LCNB Corp. Reports Financial Results 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:

the success, impact, and timing of the implementation of LCNB’s business strategies;

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;

LCNB may incur increased loan charge-offs in the future and the allowance for credit losses may be inadequate;

LCNB may face competitive loss of customers;

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;

changes in general economic conditions and increased competition could adversely affect LCNB’s operating results;

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;

LCNB may experience difficulties growing loan and deposit balances;

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

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

0.88

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

162

728

Losses charged off

(67

)

(193

)

(95

)

(53

)

(616

)

Recoveries

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

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

90,218

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

—

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

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

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

0.70

Nonperforming loans to total loans

0.14

0.12

0.28

0.27

Nonperforming assets to total assets

0.10

0.09

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

Interest

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

2.73

245

—

256

3.10

Federal Reserve Bank stock

6,405

5.95

6,414

193

11.97

6,405

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

4.76

5,043

5.13

5,072

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

—

36.17

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

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

3.16

401

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

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)

(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

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

Federal Home Loan Bank stock, at cost

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

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,

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

Without a readily determinable fair value

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

—

1,117

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

—

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