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
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250422264547/en/
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
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