ex_1016712.htm

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)

	Three Months Ended															Nine Months Ended
	9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025			9/30/2026			9/30/2025
Condensed Income Statement
Interest income	$	26,426			26,332			25,430			25,187			26,305			78,188			77,560
Interest expense		6,747			6,541			6,583			6,931			8,179			19,871			25,594
Net interest income		19,679			19,791			18,847			18,256			18,126			58,317			51,966
Provision for credit losses		453			276			2,339			1,510			211			3,068			426
Net interest income after provision for credit losses		19,226			19,515			16,508			16,746			17,915			55,249			51,540
Non-interest income		5,341			5,353			4,693			5,601			5,704			15,387			16,174
Non-interest expense		15,589			15,675			15,880			15,388			15,145			47,144			46,521
Income before income taxes		8,978			9,193			5,321			6,959			8,474			23,492			21,193
Provision for income taxes		1,669			1,699			877			1,303			1,538			4,245			3,729
Net income	$	7,309			7,494			4,444			5,656			6,936			19,247			17,464

Supplemental Income Statement Information
Accretion income on acquired loans	$	758			1,290			659			816			904			2,707			2,770
Tax-equivalent net interest income		19,717			19,829			18,886			18,297			18,169			58,432			52,090
Pre-provision, pre-tax net income		9,431			9,469			7,660			8,469			8,685			26,560			21,619

Per Share Data
Dividends per share	$	0.22			0.22			0.22			0.22			0.22			0.66			0.66
Basic earnings per common share	$	0.51			0.53			0.31			0.40			0.49			1.35			1.23
Diluted earnings per common share	$	0.51			0.53			0.31			0.40			0.49			1.35			1.23
Book value per share	$	19.79			19.69			19.36			19.30			19.02			19.79			19.02
Tangible book value per share	$	13.02			12.90			12.55			12.45			12.15			13.02			12.15
Weighted average common shares outstanding:
Basic		14,166,380			14,157,834			14,125,191			14,106,778			14,097,414			14,149,959			14,079,519
Diluted		14,166,380			14,157,834			14,125,191			14,106,778			14,097,414			14,149,959			14,079,519
Shares outstanding at period end		14,262,125			14,254,091			14,245,849			14,193,577			14,186,204			14,262,125			14,186,204

Selected Financial Ratios
Return on average assets		1.29	%		1.34	%		0.80	%		1.01	%		1.21	%		1.15	%		1.02	%
Return on average equity		10.23	%		10.78	%		6.52	%		8.22	%		10.33	%		9.20	%		8.95	%
Return on average tangible common equity		15.52	%		16.51	%		10.06	%		12.78	%		16.29	%		14.08	%		14.32	%
Dividend payout ratio		43.14	%		41.51	%		70.97	%		55.00	%		44.90	%		48.89	%		53.66	%
Net interest margin (tax equivalent)		3.92	%		3.99	%		3.83	%		3.69	%		3.57	%		3.91	%		3.43	%
Efficiency ratio (tax equivalent)		62.21	%		62.25	%		67.35	%		64.39	%		63.44	%		63.86	%		68.15	%

Selected Balance Sheet Items
Cash and cash equivalents	$	70,250			24,855			29,181			21,614			35,865
Debt and equity securities		262,481			267,251			276,913			280,565			292,604

Loans:
Commercial and industrial	$	87,733			96,280			100,477			104,013			107,925
Commercial, secured by real estate		1,111,017			1,090,836			1,090,718			1,100,203			1,083,748
Residential real estate		485,302			482,518			476,863			469,574			454,918
Consumer		13,826			14,983			15,834			16,928			17,748
Agricultural		15,613			15,938			14,561			15,666			15,262
Other, including deposit overdrafts		3,946			174			273			210			267
Deferred net origination fees		(1,278	)		(1,159	)		(1,052	)		(1,063	)		(840	)
Loans, gross		1,716,158			1,699,569			1,697,674			1,705,531			1,679,028
Less allowance for credit losses		13,322			13,606			13,372			13,704			12,170
Loans, net	$	1,702,836			1,685,963			1,684,302			1,691,827			1,666,858

Loans held for sale	$	2,789			3,508			3,438			1,718			4,018

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

Allowance for Credit Losses on Loans:
Allowance for credit losses, beginning of period	$	13,606			13,372			13,704			12,170			12,108
Provision for credit losses on loans		443			233			2,398			1,520			231
Losses charged off		(744	)		(36	)		(2,766	)		(67	)		(193	)
Recoveries		17			37			36			81			24
Allowance for credit losses, end of period	$	13,322			13,606			13,372			13,704			12,170

Total earning assets	$	2,033,241			1,976,036			1,986,777			1,993,785			1,983,606
Goodwill		90,310			90,310			90,310			90,310			90,310
Core deposit intangibles		6,247			6,478			6,705			6,931			7,161
Mortgage servicing rights		1,867			2,021			2,188			2,340			2,519
Other non-earning assets		150,134			148,871			151,856			147,403			160,769
Total non-earning assets		248,559			247,679			251,059			246,984			260,759
Total assets		2,281,800			2,223,715			2,237,836			2,240,769			2,244,365
Total deposits		1,882,516			1,819,186			1,838,793			1,840,355			1,849,082
Long-term debt		70,000			103,836			104,133			104,428			104,717
Subordinated debentures, net of debt issuance costs		24,406			—			—			—			—
Total shareholders’ equity		282,218			280,617			275,816			273,929			269,870
Equity to assets ratio		12.37	%		12.62	%		12.33	%		12.22	%		12.02	%
Loans to deposits ratio		91.16	%		93.42	%		92.33	%		92.67	%		90.80	%

Tangible common equity (TCE)	$	185,661			183,829			178,801			176,689			172,399
Tangible common assets (TCA)		2,185,243			2,126,927			2,140,821			2,143,529			2,146,894
TCE/TCA		8.50	%		8.64	%		8.35	%		8.24	%		8.03	%

Selected Average Balance Sheet Items
Cash and cash equivalents	$	36,982			28,893			35,116			29,395			38,466			33,703			36,174
Debt and equity securities		241,391			248,323			278,950			285,810			298,341			248,000			301,713

Loans, including loans held for sale	$	1,710,524			1,706,541			1,707,948			1,675,449			1,706,281			1,708,347			1,715,654
Less allowance for credit losses on loans		13,355			13,376			12,812			12,186			12,099			13,183			12,071
Net loans	$	1,697,170			1,693,165			1,695,136			1,663,263			1,694,182			1,695,164			1,703,583

Total earning assets	$	1,994,871			1,991,514			2,000,595			1,968,188			2,017,294			1,996,163			2,028,403
Goodwill		90,310			90,310			90,310			90,310			90,310			90,310			90,310
Core deposit intangibles		6,360			6,589			6,816			7,043			7,275			6,587			7,559
Mortgage servicing rights		2,022			2,189			2,340			2,520			2,699			2,183			2,901
Other non-earning assets		151,688			147,961			153,437			153,528			159,328			150,142			159,163
Total non-earning assets		250,381			247,049			252,903			253,401			259,612			249,221			259,933
Total assets		2,245,252			2,238,563			2,253,498			2,221,589			2,276,906			2,245,384			2,288,336
Total deposits		1,835,537			1,834,710			1,846,345			1,822,412			1,884,748			1,838,825			1,895,791
Short-term borrowings		499			—			4,795			—			52			1,749			62
Long-term debt		88,499			104,080			104,376			104,664			104,951			98,927			112,232
Subordinated debentures, net of debt issuance costs		14,612			—			—			—			—			4,924			—
Total shareholders’ equity		283,532			278,949			276,362			272,856			266,489			279,641			260,976
Equity to assets ratio		12.63	%		12.46	%		12.26	%		12.28	%		11.70	%		12.45	%		11.40	%
Loans to deposits ratio		93.18	%		93.01	%		92.50	%		91.94	%		90.53	%		92.89	%		90.50	%

Asset Quality
Net charge-offs (recoveries)	$	727			(1	)		2,730			(14	)		169			3,456			287
Other real estate owned		—			—			—			—			—

Non-accrual loans	$	3,912			5,751			3,227			1,794			1,793
Loans past due 90 days or more and still accruing		157			98			136			530			163
Total nonperforming loans		4,070			5,848			3,363			2,324			1,956

Net charge-offs to average loans		0.17	%		0.00	%		0.65	%		0.00	%		0.04	%		0.27	%		0.02	%
Allowance for credit losses on loans to total loans		0.78	%		0.80	%		0.79	%		0.80	%		0.72	%
Nonperforming loans to total loans		0.24	%		0.34	%		0.20	%		0.14	%		0.12	%
Nonperforming assets to total assets		0.18	%		0.26	%		0.15	%		0.10	%		0.09	%

	Three Months Ended										Nine Months Ended
	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025		9/30/2026	9/30/2025
Assets Under Management
LCNB Corp. total assets		2,281,800		2,223,715		2,237,836		2,240,769		2,244,365
Trust and investments (fair value)		1,116,185		1,148,515		1,081,558		1,053,887		1,041,270
Mortgage loans serviced		301,663		308,073		325,133		333,518		341,548
Cash management		1,824		37,175		39,979		10,935		73,002
Investment services (fair value)		543,370		531,900		491,890		504,123		494,947
Total assets managed	$	4,244,842		4,249,378		4,176,396		4,143,232		4,195,132

	Three Months Ended September 30,																Three Months Ended June 30,
	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⁾	$	1,710,524			24,375		5.65	%		1,706,281			24,163		5.62	%		1,706,541			24,345		5.72	%
Interest-bearing demand deposits		15,947			141		3.51	%		12,416			183		5.85	%		9,524			96		4.04	%
Interest-bearing time deposits		3,143			29		3.66	%		256			2		3.10	%		2,896			26		3.60	%
Federal Reserve Bank stock		6,405			96		5.95	%		6,405			96		5.95	%		6,405			98		6.14	%
Federal Home Loan Bank stock		20,593			361		6.95	%		20,710			452		8.66	%		20,710			383		7.42	%
Investment securities:
Equity securities		5,119			33		2.56	%		5,072			37		2.89	%		5,099			33		2.60	%
Debt securities, taxable		217,357			1,248		2.28	%		247,878			1,212		1.94	%		224,414			1,207		2.16	%
Debt securities, non-taxable ⁽²⁾		15,783			181		4.55	%		18,276			203		4.41	%		15,925			182		4.58	%
Total earning assets		1,994,871			26,464		5.26	%		2,017,294			26,348		5.18	%		1,991,514			26,370		5.31	%
Non-earning assets		263,746								271,717								260,436
Allowance for credit losses		(13,365	)							(12,105	)							(13,387	)
Total assets	$	2,245,252								2,276,906								2,238,563

Interest-bearing demand and money market deposits	$	670,681			2,340		1.38	%		638,825			2,693		1.67	%		648,548			2,197		1.36	%
Savings deposits		354,410			217		0.24	%		359,481			206		0.23	%		355,129			220		0.25	%
IRA and time certificates		347,246			2,830		3.23	%		420,508			3,958		3.73	%		351,311			2,803		3.20	%
Short-term borrowings		499			6		4.77	%		52			1		7.63	%		—			—		—	%
Long-term debt		88,499			1,092		4.90	%		104,951			1,321		4.99	%		104,080			1,321		5.09	%
Subordinated debentures		14,612			262		7.11	%		—			—		—	%		—			—		—	%
Total interest-bearing liabilities		1,475,947			6,747		1.81	%		1,523,817			8,179		2.13	%		1,459,068			6,541		1.80	%
Demand deposits		463,200								465,934								479,722
Other liabilities		22,573								20,666								20,824
Equity		283,532								266,489								278,949
Total liabilities and equity	$	2,245,252								2,276,906								2,238,563
Net interest rate spread ⁽³⁾							3.45	%							3.05	%							3.51	%
Net interest income and net interest margin on a taxable-equivalent basis ⁽⁴⁾					19,717		3.92	%					18,169		3.57	%					19,829		3.99	%
Ratio of interest-earning assets to interest-bearing liabilities		135.16	%							132.38	%							136.49	%

	(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 Nine Months Ended September 30,
	2026								2025
	Average			Interest		Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/
	Balance			Paid		Rate			Balance			Paid		Rate
Loans ⁽¹⁾	$	1,708,347			72,153		5.65	%		1,715,654			71,182		5.55	%
Interest-bearing demand deposits		12,729			344		3.61	%		10,783			455		5.64	%
Interest-bearing time deposits		2,884			80		3.71	%		253			8		4.23	%
Federal Reserve Bank stock		6,405			288		6.01	%		6,405			288		6.01	%
Federal Home Loan Bank stock		20,671			1,136		7.35	%		20,710			1,367		8.83	%
Investment securities:
Equity securities		5,107			103		2.70	%		5,056			112		2.96	%
Debt securities, taxable		224,091			3,651		2.18	%		251,597			3,681		1.96	%
Debt securities, non-taxable ⁽²⁾		15,929			548		4.60	%		17,945			591		4.40	%
Total earning assets		1,996,163			78,303		5.24	%		2,028,403			77,684		5.12	%
Non-earning assets		262,415								272,010
Allowance for credit losses		(13,194	)							(12,077	)
Total assets	$	2,245,384								2,288,336

Interest-bearing demand and money market deposits	$	667,095			7,002		1.40	%		604,372			7,404		1.64	%
Savings deposits		355,657			643		0.24	%		362,989			600		0.22	%
IRA and time certificates		346,943			8,243		3.18	%		460,970			13,531		3.92	%
Short-term borrowings		1,749			52		3.98	%		62			3		6.47	%
Long-term debt		98,927			3,669		4.96	%		112,232			4,056		4.83	%
Subordinated debentures		4,924			262		7.11	%		—			—		—	%
Total interest-bearing liabilities		1,475,295			19,871		1.80	%		1,540,625			25,594		2.22	%
Demand deposits		469,129								467,460
Other liabilities		21,319								19,275
Equity		279,641								260,976
Total liabilities and equity	$	2,245,384								2,288,336
Net interest rate spread ⁽³⁾							3.44	%							2.90	%
Net interest income and net interest margin on a taxable-equivalent basis ⁽⁴⁾					58,432		3.91	%					52,090		3.43	%
Ratio of interest-earning assets to interest-bearing liabilities		135.31	%							131.66	%

	(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)

	September 30, 2026			December 31, 2025
	Unaudited			Audited
ASSETS:
Cash and due from banks	$	18,447			18,353
Interest-bearing demand deposits		51,803			3,261
Total cash and cash equivalents		70,250			21,614
Interest-bearing time deposits		2,962			2,710
Investment securities:
Equity securities with a readily determinable fair value, at fair value		1,416			1,433
Equity securities without a readily determinable fair value, at cost		3,666			3,666
Debt securities, available-for-sale, at fair value		212,138			232,271
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $11 at September 30, 2026 and December 31, 2025		15,676			16,080
Federal Reserve Bank stock, at cost		6,405			6,405
Federal Home Loan Bank stock, at cost		20,218			20,710
Loans held-for-sale		2,789			1,718
Loans, net of allowance for credit losses of $13,322 and $13,704 at September 30, 2026 and December 31, 2025, respectively		1,702,836			1,691,827
Premises and equipment, net		39,912			39,196
Operating lease right-of-use assets		6,088			6,475
Goodwill		90,310			90,310
Core deposit and other intangibles, net		8,115			9,271
Bank-owned life insurance		56,522			55,424
Interest receivable		8,268			7,968
Other assets, net		34,229			33,691
TOTAL ASSETS	$	2,281,800			2,240,769

LIABILITIES:
Deposits:
Noninterest-bearing	$	445,670			466,094
Interest-bearing		1,436,846			1,374,261
Total deposits		1,882,516			1,840,355
Long-term debt		70,000			104,428
Subordinated debentures		24,406			—
Operating lease liabilities		6,514			6,877
Accrued interest and other liabilities		16,146			15,180
TOTAL LIABILITIES		1,999,582			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 17,478,582 and 17,409,085 shares at September 30, 2026 and December 31, 2025, respectively; outstanding 14,262,125 and 14,193,577 shares at September 30, 2026 and December 31, 2025, respectively		189,133			188,212
Retained earnings		161,781			151,938
Treasury shares at cost, 3,216,457 and 3,215,508 shares at September 30, 2026 and December 31, 2025, respectively		(56,087	)		(56,071	)
Accumulated other comprehensive loss, net of taxes		(12,609	)		(10,150	)
TOTAL SHAREHOLDERS' EQUITY		282,218			273,929
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,281,800			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				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
INTEREST INCOME:
Interest and fees on loans	$	24,375		24,163		72,153		71,182
Dividends on equity securities:
With a readily determinable fair value		12		12		35		33
Without a readily determinable fair value		21		25		67		79
Interest on debt securities:
Taxable		1,248		1,212		3,651		3,681
Non-taxable		143		160		433		467
Other investments		627		733		1,849		2,118
TOTAL INTEREST INCOME		26,426		26,305		78,188		77,560

INTEREST EXPENSE:
Interest on deposits		5,387		6,857		15,888		21,535
Interest on long-term debt		1,092		1,321		3,669		4,056
Interest on subordinated debentures		262		—		262		—
Interest on short-term borrowings		6		1		52		3
TOTAL INTEREST EXPENSE		6,747		8,179		19,871		25,594
NET INTEREST INCOME		19,679		18,126		58,317		51,966

PROVISION FOR CREDIT LOSSES		453		211		3,068		426
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		19,226		17,915		55,249		51,540

NON-INTEREST INCOME:
Fiduciary income		2,686		2,588		7,906		7,014
Service charges and fees on deposit accounts		1,838		1,935		5,050		5,585
Bank-owned life insurance income		372		361		1,097		1,060
Net gains from sales of loans		344		718		964		2,174
Net other operating income		101		102		370		341
TOTAL NON-INTEREST INCOME		5,341		5,704		15,387		16,174

NON-INTEREST EXPENSE:
Salaries and employee benefits		9,151		8,682		27,577		26,726
Occupancy expense, net		1,060		1,015		3,074		3,047
Equipment expenses		396		380		1,126		1,133
State financial institutions tax		447		432		1,341		1,334
Marketing		227		336		836		932
Amortization of intangibles		230		247		683		845
Computer maintenance and supplies		423		372		1,262		1,131
FDIC insurance premiums, net		267		359		869		1,149
Contracted services		1,058		880		3,095		2,609
Merger-related expenses		—		—		—		140
Other non-interest expense		2,330		2,442		7,281		7,475
TOTAL NON-INTEREST EXPENSE		15,589		15,145		47,144		46,521
INCOME BEFORE INCOME TAXES		8,978		8,474		23,492		21,193
PROVISION FOR INCOME TAXES		1,669		1,538		4,245		3,729
NET INCOME	$	7,309		6,936		19,247		17,464

Earnings per common share:
Basic	$	0.51		0.49		1.35		1.23
Diluted		0.51		0.49		1.35		1.23
Weighted average common shares outstanding:
Basic		14,166,380		14,097,414		14,149,959		14,079,519
Diluted		14,166,380		14,097,414		14,149,959		14,079,519