt securities, non-taxable (2)	18,515			184	4.00	%	24,461			220	3.61	%	18,864			181	3.86	%
Total earnings assets	2,142,064			27,004	5.07	%	1,737,256			18,749	4.33	%	2,056,656			24,796	4.85	%
Non-earning assets	274,104						198,560						248,633
Allowance for credit losses	(11,386)						(7,860)						(10,523)
Total assets	$	2,404,782					$	1,927,956					$	2,294,766

Interest-bearing demand and money market deposits	$	648,772		3,575	2.22	%	$	521,422		1,597	1.23	%	$	643,199		3,917	2.45	%
Savings deposits	372,240			307	0.33	%	395,367			134	0.14	%	368,049			206	0.23	%
IRA and time certificates	493,297			5,808	4.74	%	215,403			1,604	2.99	%	370,130			4,067	4.42	%
Short-term borrowings	11,291			181	6.45	%	79,485			1,008	5.09	%	65,052			935	5.78	%
Long-term debt	162,555			1,877	4.64	%	18,514			183	3.96	%	150,177			1,738	4.65	%
Total interest-bearing liabilities	1,688,155			11,748	2.80	%	1,230,191			4,526	1.48	%	1,596,607			10,863	2.74	%
Demand deposits	451,678						472,154						443,168
Other liabilities	21,022						21,526						19,872
Equity	243,927						204,085						235,119
Total liabilities and equity	$	2,404,782					$	1,927,956					$	2,294,766
Net interest rate spread (3)					2.27	%					2.85	%					2.11	%
Net interest income and net interest margin on a taxable-equivalent basis (4)				15,256	2.86	%				14,223	3.28	%				13,933	2.72	%
Ratio of interest-earning assets to interest-bearing liabilities	126.89		%				141.22		%				128.81		%


(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)
	June 30, 2024		December 31, 2023
ASSETS:
Cash and due from banks	$	25,750	36,535
Interest-bearing demand deposits	9,122		3,188
Total cash and cash equivalents	34,872		39,723

Investment securities:
Equity securities with a readily determinable fair value, at fair value	1,330		1,336
Equity securities without a readily determinable fair value, at cost	3,666		3,666
Debt securities, available-for-sale, at fair value	261,357		276,601
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $7 and $5 at June 30, 2024 and December 31, 2023, respectively	18,844		16,858
Federal Reserve Bank stock, at cost	6,334		5,086
Federal Home Loan Bank stock, at cost	20,710		15,176
Loans, net of allowance for credit losses of $11,270 and 10,525 at June 30, 2024 and December 31, 2023, respectively	1,725,477		1,712,946
Loans held for sale	44,002		—
Premises and equipment, net	40,766		36,302
Operating lease right-of-use assets	6,026		6,000
Goodwill	93,922		79,509
Core deposit and other intangibles, net	12,135		9,494
Bank-owned life insurance	53,510		49,847
Interest receivable	9,473		8,405
Other assets, net	38,889		30,643
TOTAL ASSETS	$	2,371,313	2,291,592

LIABILITIES:
Deposits:
Noninterest-bearing	$	449,110	462,267
Interest-bearing	1,493,950		1,362,122
Total deposits	1,943,060		1,824,389
Short-term borrowings	—		97,395
Long-term debt	162,150		113,123
Operating lease liabilities	6,290		6,261
Accrued interest and other liabilities	14,599		15,121
TOTAL LIABILITIES	2,126,099		2,056,289

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 17,363,138 and 16,384,952 shares at June 30, 2024 and December 31, 2023, respectively; outstanding 14,151,755 and 13,173,569 shares at June 30, 2024 and December 31, 2023, respectively	187,195		173,637
Retained earnings	136,883		140,017
Treasury shares at cost, 3,211,383 shares at June 30, 2024 and December 31, 2023	(56,015)		(56,015)
Accumulated other comprehensive loss, net of taxes	(22,849)		(22,336)
TOTAL SHAREHOLDERS' EQUITY	245,214		235,303
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,371,313	$	2,291,592

Exhibit 99.2


LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited)
	Three Months Ended June 30,			Six Months Ended June 30,
	2024		2023	2024	2023
INTEREST INCOME:
Interest and fees on loans	$	24,836	16,763	47,518	32,906
Dividends on equity securities:
With a readily determinable fair value	9		8	18	25
Without a readily determinable fair value	30		30	61	50
Interest on debt securities:
Taxable	1,183		1,323	2,415	2,666
Non-taxable	145		174	288	350
Other investments	762		405	1,423	624
TOTAL INTEREST INCOME	26,965		18,703	51,723	36,621

INTEREST EXPENSE:
Interest on deposits	9,690		3,335	17,880	5,791
Interest on short-term borrowings	181		1,008	1,116	2,312
Interest on long-term debt	1,877		183	3,615	399
TOTAL INTEREST EXPENSE	11,748		4,526	22,611	8,502
NET INTEREST INCOME	15,217		14,177	29,112	28,119

PROVISION FOR (RECOVERY OF) CREDIT LOSSES	528		30	653	(27)
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES	14,689		14,147	28,459	28,146

NON-INTEREST INCOME:
Fiduciary income	2,067		1,787	4,040	3,527
Service charges and fees on deposit accounts	1,537		1,445	2,921	2,927
Net losses from sales of debt securities, available-for-sale	—		—	(214)	—
Bank-owned life insurance income	341		277	659	548
Net gains from sales of loans	50		3	572	9
Other operating income	85		134	31	216
TOTAL NON-INTEREST INCOME	4,080		3,646	8,009	7,227

NON-INTEREST EXPENSE:
Salaries and employee benefits	9,006		7,061	17,560	14,410
Equipment expenses	395		417	785	778
Occupancy expense, net	944		599	1,949	1,562
State financial institutions tax	476		396	904	793
Marketing	210		320	384	512
Amortization of intangibles	298		112	534	223
FDIC insurance premiums, net	394		224	898	439
Contracted services	844		666	1,628	1,307

Merger-related expenses	2,320		415	3,095	440
Other non-interest expense	2,938		1,868	5,560	4,139
TOTAL NON-INTEREST EXPENSE	17,825		12,078	33,297	24,603
INCOME BEFORE INCOME TAXES	944		5,715	3,171	10,770
PROVISION FOR INCOME TAXES	19		1,021	331	1,919
NET INCOME	$	925	4,694	2,840	8,851

Earnings per common share:
Basic	$	0.07	0.42	0.21	0.79
Diluted	$	0.07	0.42	0.21	0.79
Weighted average common shares outstanding:
Basic	14,033,264		11,056,308	13,610,854	11,122,371
Diluted	14,033,264		11,056,308	13,610,854	11,122,371


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