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

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

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

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

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

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

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

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

Income Statement

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

Net interest income for the three months ended December 31, 2025 was $18.3 million, compared to $16.7 million for the same period in 2024. Net interest income for the twelve-month period ended December 31, 2025 was $70.2 million, as compared to $60.8 million in the same period in 2024. The year over year growth in net interest income was primarily due to the reduction in average interest rates paid on interest-bearing liabilities and higher average rates earned on loans. For the 2025 fourth quarter, LCNB’s tax equivalent net interest margin was 3.69%, compared to 3.22% for the same period in 2024. Net interest margin for the twelve-month period ended December 31, 2025 was 3.50%, as compared to 2.91% in the same period in 2024.

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

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

Capital Allocation

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

Balance Sheet

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

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

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

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

At December 31, 2025, tangible shareholders' equity was $176.7 million, compared to $154.7 million at December 31, 2024. The 14.2% year-over-year increase in tangible shareholders' equity was primarily from higher retained earnings and an improvement in the unrealized losses on the available-for-sale investment portfolio. On a per-share basis, tangible shareholders' equity was $12.45 at December 31, 2025, compared to $10.96 at December 31, 2024.

Assets Under Management

Total assets managed at December 31, 2025, were $4.14 billion, compared to $4.23 billion at December 31, 2024. The year-over-year decrease in total assets managed was due to lower LCNB total assets, mortgage loans serviced, and cash management, partially offset by higher trust and investments and brokerage accounts. Trust and investments and brokerage accounts increased due to a higher number of new LCNB Wealth Management customer accounts and an increase in the fair value of managed assets.

Asset Quality

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

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

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

Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $2.3 million, or 0.14% of total loans, at December 31, 2025, compared to $4.6 million, or 0.27% of total loans, at December 31, 2024. The year-over-year decrease in nonaccrual loans was primarily due to the disposition of one commercial real estate loan. The nonperforming assets to total assets ratio was 0.10% at December 31, 2025, compared to 0.20% at December 31, 2024.

About LCNB Corp.

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South-Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.”

Learn more about LCNB Corp. at www.lcnb.com

Forward-Looking Statements

Certain statements made in this news release regarding LCNB’s financial condition, results of operations, plans, objectives, future performance and business, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as “anticipate”, “could”, “may”, “feel”, “expect”, “believe”, “plan”, and similar expressions. Please refer to LCNB’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB’s business and operations. Additionally, LCNB’s financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:

1.	the success, impact, and timing of the implementation of LCNB’s business strategies;
2.	LCNB’s ability to integrate recent and future acquisitions, including Cincinnati Bancorp, Inc. and Eagle Financial Bancorp, Inc., may be unsuccessful or may be more difficult, time-consuming, or costly than expected;
3.	LCNB may incur increased loan charge-offs in the future and the allowance for credit losses may be inadequate;
4.	LCNB may face competitive loss of customers;
5.	changes in the interest rate environment, either by interest rate increases or decreases, may have results on LCNB’s operations materially different from those anticipated by LCNB’s market risk management functions;
6.	changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;
7.	changes in regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB’s operating results;
8.	LCNB may experience difficulties growing loan and deposit balances;
9.	United States trade relations with foreign countries could negatively impact the financial condition of LCNB's customers, which could adversely affect LCNB's operating results and financial condition;
10.	global and/or domestic geopolitical relations and/or conflicts could create financial market uncertainty and have negative impacts on commodities, currency, and stability, which could adversely affect LCNB's operating results and financial condition;
11.	difficulties with technology or data security breaches, including cyberattacks or widespread outages, could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;
12.	adverse weather events and natural disasters and global and/or national epidemics could negatively affect LCNB’s customers given its concentrated geographic scope, which could impact LCNB’s operating results; and
13.	government intervention in the U.S. financial system, including the effects of legislative, tax, accounting, and regulatory actions and reforms, including, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, changes in deposit insurance premium levels, and any such future regulatory actions or reforms.

Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of LCNB and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. LCNB undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.

Exhibit 99.2
LCNB Corp. and Subsidiaries Financial Highlights (Dollars in thousands, except per share amounts) (Unaudited)
	Three Months Ended															Year Ended
	12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024			12/31/2025			12/31/2024
Condensed Income Statement
Interest income	$	25,187			26,305			25,939			25,316			26,894			102,747			105,015
Interest expense		6,931			8,179			8,398			9,017			10,181			32,525			44,220
Net interest income		18,256			18,126			17,541			16,299			16,713			70,222			60,795
Provision for credit losses		1,510			211			18			197			649			1,936			1,962
Net interest income after provision for credit losses		16,746			17,915			17,523			16,102			16,064			68,286			58,833
Non-interest income		5,601			5,704			5,248			5,222			5,988			21,775			20,404
Non-interest expense		15,388			15,145			15,567			15,809			14,592			61,909			63,276
Income before income taxes		6,959			8,474			7,204			5,515			7,460			28,152			15,961
Provision for income taxes		1,303			1,538			1,285			906			1,340			5,032			2,469
Net income	$	5,656			6,936			5,919			4,609			6,120			23,120			13,492
Supplemental Income Statement Information
Accretion income on acquired loans	$	816			904			1,174			692			1,271			3,586			4,095
Amortization expenses on acquired interest-bearing liabilities		—			—			—			—			119			—			1,594
Tax-equivalent net interest income		18,297			18,169			17,584			16,338			16,754			70,388			60,956
Pre-provision, pre-tax net income		8,469			8,685			7,222			5,712			8,109			30,088			17,923
Per Share Data
Dividends per share	$	0.22			0.22			0.22			0.22			0.22			0.88			0.88
Basic earnings per common share	$	0.40			0.49			0.41			0.33			0.44			1.63			0.97
Diluted earnings per common share	$	0.40			0.49			0.41			0.33			0.44			1.63			0.97
Book value per share	$	19.30			19.02			18.59			18.26			17.92			19.30			17.92
Tangible book value per share	$	12.45			12.15			11.69			11.34			10.96			12.45			10.96
Weighted average common shares outstanding:
Basic		14,106,778			14,097,414			14,085,764			14,051,310			14,027,043			14,086,379			13,764,985
Diluted		14,106,778			14,097,414			14,085,764			14,051,310			14,027,043			14,086,379			13,764,985
Shares outstanding at period end		14,193,577			14,186,204			14,175,241			14,166,915			14,118,040			14,193,577			14,118,040
Selected Financial Ratios
Return on average assets		1.01	%		1.21	%		1.04	%		0.81	%		1.04	%		1.02	%		0.57	%
Return on average equity		8.22	%		10.33	%		9.09	%		7.33	%		9.60	%		8.76	%		5.49	%
Return on average tangible common equity		12.78	%		16.29	%		14.54	%		11.91	%		15.67	%		13.91	%		9.05	%
Dividend payout ratio		55.00	%		44.90	%		53.66	%		66.67	%		50.00	%		53.99	%		90.72	%
Net interest margin (tax equivalent)		3.69	%		3.57	%		3.47	%		3.25	%		3.22	%		3.50	%		2.91	%
Efficiency ratio (tax equivalent)		64.39	%		63.44	%		68.18	%		73.33	%		64.16	%		67.17	%		77.77	%
Selected Balance Sheet Items
Cash and cash equivalents	$	21,614			35,865			49,778			37,670			35,744
Debt and equity securities		280,565			292,604			302,935			305,644			306,795
Loans:
Commercial and industrial	$	104,013			107,925			110,528			112,580			118,494
Commercial, secured by real estate		1,100,203			1,083,748			1,110,875			1,110,276			1,113,921
Residential real estate		469,574			454,918			459,473			463,379			456,298
Consumer		16,928			17,748			18,452			19,030			20,474
Agricultural		15,666			15,262			14,413			13,161			13,242
Other, including deposit overdrafts		210			267			171			133			179
Deferred net origination fees		(1,063	)		(840	)		(902	)		(929	)		(796	)
Loans, gross		1,705,531			1,679,028			1,713,010			1,717,630			1,721,812
Less allowance for credit losses		13,704			12,170			12,108			12,124			12,001
Loans, net	$	1,691,827			1,666,858			1,700,902			1,705,506			1,709,811
Loans held for sale	$	1,718			4,018			6,026			6,098			5,556

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

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

	Three Months Ended December 31,																Three Months Ended September 30,
	2025								2024								2025
	Average			Interest		Average			Average			Interest		Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/
	Balance			Paid		Rate			Balance			Paid		Rate			Balance			Paid		Rate
Loans (1)	$	1,675,449			23,131		5.48	%		1,751,644			24,617		5.59	%		1,706,281			24,163		5.62	%
Interest-bearing demand deposits		6,058			122		7.99	%		9,185			143		6.19	%		12,416			183		5.85	%
Interest-bearing time deposits		871			6		2.73	%		245			—		—	%		256			2		3.10	%
Federal Reserve Bank stock		6,405			96		5.95	%		6,414			193		11.97	%		6,405			96		5.95	%
Federal Home Loan Bank stock		20,710			418		8.01	%		20,710			469		9.01	%		20,710			452		8.66	%
Investment securities:
Equity securities		5,087			61		4.76	%		5,043			65		5.13	%		5,072			37		2.89	%
Debt securities, taxable		235,962			1,195		2.01	%		260,429			1,251		1.91	%		247,878			1,212		1.94	%
Debt securities, non-taxable (2)		17,646			200		4.50	%		18,727			197		4.18	%		18,276			203		4.41	%
Total earnings assets		1,968,188			25,229		5.09	%		2,072,397			26,935		5.17	%		2,017,294			26,348		5.18	%
Non-earning assets		265,599								271,546								271,717
Allowance for credit losses		(12,198	)							(11,856	)							(12,105	)
Total assets	$	2,221,589								2,332,087								2,276,906
Interest-bearing demand and money market deposits	$	625,175			2,283		1.45	%		551,626			2,379		1.72	%		638,825			2,693		1.67	%
Savings deposits		357,676			205		0.23	%		366,310			241		0.26	%		359,481			206		0.23	%
IRA and time certificates		369,494			3,126		3.36	%		523,486			5,760		4.38	%		420,508			3,958		3.73	%
Short-term borrowings		—			—		—	%		11			1		36.17	%		52			1		7.63	%
Long-term debt		104,664			1,318		5.00	%		155,573			1,800		4.60	%		104,951			1,321		4.99	%
Total interest-bearing liabilities		1,457,009			6,932		1.89	%		1,597,006			10,181		2.54	%		1,523,817			8,179		2.13	%
Demand deposits		470,067								460,020								465,934
Other liabilities		21,657								21,334								20,666
Equity		272,856								253,727								266,489
Total liabilities and equity	$	2,221,589								2,332,087								2,276,906
Net interest rate spread (3)							3.20	%							2.63	%							3.05	%
Net interest income and net interest margin on a taxable-equivalent basis (4)					18,297		3.69	%					16,754		3.22	%					18,169		3.57	%
Ratio of interest-earning assets to interest-bearing liabilities		135.08	%							129.77	%							132.38	%

(1)	Includes non-accrual loans and loans held for sale
(2)	Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%.
(3)	The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities.
(4)	The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets.

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

(1)	Includes non-accrual loans and loans held for sale
(2)	Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%.
(3)	The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities.
(4)	The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets.

Exhibit 99.2
LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited, dollars in thousands)
	December 31, 2025			December 31, 2024
	Unaudited			Audited
ASSETS:
Cash and due from banks	$	18,353			20,393
Interest-bearing demand deposits		3,261			15,351
Total cash and cash equivalents		21,614			35,744
Interest-bearing time deposits		2,710			250
Investment securities:
Equity securities with a readily determinable fair value, at fair value		1,433			1,363
Equity securities without a readily determinable fair value, at cost		3,666			3,666
Debt securities, available-for-sale, at fair value		232,271			258,327
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $11 and $5 at December 31, 2025 and December 31, 2024, respectively		16,080			16,324
Federal Reserve Bank stock, at cost		6,405			6,405
Federal Home Loan Bank stock, at cost		20,710			20,710
Loans held-for-sale		1,718			5,556
Loans, net of allowance for credit losses of $13,704 and $12,001 at December 31, 2025 and December 31, 2024, respectively		1,691,827			1,709,811
Premises and equipment, net		39,196			41,049
Operating lease right-of-use assets		6,475			5,785
Goodwill		90,310			90,310
Core deposit and other intangibles, net		9,271			11,104
Bank-owned life insurance		55,424			54,002
Interest receivable		7,968			8,701
Other assets, net		33,691			38,287
TOTAL ASSETS	$	2,240,769			2,307,394
LIABILITIES:
Deposits:
Noninterest-bearing	$	466,094			459,619
Interest-bearing		1,374,261			1,418,673
Total deposits		1,840,355			1,878,292
Long-term debt		104,428			155,153
Operating lease liabilities		6,877			6,115
Accrued interest and other liabilities		15,180			14,798
TOTAL LIABILITIES		1,966,840			2,054,358
COMMITMENTS AND CONTINGENT LIABILITIES		—			—
SHAREHOLDERS' EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding		—			—
Common shares – no par value; authorized 19,000,000 shares; issued 17,409,085 and 17,329,423 shares at December 31, 2025 and December 31, 2024, respectively; outstanding 14,193,577 and 14,118,040 shares at December 31, 2025 and December 31, 2024, respectively		188,212			186,937
Retained earnings		151,938			141,290
Treasury shares at cost, 3,215,508 and 3,211,383 shares at December 31, 2025 and December 31, 2024, respectively		(56,071	)		(56,002	)
Accumulated other comprehensive loss, net of taxes		(10,150	)		(19,189	)
TOTAL SHAREHOLDERS' EQUITY		273,929			253,036
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,240,769			2,307,394

Exhibit 99.2
LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited)
	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
INTEREST INCOME:
Interest and fees on loans	$	23,131		24,617		94,313		96,477
Dividends on equity securities:
With a readily determinable fair value		10		10		43		38
Without a readily determinable fair value		51		55		130		146
Interest on debt securities:
Taxable		1,195		1,251		4,876		4,847
Non-taxable		158		156		625		607
Other investments		642		805		2,760		2,900
TOTAL INTEREST INCOME		25,187		26,894		102,747		105,015
INTEREST EXPENSE:
Interest on deposits		5,613		8,380		27,148		35,838
Interest on short-term borrowings		—		1		3		1,117
Interest on long-term debt		1,318		1,800		5,374		7,265
TOTAL INTEREST EXPENSE		6,931		10,181		32,525		44,220
NET INTEREST INCOME		18,256		16,713		70,222		60,795
PROVISION FOR CREDIT LOSSES		1,510		649		1,936		1,962
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		16,746		16,064		68,286		58,833
NON-INTEREST INCOME:
Fiduciary income		2,517		2,308		9,531		8,445
Service charges and fees on deposit accounts		1,799		1,939		7,384		6,759
Net losses from sales of debt securities, available-for-sale		—		—		—		(214	)
Bank-owned life insurance income		362		352		1,422		1,665
Net gains from sales of loans		763		1,236		2,937		3,433
Net other operating income		160		153		501		316
TOTAL NON-INTEREST INCOME		5,601		5,988		21,775		20,404
NON-INTEREST EXPENSE:
Salaries and employee benefits		8,770		8,585		35,496		35,170
Equipment expenses		384		379		1,517		1,584
Occupancy expense, net		936		810		3,983		3,725
State financial institutions tax		382		472		1,716		1,881
Marketing		291		343		1,223		1,047
Amortization of intangibles		230		304		1,075		1,142
FDIC insurance premiums, net		338		450		1,487		1,895
Computer maintenance and supplies		375		240		1,506		1,425
Contracted services		911		777		3,520		3,212
Merger-related expenses		—		66		140		3,442
Other non-interest expense		2,771		2,166		10,246		8,753
TOTAL NON-INTEREST EXPENSE		15,388		14,592		61,909		63,276
INCOME BEFORE INCOME TAXES		6,959		7,460		28,152		15,961
PROVISION FOR INCOME TAXES		1,303		1,340		5,032		2,469
NET INCOME	$	5,656		6,120		23,120		13,492
Earnings per common share:
Basic		0.40		0.44		1.63		0.97
Diluted		0.40		0.44		1.63		0.97
Weighted average common shares outstanding:
Basic		14,106,778		14,027,043		14,086,379		13,764,985
Diluted		14,106,778		14,027,043		14,086,379		13,764,985