1. A smaller, Ohio-focused version of a diversified regional bank like **PNC Bank**.

2. Like a community-oriented **Huntington Bank**, concentrating its full range of financial services across several counties in Ohio.

• Deposit Accounts: Offers various deposit products including checking, savings, money market, and certificates of deposit.
• Lending Services: Provides a range of loans such as commercial, real estate, agricultural, construction, residential mortgage, and consumer loans.
• Trust and Fiduciary Services: Delivers trust administration, estate settlement, and fiduciary services.
• Investment Management: Offers investment management for trusts, agency accounts, individual retirement accounts, and foundations/endowments.
• Investment and Brokerage Services: Provides financial needs analysis, mutual funds, securities trading, annuities, life insurance, and security brokerage services.

Major Customers of LCNB (LCNB)

• Individuals/Consumers: This category includes customers seeking personal banking services such as checking and savings accounts, residential mortgage loans, home equity lines of credit, various consumer loans (e.g., automobile, recreational vehicles, home improvement, personal loans), individual retirement accounts (IRAs), and personal investment services.
• Businesses: This category encompasses small to medium-sized businesses across various sectors, including commercial and industrial enterprises, real estate developers, agricultural businesses, and construction companies. LCNB provides them with commercial and industrial loans, commercial real estate loans, agricultural loans, Small Business Administration (SBA) loans, business checking and savings accounts, and cash management services.
• Institutional and High-Net-Worth Clients: LCNB offers specialized services like trust administration, estate settlement, fiduciary services, and investment management for trusts, agency accounts, foundations, and endowments. These clients often include high-net-worth individuals and various institutional entities.

Eric J. Meilstrup, Chief Executive Officer

Eric J. Meilstrup has been with LCNB National Bank for 36 years and on the executive team for the last 21 years. He was appointed CEO in June 2019. He also serves on the Board of Directors.

Andrew Wallace, Executive Vice President & Chief Financial Officer

Andrew Wallace was promoted to Chief Financial Officer, effective October 8, 2025, where he leads all aspects of financial strategy, reporting, and capital management. He joined LCNB in June 2022 as SVP of Accounting and Finance. Previously, Mr. Wallace held various accounting roles at BKD LLP (now Forvis Mazars LLP).

Robert C. Haines II, President

Robert C. Haines II was promoted to President, effective October 8, 2025. He was previously LCNB's Chief Financial Officer from January 2008 to October 2025. Mr. Haines has been with LCNB since May 1992, holding several roles including SVP and head of LCNB's IT department and Assistant VP of Network Administration.

Patricia L. Walter, Executive Vice President & Chief Risk Officer

Patricia L. Walter was promoted to Chief Risk Officer, effective October 8, 2025, assuming responsibility for enterprise risk management, compliance, and governance oversight. Ms. Walter joined LCNB in 2024 through the acquisition of EAGLE.bank, where she most recently served as President. Prior to her tenure at EAGLE.bank, she was the SVP of Finance of Cheviot Savings Bank, Manager of Corporate Accounting at Comair, and Manager at Grant Thorton.

Lawrence P. Mulligan Jr., Executive Vice President & Chief Operating Officer

Lawrence P. Mulligan Jr. serves as the Executive Vice President and Chief Operating Officer for LCNB Corp..

Here are the key risks to the business of LCNB:

1. Interest Rate Fluctuations: As a financial institution, LCNB's profitability is highly dependent on its net interest margin, which is the difference between interest earned on assets (like loans) and interest paid on liabilities (like deposits). Significant or rapid changes in prevailing interest rates can compress this margin, negatively impacting earnings.
2. Credit Risk and Economic Downturns: LCNB's business involves a variety of loan products, including commercial, real estate, agricultural, and consumer loans. There is an inherent risk that borrowers may default on their obligations, leading to loan losses. This risk is amplified during economic downturns, recessions, or adverse conditions in the specific sectors to which LCNB lends, increasing the potential for non-performing loans and write-offs.
3. Geographic Concentration: LCNB operates exclusively in Ohio, with a network of offices and ATMs across several counties within the state. This geographic concentration exposes the company to localized economic, demographic, or regulatory conditions specific to Ohio. A significant downturn in the Ohio economy, job losses, or population shifts within its service areas could have a disproportionately negative impact on LCNB's loan demand, deposit growth, and overall financial performance.

Digital-first banks and fintech companies: These entities leverage technology to offer banking services with lower overhead, often superior user experience, and competitive rates, directly challenging traditional banks like LCNB for deposit and loan customers, especially younger demographics.

Non-bank financial service providers: Companies specializing in specific financial products (e.g., online mortgage lenders, peer-to-peer lending platforms, investment apps) can attract customers away from LCNB's diversified offerings by focusing on efficiency and specialized services in areas like mortgages, consumer loans, or investment management.

Large technology companies (Big Tech) expanding into financial services: Companies such as Apple, Google, and Amazon are increasingly offering payment solutions, credit products, and even savings accounts, leveraging their vast user bases and integrated ecosystems. This threatens to disintermediate traditional banks by capturing customer financial interactions and data, particularly for everyday transactions.

The addressable markets for LCNB's main products and services in Ohio are as follows:

• Deposit Products (checking accounts, demand deposits, savings accounts, NOW and money market deposits, certificates of deposit): The overall deposit market in Ohio was approximately $565.32 billion in 2025.
• Residential Mortgage Loans: The total value of residential mortgage loan originations in Ohio was $38.9 billion in 2024.
• Small Business Loans: The total value of small business loans in Ohio was $18.4 billion in 2024.
• Agricultural Loans (Small Farm Loans): The total value of small farm loans in Ohio was $1.4 billion in 2024.

For other products and services, such as commercial and industrial loans (beyond small business), consumer loans, trust administration, estate settlement, fiduciary services, investment management services, investment products (mutual funds, securities trading, annuities, life insurance), and security brokerage services, specific addressable market sizes for the state of Ohio were not identifiable from the available information.

LCNB (symbol: LCNB) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion and Optimization of Banking Platform in Ohio Markets: LCNB is focused on executing a strategic growth plan, leveraging its expanded banking platform, and pursuing growth opportunities throughout its Ohio markets. This includes the successful integration of recent acquisitions, such as Eagle Financial Bancorp, Inc. and Cincinnati Bancorp, Inc., which allows for the optimization of its diverse banking platform. The company has also demonstrated encouraging traction in cross-selling its wealth and trust services within newly acquired branches, leading to a significant increase in assets under management in these locations.
2. Growth in Wealth Management and Fiduciary Services: LCNB Wealth Management has shown substantial growth, with assets rising to a record $1.56 billion in 2025, contributing to record fiduciary income. The company views its powerful Wealth Management platform as a crucial component of its strategic plan, aimed at deepening customer relationships and increasing noninterest income. LCNB believes it is well-positioned to continue expanding this platform, especially given that many other community banks do not offer independent wealth management capabilities.
3. Net Interest Income and Margin Expansion: The bank's net interest income and margins expanded meaningfully in 2025, a trend that is expected to continue. This growth has been supported by reduced funding costs and stable loan yields. Management's strategic actions to optimize the balance sheet have contributed to an improved net interest margin.
4. Disciplined Lending Growth: LCNB emphasizes disciplined growth in its lending activities and careful management of its loan portfolio. While the overall loan portfolio experienced a decline in average loans, the company continues to focus on strategic loan originations and maintaining strong asset quality, which supports stable revenue generation from its lending products.

Share Repurchases

• On February 28, 2023, LCNB announced a new share repurchase program authorizing the company to repurchase up to 500,000 shares of its common stock. This program superseded a prior program approved on May 27, 2022, which also authorized the repurchase of up to 500,000 shares.
• Since 2020, LCNB invested approximately $34 million to repurchase 1,851,403 shares of its stock, which reduced common shares outstanding by about 14.3% prior to the repurchases.
• LCNB repurchased 1,051,687 shares of common stock from its largest shareholder for $20.00 per share, totaling $21,033,740.00, in a transaction effective February 11, 2022.

Share Issuance

• As part of the acquisition of Eagle Financial Bancorp, Inc., LCNB issued 868,001 shares at a price of $14.04 per share during the reporting period ending December 31, 2025.
• The 2025 Plan allows for the issuance of up to 600,000 shares of common stock for awards.
• Common shares outstanding increased to 14,193,577 as of December 31, 2025, from 14,118,040 in the previous year.

Outbound Investments

• LCNB National Bank acquired EAGLE.bank, a commercial bank located in Warsaw, in April 2024. The acquisition of Eagle Financial Bancorp, Inc. was completed in the reporting period ending December 31, 2025.
• LCNB Corp. agreed to acquire Cincinnati Bancorp, Inc.