Financial Performance - Net income for Q2 2024 was $925,000, down from $4,694,000 in Q2 2023, reflecting the impact of acquisition-related expenses [143]. - Net interest income for Q2 2024 increased to $15,217,000 from $14,177,000 in Q2 2023, driven by higher average loan balances and increased rates [144]. - Non-interest income for Q2 2024 rose to $4,080,000 from $3,646,000 in Q2 2023, primarily due to increased fiduciary income and net gains from residential mortgage loan sales [145]. - Non-interest expense for Q2 2024 was $17,825,000, up from $12,078,000 in Q2 2023, largely due to costs associated with acquisitions and additional personnel [146]. - The effective tax rate for Q2 2024 was 2.0%, significantly lower than 17.9% for the same period in 2023, primarily due to tax-exempt interest income and other tax-exempt earnings [170]. - LCNB recorded a provision for credit losses of $528,000 for Q2 2024, compared to $30,000 for the same period in 2023, reflecting a significant increase in credit loss provisions [163]. - Total non-interest expense for Q2 2024 was $17,825,000, an increase of $5,747,000 from $12,078,000 in Q2 2023, largely due to increased salaries and employee benefits and merger-related expenses [168]. Acquisitions and Mergers - The company completed the acquisition of Eagle Financial Bancorp on April 12, 2024, and Cincinnati Bancorp on November 1, 2023, impacting financial results [143]. - Average loan and deposit balances increased in 2024 due to the acquisitions of EFBI and CNNB [144]. - LCNB recorded an $843,000 pretax loss on the sale of approximately $48.9 million of below-market rate loans acquired from Cincinnati Bancorp [145]. - The increase in loan interest income was attributed to organic growth and loans acquired from mergers with EFBI and CNNB, contributing to the overall growth in the loan portfolio [159]. - Total deposits increased by $118,671 thousand, or 6.50%, primarily due to deposits acquired through the merger with EFBI and organic growth [173]. - Common shares increased by $13,558 thousand, or 7.81%, primarily due to stock issued as part of the acquisition price for EFBI [173]. Credit Losses and Provisions - Provision for credit losses for Q2 2024 was $528,000, significantly higher than $30,000 in Q2 2023, including $763,000 from non-PCD loans acquired in the Eagle Financial Bancorp merger [145]. - The total provision for credit losses for the six months ended June 30, 2024, was $653,000, compared to a net recovery of $27,000 for the same period in 2023, indicating a shift towards recognizing potential credit losses [163]. - Net charge-offs for the three and six months ended June 30, 2024 totaled $18,000 and $63,000, respectively, compared to $33,000 and $49,000 for the same periods in 2023 [165]. Interest Income and Expenses - Total interest income increased by $15,086,000, primarily due to a $14,612,000 increase in loan interest income driven by a $372.7 million increase in average loan balances and a 65 basis point increase in the average rate earned on the loan portfolio [159]. - Total interest expense rose by $14,109,000, mainly due to a $4,650,000 increase in interest expense for interest-bearing demand and money market deposits, a $7,199,000 increase for IRA and time certificates, and a $3,216,000 increase for long-term debt [160]. - The average yield on loans increased to 5.40% in 2024 from 4.75% in 2023, reflecting a 71 basis point rise due to higher market rates [155]. - The net interest rate spread decreased to 2.19% for the six months ended June 30, 2024, compared to 2.87% for the same period in 2023 [155]. Assets and Liabilities - Total assets as of June 30, 2024, were $2,349,775,000, up from $1,925,005,000 in 2023 [155]. - Long-term debt increased by $49,027 thousand, or 43.34%, due to additional advances from the FHLB of Cincinnati [173]. - Goodwill increased by $14,413 thousand, or 18.13%, primarily due to additional goodwill recognized from the EFBI acquisition [172]. - The ratio of interest-earning assets to interest-bearing liabilities was 127.82% for the six months ended June 30, 2024, down from 141.46% in 2023 [155]. Liquidity and Risk Management - Management believes LCNB has adequate liquidity to meet short and long-term requirements without operational problems [185]. - The bank's liquidity management ensures cash is available for borrowers, depositors, and operational needs [182]. - LCNB does not use derivatives to hedge interest rate risk and has not entered into any market risk instruments for trading purposes [188]. - The Interest Rate Sensitivity Analysis (IRSA) indicates that a 300 basis point increase in interest rates would result in a decrease of $2.453 million (3.27%) in net interest income (NII) [189]. - The Economic Value of Equity (EVE) analysis shows that a 300 basis point increase in interest rates would lead to a decrease of $29.094 million (18.32%) in EVE [190]. Regulatory and Legal Matters - No changes in internal control over financial reporting have materially affected LCNB's internal controls during the reporting period [193]. - LCNB is not involved in any material pending legal proceedings, aside from routine litigation incidental to its business [195].

Core Viewpoint - Investors are encouraged to consider LCNB as earnings estimates show solid improvement, with the stock gaining short-term price momentum that may continue due to an improving earnings outlook [1][2]. Earnings Estimate Revisions - Analysts' optimism regarding LCNB's earnings prospects is driving higher estimates, which is expected to reflect positively in the stock price [2]. - The current-quarter earnings estimate is $0.27 per share, a decrease of 27.03% from the previous year, but the Zacks Consensus Estimate has increased by 17.39% over the last 30 days due to one upward revision [4]. - For the full year, LCNB is expected to earn $1 per share, representing a year-over-year decline of 35.9%, yet the consensus estimate has risen by 13.64% following one upward revision [5]. Zacks Rank and Performance - LCNB has achieved a Zacks Rank 1 (Strong Buy) due to favorable estimate revisions, which historically correlate with significant outperformance compared to the S&P 500 [6]. - Stocks with a Zacks Rank 1 have generated an average annual return of +25% since 2008, indicating strong potential for LCNB [3][6]. Investment Outlook - The stock has increased by 10.2% over the past four weeks due to strong estimate revisions, suggesting further upside potential, making it a candidate for portfolio addition [7].

Core Viewpoint - LCNB has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of changing earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for LCNB indicate an improvement in the company's underlying business, likely leading to an increase in stock price as investors respond positively to this trend [5][10]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7][9]. - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, indicating superior earnings estimate revisions and potential for market-beating returns [10]. Earnings Estimate Revisions for LCNB - For the fiscal year ending December 2024, LCNB is expected to earn $1 per share, reflecting a change of -35.9% from the previous year, but analysts have raised their estimates by 13.6% over the past three months [8].

Core Viewpoint - LCNB reported quarterly earnings of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.18 per share, but down from $0.45 per share a year ago [1][10] Financial Performance - LCNB's revenues for the quarter ended June 2024 were $19.3 million, surpassing the Zacks Consensus Estimate by 4.31%, compared to $17.82 million in the same quarter last year [2] - The company has exceeded consensus revenue estimates twice in the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.23 on revenues of $19.6 million, and for the current fiscal year, it is $0.82 on revenues of $76.3 million [4] Stock Performance - LCNB shares have declined approximately 5.2% since the beginning of the year, while the S&P 500 has gained 16.7% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [6] Earnings Outlook - The trend for estimate revisions for LCNB is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [12] - The industry outlook can significantly impact LCNB's stock performance, with the Banks - Northeast industry currently ranking in the top 27% of over 250 Zacks industries [13]

Exhibit 99.2 | --- | --- | --- | --- | --- | --- | |----------------------------------|---------------|-----------|-----------|-----------|-----------| | Deferred net origination fees | (533) | (583) | (181) | (796) | (844) | | Loans, gross | 1,736,747 | 1,656,354 | 1,723,471 | 1,458,404 | 1,439,251 | | Less allowance for credit losses | 11,270 | 10,557 | 10,525 | 7,932 | 7,956 | | Loans, net | $ 1,725,477 | 1,645,797 | 1,712,946 | 1,450,472 | 1,431,295 | | Loans held for sale | 44,002 | 75,581 | — | — | — ...

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 March 31, 2024 ☐ 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 jurisdiction of incorporati ...

Exhibit 99.2 LCNB Corp. and Subsidiaries Financial Highlights (Dollars in thousands, except per share amounts) (Unaudited) | | | | | | Three Months Ended | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 03-31-2024 | | 12-31-2023 | 09-30-2023 | | 06-30-2023 | 03-31-2023 | | Condensed Income Statement | | | | | | | | | | Interest income | $ | 24,758 | $ | 23,310 | 19,668 | | 18,703 | 17,918 | | Interest expense | | 10,863 | | 8,651 | 6,097 | | 4,526 | 3,976 | | Net interest income | | 13, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or (Mark One) ☐ 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 000-26121 LCNB Corp. (Exact name of registrant as specified in its charter) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-K For the fiscal year ended December 31, 2023 (State or othe ...

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, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephone number, including area code) Commission File Number 001-35292 LCNB Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

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 June 30, 2023 ☐ 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 Indicate by check mark whether the registran ...