Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35292 LCNB Corp. (Exact name of registrant as specified in its charter) Ohio 31-1626393 (State or other juris ...

Core Viewpoint - LCNB has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The upgrade reflects an improvement in LCNB's underlying business, suggesting that investors may respond positively by driving the stock price higher [5]. - LCNB is expected to earn $1.69 per share for the fiscal year ending December 2025, with a 6.3% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - LCNB's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

It has been several years since I last discussed LCNB Corp. (NASDAQ: LCNB ). The bank recently reported strong results for the third quarter of this year, in combination with a low amount of non-performing loans. It is nowHe is the leader of the investment group European Small Cap Ideas which offers exclusive access to actionable research on appealing Europe-focused investment opportunities not found elsewhere. The a focus is on high-quality ideas in the small-cap space, with emphasis on capital gains and d ...

It has been several years since I last discussed LCNB Corp. (NASDAQ: LCNB ). The bank recently reported strong results for the third quarter of this year, in combination with a low amount of non-performing loans. It is nowHe is the leader of the investment group European Small Cap Ideas which offers exclusive access to actionable research on appealing Europe-focused investment opportunities not found elsewhere. The a focus is on high-quality ideas in the small-cap space, with emphasis on capital gains and d ...

LCNB (LCNB) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +16.67%. A quarter ago, it was expected that this holding company for LCNB National Bank would post earnings of $0.37 per share when it actually produced earnings of $0.41, delivering a surprise of +10.81%.Over the last four ...

LEBANON, Ohio--(BUSINESS WIRE)--LCNB Corp. ("LCNB") (NASDAQ: LCNB) today announced financial results for the three and nine months ended September 30, 2025. Commenting on the financial results, LCNB Chief Executive Officer, Eric Meilstrup said, "The strength of LCNB's business model, the disciplined execution of our long-term strategy, and our near-term efforts to optimize recent acquisitions continue to benefit our financial results. During the third quarter, LCNB decreased higher cost certifi. ...

[Financial Highlights Overview](index=1&type=section&id=Financial%20Highlights) This section provides an overview of LCNB Corp.'s financial performance, including income statement highlights, per share data, and key financial ratios, demonstrating significant profitability improvements [Condensed Income Statement Overview](index=1&type=section&id=Condensed%20Income%20Statement) LCNB Corp. achieved significant net income growth in Q3 2025 and the first nine months, driven by increased net interest income and reduced provision for credit losses, strengthening overall profitability | Metric (in thousands of USD) | September 30, 2025 (Q3) | September 30, 2024 (Q3) | Change (YoY) | September 30, 2025 (YTD) | September 30, 2024 (YTD) | Change (YoY) | | :--------------------------- | :---------------------- | :---------------------- | :----------- | :----------------------- | :----------------------- | :----------- | | **Net Income** | 6,936 | 4,532 | +53.08% | 17,464 | 7,372 | +136.89% | | **Net Interest Income** | 18,126 | 14,970 | +21.08% | 51,966 | 44,082 | +17.89% | | **Provision for Credit Losses** | 211 | 660 | -68.03% | 426 | 1,313 | -67.55% | | **Non-Interest Income** | 5,704 | 6,407 | -11.00% | 16,174 | 14,416 | +12.19% | | **Non-Interest Expense** | 15,145 | 15,387 | -1.57% | 46,521 | 48,684 | -4.44% | | **Income Before Income Taxes** | 8,474 | 5,330 | +59.00% | 21,193 | 8,501 | +149.30% | [Supplemental Income Statement Information](index=1&type=section&id=Supplemental%20Income%20Statement%20Information) Supplemental data shows growth in tax-equivalent net interest income and pre-provision, pre-tax net income for Q3 2025 and the first nine months, reflecting enhanced core profitability | Metric (in thousands of USD) | September 30, 2025 (Q3) | September 30, 2024 (Q3) | Change (YoY) | September 30, 2025 (YTD) | September 30, 2024 (YTD) | Change (YTD) | | :--------------------------- | :---------------------- | :---------------------- | :----------- | :----------------------- | :----------------------- | :----------- | | **Acquired Loan Mark-to-Market Income** | 904 | 800 | +13.00% | 2,770 | 2,824 | -1.91% | | **Tax-Equivalent Net Interest Income** | 18,169 | 15,013 | +21.02% | 52,090 | 44,202 | +17.84% | | **Pre-Provision, Pre-Tax Net Income** | 8,685 | 5,990 | +44.99% | 21,619 | 9,814 | +120.29% | [Per Share Data](index=1&type=section&id=Per%20Share%20Data) The company achieved substantial growth in earnings per share for Q3 2025 and the first nine months, with steady increases in book value per share and tangible book value per share, indicating enhanced shareholder value | Metric | September 30, 2025 (Q3) | September 30, 2024 (Q3) | Change (YoY) | September 30, 2025 (YTD) | September 30, 2024 (YTD) | Change (YoY) | | :--------------------------- | :---------------------- | :---------------------- | :----------- | :----------------------- | :----------------------- | :----------- | | **Dividends Per Share** | $0.22 | $0.22 | 0.00% | $0.66 | $0.66 | 0.00% | | **Basic Earnings Per Share** | $0.49 | $0.31 | +58.06% | $1.23 | $0.53 | +132.08% | | **Diluted Earnings Per Share** | $0.49 | $0.31 | +58.06% | $1.23 | $0.53 | +132.08% | | **Book Value Per Share** | $19.02 | $17.95 | +5.96% | $19.02 | $17.95 | +5.96% | | **Tangible Book Value Per Share** | $12.15 | $10.97 | +10.76% | $12.15 | $10.97 | +10.76% | [Selected Financial Ratios](index=1&type=section&id=Selected%20Financial%20Ratios) The company demonstrated significant improvements in profitability and efficiency ratios for Q3 2025 and the first nine months, with growth in net interest margin and average tangible common equity return | Metric | September 30, 2025 (Q3) | September 30, 2024 (Q3) | Change (YoY) | September 30, 2025 (YTD) | September 30, 2024 (YTD) | Change (YoY) | | :--------------------------- | :---------------------- | :---------------------- | :----------- | :----------------------- | :----------------------- | :----------- | | **Return on Average Assets (ROAA)** | 1.21% | 0.81% | +0.40 pp | 1.02% | 0.42% | +0.60 pp | | **Return on Average Equity (ROAE)** | 10.33% | 7.33% | +3.00 pp | 9.60% | 4.06% | +5.54 pp | | **Return on Average Tangible Common Equity** | 16.29% | 12.27% | +4.02 pp | 14.32% | 6.70% | +7.62 pp | | **Dividend Payout Ratio** | 44.90% | 70.97% | -26.07 pp | 53.66% | 124.53% | -70.87 pp | | **Net Interest Margin (Tax-Equivalent)** | 3.57% | 2.84% | +0.73 pp | 3.43% | 2.81% | +0.62 pp | | **Efficiency Ratio (Tax-Equivalent)** | 63.44% | 71.83% | -8.39 pp | 68.15% | 83.05% | -14.90 pp | [Balance Sheet and Asset Quality](index=2&type=section&id=Balance%20Sheet%20and%20Asset%20Quality) This section details LCNB Corp.'s balance sheet composition and asset quality metrics, highlighting changes in assets, liabilities, equity, and credit loss provisions [Selected Balance Sheet Items at Period End](index=2&type=section&id=Selected%20Balance%20Sheet%20Items) As of September 30, 2025, the company's total assets and total deposits slightly decreased, while shareholders' equity and tangible common equity increased, indicating a strengthened capital base | Metric (in thousands of USD) | September 30, 2025 | December 31, 2024 | Change | | :--------------------------- | :----------------- | :---------------- | :----- | | **Total Assets** | 2,244,365 | 2,307,394 | -2.73% | | **Total Deposits** | 1,849,082 | 1,878,292 | -1.55% | | **Total Shareholders' Equity** | 269,870 | 253,036 | +6.61% | | **Net Loans** | 1,666,858 | 1,709,811 | -2.51% | | **Tangible Common Equity** | 172,399 | 154,721 | +11.42%| [Selected Average Balance Sheet Items](index=3&type=section&id=Selected%20Average%20Balance%20Sheet%20Items) In Q3 2025, average total assets and average total deposits both decreased, with average net loans also showing a slight reduction | Metric (in thousands of USD) | September 30, 2025 (Q3) | September 30, 2024 (Q3) | Change (YoY) | | :--------------------------- | :---------------------- | :---------------------- | :----------- | | **Average Total Assets** | 2,276,906 | 2,365,676 | -3.75% | | **Average Total Deposits** | 1,884,748 | 1,936,601 | -2.70% | | **Average Net Loans** | 1,694,182 | 1,759,049 | -3.79% | [Allowance for Credit Losses on Loans](index=3&type=section&id=Allowance%20for%20Credit%20Losses%20on%20Loans) In Q3 2025, the allowance for credit losses on loans slightly increased, primarily due to the provision for credit losses exceeding charge-offs | Metric (in thousands of USD) | September 30, 2025 (Q3) | June 30, 2025 (Q2) | March 31, 2025 (Q1) | December 31, 2024 (Q4) | September 30, 2024 (Q3) | | :--------------------------- | :---------------------- | :----------------- | :------------------ | :------------------- | :---------------------- | | **Allowance for Credit Losses at Period End** | 12,170 | 12,108 | 12,124 | 12,001 | 11,867 | | **Provision for Credit Losses on Loans** | 231 | 63 | 162 | 728 | 681 | | **Charge-offs** | (193) | (95) | (53) | (616) | (122) | | **Recoveries** | 24 | 16 | 14 | 22 | 38 | [Asset Quality Metrics](index=4&type=section&id=Asset%20Quality) The company's asset quality improved in Q3 2025, with non-performing loans and non-performing assets as a percentage of total loans/total assets both decreasing | Metric | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | | :------------------------------------ | :----------------- | :------------- | :------------- | :---------------- | :----------------- | | **Nonaccrual Loans (in thousands of USD)** | 1,793 | 4,500 | 4,710 | 4,528 | 3,001 | | **Loans 90 Days or More Past Due and Still Accruing (in thousands of USD)** | 1,956 | 4,771 | 4,891 | 4,618 | 3,284 | | **Total Non-Performing Loans (in thousands of USD)** | 3,749 | 9,271 | 9,601 | 9,146 | 6,285 | | **Average Net Charge-offs to Loans** | 0.04% | 0.02% | 0.01% | 0.14% | 0.02% | | **Allowance for Credit Losses to Total Loans** | 0.72% | 0.71% | 0.71% | 0.70% | 0.69% | | **Non-Performing Loans to Total Loans** | 0.12% | 0.28% | 0.28% | 0.27% | 0.19% | | **Non-Performing Assets to Total Assets** | 0.09% | 0.21% | 0.21% | 0.20% | 0.14% | [Assets Under Management](index=5&type=section&id=Assets%20Under%20Management) As of September 30, 2025, LCNB Corp.'s total assets under management slightly decreased, but trust and investment assets and investment services assets both increased | Metric (in thousands of USD) | September 30, 2025 | September 30, 2024 | Change (YoY) | | :--------------------------- | :----------------- | :----------------- | :----------- | | **LCNB Corp. Total Assets** | 2,244,365 | 2,346,908 | -4.37% | | **Trust and Investments (Fair Value)** | 1,041,270 | 933,341 | +11.57% | | **Mortgage Servicing** | 341,548 | 366,175 | -6.73% | | **Cash Management** | 73,002 | 165,218 | -55.81% | | **Investment Services (Fair Value)** | 494,947 | 435,611 | +13.62% | | **Total Assets Under Management** | 4,195,132 | 4,247,253 | -1.23% | [Detailed Net Interest Income Analysis](index=6&type=section&id=Detailed%20Net%20Interest%20Income%20Analysis) This section provides a detailed analysis of LCNB Corp.'s net interest income, net interest margin, and net interest spread for both quarterly and year-to-date periods [Three Months Ended September 30, 2025](index=6&type=section&id=Three%20Months%20Ended%20September%2030%2C%202025) In Q3 2025, the company's net interest margin and net interest spread improved compared to both the prior year and previous quarter, driven by higher earning asset yields and effective management of interest-bearing liability costs | Metric | September 30, 2025 (Q3) | September 30, 2024 (Q3) | Change (YoY) | June 30, 2025 (Q2) | Change (QoQ) | | :------------------------------------ | :---------------------- | :---------------------- | :----------- | :----------------- | :----------- | | **Average Yield on Loans** | 5.62% | 5.47% | +0.15 pp | 5.56% | +0.06 pp | | **Average Yield on Total Earning Assets** | 5.18% | 5.01% | +0.17 pp | 5.13% | +0.05 pp | | **Average Cost of Interest-Bearing Deposits** | 1.67% (Demand) | 2.04% (Demand) | -0.37 pp | 1.58% (Demand) | +0.09 pp | | **Average Cost of Total Interest-Bearing Liabilities** | 2.13% | 2.76% | -0.63 pp | 2.19% | -0.06 pp | | **Net Interest Spread** | 3.05% | 2.25% | +0.80 pp | 2.94% | +0.11 pp | | **Net Interest Margin (Tax-Equivalent)** | 3.57% | 2.84% | +0.73 pp | 3.47% | +0.10 pp | [Nine Months Ended September 30, 2025](index=8&type=section&id=Nine%20Months%20Ended%20September%2030%2C%202025) For the first nine months of 2025, the company's net interest margin and net interest spread improved compared to the prior year, reflecting a positive trend in full-year core profitability | Metric | September 30, 2025 (YTD) | September 30, 2024 (YTD) | Change (YoY) | | :------------------------------------ | :----------------------- | :----------------------- | :----------- | | **Average Yield on Loans** | 5.55% | 5.42% | +0.13 pp | | **Average Yield on Total Earning Assets** | 5.12% | 4.98% | +0.14 pp | | **Average Cost of Interest-Bearing Deposits** | 1.64% (Demand) | 2.24% (Demand) | -0.60 pp | | **Average Cost of Total Interest-Bearing Liabilities** | 2.22% | 2.76% | -0.54 pp | | **Net Interest Spread** | 2.90% | 2.22% | +0.68 pp | | **Net Interest Margin (Tax-Equivalent)** | 3.43% | 2.81% | +0.62 pp | [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) This section presents LCNB Corp.'s consolidated condensed balance sheets and statements of income, offering a comprehensive view of the company's financial position and performance [Consolidated Condensed Balance Sheets](index=9&type=section&id=CONSOLIDATED%20CONDENSED%20BALANCE%20SHEETS) As of September 30, 2025, the company's total assets and total liabilities decreased compared to December 31, 2024, while shareholders' equity increased, reflecting an optimized capital structure | Metric (in thousands of USD) | September 30, 2025 | December 31, 2024 | Change | | :--------------------------- | :----------------- | :---------------- | :----- | | **Total Assets** | 2,244,365 | 2,307,394 | -2.73% | | **Total Liabilities** | 1,974,495 | 2,054,358 | -3.90% | | **Total Shareholders' Equity** | 269,870 | 253,036 | +6.61% | | **Net Loans** | 1,666,858 | 1,709,811 | -2.51% | | **Total Deposits** | 1,849,082 | 1,878,292 | -1.55% | | **Long-Term Debt** | 104,717 | 155,153 | -32.51%| [Consolidated Condensed Statements of Income](index=10&type=section&id=CONSOLIDATED%20CONDENSED%20STATEMENTS%20OF%20INCOME) For Q3 2025 and the first nine months, the company achieved significant growth in net income and net interest income, primarily due to reduced interest expense and lower provision for credit losses | Metric (in thousands of USD) | September 30, 2025 (Q3) | September 30, 2024 (Q3) | Change (YoY) | September 30, 2025 (YTD) | September 30, 2024 (YTD) | Change (YoY) | | :--------------------------- | :---------------------- | :---------------------- | :----------- | :----------------------- | :----------------------- | :----------- | | **Total Interest Income** | 26,305 | 26,398 | -0.35% | 77,560 | 78,121 | -0.72% | | **Total Interest Expense** | 8,179 | 11,428 | -28.33% | 25,594 | 34,039 | -24.81% | | **Net Interest Income** | 18,126 | 14,970 | +21.08% | 51,966 | 44,082 | +17.89% | | **Provision for Credit Losses** | 211 | 660 | -68.03% | 426 | 1,313 | -67.55% | | **Total Non-Interest Income** | 5,704 | 6,407 | -11.00% | 16,174 | 14,416 | +12.19% | | **Total Non-Interest Expense** | 15,145 | 15,387 | -1.57% | 46,521 | 48,684 | -4.44% | | **Net Income** | 6,936 | 4,532 | +53.08% | 17,464 | 7,372 | +136.89% | | **Basic Earnings Per Share** | 0.49 | 0.31 | +58.06% | 1.23 | 0.53 | +132.08% |

Core Viewpoint - LCNB Corp. has announced leadership promotions as part of its succession plan, aimed at enhancing management depth and supporting long-term strategic growth [1] Group 1: Leadership Changes - The company is implementing several leadership promotions to strengthen its management structure [1] - These changes are part of a comprehensive succession plan that reflects the company's commitment to growth [1] Group 2: Strategic Growth - The leadership enhancements are designed to support a larger and more complex business environment [1] - The moves indicate the success of LCNB's multi-year growth plan, as evidenced by an increase in total assets managed [1]

Core Viewpoint - LCNB has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Recent Developments for LCNB - LCNB is projected to earn $1.59 per share for the fiscal year ending December 2025, with no year-over-year change expected [8]. - Over the past three months, the Zacks Consensus Estimate for LCNB has increased by 6%, reflecting a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - LCNB's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10].

Core Viewpoint - LCNB is identified as a strong value stock with a Zacks Rank of 2 (Buy) and an A grade for Value, indicating potential for investment based on its valuation metrics [4][8]. Valuation Metrics - LCNB has a P/E ratio of 9.85, which is lower than the industry average of 10.26. The Forward P/E has fluctuated between 8.06 and 14.00 over the past year, with a median of 9.40 [4]. - The P/B ratio for LCNB stands at 0.86, significantly below the industry average of 1.10. Its P/B has ranged from 0.75 to 0.99 in the past year, with a median of 0.83 [5]. - LCNB's P/S ratio is 1.78, compared to the industry's average of 1.95, indicating a favorable valuation based on revenue [6]. - The P/CF ratio for LCNB is 11.23, which is lower than the industry average of 16.43. This ratio has varied from 9.93 to 29.50 over the past year, with a median of 14.83 [7]. Investment Outlook - The combination of LCNB's strong earnings outlook and its undervalued status based on the aforementioned metrics positions it as one of the strongest value stocks in the market [8].