ex_969417.htm

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)

	Three Months Ended															Six Months Ended
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025			6/30/2026			6/30/2025
Condensed Income Statement
Interest income	$	26,332			25,430			25,187			26,305			25,939			51,762			51,255
Interest expense		6,541			6,583			6,931			8,179			8,398			13,124			17,415
Net interest income		19,791			18,847			18,256			18,126			17,541			38,638			33,840
Provision for credit losses		276			2,339			1,510			211			18			2,615			215
Net interest income after provision for credit losses		19,515			16,508			16,746			17,915			17,523			36,023			33,625
Non-interest income		5,353			4,693			5,601			5,704			5,248			10,046			10,470
Non-interest expense		15,675			15,880			15,388			15,145			15,567			31,555			31,376
Income before income taxes		9,193			5,321			6,959			8,474			7,204			14,514			12,719
Provision for income taxes		1,699			877			1,303			1,538			1,285			2,576			2,191
Net income	$	7,494			4,444			5,656			6,936			5,919			11,938			10,528

Supplemental Income Statement Information
Accretion income on acquired loans	$	1,290			659			816			904			1,174			1,949			1,866
Tax-equivalent net interest income		19,829			18,886			18,297			18,169			17,584			38,715			33,922
Pre-provision, pre-tax net income		9,469			7,660			8,469			8,685			7,222			17,129			12,934

Per Share Data
Dividends per share	$	0.22			0.22			0.22			0.22			0.22			0.44			0.44
Basic earnings per common share	$	0.53			0.31			0.40			0.49			0.41			0.84			0.74
Diluted earnings per common share	$	0.53			0.31			0.40			0.49			0.41			0.84			0.74
Book value per share	$	19.69			19.36			19.30			19.02			18.59			19.69			18.59
Tangible book value per share	$	12.90			12.55			12.45			12.15			11.69			12.90			11.69
Weighted average common shares outstanding:
Basic		14,157,834			14,125,191			14,106,778			14,097,414			14,085,764			14,141,601			14,070,417
Diluted		14,157,834			14,125,191			14,106,778			14,097,414			14,085,764			14,141,601			14,070,417
Shares outstanding at period end		14,254,091			14,245,849			14,193,577			14,186,204			14,175,241			14,254,091			14,175,241

Selected Financial Ratios
Return on average assets		1.34	%		0.80	%		1.01	%		1.21	%		1.04	%		1.07	%		0.93	%
Return on average equity		10.78	%		6.52	%		8.22	%		10.33	%		9.09	%		8.67	%		8.22	%
Return on average tangible common equity		16.51	%		10.06	%		12.78	%		16.29	%		14.54	%		13.33	%		13.26	%
Dividend payout ratio		41.51	%		70.97	%		55.00	%		44.90	%		53.66	%		52.38	%		59.46	%
Net interest margin (tax equivalent)		3.99	%		3.83	%		3.69	%		3.57	%		3.47	%		3.91	%		3.36	%
Efficiency ratio (tax equivalent)		62.25	%		67.35	%		64.39	%		63.44	%		68.18	%		64.71	%		70.68	%

Selected Balance Sheet Items
Cash and cash equivalents	$	24,855			29,181			21,614			35,865			49,778
Debt and equity securities		267,251			276,913			280,565			292,604			302,935

Loans:
Commercial and industrial	$	96,280			100,477			104,013			107,925			110,528
Commercial, secured by real estate		1,090,836			1,090,718			1,100,203			1,083,748			1,110,875
Residential real estate		482,518			476,863			469,574			454,918			459,473
Consumer		14,983			15,834			16,928			17,748			18,452
Agricultural		15,938			14,561			15,666			15,262			14,413
Other, including deposit overdrafts		174			273			210			267			171
Deferred net origination fees		(1,159	)		(1,052	)		(1,063	)		(840	)		(902	)
Loans, gross		1,699,569			1,697,674			1,705,531			1,679,028			1,713,010
Less allowance for credit losses		13,606			13,372			13,704			12,170			12,108
Loans, net	$	1,685,963			1,684,302			1,691,827			1,666,858			1,700,902

Loans held for sale	$	3,508			3,438			1,718			4,018			6,026

	Three Months Ended															Six Months Ended
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025			6/30/2026			6/30/2025
Selected Balance Sheet Items, continued

Allowance for Credit Losses on Loans:
Allowance for credit losses, beginning of period	$	13,372			13,704			12,170			12,108			12,124
Provision for credit losses on loans		233			2,398			1,520			231			63
Losses charged off		(36	)		(2,766	)		(67	)		(193	)		(95	)
Recoveries		37			36			81			24			16
Allowance for credit losses, end of period	$	13,606			13,372			13,704			12,170			12,108

Total earning assets	$	1,976,036			1,986,777			1,993,785			1,983,606			2,034,540
Goodwill		90,310			90,310			90,310			90,310			90,310
Core deposit intangibles		6,478			6,705			6,931			7,161			7,408
Mortgage servicing rights		2,021			2,188			2,340			2,519			2,698
Other non-earning assets		148,871			151,856			147,403			160,769			172,844
Total non-earning assets		247,679			251,059			246,984			260,759			273,260
Total assets		2,223,715			2,237,836			2,240,769			2,244,365			2,307,800
Total deposits		1,819,186			1,838,793			1,840,355			1,849,082			1,919,372
Long-term debt		103,836			104,133			104,428			104,717			105,000
Total shareholders’ equity		280,617			275,816			273,929			269,870			263,474
Equity to assets ratio		12.62	%		12.33	%		12.22	%		12.02	%		11.42	%
Loans to deposits ratio		93.42	%		92.33	%		92.67	%		90.80	%		89.25	%

Tangible common equity (TCE)	$	183,829			178,801			176,689			172,399			165,756
Tangible common assets (TCA)		2,126,927			2,140,821			2,143,529			2,146,894			2,210,082
TCE/TCA		8.64	%		8.35	%		8.24	%		8.03	%		7.50	%

Selected Average Balance Sheet Items
Cash and cash equivalents	$	28,893			35,116			29,395			38,466			34,256			31,978			35,063
Debt and equity securities		248,323			278,950			285,810			298,341			302,475			251,424			303,373

Loans, including loans held for sale	$	1,706,541			1,707,948			1,675,449			1,706,281			1,718,959			1,707,241			1,720,418
Less allowance for credit losses on loans		13,376			12,812			12,186			12,099			12,117			13,095			12,057
Net loans	$	1,693,165			1,695,136			1,663,263			1,694,182			1,706,842			1,694,145			1,708,361

Total earning assets	$	1,991,514			2,000,595			1,968,188			2,017,294			2,031,261			1,996,826			2,033,996
Goodwill		90,310			90,310			90,310			90,310			90,310			90,310			90,310
Core deposit intangibles		6,589			6,816			7,043			7,275			7,555			6,702			7,704
Mortgage servicing rights		2,189			2,340			2,520			2,699			2,908			2,264			3,003
Other non-earning assets		147,961			153,437			153,528			159,328			158,251			149,349			159,138
Total non-earning assets		247,049			252,903			253,401			259,612			259,024			248,625			260,155
Total assets		2,238,563			2,253,498			2,221,589			2,276,906			2,290,285			2,245,451			2,294,151
Total deposits		1,834,710			1,846,345			1,822,412			1,884,748			1,906,305			1,840,496			1,901,402
Short-term borrowings		—			4,795			—			52			63			2,384			67
Long-term debt		104,080			104,376			104,664			104,951			104,701			104,227			115,933
Total shareholders’ equity		278,949			276,362			272,856			266,489			261,193			277,663			258,173
Equity to assets ratio		12.46	%		12.26	%		12.28	%		11.70	%		11.40	%		12.37	%		11.25	%
Loans to deposits ratio		93.00	%		92.50	%		91.94	%		90.53	%		90.17	%		92.75	%		90.48	%

Asset Quality
Net charge-offs (recoveries)	$	(1	)		2,730			(14	)		169			79			2,729			118
Other real estate owned		—			—			—			—			—

Non-accrual loans	$	5,751			3,227			1,794			1,793			4,500
Loans past due 90 days or more and still accruing		98			136			530			163			271
Total nonperforming loans		5,848			3,363			2,324			1,956			4,771

Net charge-offs to average loans		0.00	%		0.65	%		0.00	%		0.04	%		0.02	%		0.32	%		0.01	%
Allowance for credit losses on loans to total loans		0.80	%		0.79	%		0.80	%		0.72	%		0.71	%
Nonperforming loans to total loans		0.34	%		0.20	%		0.14	%		0.12	%		0.28	%
Nonperforming assets to total assets		0.26	%		0.15	%		0.10	%		0.09	%		0.21	%

	Three Months Ended										Six Months Ended
	6/30/2026		3/31/2026		12/31/2025		9/30/2025		6/30/2025		6/30/2026	6/30/2025
Assets Under Management
LCNB Corp. total assets		2,223,715		2,237,836		2,240,769		2,244,365		2,307,800
Trust and investments (fair value)		1,148,515		1,081,558		1,053,887		1,041,270		990,699
Mortgage loans serviced		308,073		325,133		333,518		341,548		348,003
Cash management		37,175		39,979		10,935		73,002		62,737
Investment services (fair value)		531,900		491,890		504,123		494,947		466,299
Total assets managed	$	4,249,378		4,176,396		4,143,232		4,195,132		4,175,538

	Three Months Ended June 30,																Three Months Ended March 31,
	2026								2025								2026
	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⁾	$	1,706,541			24,345		5.72	%		1,718,959			23,838		5.56	%		1,707,948			23,433		5.56	%
Interest-bearing demand deposits		9,524			96		4.04	%		9,573			140		5.87	%		10,987			107		3.95	%
Interest-bearing time deposits		2,896			26		3.60	%		254			6		9.47	%		2,710			25		3.74	%
Federal Reserve Bank stock		6,405			98		6.14	%		6,405			98		6.14	%		6,405			94		5.95	%
Federal Home Loan Bank stock		20,710			383		7.42	%		20,710			447		8.66	%		20,710			392		7.68	%
Investment securities:
Equity securities		5,099			33		2.60	%		5,053			36		2.86	%		5,104			37		2.94	%
Debt securities, taxable		224,414			1,207		2.16	%		251,920			1,213		1.93	%		230,649			1,196		2.10	%
Debt securities, non-taxable ⁽²⁾		15,925			182		4.58	%		18,387			204		4.45	%		16,082			185		4.67	%
Total earnings assets		1,991,514			26,370		5.31	%		2,031,261			25,982		5.13	%		2,000,595			25,469		5.16	%
Non-earning assets		260,436								271,147								265,726
Allowance for credit losses		(13,387	)							(12,123	)							(12,823	)
Total assets	$	2,238,563								2,290,285								2,253,498

Interest-bearing demand and money market deposits	$	648,548			2,197		1.36	%		603,066			2,374		1.58	%		682,183			2,465		1.47	%
Savings deposits		355,129			220		0.25	%		363,679			199		0.22	%		356,622			207		0.24	%
IRA and time certificates		351,311			2,803		3.20	%		466,065			4,546		3.91	%		343,061			2,609		3.08	%
Short-term borrowings		—			—		—	%		63			1		6.37	%		4,795			46		3.89	%
Long-term debt		104,080			1,321		5.09	%		104,701			1,278		4.90	%		104,376			1,256		4.88	%
Total interest-bearing liabilities		1,459,068			6,541		1.80	%		1,537,574			8,398		2.19	%		1,491,037			6,583		1.79	%
Demand deposits		479,722								473,495								464,479
Other liabilities		20,824								18,023								21,620
Equity		278,949								261,193								276,362
Total liabilities and equity	$	2,238,563								2,290,285								2,253,498
Net interest rate spread ⁽³⁾							3.51	%							2.94	%							3.37	%
Net interest income and net interest margin on a taxable-equivalent basis ⁽⁴⁾					19,829		3.99	%					17,584		3.47	%					18,886		3.83	%
Ratio of interest-earning assets to interest-bearing liabilities		136.49	%							132.11	%							134.17	%

	(1)	Average outstanding balance 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 Six Months Ended June 30,
	2026								2025
	Average			Interest		Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/
	Balance			Paid		Rate			Balance			Paid		Rate
Loans ⁽¹⁾	$	1,707,241			47,778		5.64	%		1,720,418			47,019		5.51	%
Interest-bearing demand deposits		11,036			203		3.71	%		9,953			272		5.51	%
Interest-bearing time deposits		2,816			51		3.65	%		252			6		4.80	%
Federal Reserve Bank stock		6,405			192		6.05	%		6,405			192		6.05	%
Federal Home Loan Bank stock		20,710			775		7.55	%		20,710			915		8.91	%
Investment securities:
Equity securities		5,101			70		2.77	%		5,048			75		3.00	%
Debt securities, taxable		227,514			2,403		2.13	%		253,434			2,469		1.96	%
Debt securities, non-taxable ⁽²⁾		16,003			367		4.62	%		17,776			389		4.41	%
Total earnings assets		1,996,826			51,839		5.24	%		2,033,996			51,337		5.09	%
Non-earning assets		261,731								272,217
Allowance for credit losses		(13,106	)							(12,062	)
Total assets	$	2,245,451								2,294,151

Interest-bearing demand and money market deposits	$	665,272			4,662		1.41	%		586,860			4,711		1.62	%
Savings deposits		355,871			426		0.24	%		364,771			394		0.22	%
IRA and time certificates		347,209			5,413		3.14	%		481,536			9,573		4.01	%
Short-term borrowings		2,384			46		3.89	%		67			2		6.02	%
Long-term debt		104,227			2,577		4.99	%		115,933			2,735		4.76	%
Total interest-bearing liabilities		1,474,963			13,124		1.79	%		1,549,167			17,415		2.27	%
Demand deposits		472,143								468,235
Other liabilities		20,682								18,576
Equity		277,663								258,173
Total liabilities and equity	$	2,245,451								2,294,151
Net interest rate spread ⁽³⁾							3.44	%							2.82	%
Net interest income and net interest margin on a taxable-equivalent basis ⁽⁴⁾					38,715		3.91	%					33,922		3.36	%
Ratio of interest-earning assets to interest-bearing liabilities		135.38	%							131.30	%

	(1)	Average outstanding balance 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)

	June 30, 2026			December 31, 2025
	Unaudited			Audited
ASSETS:
Cash and due from banks	$	19,158			18,353
Interest-bearing demand deposits		5,697			3,261
Total cash and cash equivalents		24,855			21,614
Interest-bearing time deposits		3,450			2,710
Investment securities:
Equity securities with a readily determinable fair value, at fair value		1,452			1,433
Equity securities without a readily determinable fair value, at cost		3,666			3,666
Debt securities, available-for-sale, at fair value		215,769			232,271
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $11 at June 30, 2026 and December 31, 2025		15,799			16,080
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		3,508			1,718
Loans, net of allowance for credit losses of $13,606 and $13,704 at June 30, 2026 and December 31, 2025, respectively		1,685,963			1,691,827
Premises and equipment, net		39,781			39,196
Operating lease right-of-use assets		6,239			6,475
Goodwill		90,310			90,310
Core deposit and other intangibles, net		8,499			9,271
Bank-owned life insurance		56,149			55,424
Interest receivable		7,765			7,968
Other assets, net		33,395			33,691
TOTAL ASSETS	$	2,223,715			2,240,769

LIABILITIES:
Deposits:
Noninterest-bearing	$	478,568			466,094
Interest-bearing		1,340,618			1,374,261
Total deposits		1,819,186			1,840,355
Long-term debt		103,836			104,428
Operating lease liabilities		6,641			6,877
Accrued interest and other liabilities		13,435			15,180
TOTAL LIABILITIES		1,943,098			1,966,840

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 17,470,548 and 17,409,085 shares at June 30, 2026 and December 31, 2025, respectively; outstanding 14,254,091 and 14,193,577 shares at June 30, 2026 and December 31, 2025, respectively		188,868			188,212
Retained earnings		157,609			151,938
Treasury shares at cost, 3,216,457 and 3,215,508 shares at June 30, 2026 and December 31, 2025, respectively		(56,087	)		(56,071	)
Accumulated other comprehensive loss, net of taxes		(9,773	)		(10,150	)
TOTAL SHAREHOLDERS' EQUITY		280,617			273,929
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,223,715			2,240,769

Exhibit 99.2

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
INTEREST INCOME:
Interest and fees on loans	$	24,345		23,838		47,778		47,019
Dividends on equity securities:
With a readily determinable fair value		12		11		23		21
Without a readily determinable fair value		20		25		46		54
Interest on debt securities:
Taxable		1,207		1,213		2,403		2,469
Non-taxable		144		161		290		307
Other investments		604		691		1,222		1,385
TOTAL INTEREST INCOME		26,332		25,939		51,762		51,255

INTEREST EXPENSE:
Interest on deposits		5,220		7,119		10,501		14,678
Interest on long-term debt		1,321		1,278		2,577		2,735
Interest on short-term borrowings		—		1		46		2
TOTAL INTEREST EXPENSE		6,541		8,398		13,124		17,415
NET INTEREST INCOME		19,791		17,541		38,638		33,840

PROVISION FOR CREDIT LOSSES		276		18		2,615		215
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		19,515		17,523		36,023		33,625

NON-INTEREST INCOME:
Fiduciary income		2,681		2,262		5,220		4,426
Service charges and fees on deposit accounts		1,727		1,884		3,212		3,650
Bank-owned life insurance income		366		353		725		699
Net gains from sales of loans		420		615		620		1,456
Net other operating income		159		134		269		239
TOTAL NON-INTEREST INCOME		5,353		5,248		10,046		10,470

NON-INTEREST EXPENSE:
Salaries and employee benefits		8,959		8,872		18,426		18,044
Occupancy expense, net		993		1,022		2,014		2,032
Equipment expenses		338		371		730		753
State financial institutions tax		447		449		894		902
Marketing		315		281		609		596
Amortization of intangibles		228		301		453		598
Computer maintenance and supplies		434		379		839		759
FDIC insurance premiums, net		327		380		602		790
Contracted services		1,058		859		2,037		1,729
Merger-related expenses		—		140		—		140
Other non-interest expense		2,576		2,513		4,951		5,033
TOTAL NON-INTEREST EXPENSE		15,675		15,567		31,555		31,376
INCOME BEFORE INCOME TAXES		9,193		7,204		14,514		12,719
PROVISION FOR INCOME TAXES		1,699		1,285		2,576		2,191
NET INCOME	$	7,494		5,919		11,938		10,528

Earnings per common share:
Basic	$	0.53		0.41		0.84		0.74
Diluted		0.53		0.41		0.84		0.74
Weighted average common shares outstanding:
Basic		14,157,834		14,085,764		14,141,601		14,070,417
Diluted		14,157,834		14,085,764		14,141,601		14,070,417