LCNB LCNB Corporation

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

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

	LCNB CORP.
Date: April 22, 2025	By: /s/ Robert C. Haines II
		Robert C. Haines II Chief Financial Officer

Exhibit 99.1

Press Release

 

Lebanon, Ohio 45036

 

Company Contact: Eric J. Meilstrup President and Chief Executive Officer LCNB National Bank (513) 932-1414 shareholderrelations@lcnb.com

Investor and Media Contact: Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

 

 

LCNB CORP. REPORTS FINANCIAL RESULTS FOR

THE THREE MONTHS ENDED MARCH 31, 2025

 

Q1 2025 GAAP net earnings per share improved 120% year-over-year to $0.33 per diluted share, reflecting the continued contribution from the Company’s recent acquisitions, balance sheet optimization strategies and strong operating performance

 

Net interest margin expands to 3.25%, the highest quarterly level in seven quarters

 

LCNB Wealth Management assets increased 7.4% year-over-year to a record $1.40 billion at March 31, 2025,
resulting in fiduciary income of $2.2 million, a 9.7% increase

 

Asset quality remains at historically strong levels with non-performing assets to total assets of 0.21% at March 31, 2025

 

LEBANON, Ohio--LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three months ended March 31, 2025.

 

Commenting on the financial results, LCNB President and Chief Executive Officer, Eric Meilstrup said, “Our first-quarter performance reflects the continued success of our strategic initiatives focused on integrating recent acquisitions, strengthening our balance sheet, and delivering valuable financial products and services to our communities. I am also pleased to report that the April 2024 Eagle Financial Bancorp, Inc. ("Eagle") acquisition has already experienced a positive tangible book value earn back, which is a year earlier than expected. The November 2023 Cincinnati Federal acquisition remains on schedule for a positive tangible book value earn back by early 2026. We continue to pursue growth strategies across our expanded Southwestern Ohio footprint, including leveraging our LCNB Wealth Management capabilities.” 

 

Mr. Meilstrup continued: “The actions we took last year to improve our balance sheet have reduced more expensive borrowings and further fortified our balance sheet.  As a result, we ended the quarter with our strongest loan-to-deposit ratio in four quarters, our highest net interest margin in seven quarters, and our largest equity-to-asset ratio in twelve quarters.  These achievements, combined with solid operating performance, contributed to a 120% year-over-year increase in earnings per diluted share and continued growth in both book value and tangible book value per share.”

 

“While the economic and geopolitical environment has become more uncertain, we remain focused on further strengthening our balance sheet, optimizing profitability, and continuing to provide our communities with exceptional financial products and services.  I am confident in the long-term direction we are headed.  We continue to believe LCNB is well positioned for profitable growth in 2025, as we benefit further from our expanded banking platform, strong asset quality, and compelling financial model,” concluded Mr. Meilstrup. 

 

Income Statement

 

Net income for the 2025 first quarter was $4.6 million, compared to $1.9 million for the same period last year. Earnings per basic and diluted share for the 2025 first quarter were $0.33, compared to $0.15 for the same period last year.

 

Net interest income for the three months ended March 31, 2025 was $16.3 million, compared to $13.9 million for the same period in 2024. The growth in net interest income was primarily due to the reduction in average interest rates paid on interest-bearing liabilities and higher average rates earned on loans.  For the 2025 first quarter, LCNB’s tax equivalent net interest margin was 3.25%, compared to 2.72% for the same period last year.

 

Non-interest income for the three months ended March 31, 2025 was $5.2 million, compared to $3.9 million for the same period last year. The $1.3 million, or 32.9% year-over-year increase in non-interest income was due to net gains from sales of loans, as well as higher fiduciary income, service charges, and other income.

 

Non-interest expense for the three months ended March 31, 2025 was $15.8 million, compared to $15.5 million for the same period last year.  The $337,000 increase was primarily due to higher operating expenses associated with the Eagle acquisition during April 2024 and increased marketing expenses, partially offset by the lack of merger-related expenses compared to the same period last year.  The Company had $775,000 of one-time merger-related expenses that occurred in the 2024 first quarter.

 

Capital Allocation

 

For the three months ended March 31, 2025, LCNB paid $0.22 per share in dividends.

 

 

Balance Sheet 

 

Total assets at March 31, 2025 increased 0.9%, to $2.30 billion, from $2.28 billion at March 31, 2024.  Net loans at March 31, 2025 were $1.71 billion, an increase of 3.6%, or $59.7 million, from March 31, 2024. During the quarter ended March 31, 2025, the Company originated $84.9 million in loans and sold $21.5 million into the secondary market, which generated $841,000 of gains and benefited first quarter non-interest income.

 

Loans held for sale totaled $6.1 million at March 31, 2025, compared to $5.6 million at December 31, 2024 and $75.6 million at March 31, 2024, and are primarily composed of loans scheduled to be sold to an investor. Proceeds from loan sales that occurred during 2024 were used for general corporate purposes that included supporting loan originations, paying down higher cost funding sources, and adding to liquidity balances.

 

Total deposits at March 31, 2025 increased 3.4% to $1.92 billion compared to $1.86 billion at March 31, 2024.  Not including the Eagle acquisition, total deposit relationships, including off-balance-sheet deposits, increased 1.29% organically, or by $24.5 million, from March 31, 2024. 

 

At March 31, 2025, shareholders' equity was $258.7 million, compared to $233.7 million at March 31, 2024. On a per-share basis, shareholders' equity at March 31, 2025 was $18.26, compared to $17.67 at March 31, 2024.

 

At March 31, 2025, tangible shareholders' equity was $160.6 million, compared to $149.0 million at March 31, 2024. The 7.8% 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 $11.34 at March 31, 2025, compared to $11.26 at March 31, 2024.

 

Assets Under Management

 

Total assets managed at March 31, 2025 were $4.16 billion, compared to $3.98 billion at March 31, 2024. The year-over-year increase in total assets managed was due to the Eagle acquisition and organic growth in LCNB total assets, trust and investments, cash management, and brokerage accounts, partially offset by lower mortgage loans serviced. 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. 

 

Asset Quality

 

For the 2025 first quarter, LCNB recorded a provision for credit losses of $197,000, compared to a provision for credit losses of $125,000 for the 2024 first quarter.

 

Net charge-offs for the 2025 first quarter were $39,000, or 0.01% of average loans, compared to net charge-offs of $45,000, or 0.01% of average loans, annualized, for the same period last year.

 

Total nonperforming loans, which include non-accrual loans and loans past due 90 days or more and still accruing interest, were $4.9 million, or 0.28% of total loans, at March 31, 2025, compared to $3.2 million, or 0.20% of total loans, at March 31, 2024. The year-over-year increase in nonaccrual loans was primarily due to one commercial and industrial relationship, representing a balance of $1.4 million, and three residential real estate loans, representing a balance of $557,000. LCNB does not foresee any additional losses on these loans, as they are currently deemed to have adequate provision. The nonperforming assets-to-total-assets ratio was 0.21% at March 31, 2025, compared to 0.14% at March 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
		3/31/2025				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Condensed Income Statement
Interest income		$	25,316				26,894				26,398				26,965				24,758
Interest expense			9,017				10,181				11,428				11,748				10,863
Net interest income			16,299				16,713				14,970				15,217				13,895
Provision for credit losses			197				649				660				528				125
Net interest income after provision for credit losses			16,102				16,064				14,310				14,689				13,770
Non-interest income			5,222				5,988				6,407				4,080				3,929
Non-interest expense			15,809				14,592				15,387				17,825				15,472
Income before income taxes			5,515				7,460				5,330				944				2,227
Provision for income taxes			906				1,340				798				19				312
Net income		$	4,609			$	6,120			$	4,532			$	925			$	1,915
Supplemental Income Statement Information
Accretion income on acquired loans		$	692				1,271				800				1,248				776
Amortization expenses on acquired interest-bearing liabilities			—				119				378				638				459
Tax-equivalent net interest income			16,338				16,754				15,013				15,256				13,933
Pre-provision, pre-tax net income			5,712				8,109				5,990				1,472				2,352
Per Share Data
Dividends per share		$	0.22				0.22				0.22				0.22				0.22
Basic earnings per common share		$	0.33				0.44				0.31				0.07				0.15
Diluted earnings per common share		$	0.33				0.44				0.31				0.07				0.15
Book value per share		$	18.26				17.92				17.95				17.33				17.67
Tangible book value per share		$	11.34				10.96				10.97				10.08				11.26
Weighted average common shares outstanding:
Basic			14,051,310				14,027,043				14,018,765				13,948,671				13,112,302
Diluted			14,051,310				14,027,043				14,018,765				13,948,671				13,112,302
Shares outstanding at period end			14,166,915				14,118,040				14,110,210				14,151,755				13,224,276
Selected Financial Ratios
Return on average assets			0.81	%			1.04	%			0.76	%			0.15	%			0.34	%
Return on average equity			7.33	%			9.60	%			7.23	%			1.53	%			3.28	%
Return on average tangible common equity			11.91	%			15.67	%			12.27	%			2.59	%			5.12	%
Dividend payout ratio			66.67	%			50.00	%			70.97	%			314.29	%			146.67	%
Net interest margin (tax equivalent)			3.25	%			3.22	%			2.84	%			2.86	%			2.72	%
Efficiency ratio (tax equivalent)			73.33	%			64.16	%			71.83	%			92.19	%			86.62	%
Selected Balance Sheet Items
Cash and cash equivalents		$	37,670				35,744				39,374				34,872				32,951
Debt and equity securities			305,644				306,795				313,545				312,241				306,775
Loans:
Commercial and industrial		$	112,580				118,494				119,079				125,703				122,229
Commercial, secured by real estate			1,110,276				1,113,921				1,105,405				1,117,798				1,099,601
Residential real estate			463,379				456,298				459,740				458,949				398,250
Consumer			19,030				20,474				22,088				22,912				24,137
Agricultural			13,161				13,242				13,113				11,685				12,647
Other, including deposit overdrafts			133				179				496				233				73
Deferred net origination fees			(929	)			(796	)			(861	)			(533	)			(583	)
Loans, gross			1,717,630				1,721,812				1,719,060				1,736,747				1,656,354
Less allowance for credit losses			12,124				12,001				11,867				11,270				10,557
Loans, net		$	1,705,506			$	1,709,811			$	1,707,193			$	1,725,477			$	1,645,797
Loans held for sale		$	6,098				5,556				35,687				44,002				75,581

 

                  

 

 

		Three Months Ended
		3/31/2025				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Selected Balance Sheet Items, continued
Allowance for Credit Losses on Loans:
Allowance for credit losses, beginning of period		$	12,001				11,867				11,270				10,557				10,525
Fair value adjustment for purchased credit deteriorated loans			—				—				—				189				—
Provision for credit losses on loans			162				728				681				542				77
Losses charged off			(53	)			(616	)			(122	)			(87	)			(78	)
Recoveries			14				22				38				69				33
Allowance for credit losses, end of period		$	12,124				12,001				11,867				11,270				10,557
Total earning assets		$	2,038,666				2,044,208				2,044,318				2,058,110				1,971,130
Goodwill			90,310				90,310				90,209				93,922				79,559
Core deposit intangibles			7,708				8,006				8,309				8,613				5,152
Mortgage servicing rights			2,908				3,098				3,296				3,522				3,751
Other non-earning assets			163,153				161,772				200,776				207,146				223,559
Total non-earning assets			264,079				263,186				302,590				313,203				312,021
Total assets			2,302,745				2,307,394				2,346,908				2,371,313				2,283,151
Total deposits			1,921,649				1,878,292				1,917,005				1,943,060				1,858,493
Short-term borrowings			—				—				—				—				10,000
Long-term debt			104,637				155,153				155,662				162,150				162,638
Total shareholders’ equity			258,651				253,036				253,246				245,214				233,663
Equity to assets ratio			11.23	%			10.97	%			10.79	%			10.34	%			10.23	%
Loans to deposits ratio			89.38	%			91.67	%			89.67	%			89.38	%			89.12	%
Tangible common equity (TCE)		$	160,633				154,721				154,728				142,679				148,952
Tangible common assets (TCA)			2,204,727				2,209,079				2,248,390				2,268,778				2,198,440
TCE/TCA			7.29	%			7.00	%			6.88	%			6.29	%			6.78	%
Selected Average Balance Sheet Items
Cash and cash equivalents		$	36,125				31,648				39,697				39,396				51,366
Debt and equity securities			304,033				311,323				314,255				309,668				310,771
Loans, including loans held for sale		$	1,721,894				1,751,644				1,770,330				1,818,253				1,722,568
Less allowance for credit losses on loans			11,996				11,856				11,281				11,386				10,523
Net loans		$	1,709,898				1,739,788				1,759,049				1,806,867				1,712,045
Total earning assets		$	2,036,514				2,072,397				2,099,954				2,142,064				2,056,656
Goodwill			90,310				90,218				94,006				91,733				79,526
Core deposit intangibles			7,854				8,154				8,458				8,302				5,275
Mortgage servicing rights			3,099				3,296				3,522				3,746				4,094
Other non-earning assets			160,281				158,022				159,736				158,937				149,215
Total non-earning assets			261,544				259,690				265,722				262,718				238,110
Total assets			2,298,058				2,332,087				2,365,676				2,404,782				2,294,766
Total deposits			1,896,443				1,901,442				1,936,601				1,965,987				1,824,546
Short-term borrowings			72				11				11				11,291				65,052
Long-term debt			127,289				155,573				158,419				162,555				150,177
Total shareholders’ equity			255,120				253,727				249,370				243,927				235,119
Equity to assets ratio			11.10	%			10.88	%			10.54	%			10.14	%			10.25	%
Loans to deposits ratio			90.80	%			92.12	%			91.41	%			92.49	%			94.41	%
Asset Quality
Net charge-offs		$	39				595				84				18				45
Other real estate owned			—				—				—				—				—
Non-accrual loans		$	4,710				4,528				3,001				2,845				2,719
Loans past due 90 days or more and still accruing			181				90				283				159				524
Total nonperforming loans		$	4,891			$	4,618			$	3,284			$	3,004			$	3,243
Net charge-offs to average loans			0.01	%			0.14	%			0.02	%			0.00	%			0.01	%
Allowance for credit losses on loans to total loans			0.71	%			0.70	%			0.69	%			0.65	%			0.64	%
Nonperforming loans to total loans			0.28	%			0.27	%			0.19	%			0.17	%			0.20	%
Nonperforming assets to total assets			0.21	%			0.20	%			0.14	%			0.13	%			0.14	%

 

 

		Three Months Ended
		3/31/2025				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Assets Under Management
LCNB Corp. total assets		$	2,302,745				2,307,394				2,346,908				2,371,313				2,283,151
Trust and investments (fair value)			957,359				942,249				933,341				897,746				890,800
Mortgage loans serviced			354,593				397,625				366,175				422,951				386,490
Cash management			100,830				146,657				165,218				93,842				13,314
Brokerage accounts (fair value)			441,621				438,310				435,611				419,646				411,211
Total assets managed		$	4,157,148				4,232,235				4,247,253				4,205,498				3,984,966

 

 

		Three Months Ended March 31,																								Three Months Ended December 31,
		2025												2024												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)		$	1,721,894				23,181				5.46	%		$	1,722,568				22,682				5.30	%		$	1,751,644				24,617				5.59	%
Interest-bearing demand deposits			10,337				130				5.10	%			23,317				324				5.59	%			9,185				143				6.19	%
Interest-bearing time deposits			250				—				—				—				—				—	%			245				—				—	%
Federal Reserve Bank stock			6,405				95				6.02	%			5,509				(4	)			(0.29	)%			6,414				193				11.97	%
Federal Home Loan Bank stock			20,710				469				9.18	%			16,239				341				8.45	%			20,710				469				9.01	%
Investment securities:
Equity securities			5,043				39				3.14	%			4,995				40				3.22	%			5,043				65				5.13	%
Debt securities, taxable			254,715				1,256				2.00	%			265,164				1,232				1.87	%			260,429				1,251				1.91	%
Debt securities, non-taxable (2)			17,160				185				4.37	%			18,864				181				3.86	%			18,727				197				4.18	%
Total earnings assets			2,036,514				25,355				5.05	%			2,056,656				24,796				4.85	%			2,072,397				26,935				5.17	%
Non-earning assets			273,545												248,633												271,546
Allowance for credit losses			(12,001	)											(10,523	)											(11,856	)
Total assets		$	2,298,058											$	2,294,766											$	2,332,087
Interest-bearing demand and money market deposits		$	570,473				2,337				1.66	%		$	643,199				3,917				2.45	%		$	551,626				2,379				1.72	%
Savings deposits			365,876				195				0.22	%			368,049				206				0.23	%		$	366,310				241				0.26	%
IRA and time certificates			497,178				5,027				4.10	%			370,130				4,067				4.42	%		$	523,486				5,760				4.38	%
Short-term borrowings			72				1				5.63	%			65,052				935				5.78	%		$	43				1				5.11	%
Long-term debt			127,289				1,457				4.64	%			150,177				1,738				4.65	%		$	155,573				1,800				4.60	%
Total interest-bearing liabilities			1,560,888				9,017				2.34	%			1,596,607				10,863				2.74	%			1,597,038				10,181				2.54	%
Demand deposits			462,916												443,168												460,020
Other liabilities			19,134												19,872												21,302
Equity			255,120												235,119												253,727
Total liabilities and equity		$	2,298,058											$	2,294,766											$	2,332,087
Net interest rate spread (3)											2.71	%											2.11	%											2.63	%
Net interest income and net interest margin on a taxable-equivalent basis (4)							16,338				3.25	%							13,933				2.72	%							16,754				3.22	%
Ratio of interest-earning assets to interest-bearing liabilities			130.47	%											128.81	%											129.77	%

 

	(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)

 

		March 31, 2025				December 31, 2024
		Unaudited				Audited
ASSETS:
Cash and due from banks		$	28,626				20,393
Interest-bearing demand deposits			9,044				15,351
Total cash and cash equivalents			37,670				35,744
Interest-bearing time deposits			250				250
Investment securities:
Equity securities with a readily determinable fair value, at fair value		$	1,387				1,363
Equity securities without a readily determinable fair value, at cost			3,666				3,666
Debt securities, available-for-sale, at fair value			255,891				258,327
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $5 at March 31, 2025 and December 31, 2024			17,585				16,324
Federal Reserve Bank stock, at cost			6,405				6,405
Federal Home Loan Bank stock, at cost			20,710				20,710
Loans held for sale			6,098				5,556
Loans, net of allowance for credit losses of $12,124 and $12,001 at March 31, 2025 and December 31, 2024, respectively			1,705,506				1,709,811
Premises and equipment, net			39,972				41,049
Operating lease right-of-use assets			5,935				5,785
Goodwill			90,310				90,310
Core deposit and other intangibles, net			10,616				11,104
Bank-owned life insurance			54,348				54,002
Interest receivable			9,013				8,701
Other assets, net			37,383				38,287
TOTAL ASSETS		$	2,302,745				2,307,394
LIABILITIES:
Deposits:
Noninterest-bearing		$	464,059				459,619
Interest-bearing			1,457,590				1,418,673
Total deposits			1,921,649				1,878,292
Short-term borrowings			—				—
Long-term debt			104,637				155,153
Operating lease liabilities			6,299				6,115
Accrued interest and other liabilities			11,509				14,798
TOTAL LIABILITIES			2,044,094				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 17,378,298 and 17,329,423 shares at March 31, 2025 and December 31, 2024, respectively; outstanding 14,166,915 and 14,118,040 shares at March 31, 2025 and December 31, 2024, respectively			187,369				186,937
Retained earnings			142,811				141,290
Treasury shares at cost, 3,211,383 shares at March 31, 2025 and December 31, 2024			(56,002	)			(56,002	)
Accumulated other comprehensive loss, net of taxes			(15,527	)			(19,189	)
TOTAL SHAREHOLDERS' EQUITY			258,651				253,036
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	2,302,745				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
		March 31,
		2025				2024
INTEREST INCOME:
Interest and fees on loans		$	23,181				22,682
Dividends on equity securities:
With a readily determinable fair value			10				9
Without a readily determinable fair value			29				31
Interest on debt securities:
Taxable			1,256				1,232
Non-taxable			146				143
Other investments			694				661
TOTAL INTEREST INCOME			25,316				24,758
INTEREST EXPENSE:
Interest on deposits			7,559				8,190
Interest on short-term borrowings			1				935
Interest on long-term debt			1,457				1,738
TOTAL INTEREST EXPENSE			9,017				10,863
NET INTEREST INCOME			16,299				13,895
PROVISION FOR CREDIT LOSSES			197				125
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			16,102				13,770
NON-INTEREST INCOME:
Fiduciary income			2,164				1,973
Service charges and fees on deposit accounts			1,766				1,384
Net losses from sales of debt securities, available-for-sale			—				(214	)
Bank-owned life insurance income			346				318
Net gains from sales of loans			841				522
Net other operating income			105				(54	)
TOTAL NON-INTEREST INCOME			5,222				3,929
NON-INTEREST EXPENSE:
Salaries and employee benefits			9,172				8,554
Equipment expenses			382				390
Occupancy expense, net			1,010				1,005
State financial institutions tax			453				428
Marketing			315				174
Amortization of intangibles			297				236
FDIC insurance premiums, net			410				504
Contracted services			870				784
Merger-related expenses			—				775
Other non-interest expense			2,900				2,622
TOTAL NON-INTEREST EXPENSE			15,809				15,472
INCOME BEFORE INCOME TAXES			5,515				2,227
PROVISION FOR INCOME TAXES			906				312
NET INCOME		$	4,609				1,915
Earnings per common share:
Basic			0.33				0.15
Diluted			0.33				0.15
Weighted average common shares outstanding:
Basic			14,051,310				13,112,302
Diluted			14,051,310				13,112,302

 

v3.25.1

Document And Entity Information	Apr. 22, 2025
Document Information [Line Items]
Entity, Registrant Name	LCNB CORP.
Document, Type	8-K
Document, Period End Date	Apr. 22, 2025
Entity, Incorporation, State or Country Code	OH
Entity, File Number	001-35292
Entity, Tax Identification Number	31-1626393
Entity, Address, Address Line One	2 North Broadway
Entity, Address, City or Town	Lebanon
Entity, Address, State or Province	OH
Entity, Address, Postal Zip Code	45036
City Area Code	513
Local Phone Number	932-1414
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	LCNB
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001074902

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