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 ...

Financial Performance - Net income for the first quarter of 2023 was $4,157 thousand, a decrease of 8.1% from $4,523 thousand in Q1 2022[15]. - Net interest income after provision for credit losses was $13,999 thousand for the three months ended March 31, 2023, slightly down from $14,174 thousand in the same period of 2022, a decrease of 1.2%[15]. - Non-interest income for Q1 2023 was $3.6 million, unchanged from Q1 2022, with increases in fiduciary income and service charges offset by decreased gains from loan sales[169]. - The company reported a total comprehensive income of $9,107 thousand for the three months ended March 31, 2023, compared to a loss of $8,665 thousand in the same period of 2022[17]. - Basic earnings per common share for Q1 2023 was $0.37, unchanged from Q1 2022[137]. Assets and Liabilities - Total assets increased to $1,924,531 thousand as of March 31, 2023, compared to $1,919,121 thousand at December 31, 2022, reflecting a growth of 0.7%[13]. - Total deposits remained stable at $1,603,881 thousand as of March 31, 2023, compared to $1,604,970 thousand at December 31, 2022[13]. - Cash and cash equivalents at the end of the period rose to $31,876 million, up from $19,941 million, marking a 59.9% increase[23]. - The company’s total shareholders' equity increased to $204,072 thousand as of March 31, 2023, from $200,675 thousand at December 31, 2022, reflecting a growth of 1.2%[13]. - Long-term debt decreased to $18.6 million as of March 31, 2023, from $19.1 million at December 31, 2022, with a fixed interest rate of 4.25% on the term loan[107]. Loans and Credit Quality - The company reported a net increase in loans of $6,912 million, contrasting with a decrease of $9,827 million in the same period last year[23]. - The allowance for credit losses (ACL) on loans was reported at $7,842 million, reflecting adjustments under the new CECL methodology adopted on January 1, 2023[34]. - The total loans outstanding as of March 31, 2023, amounted to $1,394,830,000, compared to $1,401,278,000 on December 31, 2022, indicating a slight decrease of about 0.5%[77]. - The ratio of non-accrual loans to total loans outstanding was 0.05% as of March 31, 2023, compared to 0.03% as of December 31, 2022[70]. - The company has maintained a strong loan portfolio with a focus on commercial and industrial sectors, which accounted for a significant portion of total loans[93]. Interest Income and Expense - Total interest income rose to $17,918 thousand in Q1 2023, up 18.5% from $15,122 thousand in Q1 2022, driven by increased interest and fees on loans[15]. - Total interest expense rose by $3.077 million in Q1 2023, mainly due to increased expenses for NOW and money market deposits, IRA and time certificates, and short-term borrowings[180]. - The average rate on loans increased by 65 basis points, contributing to higher loan interest income[179]. - Net interest income for Q1 2023 was $13.9 million, down from $14.2 million in Q1 2022, with a net interest margin of 3.28% compared to 3.35% in the prior year[168]. Deposits and Borrowings - Total deposits decreased slightly to $1,603.9 million as of March 31, 2023, compared to $1,605.0 million at December 31, 2022[106]. - Short-term borrowings increased to $76.5 million as of March 31, 2023, compared to $71.5 million at December 31, 2022, with a revolving line of credit at 7.75%[110]. - The aggregate amount of time deposits in denominations of $250,000 or more increased to $30.6 million as of March 31, 2023, from $16.1 million at December 31, 2022[106]. Credit Losses and Provisions - The provision for credit losses for the three months ended March 31, 2023, was $32,000, compared to a recovery of $49,000 in the same period of 2022[75]. - The allowance for loan losses increased to $7.86 million from $5.65 million, representing a rise of 39.0%[66]. - The company recorded a recovery of credit losses of $57,000 in Q1 2023, compared to a provision for credit losses of $49,000 in Q1 2022[169]. Tax and Regulatory Capital - The effective tax rate for the three months ended March 31, 2023, was 17.8%, slightly higher than 17.4% for the same period in 2022[116]. - Common Equity Tier 1 Capital to risk-weighted assets ratio was 11.97% as of March 31, 2023, slightly up from 11.94% at the end of 2022[202]. Market Conditions and Future Outlook - The company anticipates potential challenges in loan and deposit growth due to competitive pressures and economic conditions[155]. - Future outlook suggests continued focus on maintaining loan quality and exploring market expansion opportunities[93].