LCNB Corp. Reports Financial Results for the Three and Nine Months Ended September 30, 2024

LEBANON, Ohio--(BUSINESS WIRE)--LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months and nine months ended September 30, 2024. Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, “Our 2024 third quarter results are encouraging and reflect the growing benefits of the April 2024 Eagle Financial Bancorp, Inc. (“EFBI” or “Eagle”) acquisition and the November 2023 Cincinnati Bancorp, Inc. (“Cincinnati Federal”) acquisition. I am pleased to report that LCNB returned to year-over-year growth in both net income and adjusted net income, which was one quarter ahead of our plan. This is a testament to the hard work of the LCNB team, the growing contribution of our new operating model, and the multi-year opportunities we are pursuing to drive value for our shareholders.” Mr. Meilstrup continued, “Over the near-term, we continue to focus on fully integrating the Eagle and Cincinnati Federal acquisitions, improving efficiencies, and pursuing opportunistic asset sales that we believe will further enhance our balance sheet and earn a quick payback. As we look to 2025 and beyond, we believe there are significant opportunities to leverage the continued success and growth of LCNB Wealth Management by offering our wealth management solutions to more customers across our growing footprint, as well as to the Eagle and Cincinnati Federal customers that we believe will benefit from our local, personalized, and proven offerings.” “Despite the complex banking environment, 2024 is proving to be a transformative year for LCNB, marked by the integration of two strategic acquisitions that have increased and strengthened our market position. These moves are a testament to our resilience, commitment to growth, and unwavering focus on long-term value creation. We remain confident in our ability to adapt, innovate, and lead, and we are excited about the opportunities ahead as we continue to build a stronger, more diversified business for the future,” concluded Mr. Meilstrup. Income Statement Net income for the 2024 third quarter was $4.5 million, compared to net income of $4.1 million for the same period last year. Earnings per basic and diluted share for the 2024 third quarter were $0.31, compared to $0.37 for the same period last year. Net income for the nine-month period ended September 30, 2024 was $7.4 million, compared to $12.9 million for the same period last year. Earnings per basic and diluted share for the nine-month period ended September 30, 2024 was $0.53, compared to $1.16 for the same period last year. Adjusted net income for the 2024 third quarter was $4.8 million, or $0.34 per basic and diluted share, compared to $4.4 million, or $0.40 per basic and diluted share, for the same period last year. Adjusted net income for the nine months ended September 30, 2024 was $11.4 million, or $0.83 per basic and diluted share, compared to $13.6 million, or $1.22 per basic and diluted share, in the prior year period. Net interest income for the three months ended September 30, 2024 was $15.0 million, compared to $13.6 million for the comparable period in 2023. Net interest income for the nine-month period ended September 30, 2024 was $44.1 million, as compared to $41.7 million in the same period last year. An increase in interest income from loans, due to a higher volume of average loans outstanding and an increase in 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 third quarter, LCNB’s tax equivalent net interest margin was 2.84%, compared to 3.04% for the same period last year. Net interest margin for the nine-month period ended September 30, 2024 was 2.81%, as compared to 3.20% in the same period last year. Non-interest income for the three months ended September 30, 2024, was $6.4 million, compared to $3.6 million for the same period last year. For the nine months ended September 30, 2024 non-interest income increased $3.6 million, or by 33.4%, to $14.4 million, compared to $10.8 million for the same period last year. The increase in non-interest income for both the three- and nine-month periods was primarily due to net gains from sales of loans. In addition, non-interest income for both the three- and nine-month periods benefitted from increased: fiduciary income, service charges, and bank-owned life insurance income. Non-interest expense for the three months ended September 30, 2024 was $15.4 million, compared to $12.2 million for the same period last year. The $3.1 million increase was primarily due to higher personnel and operating expenses. For the nine months ended September 30, 2024, non-interest expense was $11.8 million higher than the comparable period in 2023, partially due to an increase of $5.1 million in salaries and employee benefit costs, a $782,000 increase in FDIC insurance premiums, and a $2.6 million increase in merger-related expenses. Capital Allocation During the nine months ended September 30, 2024, LCNB did not repurchase any of its outstanding shares. At September 30, 2024, LCNB had 315,047 shares remaining under its share repurchase program. For the third quarter ended September 30, 2024, LCNB paid $0.22 per share in dividends, a 4.8% increase from $0.21 per share in the third quarter of last year. Year-to-date, LCNB has paid $0.66 per share in dividends, compared to $0.63 per share for the nine months of last year. Balance Sheet Total assets at September 30, 2024 increased 18.4%, to $2.35 billion, from $1.98 billion at September 30, 2023. Net loans at September 30, 2024 increased 17.7%, to $1.71 billion, compared to $1.45 billion at September 30, 2023. The year-over-year increase resulted primarily from the completion of the Cincinnati Federal and Eagle acquisitions. Total loans at September 30, 2024, not including loans acquired from the Cincinnati Federal and Eagle transactions, were flat with the same period a year ago. During the nine months ended September 30, 2024, the bank originated $306.5 million in loans of which $100.4 million were sold into the secondary market. Loans held for sale totaled $35.7 million at September 30, 2024. $31.4 million of the loans held for sale balance represents acquired loans. LCNB entered into a letter of intent to sell the acquired balance of loans held for sale during the fourth quarter of 2024 and, once complete, anticipates the proceeds will be used for general corporate purposes, which may include supporting loan growth, paying down higher cost funding sources, or adding to liquidity balances. Total deposits at September 30, 2024 increased 18.6% to $1.92 billion, compared to $1.62 billion at September 30, 2023. Not including the Cincinnati Federal and Eagle acquisitions, total deposits increased 8.5% organically, or by $138 million, from September 30, 2023. Assets Under Management Total assets managed at September 30, 2024 were a record $4.25 billion, compared to $3.23 billion at September 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, cash management, 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 third quarter, LCNB recorded a provision for credit losses of $660,000, compared to a recovery of credit losses of $114,000 for the 2023 third quarter. For the nine months ended September 30, 2024, LCNB recorded a total provision for credit losses of $1.3 million, compared to a total recovery of credit losses of $141,000 for the nine months ended September 30, 2023. Net charge-offs for the 2024 third quarter were $84,000, or 0.02% 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 nine-month period, net charge-offs were $147,000, or 0.01% of average loans, compared to net charge-offs of $82,000, or 0.01% of average loans, for the 2023 nine-month period. Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $3.3 million, or 0.19% of total loans, at September 30, 2024, compared to $261,000, or 0.02% of total loans, at September 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 0.14% at September 30, 2024, compared to 0.01% at September 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, including Cincinnati Federal and EFBI, 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 or domestic 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 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 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 Nine Months Ended 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 9/30/2024 9/30/2023 Condensed Income Statement Interest income $ 26,398 26,965 24,758 23,310 19,668 78,121 56,289 Interest expense 11,428 11,748 10,863 8,651 6,097 34,039 14,599 Net interest income 14,970 15,217 13,895 14,659 13,571 44,082 41,690 Provision for (recovery of) credit losses 660 528 125 2,218 (114 ) 1,313 (141 ) Net interest income after provision for (recovery of) credit losses 14,310 14,689 13,770 12,441 13,685 42,769 41,831 Non-interest income 6,407 4,080 3,929 4,606 3,578 14,416 10,805 Non-interest expense 15,387 17,825 15,472 17,576 12,244 48,684 36,847 Income (loss) before income taxes 5,330 944 2,227 (529 ) 5,019 8,501 15,789 Provision for (benefit from) income taxes 798 19 312 (236 ) 949 1,129 2,868 Net income (loss) $ 4,532 925 1,915 (293 ) 4,070 7,372 12,921 Supplemental Income Statement Information Accretion income on acquired loans $ 800 1,248 776 410 — 2,824 75 Amortization expenses on acquired interest-bearing liabilities $ 378 638 459 309 — 1,475 — Tax-equivalent net interest income $ 15,013 15,256 13,933 14,703 13,617 44,202 41,829 Pre-provision, pre-tax net income $ 5,990 1,472 2,352 1,689 4,905 9,814 15,648 Per Share Data Dividends per share $ 0.22 0.22 0.22 0.22 0.21 0.66 0.63 Basic earnings (loss) per common share $ 0.31 0.07 0.15 (0.02 ) 0.37 0.53 1.16 Diluted earnings (loss) per common share $ 0.31 0.07 0.15 (0.02 ) 0.37 0.53 1.16 Book value per share $ 17.95 17.33 17.67 17.86 18.10 17.95 18.10 Tangible book value per share $ 10.97 10.08 11.26 11.42 12.72 10.97 12.72 Weighted average common shares outstanding: Basic 14,103,358 14,033,264 13,112,302 12,378,289 11,038,720 13,761,582 11,094,185 Diluted 14,103,358 14,033,264 13,112,302 12,378,289 11,038,720 13,761,582 11,094,185 Shares outstanding at period end 14,110,210 14,151,755 13,224,276 13,173,569 11,123,382 14,110,210 11,123,382 Selected Financial Ratios Return on average assets 0.76 % 0.15 % 0.34 % (0.05 )% 0.82 % 0.42 % 0.89 % Return on average equity 7.23 % 1.53 % 3.28 % (0.53 )% 7.92 % 4.06 % 8.49 % Return on average tangible common equity 9.49 % 2.02 % 4.39 % (0.72 )% 11.21 % 5.37 % 12.04 % Dividend payout ratio 70.97 % 314.29 % 146.67 % NM 56.76 % 124.53 % 54.31 % Net interest margin (tax equivalent) 2.84 % 2.86 % 2.72 % 2.99 % 3.04 % 2.81 % 3.20 % Efficiency ratio (tax equivalent) 71.83 % 92.19 % 86.62 % 91.02 % 71.21 % 83.05 % 70.01 % Selected Balance Sheet Items Cash and cash equivalents $ 39,374 $ 34,872 $ 32,951 $ 39,723 43,422 Debt and equity securities 313,545 312,241 306,775 318,723 309,094 Loans: Commercial and industrial $ 119,079 $ 125,703 $ 122,229 $ 120,411 125,751 Commercial, secured by real estate 1,105,405 1,117,798 1,099,601 1,107,556 981,787 Residential real estate 459,740 458,949 398,250 459,073 313,286 Consumer 22,088 22,912 24,137 25,578 27,018 Agricultural 13,113 11,685 12,647 10,952 11,278 Other, including deposit overdrafts 496 233 73 82 80 Deferred net origination fees (861 ) (533 ) (583 ) (181 ) (796 ) Loans, gross 1,719,060 1,736,747 1,656,354 1,723,471 1,458,404 Less allowance for credit losses 11,867 11,270 10,557 10,525 7,932 Loans, net $ 1,707,193 $ 1,725,477 $ 1,645,797 $ 1,712,946 1,450,472 Loans held for sale $ 35,687 44,002 75,581 — — NM - Not Meaningful Three Months Ended Nine Months Ended 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 9/30/2024 9/30/2023 Selected Balance Sheet Items, continued Allowance for Credit Losses on Loans: Allowance for credit losses, beginning of period $ 11,270 10,557 10,525 7,932 7,956 Fair value adjustment for purchased credit deteriorated loans — 189 — 493 — Provision for credit losses on loans 681 542 77 2,203 9 Losses charged off (122 ) (87 ) (78 ) (126 ) (57 ) Recoveries 38 69 33 23 24 Allowance for credit losses, end of period $ 11,867 11,270 10,557 10,525 7,932 Total earning assets $ 2,044,318 2,058,110 1,971,130 2,045,382 $ 1,787,796 Total assets 2,346,908 2,371,313 2,283,151 2,291,592 1,981,668 Total deposits 1,917,005 1,943,060 1,858,493 1,824,389 1,616,890 Short-term borrowings — — 10,000 97,395 30,000 Long-term debt 155,662 162,150 162,638 113,123 112,641 Total shareholders’ equity 253,246 245,214 233,663 235,303 201,349 Equity to assets ratio 10.79 % 10.34 % 10.23 % 10.27 % 10.16 % Loans to deposits ratio 89.67 % 89.38 % 89.12 % 94.47 % 90.20 % Tangible common equity (TCE) $ 154,728 142,679 145,850 146,999 $ 141,508 Tangible common assets (TCA) 2,248,390 2,268,778 2,195,338 2,203,288 1,921,827 TCE/TCA 6.88 % 6.29 % 6.64 % 6.67 % 7.36 % Selected Average Balance Sheet Items Cash and cash equivalents $ 39,697 39,396 51,366 49,436 36,177 43,486 34,234 Debt and equity securities 314,255 309,668 310,771 310,274 313,669 311,551 320,706 Loans, including loans held for sale $ 1,770,330 1,818,253 1,722,568 1,622,911 1,451,153 1,770,383 1,415,719 Less allowance for credit losses on loans 11,281 11,386 10,523 8,826 7,958 11,064 7,782 Net loans $ 1,759,049 1,806,867 1,712,045 1,614,085 1,443,195 1,759,319 1,407,937 Total earning assets, including loans held for sale $ 2,099,954 $ 2,142,064 $ 2,056,656 $ 1,952,121 1,775,713 2,099,536 1,747,476 Total assets 2,365,676 2,404,782 2,294,766 2,182,477 1,971,269 2,355,113 1,940,591 Total deposits 1,936,601 1,965,987 1,824,546 1,759,677 1,610,508 1,909,146 1,599,668 Short-term borrowings 11 11,291 65,052 64,899 63,018 25,358 78,916 Long-term debt 158,419 162,555 150,177 115,907 72,550 157,056 36,878 Total shareholders’ equity 249,370 243,927 235,119 220,678 203,967 242,829 203,496 Equity to assets ratio 10.54 % 10.14 % 10.25 % 10.11 % 10.35 % 10.31 % 10.49 % Loans to deposits ratio 91.41 % 92.49 % 94.41 % 92.23 % 90.11 % 92.73 % 88.50 % Asset Quality Net charge-offs $ 84 18 45 102 33 147 82 Other real estate owned — — — — — — — Non-accrual loans $ 3,001 2,845 2,719 80 85 3,001 85 Loans past due 90 days or more and still accruing 283 159 524 72 176 283 176 Total nonperforming loans $ 3,284 3,004 3,243 152 261 3,284 261 Net charge-offs to average loans 0.02 % — % 0.01 % 0.02 % 0.01 % 0.01 % 0.01 % Allowance for credit losses on loans to total loans 0.69 % 0.65 % 0.64 % 0.61 % 0.54 % Nonperforming loans to total loans 0.19 % 0.17 % 0.20 % 0.01 % 0.02 % Nonperforming assets to total assets 0.14 % 0.13 % 0.14 % 0.01 % 0.01 % Three Months Ended Nine Months Ended 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 9/30/2024 9/30/2023 Assets Under Management LCNB Corp. total assets $ 2,346,908 2,371,313 2,283,151 2,291,592 1,981,668 Trust and investments (fair value) 933,341 897,746 890,800 806,770 731,342 Mortgage loans serviced 366,175 422,951 386,490 391,800 146,483 Cash management 165,218 93,842 13,314 2,375 2,445 Brokerage accounts (fair value) 435,611 419,646 411,211 392,390 368,854 Total assets managed $ 4,247,253 4,205,498 3,984,966 3,884,927 3,230,792 Reconciliation of Net Income Less Tax-Effected Merger-Related Costs Net income (loss) $ 4,532 925 1,915 (293 ) 4,070 7,372 12,921 Merger expenses 281 2,320 775 3,914 302 3,376 742 Provision for credit losses on non-PCD loans — 763 — 1,722 — 763 — Loss on sale of below-market acquired loans — 843 — — — 843 — Tax effect (48 ) (773 ) (90 ) (1,102 ) (3 ) (911 ) (83 ) Adjusted net income $ 4,765 4,078 2,600 4,241 4,369 11,443 13,580 Adjusted basic and diluted earnings per share $ 0.34 $ 0.29 $ 0.20 $ 0.34 0.40 0.83 1.22 Adjusted return on average assets 0.80 % 0.68 % 0.46 % 0.77 % 0.88 % 0.65 % 0.94 % Adjusted return on average equity 7.60 % 6.72 % 4.45 % 7.62 % 8.50 % 6.29 % 8.92 % Three Months Ended September 30, Three Months Ended June 30, 2024 2023 2024 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) $ 1,770,330 24,342 5.47 % $ 1,451,153 17,875 4.89 % $ 1,818,253 24,836 5.49 % Interest-bearing demand deposits 15,369 209 5.41 % 10,891 152 5.54 % 14,143 215 6.11 % Federal Reserve Bank stock 6,393 (1 ) (0.06 )% 4,652 — — % 6,248 180 11.59 % Federal Home Loan Bank stock 20,710 464 8.91 % 7,007 134 7.59 % 20,152 367 7.32 % Investment securities: Equity securities 5,026 40 3.17 % 3,382 38 4.46 % 4,985 39 3.15 % Debt securities, taxable 262,220 1,181 1.79 % 274,494 1,296 1.87 % 259,768 1,183 1.83 % Debt securities, non-taxable (2) 19,906 206 4.12 % 24,134 219 3.60 % 18,515 184 4.00 % Total earnings assets 2,099,954 26,441 5.01 % 1,775,713 19,714 4.40 % 2,142,064 27,004 5.07 % Non-earning assets 277,003 203,514 274,104 Allowance for credit losses (11,281 ) (7,958 ) (11,386 ) Total assets $ 2,365,676 $ 1,971,269 $ 2,404,782 Interest-bearing demand and money market deposits $ 585,823 3,006 2.04 % $ 541,487 2,298 1.68 % $ 648,772 3,575 2.22 % Savings deposits 367,045 274 0.30 % 379,515 129 0.13 % 372,240 307 0.33 % IRA and time certificates 538,070 6,298 4.66 % 230,030 1,999 3.45 % 493,297 5,808 4.74 % Short-term borrowings 11 — 0.00 % 63,018 830 5.23 % 11,291 181 6.45 % Long-term debt 158,419 1,850 4.65 % 72,550 841 4.60 % 162,555 1,877 4.64 % Total interest-bearing liabilities 1,649,368 11,428 2.76 % 1,286,600 6,097 1.88 % 1,688,155 11,748 2.80 % Demand deposits 445,663 459,476 451,678 Other liabilities 21,275 21,226 21,022 Equity 249,370 203,967 243,927 Total liabilities and equity $ 2,365,676 $ 1,971,269 $ 2,404,782 Net interest rate spread (3) 2.25 % 2.52 % 2.27 % Net interest income and net interest margin on a taxable-equivalent basis (4) 15,013 2.84 % 13,617 3.04 % 15,256 2.86 % Ratio of interest-earning assets to interest-bearing liabilities 127.32 % 138.02 % 126.89 % (1) Includes non-accrual loans and loans held for sale (2) Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%. (3) The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities. (4) The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets. For the Nine Months Ended September 30, 2024 2023 Average Interest Average Average Interest Average Outstanding Earned/ Yield/ Outstanding Earned/ Yield/ Balance Paid Rate Balance Paid Rate Loans (1) $ 1,770,383 71,860 5.42 % $ 1,415,719 50,781 4.80 % Interest-bearing demand deposits 17,602 747 5.67 % 11,051 453 5.48 % Federal Reserve Bank stock 6,051 176 3.89 % 4,652 140 4.02 % Federal Home Loan Bank stock 19,040 1,172 8.22 % 6,840 317 6.20 % Investment securities: Equity securities 5,002 119 3.18 % 3,698 113 4.09 % Debt securities, taxable 262,360 3,596 1.83 % 280,998 3,962 1.89 % Debt securities, non-taxable (2) 19,098 571 3.99 % 24,518 662 3.61 % Total earnings assets 2,099,536 78,241 4.98 % 1,747,476 56,428 4.32 % Non-earning assets 266,641 200,897 Allowance for credit losses (11,064 ) (7,782 ) Total assets $ 2,355,113 $ 1,940,591 Interest-bearing demand and money market deposits $ 625,785 10,498 2.24 % $ 522,896 5,140 1.31 % Savings deposits 369,104 787 0.28 % 396,785 402 0.14 % IRA and time certificates 467,425 16,173 4.62 % 210,407 4,675 2.97 % Short-term borrowings 25,358 1,116.00 5.88 % 78,916 3,142 5.32 % Long-term debt 157,056 5,465 4.65 % 36,878 1,240 4.50 % Total interest-bearing liabilities 1,644,728 34,039 2.76 % 1,245,882 14,599 1.57 % Demand deposits 446,832 469,580 Other liabilities 20,724 21,633 Equity 242,829 203,496 Total liabilities and equity $ 2,355,113 $ 1,940,591 Net interest rate spread (3) 2.22 % 2.75 % Net interest income and net interest margin on a taxable-equivalent basis (4) 44,202 2.81 % 41,829 3.20 % Ratio of interest-earning assets to interest-bearing liabilities 127.65 % 140.26 % (1) Includes non-accrual loans and loans held for sale (2) Income from tax-exempt securities is included in interest income on a taxable-equivalent basis. Interest income has been divided by a factor comprised of the complement of the incremental tax rate of 21%. (3) The net interest spread is the difference between the average rate on total interest-earning assets and interest-bearing liabilities. (4) The net interest margin is the taxable-equivalent net interest income divided by average interest-earning assets. Exhibit 99.2 LCNB CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited, dollars in thousands) September 30, 2024 December 31, 2023 Unaudited Audited ASSETS: Cash and due from banks $ 27,661 $ 36,535 Interest-bearing demand deposits 11,713 3,188 Total cash and cash equivalents 39,374 39,723 Investment securities: Equity securities with a readily determinable fair value, at fair value $ 1,388 $ 1,336 Equity securities without a readily determinable fair value, at cost 3,666 3,666 Debt securities, available-for-sale, at fair value 262,622 276,601 Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $7 and $5 at September 30, 2024 and December 31, 2023, respectively 18,730 16,858 Federal Reserve Bank stock, at cost 6,429 5,086 Federal Home Loan Bank stock, at cost 20,710 15,176 Loans, net of allowance for credit losses of $11,867 and $10,525 at September 30, 2024 and December 31, 2023, respectively 1,707,193 1,712,946 Loans held for sale 35,687 — Premises and equipment, net 41,233 36,302 Operating lease right-of-use assets 5,853 6,000 Goodwill 90,209 79,509 Core deposit and other intangibles, net 11,605 9,494 Bank-owned life insurance 53,650 49,847 Interest receivable 9,450 8,405 Other assets, net 39,109 30,643 TOTAL ASSETS 2,346,908 2,291,592 LIABILITIES: Deposits: Noninterest-bearing $ 446,626 $ 462,267 Interest-bearing 1,470,379 1,362,122 Total deposits 1,917,005 1,824,389 Short-term borrowings — 97,395 Long-term debt 155,662 113,123 Operating lease liabilities 6,152 6,261 Accrued interest and other liabilities 14,843 15,121 TOTAL LIABILITIES 2,093,662 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 17,321,593 and 16,384,952 shares at September 30, 2024 and December 31, 2023, respectively; outstanding 14,110,210 and 13,173,569 shares at September 30, 2024 and December 31, 2023, respectively 186,716 173,637 Retained earnings 138,325 140,017 Treasury shares at cost, 3,211,383 and 3,211,383 shares at September 30, 2024 and December 31, 2023, respectively (56,015 ) (56,015 ) Accumulated other comprehensive loss, net of taxes (15,780 ) (22,336 ) TOTAL SHAREHOLDERS' EQUITY 253,246 235,303 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,346,908 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 INTEREST INCOME: Interest and fees on loans $ 24,342 17,875 $ 71,860 50,781 Dividends on equity securities: With a readily determinable fair value 10 9 28 34 Without a readily determinable fair value 30 29 91 79 Interest on debt securities: Taxable 1,181 1,296 3,596 3,962 Non-taxable 163 173 451 523 Other investments 672 286 2,095 910 TOTAL INTEREST INCOME 26,398 19,668 78,121 56,289 INTEREST EXPENSE: Interest on deposits 9,578 4,426 27,458 10,217 Interest on short-term borrowings — 830 1,116 3,142 Interest on long-term debt 1,850 841 5,465 1,240 TOTAL INTEREST EXPENSE 11,428 6,097 34,039 14,599 NET INTEREST INCOME 14,970 13,571 44,082 41,690 PROVISION FOR (RECOVERY OF) CREDIT LOSSES 660 (114 ) 1,313 (141 ) NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES 14,310 13,685 42,769 41,831 NON-INTEREST INCOME: Fiduciary income 2,097 1,736 6,137 5,263 Service charges and fees on deposit accounts 1,899 1,397 4,820 4,324 Net losses from sales of debt securities, available-for-sale — — (214 ) — Bank-owned life insurance income 654 282 1,313 830 Net gains from sales of loans 1,625 29 2,197 38 Other operating income 132 134 163 350 TOTAL NON-INTEREST INCOME 6,407 3,578 14,416 10,805 NON-INTEREST EXPENSE: Salaries and employee benefits 9,025 7,044 26,585 21,454 Equipment expenses 420 397 1,205 1,175 Occupancy expense, net 966 805 2,915 2,367 State financial institutions tax 505 396 1,409 1,189 Marketing 320 223 704 735 Amortization of intangibles 304 113 838 336 FDIC insurance premiums, net 547 224 1,445 663 Contracted services 807 671 2,435 1,978 Merger-related expenses 281 302 3,376 742 Other non-interest expense 2,212 2,069 7,772 6,208 TOTAL NON-INTEREST EXPENSE 15,387 12,244 48,684 36,847 INCOME BEFORE INCOME TAXES 5,330 5,019 8,501 15,789 PROVISION FOR INCOME TAXES 798 949 1,129 2,868 NET INCOME $ 4,532 4,070 $ 7,372 12,921 Earnings per common share: Basic 0.31 0.37 0.53 1.16 Diluted 0.31 0.37 0.53 1.16 Weighted average common shares outstanding: Basic 14,103,358 11,038,720 13,761,582 11,094,185 Diluted 14,103,358 11,038,720 13,761,582 11,094,185

LCNB Corp. Reports Financial Results for the Three and Nine Months Ended September 30, 2024

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