LCNB Corp. Reports Financial Results for the Three and Nine months Ended September 30, 2026

LCNB Corp. (“LCNB”) (NASDAQ: LCNB) today announced financial results for the three and nine months ended September 30, 2026.

Commenting on the financial results, LCNB Chief Executive Officer, Eric Meilstrup said, “Our solid third quarter and year-to-date financial performance highlights the continued execution of balance sheet optimization and funding discipline strategies, which have contributed to a 108-basis-point improvement in net interest margin over the past two years, from 2.84% in the third quarter of 2024 to 3.92% in the third quarter of 2026, demonstrating the strengthening of our core earnings power. With much of this foundational work behind us, we are increasingly focused on translating our enhanced financial position and expanded capabilities into profitable organic growth. During the quarter, we completed our first $25 million subordinated debt offering, providing additional capital to support future growth and advance our expansion strategies.”

Mr. Meilstrup continued, “We continue to enhance our platform, broaden our product offering, and pursue opportunities to deepen existing customer relationships while reaching more individuals and businesses throughout our Ohio markets. Wealth Management remains an important component of this strategy, as we establish new client relationships and focus on growing assets under management. These efforts are positively impacting our financial performance, with fiduciary income increasing 12.7% year-over-year to $7.9 million for the first nine months of 2026.”

“Our balance sheet remains strong, supported by a stable, relationship-driven deposit base, solid capital and liquidity levels, disciplined lending, and sound asset quality. We remain focused on improving operating efficiency and leveraging the investments we have made in our franchise to drive sustainable earnings growth. As we look ahead, we believe our strengthened financial position and diversified revenue platform provide a solid foundation to deliver continued value to our shareholders,” concluded Mr. Meilstrup.

Income Statement

Net income for the 2026 third quarter was $7.3 million, compared to $6.9 million for the same period in 2025. Earnings per basic and diluted share for the 2026 third quarter were $0.51, compared to $0.49 for the same period in 2025. Net income for the nine-month period ended September 30, 2026, was $19.2 million, compared to $17.5 million for the same period last year. Earnings per basic and diluted share for the nine-month period ended September 30, 2026, were $1.35, compared to $1.23 for the same period last year.

Net interest income for the three months ended September 30, 2026, was $19.7 million, compared to $18.1 million for the same period in 2025. Net interest income for the nine-month period ended September 30, 2026, was $58.3 million, as compared to $52.0 million in the same period last year. The year-over-year growth in net interest income was primarily due to a decrease in the average rate paid on interest-bearing liabilities, a reduction in interest-bearing liabilities, and an increase in the average yield on earnings assets. For the 2026 third quarter, LCNB’s tax equivalent net interest margin was 3.92%, compared to 3.57% for the same period in 2025. The net interest margin (tax equivalent) for the nine-month period ended September 30, 2026, was 3.91%, as compared to 3.43% in the same period last year.

Non-interest income for the three months ended September 30, 2026, was $5.3 million, compared to $5.7 million for the same period in 2025. For the nine months ended September 30, 2026, non-interest income was $15.4 million, compared to $16.2 million for the same period last year. For both the 2026 third quarter and nine-month period, the decrease in non-interest income was primarily due to lower service charges and fees, and gains from sales of loans, partially offset by higher fiduciary income.

Non-interest expense for the three months ended September 30, 2026, was $15.6 million, compared to $15.2 million for the same period in 2025. The $0.4 million increase was primarily due to higher salaries and employee benefits, and contracted services expenses, partially offset by lower net FDIC insurance premiums and marketing expenses. For the nine months ended September 30, 2026, non-interest expense was $0.6 million higher than the comparable period in 2025, primarily due to higher salaries and employee benefits, computer maintenance and supplies, and contracted services, partially offset by lower net FDIC insurance premiums, merger, marketing, and other operating expenses.

Capital Allocation

For the three months ended September 30, 2026, LCNB paid $0.22 per share in dividends. Year-to-date, LCNB has paid $0.66 per share in dividends.

Balance Sheet

Total assets at September 30, 2026, increased 1.7%, to $2.28 billion, from $2.24 billion at September 30, 2025. Net loans at September 30, 2026, were $1.70 billion, an increase of 2.2%, or $36.0 million, from September 30, 2025. During the quarter ended September 30, 2026, LCNB originated $141.0 million in loans and sold $18.4 million into the secondary market, which contributed $0.3 million of gains to third-quarter non-interest income, compared to $67.0 million in loans originated and $23.4 million of loans sold into the secondary market last year, which generated $0.7 million of gains and benefited third quarter 2025 non-interest income.

Loans held for sale totaled $2.8 million at September 30, 2026, compared to $4.0 million at September 30, 2025, and were primarily composed of loans scheduled to be sold to an investor.

Total deposits at September 30, 2026, increased 1.8%, to $1.88 billion, compared to $1.85 billion at September 30, 2025. The increase was primarily attributable to the timing of a $50 million deposit from a public funds relationship. Excluding this deposit, total deposits would have decreased approximately 0.9% year-over-year.

At September 30, 2026, shareholders’ equity was $282.2 million, compared to $269.9 million at September 30, 2025. On a per-share basis, shareholders’ equity at September 30, 2026, was $19.79, compared to $19.02 at September 30, 2025.

At September 30, 2026, tangible shareholders’ equity was $185.7 million, compared to $172.4 million at September 30, 2025. The 7.7% year-over-year increase in tangible shareholders’ equity was primarily from higher retained earnings. On a per-share basis, tangible shareholders’ equity was $13.02 at September 30, 2026, compared to $12.15 at September 30, 2025.

Assets Under Management

Total assets managed at September 30, 2026, were $4.24 billion, compared to $4.20 billion at September 30, 2025. The year-over-year increase in total assets managed was due to an increase in LCNB total assets and in the fair value of trust and investments and investment services partially offset by lower mortgage loans serviced and cash management. Trust and investments and brokerage accounts increased due to a higher number of new LCNB Wealth Management customer accounts and increases in the fair value of managed assets.

Asset Quality

For the 2026 third quarter, LCNB recorded a provision for credit losses of $453,000, compared to a provision for credit losses of $211,000 for the 2025 third quarter. For the nine months ended September 30, 2026, LCNB recorded a total provision for credit losses of $3.1 million, compared to a total provision for credit losses of $426,000 for the nine months ended September 30, 2025.

Net charge-offs for the third quarter of 2026 totaled $727,000, or 0.17% of average loans on an annualized basis, compared to $169,000, or 0.04% of average loans on an annualized basis, for the third quarter of 2025. For the nine months ended September 30, 2026, net charge-offs were $3.5 million, or 0.27% of average loans on an annualized basis, compared to $287,000, or 0.02% of average loans on an annualized basis, for the same period in 2025.

Third-quarter 2026 net charge-offs were largely attributable to one participated loan relationship that represented most of the quarter’s charge-offs. Because the credit had already been identified and substantially reserved, the charge-off had limited impact on third-quarter provision expense. The provision for credit losses reflected ongoing portfolio monitoring, changes in specific reserves for certain commercial relationships, and updated expected credit loss estimates.

Total nonperforming loans, which include nonaccrual loans and loans past due 90 days or more and still accruing interest, were $4.1 million, or 0.24% of total loans, at September 30, 2026, compared to $2.0 million, or 0.12% of total loans, at September 30, 2025. The year-over-year increase in nonperforming loans was primarily attributable to the addition of one commercial real estate loan. The nonperforming assets to total assets ratio was 0.18% at September 30, 2026, compared to 0.09% at September 30, 2025.

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, 2025, 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 future acquisitions 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 to both bank and nonbank financial institutions;
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, increased competition could adversely affect LCNB’s operating results;
7.	changes in or instability regarding 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 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 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.

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.

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

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

 

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