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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

 

Year

  

Summary Compensation

    

Compensation Actually Paid

    

Average

Summary Compensation

    

Average Compensation Actually Paid

     Value of Initial Fixed    

Net Income

    

Return on Average

  
    Table Total for Principal Executive Officer (PEO)(1)(2)     to PEO(3)    

Table Total

for Non-PEO

NEOs (4)

     to Non-PEO NEOs(5)    

Total

Shareholder

Return

(“TSR”)

    

Peer Group

Total

Shareholder

Return

(“TSR”)

     (000’s)     Assets  

2025

   $ 892,855     $ 770,747     $ 412,561     $ 399,045     $ 111.62     $ 128.40     $ 23,120       1.02 %

2024

   $ 591,689     $ 646,895     $ 343,464     $ 362,753     $ 103.00     $ 118.90     $ 13,492       0.57 %

2023

   $ 821,601     $ 665,222     $ 484,667     $ 392,382     $ 107.35     $ 117.64     $ 12,628       0.63 %

2022

   $ 589,146     $ 612,128     $ 340,251     $ 362,399     $ 122.53     $ 125.69     $ 22,128       1.16 %

2021

   $ 647,404     $ 639,429     $ 368,122     $ 367,370     $ 132.92     $ 129.36     $ 20,974       1.13 %

 

  (1) Executives included in the Non-PEO averages for 2025 as follows: Mr. Haines, Mr. Wallace, Mr. Miller, and Mr. Ruppert. In 2024, 2023, and 2022 as follows: Mr. Haines, Mr. Miller, Mr. Ruppert, and Mr. Mulligan. In 2021 as follows: Mr. Haines, Mr. Layer, Mr. Miller, and Mr. Ruppert. Mr. Meilstrup is the PEO for all years presented.
  (2) 

Includes restricted stock awards with the value of $84,607 in 2025, $84,045 in 2024, $154,050 in 2023, $102,000 in 2022 and $94,500 in 2021.

 

 

 

        
PEO Total Compensation Amount $ 892,855 $ 591,689 $ 821,601 $ 589,146 $ 647,404
PEO Actually Paid Compensation Amount $ 770,747 646,895 665,222 612,128 639,429
Adjustment To PEO Compensation, Footnote
 

(3)

Adjustments to determine compensation “actually paid” for the PEO included the following:

 

Adjustments to determine Compensation “Actually Paid” for PEO in US dollars

  

2025

    

2024

    

2023

    

2022

    

2021

  

Change in actuarial present value of the individual’s accumulated benefit under all defined benefit pension plans

     190,241       6,476       156,800       4,893       97,736  

Value of equity awards (stock awards or options) granted in the year

     84,607       84,045       154,050       102,000       94,500  

Value “actually received” as it relates to pension benefits

     -       -       -       -       -  

Service cost (and prior service cost)

     24,000       32,000       28,000       36,000       36,000  

Equity compensation

     -       -       -       -       -  

Awards granted in fiscal year (valued at December 31 of the relevant year)

     94,980       91,673       136,174       95,382       109,524  

Change of unvested awards (valued at December 31 of the relevant year)

     16,721       (8,506)       (21,945)       (12,714)       26,843  

Change of shares vested during year (valued at the applicable vesting date)

     260       6,533       (2,723)       184       3,306  

Dividends paid during year

     16,778       17,027       14,966       11,023       8,589  

 

  (4) 

Includes restricted stock awards in 2025 as follows: Mr. Haines, $33,843; Mr. Miller, $33,843; Mr. Ruppert, $31,682; and Mr. Wallace $11,403. In 2024 as follows: Mr. Haines, $34,840; Mr. Miller, $34,840; Mr. Ruppert, $32,500; and Mr. Mulligan, $31,460. In 2023, as follows: Mr. Haines, $65,000; Mr. Miller, $65,000; Mr. Ruppert, $60,320; and Mr. Mulligan, $58,240. In 2022 as follows: Mr. Haines, $45,600; Mr. Miller, $45,600; Mr. Ruppert, $42,000; and Mr. Mulligan, $40,400. In 2021 includes restricted stock awards as follows, Mr. Haines, $42,800; Mr. Layer, $42,800; Mr. Miller, $42,800, and Mr. Ruppert, $39,200.
  (5) 

Adjustments to determine compensation “actually paid” for the Non-PEO NEOs included the following:

 

 

 

 

        
Non-PEO NEO Average Total Compensation Amount $ 412,561 343,464 484,667 340,251 368,122
Non-PEO NEO Average Compensation Actually Paid Amount $ 399,045 362,753 392,382 362,399 367,370
Adjustment to Non-PEO NEO Compensation Footnote

Adjustments to determine Compensation “Actually Paid” for Non-PEO NEO in US dollars

  

2025

    

2024

    

2023

    

2022

    

2021

  

Change in actuarial present value of the individual's accumulated benefit under all defined benefit pension plans

     47,347       1,892       98,140       2,558       77,503  

Value of equity awards (stock awards or options) granted in the year

     27,693       33,410       63,830       44,700       41,900  

Value “actually received” as it relates to pension benefits

     -       -       -       -       -  

Service cost (and prior service cost)

     19,000       11,750       18,500       27,250       25,000  

Equity compensation

     -       -       -       -       -  

Awards granted in fiscal year (valued at December 31 of the relevant year)

     31,088       36,444       56,418       41,801       48,561  

Change of unvested awards (valued at December 31 of the relevant year)

     5,644       (3,452)       (9,991)       (6,341)       15,884  

Change of shares vested during year (valued at the applicable vesting date)

     181       2,983       (1,468)       57       2,256  

Dividends paid during year

     5,611       6,866       6,527       5,238       4,442  

 

        
Compensation Actually Paid vs. Total Shareholder Return

Comparison of Compensation Actually Paid to TSR, Net Income, and Return on Average Assets

 

Compensation actually paid to the PEO increased by $123,852, or approximately 19%, in 2025. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $36,292, or approximately 10%, in 2025.  TSR increased from $103.00 in 2024 to $111.62 in 2025, or approximately 8%. At the same time, Net Income increased from approximately $13,492,000 in 2024 to approximately $23,120 in 2025, or 71%. Return on Average Assets increased from 0.57% in 2024 to 1.02% in 2025.

 

Compensation actually paid to the PEO decreased by $27,519, or approximately 4%, in 2024. Average compensation actually paid to the remaining non-PEO NEOs decreased year-over-year by $7,984, or approximately 2.02%, in 2024. TSR decreased from $107.35 in 2023 to $103.00 in 2024, or approximately 4.06%. At the same time, Net Income increased from approximately $12,628,000 in 2023 to approximately $13,492,000 in 2024, or 6.84%. The results were affected by transaction costs associated by the merger of EFBI on April 12, 2024. Without the one-time costs, net income would have been $17,616,000 in 2024, or an increase of 39.5%. Return on Average Assets decreased from 0.63% in 2023 to 0.57% in 2024. Without one-time costs, Return on Average Assets would have been 0.75%.

 

 

Compensation actually paid to the PEO increased by $103,231, or approximately 17%, in 2023. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $43,874, or approximately 12.1%, in 2023. TSR decreased from $122.53 in 2022 to $107.35 in 2023, or approximately 12.4%. At the same time, Net Income decreased from approximately $22,128,000 in 2022 to approximately $12,628,000 in 2023, or 42.9%. The results were affected by transaction cost associated by merger of CNNB on November 1, 2023. Without the one-time cost, net income would have been $17,834,000 in 2023, for a decrease of 19.4%. Return on Average Assets decreased from 1.16% in 2022 to 0.63% in 2023. Without one-time costs, Return on Average Assets would have been 0.89%.

 

Compensation actually paid to the PEO decreased by $27,301, or approximately 4%, in 2022. Average compensation actually paid to the remaining non-PEO NEOs decreased year-over-year by $4,971, or approximately 1%, in 2022. TSR decreased from $132.92 in 2021 to $122.53 in 2022, or approximately 8%. At the same time, Net Income increased from approximately $20,974,000 in 2021 to approximately $22,128,000 in 2022, or 6%. Return on Average Assets increased from 1.13% in 2021 to 1.16% in 2022.

 

Compensation actually paid to the PEO increased by $99,919, or approximately 18%, in 2021. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $9,716, or approximately 1%, in 2021.  TSR increased from $100 in 2020 to $132.95 in 2021, or approximately 33%. At the same time, Net Income increased from approximately $20,075 in 2020 to approximately $20,974 in 2021, or 4%. Return on Average Assets decreased from 1.18% in 2020 to 1.13% in 2021.

 

The Board of Directors has determined that the calculation of incentive compensation using metrics that in turn, support Net Income and TSR, creates necessary incentives to reach the Company’s objectives.

 

TSR, Net Income, and Return on Average Assets are some indicators of LCNB’s overall performance that may impact the value of total compensation; however, other performance measures and factors are considered in setting NEO compensation. Please see the remainder of the Compensation Discussion and Analysis for additional information.

        
Compensation Actually Paid vs. Net Income

Comparison of Compensation Actually Paid to TSR, Net Income, and Return on Average Assets

 

Compensation actually paid to the PEO increased by $123,852, or approximately 19%, in 2025. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $36,292, or approximately 10%, in 2025.  TSR increased from $103.00 in 2024 to $111.62 in 2025, or approximately 8%. At the same time, Net Income increased from approximately $13,492,000 in 2024 to approximately $23,120 in 2025, or 71%. Return on Average Assets increased from 0.57% in 2024 to 1.02% in 2025.

 

Compensation actually paid to the PEO decreased by $27,519, or approximately 4%, in 2024. Average compensation actually paid to the remaining non-PEO NEOs decreased year-over-year by $7,984, or approximately 2.02%, in 2024. TSR decreased from $107.35 in 2023 to $103.00 in 2024, or approximately 4.06%. At the same time, Net Income increased from approximately $12,628,000 in 2023 to approximately $13,492,000 in 2024, or 6.84%. The results were affected by transaction costs associated by the merger of EFBI on April 12, 2024. Without the one-time costs, net income would have been $17,616,000 in 2024, or an increase of 39.5%. Return on Average Assets decreased from 0.63% in 2023 to 0.57% in 2024. Without one-time costs, Return on Average Assets would have been 0.75%.

 

 

Compensation actually paid to the PEO increased by $103,231, or approximately 17%, in 2023. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $43,874, or approximately 12.1%, in 2023. TSR decreased from $122.53 in 2022 to $107.35 in 2023, or approximately 12.4%. At the same time, Net Income decreased from approximately $22,128,000 in 2022 to approximately $12,628,000 in 2023, or 42.9%. The results were affected by transaction cost associated by merger of CNNB on November 1, 2023. Without the one-time cost, net income would have been $17,834,000 in 2023, for a decrease of 19.4%. Return on Average Assets decreased from 1.16% in 2022 to 0.63% in 2023. Without one-time costs, Return on Average Assets would have been 0.89%.

 

Compensation actually paid to the PEO decreased by $27,301, or approximately 4%, in 2022. Average compensation actually paid to the remaining non-PEO NEOs decreased year-over-year by $4,971, or approximately 1%, in 2022. TSR decreased from $132.92 in 2021 to $122.53 in 2022, or approximately 8%. At the same time, Net Income increased from approximately $20,974,000 in 2021 to approximately $22,128,000 in 2022, or 6%. Return on Average Assets increased from 1.13% in 2021 to 1.16% in 2022.

 

Compensation actually paid to the PEO increased by $99,919, or approximately 18%, in 2021. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $9,716, or approximately 1%, in 2021.  TSR increased from $100 in 2020 to $132.95 in 2021, or approximately 33%. At the same time, Net Income increased from approximately $20,075 in 2020 to approximately $20,974 in 2021, or 4%. Return on Average Assets decreased from 1.18% in 2020 to 1.13% in 2021.

 

The Board of Directors has determined that the calculation of incentive compensation using metrics that in turn, support Net Income and TSR, creates necessary incentives to reach the Company’s objectives.

 

TSR, Net Income, and Return on Average Assets are some indicators of LCNB’s overall performance that may impact the value of total compensation; however, other performance measures and factors are considered in setting NEO compensation. Please see the remainder of the Compensation Discussion and Analysis for additional information.

        
Compensation Actually Paid vs. Company Selected Measure

Comparison of Compensation Actually Paid to TSR, Net Income, and Return on Average Assets

 

Compensation actually paid to the PEO increased by $123,852, or approximately 19%, in 2025. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $36,292, or approximately 10%, in 2025.  TSR increased from $103.00 in 2024 to $111.62 in 2025, or approximately 8%. At the same time, Net Income increased from approximately $13,492,000 in 2024 to approximately $23,120 in 2025, or 71%. Return on Average Assets increased from 0.57% in 2024 to 1.02% in 2025.

 

Compensation actually paid to the PEO decreased by $27,519, or approximately 4%, in 2024. Average compensation actually paid to the remaining non-PEO NEOs decreased year-over-year by $7,984, or approximately 2.02%, in 2024. TSR decreased from $107.35 in 2023 to $103.00 in 2024, or approximately 4.06%. At the same time, Net Income increased from approximately $12,628,000 in 2023 to approximately $13,492,000 in 2024, or 6.84%. The results were affected by transaction costs associated by the merger of EFBI on April 12, 2024. Without the one-time costs, net income would have been $17,616,000 in 2024, or an increase of 39.5%. Return on Average Assets decreased from 0.63% in 2023 to 0.57% in 2024. Without one-time costs, Return on Average Assets would have been 0.75%.

 

 

Compensation actually paid to the PEO increased by $103,231, or approximately 17%, in 2023. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $43,874, or approximately 12.1%, in 2023. TSR decreased from $122.53 in 2022 to $107.35 in 2023, or approximately 12.4%. At the same time, Net Income decreased from approximately $22,128,000 in 2022 to approximately $12,628,000 in 2023, or 42.9%. The results were affected by transaction cost associated by merger of CNNB on November 1, 2023. Without the one-time cost, net income would have been $17,834,000 in 2023, for a decrease of 19.4%. Return on Average Assets decreased from 1.16% in 2022 to 0.63% in 2023. Without one-time costs, Return on Average Assets would have been 0.89%.

 

Compensation actually paid to the PEO decreased by $27,301, or approximately 4%, in 2022. Average compensation actually paid to the remaining non-PEO NEOs decreased year-over-year by $4,971, or approximately 1%, in 2022. TSR decreased from $132.92 in 2021 to $122.53 in 2022, or approximately 8%. At the same time, Net Income increased from approximately $20,974,000 in 2021 to approximately $22,128,000 in 2022, or 6%. Return on Average Assets increased from 1.13% in 2021 to 1.16% in 2022.

 

Compensation actually paid to the PEO increased by $99,919, or approximately 18%, in 2021. Average compensation actually paid to the remaining non-PEO NEOs increased year-over-year by $9,716, or approximately 1%, in 2021.  TSR increased from $100 in 2020 to $132.95 in 2021, or approximately 33%. At the same time, Net Income increased from approximately $20,075 in 2020 to approximately $20,974 in 2021, or 4%. Return on Average Assets decreased from 1.18% in 2020 to 1.13% in 2021.

 

The Board of Directors has determined that the calculation of incentive compensation using metrics that in turn, support Net Income and TSR, creates necessary incentives to reach the Company’s objectives.

 

TSR, Net Income, and Return on Average Assets are some indicators of LCNB’s overall performance that may impact the value of total compensation; however, other performance measures and factors are considered in setting NEO compensation. Please see the remainder of the Compensation Discussion and Analysis for additional information.

        
Tabular List, Table

Tabular List of Financial Performance Measures

 

The following table presents the most important financial performance measures used in linking Compensation Actually Paid to our PEOs and other NEOs for 2025 to the Company performance. The measures in this table are not ranked.

Net Income

Return on Average Assets

Return on Average Equity

 


 

        
Total Shareholder Return Amount $ 111.62 103 107.35 122.53 132.92
Peer Group Total Shareholder Return Amount 128.4 118.9 117.64 125.69 129.36
Net Income (Loss) $ 23,120,000 $ 13,492,000 $ 12,628,000 $ 22,128,000 $ 20,974,000
Company Selected Measure Amount 0.0102 0.0057 0.0063 0.0116 0.0113
Measure:: 1          
Pay vs Performance Disclosure          
Name Net Income        
Measure:: 2          
Pay vs Performance Disclosure          
Name Return on Average Assets        
Measure:: 3          
Pay vs Performance Disclosure          
Name Return on Average Equity        
Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 47,347 $ 1,892 $ 98,140 $ 2,558 $ 77,503
Aggregate Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 19,000 11,750 18,500 27,250 25,000
Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 27,693 33,410 63,830 44,700 41,900
Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,644 (3,452) (9,991) (6,341) 15,884
Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 31,088 36,444 56,418 41,801 48,561
Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 181 2,983 (1,468) 57 2,256
Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,611 6,866 6,527 5,238 4,442
Pension Benefits Actually Received During Period [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 190,241 6,476 156,800 4,893 97,736
PEO | Aggregate Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 24,000 32,000 28,000 36,000 36,000
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 84,607 84,045 154,050 102,000 94,500
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 16,721 (8,506) (21,945) (12,714) 26,843
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 94,980 91,673 136,174 95,382 109,524
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 260 6,533 (2,723) 184 3,306
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 16,778 17,027 14,966 11,023 8,589
PEO | Pension Benefits Actually Received During Period [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0 $ 0