Exhibit

Exhibit 99.2

LCNB Corp. and Subsidiaries

Financial Highlights

(Dollars in thousands, except per share amounts)

(Unaudited)



	Three Months Ended											Nine Months Ended
`	9/30/2019			6/30/2019		3/31/2019		12/31/2018		9/30/2018		9/30/2019		9/30/2018
Condensed Income Statement
Interest income	$	16,329		16,328		16,113		15,844		15,070		48,770		38,750
Interest expense	2,751			2,738		2,722		2,334		1,967		8,211		4,091
Net interest income	13,578			13,590		13,391		13,510		13,103		40,559		34,659
Provision (credit) for loan losses	264			54		(105	)	(39	)	659		213		962
Net interest income after provision	13,314			13,536		13,496		13,549		12,444		40,346		33,697
Non-interest income	3,356			2,998		2,772		2,702		2,921		9,126		8,348
Non-interest expense	10,982			10,833		10,700		9,925		10,317		32,515		30,577
Income before income taxes	5,688			5,701		5,568		6,326		5,048		16,957		11,468
Provision for income taxes	961			973		941		1,133		847		2,875		1,816
Net income	$	4,727		4,728		4,627		5,193		4,201		14,082		9,652
Amort/Accret income on acquired loans	$	302		355		224		229		198		881		340
Amort/Accret expenses on acquired interest-bearing liabilities	$	4		142		144		149		214		290		214
Tax-equivalent net interest income	$	13,679		13,700		13,536		13,680		13,279		40,915		35,203

Per Share Data
Dividends per share	$	0.17		0.17		0.17		0.17		0.16		0.51		0.48
Basic earnings per common share	$	0.36		0.36		0.35		0.40		0.32		1.07		0.84
Diluted earnings per common share	$	0.36		0.36		0.35		0.40		0.32		1.07		0.84
Book value per share	$	17.44		17.18		16.83		16.47		16.05		17.44		16.05
Tangible book value per share	$	12.57		12.31		12.05		11.67		11.18		12.57		11.18
Weighted average common shares outstanding:
Basic	12,932,950			13,192,691		13,283,634		13,285,386		13,285,203		13,135,134		11,480,390
Diluted	12,937,145			13,196,665		13,287,338		13,290,499		13,290,665		13,139,100		11,486,051
Shares outstanding at period end	12,927,463			12,978,554		13,314,148		13,295,276		13,304,976		12,927,463		13,304,976

Selected Financial Ratios
Return on average assets	1.13		%	1.16	%	1.15	%	1.27	%	1.03	%	1.15	%	0.89	%
Return on average equity	8.33		%	8.46	%	8.47	%	9.55	%	7.76	%	8.42	%	7.23	%
Dividend payout ratio	47.22		%	47.22	%	48.57	%	42.50	%	50.00	%	47.66	%	57.14	%
Net interest margin (tax equivalent)	3.67		%	3.72	%	3.71	%	3.69	%	3.59	%	3.70	%	3.61	%
Efficiency ratio (tax equivalent)	64.47		%	64.87	%	65.61	%	60.58	%	63.68	%	64.98	%	70.21	%

Selected Balance Sheet Items
Cash and cash equivalents	$	22,826		23,185		19,527		20,040		19,812
Debt and equity securities	239,730			246,701		264,559		282,813		299,786

Loans:
Commercial and industrial	$	71,576		79,513		79,725		77,740		78,002
Commercial, secured by real estate	797,842			793,863		764,424		740,647		704,987
Residential real estate	320,703			326,029		334,227		349,127		347,920
Consumer	23,918			19,649		17,409		17,283		17,505
Agricultural	11,525			10,843		10,900		13,297		13,280
Other, including deposit overdrafts	456			373		409		450		498
Deferred net origination costs (fees)	(128		)	(9	)	40		79		133
Loans, gross	1,225,892			1,230,261		1,207,134		1,198,623		1,162,325
Less allowance for loan losses	4,167			4,112		4,126		4,046		4,016
Loans, net	$	1,221,725		1,226,149		1,203,008		1,194,577		1,158,309

Total earning assets	$	1,470,074		1,482,913		1,476,862		1,483,166		1,465,787
Total assets	1,644,447			1,642,012		1,632,387		1,636,927		1,620,299
Total deposits	1,355,383			1,357,959		1,347,857		1,300,919		1,371,023



	Three Months Ended											Nine Months Ended
	9/30/2019			6/30/2019		3/31/2019		12/31/2018		9/30/2018		9/30/2019		9/30/2018
Selected Balance Sheet Items, continued
Short-term borrowings	—			—		—		56,230		—
Long-term debt	41,990			41,986		42,982		47,032		23,079
Total shareholders’ equity	225,492			222,972		224,018		218,985		213,515
Equity to assets ratio	13.71		%	13.58	%	13.72	%	13.38	%	13.18	%
Loans to deposits ratio	90.45		%	90.60	%	89.56	%	92.14	%	84.78	%

Tangible common equity (TCE)	$	162,485		159,702		160,488		155,197		149,398
Tangible common assets (TCA)	1,581,440			1,578,742		1,568,857		1,573,139		1,556,182
TCE/TCA	10.27		%	10.12	%	10.23	%	9.87	%	9.60	%

Selected Average Balance Sheet Items
Cash and cash equivalents	$	28,293		29,523		25,080		20,685		25,920		27,600		25,011
Debt and equity securities	243,553			249,954		266,081		291,433		304,112		253,113		308,020

Loans	$	1,227,806		1,217,726		1,208,809		1,177,061		1,155,846		1,218,183		991,350
Less allowance for loan losses	3,986			4,088		4,074		4,016		3,622		4,049		3,757
Net loans	$	1,223,820		1,213,638		1,204,735		1,173,045		1,152,224		1,214,134		987,593

Total earning assets	$	1,480,096		1,479,225		1,480,634		1,471,650		1,465,510		1,479,983		1,305,211
Total assets	1,654,034			1,637,645		1,635,416		1,626,029		1,623,016		1,642,186		1,442,896
Total deposits	1,365,702			1,352,449		1,333,529		1,333,673		1,367,950		1,350,678		1,232,599
Short-term borrowings	468			243		23,235		36,348		1,833		7,898		6,425
Long-term debt	41,988			42,567		44,676		25,536		25,757		43,067		13,841
Total shareholders’ equity	225,216			224,203		221,470		215,739		214,769		223,644		178,539
Equity to assets ratio	13.62		%	13.69	%	13.54	%	13.27	%	13.23	%	13.62	%	12.37	%
Loans to deposits ratio	89.90		%	90.04	%	90.65	%	88.26	%	84.49	%	90.19	%	80.43	%

Asset Quality
Net charge-offs (recoveries)	$	209		68		(185	)	(68	)	245		92		348
Other real estate owned	197			197		244		244		35		197		35

Non-accrual loans	3,523			2,962		2,845		2,951		2,603		3,523		2,603
Loans past due 90 days or more and still accruing	—			24		177		149		1		—		1
Total nonperforming loans	$	3,523		2,986		3,022		3,100		2,604		3,523		2,604

Net charge-offs (recoveries) to average loans	0.07		%	0.02	%	(0.06	)%	(0.02	)%	0.08	%	0.01	%	0.05	%
Allowance for loan losses to total loans	0.34		%	0.33	%	0.34	%	0.34	%	0.35	%	0.34	%	0.35	%
Nonperforming loans to total loans	0.29		%	0.24	%	0.25	%	0.26	%	0.22	%	0.29	%	0.22	%
Nonperforming assets to total assets	0.23		%	0.19	%	0.20	%	0.20	%	0.16	%	0.23	%	0.16	%

Assets Under Management
LCNB Corp. total assets	$	1,644,447		1,642,012		1,632,387		1,636,927		1,620,299
Trust and investments (fair value)	411,724			382,462		367,649		337,549		386,582
Mortgage loans serviced	104,358			88,444		89,049		97,685		115,647
Cash management	117,530			71,973		55,981		48,906		36,502
Brokerage accounts (fair value)	262,038			260,202		245,758		233,751		247,175
Total assets managed	$	2,540,097		2,445,093		2,390,824		2,354,818		2,406,205

Non-GAAP Financial Measures
Net income	$	4,727		4,728		4,627		5,193		4,201		14,082		9,652
Add: merger-related expenses, net of tax	21			16		53		148		274		90		1,605
Adjusted net income	$	4,748		4,744		4,680		5,341		4,475		14,172		11,257
Basic adjusted earnings per share	0.37			0.36		0.36		0.41		0.34		1.08		0.98
Diluted adjusted earnings per share	0.37			0.36		0.36		0.41		0.34		1.08		0.98
Adjusted return on average assets	1.14		%	1.16	%	1.16	%	1.30	%	1.09	%	1.15	%	1.04	%
Adjusted return on average equity	8.36		%	8.49	%	8.57	%	9.82	%	8.27	%	8.47	%	8.43	%

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)



	September 30, 2019 (Unaudited)			December 31, 2018
ASSETS:
Cash and due from banks	$	18,374		18,310
Interest-bearing demand deposits	4,452			1,730
Total cash and cash equivalents	22,826			20,040
Interest-bearing time deposits	249			996
Investment securities:
Equity securities with a readily determinable fair value, at fair value	2,266			2,078
Equity securities without a readily determinable fair value, at cost	2,099			2,099
Debt securities, available-for-sale, at fair value	191,230			238,421
Debt securities, held-to-maturity, at cost	34,031			29,721
Federal Reserve Bank stock, at cost	4,652			4,653
Federal Home Loan Bank stock, at cost	5,203			4,845
Loans, net	1,221,725			1,194,577
Premises and equipment, net	34,045			32,627
Operating leases right of use asset	5,565			—
Goodwill	59,221			59,221
Core deposit and other intangibles	4,246			5,042
Bank owned life insurance	41,377			28,723
Other assets	15,712			13,884
TOTAL ASSETS	$	1,644,447		1,636,927

LIABILITIES:
Deposits:
Noninterest-bearing	$	335,989		322,571
Interest-bearing	1,019,394			978,348
Total deposits	1,355,383			1,300,919
Short-term borrowings	—			56,230
Long-term debt	41,990			47,032
Operating leases liability	5,531			—
Accrued interest and other liabilities	16,051			13,761
TOTAL LIABILITIES	1,418,955			1,417,942

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 at September 30, 2019 and December 31, 2018; issued 14,102,490 and 14,070,303 shares at September 30, 2019 and December 31, 2018, respectively	141,618			141,170
Retained earnings	101,929			94,547
Treasury shares at cost, 1,175,027 and 775,027 shares at September 30, 2019 and December 31, 2018	(18,847		)	(12,013	)
Accumulated other comprehensive income (loss), net of taxes	792			(4,719	)
TOTAL SHAREHOLDERS' EQUITY	225,492			218,985
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,644,447		1,636,927

LCNB CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019		2018
INTEREST INCOME:
Interest and fees on loans	$	14,872		13,363		44,072		33,479
Dividends on equity securities with a readily determinable fair value	15			17		47		48
Dividends on equity securities without a readily determinable fair value	16			7		48		22
Interest on debt securities, taxable	918			901		2,720		2,766
Interest on debt securities, non-taxable	379			661		1,340		2,045
Other short-term investments	129			121		543		390
TOTAL INTEREST INCOME	16,329			15,070		48,770		38,750
INTEREST EXPENSE:
Interest on deposits	2,475			1,810		7,225		3,777
Interest on short-term borrowings	3			12		224		88
Interest on long-term debt	273			145		762		226
TOTAL INTEREST EXPENSE	2,751			1,967		8,211		4,091
NET INTEREST INCOME	13,578			13,103		40,559		34,659
PROVISION FOR LOAN LOSSES	264			659		213		962
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	13,314			12,444		40,346		33,697
NON-INTEREST INCOME:
Fiduciary income	1,123			1,081		3,215		2,987
Service charges and fees on deposit accounts	1,616			1,439		4,421		4,170
Net losses on sales of debt securities	(20		)	(7	)	(37	)	(8	)
Bank owned life insurance income	289			185		654		553
Gains from sales of loans	114			63		207		182
Other operating income	234			160		666		464
TOTAL NON-INTEREST INCOME	3,356			2,921		9,126		8,348
NON-INTEREST EXPENSE:
Salaries and employee benefits	6,403			5,686		18,808		15,791
Equipment expenses	322			276		866		797
Occupancy expense, net	751			734		2,258		2,119
State financial institutions tax	433			299		1,307		898
Marketing	410			382		1,009		798
Amortization of intangibles	263			286		780		659
FDIC insurance premiums (refunds), net	(13		)	91		225		289
Contracted services	455			387		1,394		1,093
Other real estate owned	1			1		52		4
Merger-related expenses	27			346		114		1,959
Other non-interest expense	1,930			1,829		5,702		6,170
TOTAL NON-INTEREST EXPENSE	10,982			10,317		32,515		30,577
INCOME BEFORE INCOME TAXES	5,688			5,048		16,957		11,468
PROVISION FOR INCOME TAXES	961			847		2,875		1,816
NET INCOME	$	4,727		4,201		14,082		9,652

Dividends declared per common share	$	0.17		0.16		0.51		0.48
Earnings per common share:
Basic	0.36			0.32		1.07		0.84
Diluted	0.36			0.32		1.07		0.84
Weighted average common shares outstanding:
Basic	12,932,950			13,285,203		13,135,134		11,480,390
Diluted	12,937,145			13,290,665		13,139,100		11,486,051

Contacts

LCNB Corp.

Eric J. Meilstrup, CEO and President, 800-344-BANK

Robert C. Haines II, Executive Vice President and CFO, 800-344-BANK