# EDGAR Filing Document

**Accession Number:** 0001074902
**File Stem:** 0001074902-23-000036
**Filing Date:** 2023-1
**Character Count:** 39292
**Document Hash:** 5073c29c729767f1e6567d3d3a55a200
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001074902-23-000036.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001074902-23-000036

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LCNB CORP
- **CENTRAL INDEX KEY:** 0001074902
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 311626393
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35292
- **FILM NUMBER:** 23558165

**BUSINESS ADDRESS:**
- **STREET 1:** 2 NORTH BROADWAY
- **STREET 2:** PO BOX 59
- **CITY:** LEBANON
- **STATE:** OH
- **ZIP:** 45036
- **BUSINESS PHONE:** 5139321414

**MAIL ADDRESS:**
- **STREET 1:** 2 NORTH BROADWAY
- **STREET 2:** PO BOX 59
- **CITY:** LEBANON
- **STATE:** OH
- **ZIP:** 45036

?xml version="1.0" ? lcnb-20230126

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 26, 2023

**LCNB CORP.**

(Exact name of Registrant as specified in its Charter)

Ohio 001-35292 31-1626393 <br> (State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification Number)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 North Broadway, Lebanon, Ohio 45036

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (513) 932-1414

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, No Par Value | LCNB | NASDAQ |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On January 26, 2023, LCNB Corp. issued an earnings release announcing its financial results for the three and twelve months ended December 31, 2022. A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit 99.2) are attached and are furnished under this Item 2.02.

**Item 7.01 Regulation FD Disclosure.** 

On January 26, 2023, LCNB Corp. issued an earnings release announcing its financial results for the three and twelve months ended December 31, 2022. A copy of the earnings release (Exhibit 99.1) and unaudited financial highlights (Exhibit 99.2) are attached and are furnished under this Item 7.01.

**Item 9.01 Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

**Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description**

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Earnings Press Release Dated](lcnbform8-k12312022xex991.htm)[January 2](lcnbform8-k12312022xex991.htm)[6](lcnbform8-k12312022xex991.htm)[, 20](lcnbform8-k12312022xex991.htm)[23](lcnbform8-k12312022xex991.htm)</u>

99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Unaudited Financial Highlights](lcnbform8-k12312022xex992.htm)</u>

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | LCNB CORP. |
| Date: January 26, 2023 | By: <u>/s/ Robert C. Haines II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Robert C. Haines II<br>Chief Financial Officer |
|  | Robert C. Haines II<br>Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Press Release**

![lcnbcorplogoa.jpg](lcnbcorplogoa.jpg)

Two North Broadway

Lebanon, Ohio 45036

---

| | |
|:---|:---|
| **Company Contact:**<br>**Eric J. Meilstrup**<br>**President and Chief Executive Officer**<br>**LCNB National Bank**<br>**(513) 932-1414** | **Investor and Media Contact:**<br>**Andrew M. Berger**<br>**Managing Director**<br>**SM Berger & Company, Inc.**<br>**(216) 464-6400** |
| **shareholderrelations@lcnb.com** | **andrew@smberger.com** |

---

**LCNB CORP. REPORTS RECORD FINANCIAL RESULTS FOR** 

**THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022**

*LCNB Corp. Ended 2022 With Record Total Assets of $1.92 Billion* 

*Return on Average Tangible Common Equity Increased Year-Over-Year to 14.96% from 11.67%.*

*2022 Net Income Increased 5.5% Year-over-Year to a Record $22.1 Million* 

*2022 Diluted Earnings Per Share Increased 16.3% Year-over-Year to a Record $1.93 Per Share*

LEBANON, Ohio--LCNB Corp. ("LCNB", "the Company", or "the Bank") (NASDAQ: LCNB) today announced financial results for the three and twelve months ended December 31, 2022.

Commenting on the financial results, LCNB President and Chief Executive Officer Eric Meilstrup said, "We achieved record net income, earnings per share, and net loans for the full year and fourth quarter ended December 31, 2022. LCNB had another strong year of loan growth and overall operating performance as we continue to attract new assets and new customers to LCNB. Our performance in 2022 demonstrates LCNB's strong team of experienced and dedicated bankers, the value we provide our local communities, and our strategic focus on producing consistent and sustainable financial results. "

"The strength of LCNB's balance sheet and asset quality provides us with the flexibility to manage and grow the Bank during an increasingly uncertain economic cycle, while we continue to focus on returning capital to shareholders. For the twelve-months ended December 31, 2022, average total deposits increased 5.4%, our net interest margin expanded 10 basis points to 3.55%, and non-performing loans to total loans decreased from 0.11% at December 31, 2021 to 0.03% at December 31, 2022. These trends, combined with stable non-interest expense, successfully offset declines in non-interest income to drive record net income and earnings per share, while expanding returns on assets, equity, and tangible equity," continued Mr. Meilstrup.

"LCNB also returned a record amount of capital back to shareholders in 2022 through our dividend policy and share repurchase program. We believe LCNB is well positioned for continued growth and strong levels of profitability, even as we expect a more challenging banking landscape in 2023. This is a testament to LCNB's compelling business model, strong capital and liquidity levels, disciplined credit culture and outstanding team," concluded Mr. Meilstrup.

**Income Statement**

Net income for the 2022 fourth quarter was a quarterly record of $6,408,000, a 13.9% increase as compared to $5,627,000 for the same period last year. Earnings per basic and diluted share for the 2022 fourth quarter were a quarterly record of $0.57, an increase of 26.7% as compared to $0.45 for the same period last year. Net income for the twelve-month period ended December 31, 2022, was an annual record of $22,128,000, representing an increase of 5.5% as compared to $20,974,000 for the same period last year. Earnings per basic and diluted share for the twelve-month period ended December 31, 2022, were an annual record of $1.93, representing an increase of 16.3% as compared to $1.66 for the same period last year.

------

Net interest income for the three months ended December 31, 2022, increased 13.3% to $16,208,000, as compared to $14,310,000 for the same period in 2021. Net interest income for the twelve-month period ended December 31, 2022, increased 6.9% to $61,042,000, as compared to $57,124,000 for 2021. Favorably contributing to the variance for the three-and twelve-month periods were overall growth in the loan portfolio and higher average rates earned on the loan and debt securities portfolios. Growth in the taxable debt securities and loan portfolios also benefited interest income for the twelve-month period. For the 2022 fourth quarter, LCNB's net interest margin expanded to 3.77%, from 3.34% for the same period last year. For the 2022 full year, LCNB's net interest margin was 3.55%, compared to 3.45% in 2021.

Non-interest income for the three months ended December 31, 2022, was $3,629,000, compared to $4,347,000 for the same period last year. For the twelve months ended December 31, 2022, non-interest income was $14,288,000, compared to $16,232,000 for the same period last year. The primary drivers of the fourth quarter and twelve-month year-over-year changes in non-interest income were decreased fiduciary income, reduced gains from sales of loans and debt securities, and lower other operating income. Fiduciary income decreased because the fair value of wealth management assets, upon which fees are calculated, decreased due to current market conditions, even though the number of accounts increased. The lower other operating income for the full year was partially due to the absence of a one-time $508,000 Ohio Financial Institutions Tax refund recognized in 2021.

Non-interest expense for the three months ended December 31, 2022, was $246,000 lower than the comparable period in 2021. For the twelve months ended December 31, 2022, non-interest expense increased $94,000 from the comparable period in 2021. Other non-interest expense for the twelve-months ended December 31, 2022, included $471,000 in losses from the sales of two office buildings as a result of our branch consolidation strategy, which was offset by an $866,000 gain from the sale of other real estate owned recognized during the 2022 second quarter.

**Capital Allocation** 

LCNB invested $23,660,000 in its share repurchase program through 2022, repurchasing 1,212,634 shares of its outstanding stock at an average price of $19.47 per share. This equates to approximately 9.8% of the Company's outstanding common stock prior to the repurchase. During the 2022 fourth quarter, LCNB invested $678,000 in its share repurchase program, repurchasing 40,178 shares of its outstanding stock at an average price of $16.87 per share. At December 31, 2022, 339,054 shares remained under its May 27, 2022 share repurchase program.

For the full year ended December 31, 2022, LCNB paid $0.81 per share in dividends, a 5.2% increase from $0.77 per share for the full year ended December 31, 2021. On November 21, 2022, LCNB's Board of Directors approved a 5.0% increase in the Company's regular quarterly cash dividend payment from $0.20 per share to $0.21 per share. Since 2018, LCNB's regular cash dividend payment has increased at a compound annual growth rate of 5.7%.

**Balance Sheet**

Total assets at December 31, 2022, increased by $15,492,000 to a record $1.92 billion from $1.90 billion at December 31, 2021. Net loans at December 31, 2022, increased 2.3% to a record $1.40 billion, compared to $1.36 billion at December 31, 2021.

Total deposits at December 31, 2022, decreased 1.5% to $1.60 billion, compared to $1.63 billion at December 31, 2021, as LCNB experiences greater competition for interest-bearing accounts along with seasonal deposit trends of certain public fund deposit relationships.

**Assets Under Management** 

Total assets managed at December 31, 2022, were $3.10 billion, compared to $3.14 billion at December 31, 2021. The 1.5% year-over-year decrease in total assets managed was primarily due to a decrease in the fair value of managed assets at LCNB's Wealth Management group associated with a challenging capital market environment in 2022 and a decrease in cash management accounts.

**Asset Quality** 

In the 2022 fourth quarter consolidated condensed statements of income, LCNB recorded a net loan loss recovery of $19,000, compared to a net loan loss recovery of $508,000 for the 2021 fourth quarter. For the twelve months ended December 31, 2022, LCNB recorded a provision for loan losses of $250,000, compared to a net loan loss recovery of $269,000 for the twelve months ended December 31, 2021.

------

Net loan recoveries for the 2022 fourth quarter were $21,000, compared to net loan recoveries of $186,000 for the same period last year. For the 2022 twelve-month period, net loan charge-offs were $110,000 or 0.01% of average loans, compared to net loan recoveries during 2021 of $47,000 or 0.00% of average loans.

Total nonperforming loans, which includes non-accrual loans and loans past due 90 days or more and still accruing interest decreased $1,107,000, from $1,537,000 or 0.11% of total loans at December 31, 2021, to $430,000 or 0.03% of total loans at December 31, 2022. Nonperforming assets to total assets was 0.02% at December 31, 2022, compared to 0.08% at December 31, 2021.

**About LCNB Corp.** 

LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the "Bank"), it serves customers and communities in Southwest and South-Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol "LCNB." Learn more about LCNB Corp. at www.lcnb.com.

***Forward-Looking Statements***

*Certain statements made in this news release regarding LCNB's financial condition, results of operations, plans, objectives, future performance and business, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as "anticipate", "could", "may", "feel", "expect", "believe", "plan", and similar expressions. Please refer to LCNB's Annual Report on Form 10-K for the year ended December 31, 2021, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.*

*These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB's business and operations. Additionally, LCNB's financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to:* 

*1.the success, impact, and timing of the implementation of LCNB's business strategies;* 

*2.the significant risks and uncertainties for LCNB's business, results of operations and financial condition, as well as its regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on financial markets, the effectiveness of LCNB's work from home arrangements and staffing levels in operational facilities, the impact of market participants on which LCNB relies, and actions taken by governmental authorities and other third parties in response to the pandemic;*

*3.the disruption of global, national, state, and local economies associated with the COVID-19 pandemic and the Russia/Ukraine conflict, which could affect LCNB's liquidity and capital positions, impair the ability of our borrowers to repay outstanding loans, impair collateral values, and further increase the allowance for credit losses;*

*4.LCNB's ability to integrate future acquisitions may be unsuccessful, or may be more difficult, time-consuming, or costly than expected;*

*5.LCNB may incur increased loan charge-offs in the future;* 

*6.LCNB may face competitive loss of customers;* 

*7.changes in the interest rate environment, which may include continued interest rate increases, may have results on LCNB's operations materially different from those anticipated by LCNB's market risk management functions;* 

*8.changes in general economic conditions and increased competition could adversely affect LCNB's operating results;* 

*9.changes in regulations and government policies affecting bank holding companies and their subsidiaries, including changes in monetary policies, could negatively impact LCNB's operating results;* 

*10.LCNB may experience difficulties growing loan and deposit balances;* 

*11.United States trade relations with foreign countries could negatively impact the financial condition of LCNB's customers, which could adversely affect LCNB 's operating results and financial condition;*

*12.deterioration in the financial condition of the U.S. banking system may impact the valuations of investments LCNB has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments;* 

------

*13.difficulties with technology or data security breaches, including cyberattacks, that could negatively affect LCNB's ability to conduct business and its relationships with customers, vendors, and others;*

*14.adverse weather events and natural disasters and global and/or national epidemics; and* 

*15.government intervention in the U.S. financial system, including the effects of recent legislative, tax, accounting and regulatory actions and reforms, including the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Jumpstart Our Business Startups Act, the Consumer Financial Protection Bureau, the capital ratios of Basel III as adopted by the federal banking authorities, and the Tax Cuts and Jobs Act.* 

*Forward-looking statements made herein reflect management's expectations as of the date such statements are made. Such information is provided to assist shareholders and potential investors in understanding current and anticipated financial operations of LCNB and is included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. LCNB undertakes no obligation to update any forward-looking statement to reflect events or circumstances that arise after the date such statements are made.*

## Exhibit 99.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 99.2**

**LCNB Corp. and Subsidiaries**

**Financial Highlights**

(Dollars in thousands, except per share amounts)

(Unaudited)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **<u>Condensed Income Statement</u>** | | | | | | | |
| Interest income | $17719 | 16704 | 16208 | 15122 | 15189 | 65753 | 61177 |
| Interest expense | 1511 | 1260 | 1041 | 899 | 879 | 4711 | 4053 |
| Net interest income | 16208 | 15444 | 15167 | 14223 | 14310 | 61042 | 57124 |
| Provision for (recovery of) loan losses | (19) | (157) | 377 | 49 | (508) | 250 | (269) |
| Net interest income after provision for (recovery of) loan losses | 16227 | 15601 | 14790 | 14174 | 14818 | 60792 | 57393 |
| Non-interest income | 3629 | 3581 | 3528 | 3550 | 4347 | 14288 | 16232 |
| Non-interest expense | 12065 | 12350 | 11469 | 12250 | 12311 | 48134 | 48040 |
| Income before income taxes | 7791 | 6832 | 6849 | 5474 | 6854 | 26946 | 25585 |
| Provision for income taxes | 1383 | 1253 | 1231 | 951 | 1227 | 4818 | 4611 |
| Net income | $6408 | 5579 | 5618 | 4523 | 5627 | 22128 | 20974 |
| **<u>Supplemental Income Statement Information</u>** | **<u>Supplemental Income Statement Information</u>** |  |  |  |  |  |  |
| Amort/Accret income on acquired loans | $249 | 144 | 61 | 66 | 116 | 520 | 713 |
| Tax-equivalent net interest income | $16257 | 15495 | 15217 | 14273 | 14365 | 61242 | 57354 |
| **<u>Per Share Data</u>** |  |  |  |  |  |  |  |
| Dividends per share | $0.21 | 0.20 | 0.20 | 0.20 | 0.20 | 0.81 | 0.77 |
| Basic earnings per common share | $0.57 | 0.49 | 0.49 | 0.38 | 0.45 | 1.93 | 1.66 |
| Diluted earnings per common share | $0.57 | 0.49 | 0.49 | 0.38 | 0.45 | 1.93 | 1.66 |
| Book value per share | $17.82 | 17.31 | 17.84 | 18.14 | 19.22 | 17.82 | 19.22 |
| Tangible book value per share | $12.48 | 11.97 | 12.53 | 12.84 | 14.33 | 12.48 | 14.33 |
| Weighted average common shares outstanding: | Weighted average common shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 11211328 | 11284225 | 11337805 | 11818614 | 12370702 | 11410981 | 12589605 |
| &nbsp;&nbsp;&nbsp;Diluted | 11211328 | 11284225 | 11337805 | 11818614 | 12370702 | 11410981 | 12589613 |
| Shares outstanding at period end | 11259080 | 11293639 | 11374515 | 11401503 | 12414956 | 11259080 | 12414956 |
| **<u>Selected Financial Ratios</u>** |  |  |  |  |  |  |  |
| Return on average assets | 1.34% | 1.15% | 1.18% | 0.96% | 1.18% | 1.16% | 1.13% |
| Return on average equity | 12.90% | 10.80% | 10.96% | 8.13% | 9.33% | 10.62% | 8.71% |
| Return on average tangible common equity | 18.59% | 15.30% | 15.52% | 11.11% | 12.51% | 14.96% | 11.67% |
| Dividend payout ratio | 36.84% | 40.82% | 40.82% | 52.63% | 44.44% | 41.97% | 46.39% |
| Net interest margin (tax equivalent) | 3.77% | 3.54% | 3.54% | 3.35% | 3.34% | 3.55% | 3.45% |
| Efficiency ratio (tax equivalent) | 60.67% | 64.74% | 61.18% | 68.73% | 65.79% | 63.73% | 65.28% |
| **<u>Selected Balance Sheet Items</u>** |  |  |  |  |  |  |  |
| Cash and cash equivalents | $22701 | 29460 | 31815 | 19941 | 18136 |  |  |
| Debt and equity securities | 323167 | 325801 | 337952 | 330715 | 345649 |  |  |
| **Loans:** |  |  |  |  |  |  |  |
| Commercial and industrial | $120236 | 114694 | 114971 | 105805 | 101792 |  |  |
| Commercial, secured by real estate | 938022 | 908130 | 905703 | 906140 | 889108 |  |  |
| Residential real estate | 305575 | 316669 | 315930 | 328034 | 334547 |  |  |
| Consumer | 28290 | 29451 | 30308 | 32445 | 34190 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | 10054 | 8630 | 7412 | 7980 | 10647 |  |  |
| Other, including deposit overdrafts | 81 | 52 | 81 | 45 | 122 |  |  |
| Deferred net origination fees | (980) | (937) | (928) | (928) | (961) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, gross | 1401278 | 1376689 | 1373477 | 1379521 | 1369445 |  |  |
| Less allowance for loan losses | 5646 | 5644 | 5833 | 5530 | 5506 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $1395632 | 1371045 | 1367644 | 1373991 | 1363939 |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **12/31/2022** | **9/30/2022** | **6/30/2022** | **3/31/2022** | **12/31/2021** | **12/31/2022** | **12/31/2021** |
| **<u>Selected Balance Sheet Items, continued</u>** | **<u>Selected Balance Sheet Items, continued</u>** | | | | | | |
| Total earning assets | $1726902 | 1714196 | 1722853 | 1712115 | 1716420 |  |  |
| Total assets | 1919121 | 1904700 | 1912627 | 1899630 | 1903629 |  |  |
| Total deposits | 1604970 | 1657370 | 1658825 | 1636606 | 1628819 |  |  |
| Short-term borrowings | 71455 | 4000 | 5000 | 24746 |  |  |  |
| Long-term debt | 19072 | 24539 | 25000 | 10000 | 10000 |  |  |
| Total shareholders' equity | 200675 | 195439 | 202960 | 206875 | 238604 |  |  |
| Equity to assets ratio | 10.46% | 10.26% | 10.61% | 10.89% | 12.53% |  |  |
| Loans to deposits ratio | 87.31% | 83.06% | 82.80% | 84.29% | 84.08% |  |  |
| Tangible common equity (TCE) | $140498 | 135149 | 142557 | 146360 | 177949 |  |  |
| Tangible common assets (TCA) | 1858944 | 1844410 | 1852224 | 1839115 | 1842974 |  |  |
| TCE/TCA | 7.56% | 7.33% | 7.70% | 7.96% | 9.66% |  |  |
| **<u>Selected Average Balance Sheet Items</u>** |  |  |  |  |  |  |  |
| Cash and cash equivalents | $24330 | 35763 | 28787 | 32826 | 29614 | 30364 | 36648 |
| Debt and equity securities | 323195 | 338299 | 338149 | 340666 | 348150 | 335051 | 319619 |
| Loans | $1383809 | 1384520 | 1375710 | 1376926 | 1351762 | 1380272 | 1329072 |
| Less allowance for loan losses | 5647 | 5830 | 5532 | 5503 | 5843 | 5629 | 5701 |
| Net loans | $1378162 | 1378690 | 1370178 | 1371423 | 1345919 | 1374643 | 1323371 |
| Total earning assets | $1711524 | 1736031 | 1722503 | 1727335 | 1708392 | 1724350 | 1663567 |
| Total assets | 1903338 | 1928868 | 1912574 | 1917226 | 1896530 | 1915431 | 1851177 |
| Total deposits | 1637201 | 1669932 | 1655389 | 1646627 | 1615020 | 1652309 | 1567680 |
| Short-term borrowings | 21433 | 5728 | 18263 | 12503 | 893 | 14482 | 821 |
| Long-term debt | 23855 | 24920 | 12637 | 10000 | 14402 | 17910 | 16148 |
| Total shareholders' equity | 197014 | 205051 | 205645 | 225725 | 239174 | 208271 | 240823 |
| Equity to assets ratio | 10.35% | 10.63% | 10.75% | 11.77% | 12.61% | 10.87% | 13.01% |
| Loans to deposits ratio | 84.52% | 82.91% | 83.10% | 83.62% | 83.70% | 83.54% | 84.78% |
| **<u>Asset Quality</u>** |  |  |  |  |  |  |  |
| Net charge-offs (recoveries) | $(21) | 32 | 74 | 25 | (186) | 110 | (47) |
| Non-accrual loans | $391 | 465 | 599 | 1455 | 1481 | 391 | 1481 |
| Loans past due 90 days or more and still accruing | 39 |  |  |  | 56 | 39 | 56 |
| Total nonperforming loans | $430 | 465 | 599 | 1455 | 1537 | 430 | 1537 |
| Net charge-offs (recoveries) to average loans | (0.01)% | 0.01% | 0.02% | 0.01% | (0.05)% | 0.01% | 0.00% |
| Allowance for loan losses to total loans | 0.40% | 0.41% | 0.42% | 0.40% | 0.40% | 0.40% | 0.40% |
| Nonperforming loans to total loans | 0.03% | 0.03% | 0.04% | 0.11% | 0.11% | 0.03% | 0.11% |
| Nonperforming assets to total assets | 0.02% | 0.02% | 0.03% | 0.08% | 0.08% | 0.02% | 0.08% |
| **<u>Assets Under Management</u>** |  |  |  |  |  |  |  |
| LCNB Corp. total assets | $1919121 | 1904700 | 1912627 | 1899630 | 1903629 |  |  |
| Trust and investments (fair value) | 678366 | 611409 | 625984 | 700353 | 722093 |  |  |
| Mortgage loans serviced | 148412 | 145317 | 153557 | 152271 | 149382 |  |  |
| Cash management | 1925 | 53199 | 38914 | 75302 | 34009 |  |  |
| Brokerage accounts (fair value) | 347737 | 314144 | 303663 | 326290 | 334670 |  |  |
| Total assets managed | $3095561 | 3028769 | 3034745 | 3153846 | 3143783 |  |  |

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------

**LCNB CORP. AND SUBSIDIARIES**

**CONSOLIDATED CONDENSED BALANCE SHEETS**

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
| | December 31, 2022 (Unaudited) | December 31, 2021 |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $20244 | 16810 |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | 2457 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 22701 | 18136 |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities with a readily determinable fair value, at fair value | 2273 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities without a readily determinable fair value, at cost | 2099 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities, available-for-sale, at fair value | 289850 | 308177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities, held-to-maturity, at cost | 19878 | 22972 |
| &nbsp;&nbsp;&nbsp;Federal Reserve Bank stock, at cost | 4652 | 4652 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock, at cost | 4415 | 5203 |
| &nbsp;&nbsp;&nbsp;Loans, net | 1395632 | 1363939 |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 33042 | 35385 |
| &nbsp;&nbsp;&nbsp;Operating leases right of use asset | 6248 | 6357 |
| &nbsp;&nbsp;&nbsp;Goodwill | 59221 | 59221 |
| &nbsp;&nbsp;&nbsp;Core deposit and other intangibles | 1827 | 2473 |
| &nbsp;&nbsp;&nbsp;Bank owned life insurance | 44298 | 43224 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 7482 | 7999 |
| &nbsp;&nbsp;&nbsp;Other assets | 25503 | 21246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $1919121 | 1903629 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $505824 | 501531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 1099146 | 1127288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1604970 | 1628819 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 71455 |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 19072 | 10000 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 6370 | 6473 |
| &nbsp;&nbsp;&nbsp;Accrued interest and other liabilities | 16579 | 19733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1718446 | 1665025 |
| **COMMITMENTS AND CONTINGENT LIABILITIES** |  |  |
| **SHAREHOLDERS' EQUITY:** |  |  |
| &nbsp;&nbsp;Preferred shares – no par value, authorized 1,000,000 shares, none outstanding |  |  |
| &nbsp;&nbsp;Common shares –no par value, authorized 19,000,000 shares; issued 14,270,550 and 14,213,792 shares at December 31, 2022 and 2021, respectively; outstanding 11,259,080 and 12,414,956 shares at December 31, 2022 and 2021, respectively | 144069 | 143130 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 139249 | 126312 |
| &nbsp;&nbsp;Treasury shares at cost, 3,011,470 and 1,798,836 shares at December 31, 2022 and 2021, respectively | (52689) | (29029) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of taxes | (29954) | (1809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHAREHOLDERS' EQUITY** | 200675 | 238604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $1919121 | 1903629 |

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------

**LCNB CORP. AND SUBSIDIARIES**

**CONSOLIDATED CONDENSED STATEMENTS OF INCOME**

(Dollars in thousands, except per share data)

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| **INTEREST INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $15887 | 13770 | 59247 | 56142 |
| &nbsp;&nbsp;&nbsp;Dividends on equity securities with a readily determinable fair value | 16 | 13 | 56 | 51 |
| &nbsp;&nbsp;&nbsp;Dividends on equity securities without a readily determinable fair value | 13 | 5 | 29 | 21 |
| &nbsp;&nbsp;&nbsp;Interest on debt securities, taxable | 1355 | 1018 | 5027 | 3668 |
| &nbsp;&nbsp;&nbsp;Interest on debt securities, non-taxable | 186 | 208 | 753 | 864 |
| &nbsp;&nbsp;&nbsp;Other investments | 262 | 175 | 641 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INTEREST INCOME | 17719 | 15189 | 65753 | 61177 |
| **INTEREST EXPENSE:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on deposits | 1189 | 769 | 3682 | 3578 |
| &nbsp;&nbsp;&nbsp;Interest on short-term borrowings | 96 | 2 | 416 | 6 |
| &nbsp;&nbsp;&nbsp;Interest on long-term debt | 226 | 108 | 613 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INTEREST EXPENSE | 1511 | 879 | 4711 | 4053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INTEREST INCOME | 16208 | 14310 | 61042 | 57124 |
| &nbsp;&nbsp;&nbsp;PROVISION FOR (RECOVERY OF) LOAN LOSSES | (19) | (508) | 250 | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) LOAN LOSSES | 16227 | 14818 | 60792 | 57393 |
| **NON-INTEREST INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fiduciary income | 1617 | 1715 | 6468 | 6674 |
| &nbsp;&nbsp;&nbsp;Service charges and fees on deposit accounts | 1532 | 1530 | 6190 | 6036 |
| &nbsp;&nbsp;&nbsp;Net gains on sales of debt securities, available-for-sale |  | 303 |  | 303 |
| &nbsp;&nbsp;&nbsp;Bank owned life insurance income | 271 | 269 | 1074 | 1074 |
| &nbsp;&nbsp;&nbsp;Gains from sales of loans | 8 | 292 | 196 | 852 |
| &nbsp;&nbsp;&nbsp;Other operating income | 201 | 238 | 360 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL NON-INTEREST INCOME | 3629 | 4347 | 14288 | 16232 |
| **NON-INTEREST EXPENSE:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 7192 | 6976 | 28483 | 27616 |
| &nbsp;&nbsp;&nbsp;Equipment expenses | 395 | 446 | 1629 | 1678 |
| &nbsp;&nbsp;&nbsp;Occupancy expense, net | 767 | 713 | 3067 | 2949 |
| &nbsp;&nbsp;&nbsp;State financial institutions tax | 428 | 440 | 1740 | 1758 |
| &nbsp;&nbsp;&nbsp;Marketing | 339 | 361 | 1184 | 1239 |
| &nbsp;&nbsp;&nbsp;Amortization of intangibles | 113 | 263 | 478 | 1043 |
| &nbsp;&nbsp;&nbsp;FDIC insurance premiums, net | 133 | 127 | 530 | 492 |
| &nbsp;&nbsp;&nbsp;ATM Expense | 340 | 436 | 1370 | 1416 |
| &nbsp;&nbsp;&nbsp;Computer maintenance and supplies | 283 | 332 | 1114 | 1213 |
| &nbsp;&nbsp;&nbsp;Telephone expense | 63 | 64 | 240 | 420 |
| &nbsp;&nbsp;&nbsp;Contracted services | 601 | 612 | 2503 | 2430 |
| &nbsp;&nbsp;&nbsp;Other real estate owned, net | 8 |  | (866) | 2 |
| &nbsp;&nbsp;&nbsp;Other non-interest expense | 1403 | 1541 | 6662 | 5784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL NON-INTEREST EXPENSE | 12065 | 12311 | 48134 | 48040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INCOME BEFORE INCOME TAXES** | 7791 | 6854 | 26946 | 25585 |
| PROVISION FOR INCOME TAXES | 1383 | 1227 | 4818 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET INCOME** | $6408 | 5627 | 22128 | 20974 |
| Dividends declared per common share | $0.21 | 0.20 | 0.81 | 0.77 |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 0.57 | 0.45 | 1.93 | 1.66 |
| &nbsp;&nbsp;&nbsp;Diluted | 0.57 | 0.45 | 1.93 | 1.66 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 11211328 | 12370702 | 11410981 | 12589605 |
| &nbsp;&nbsp;&nbsp;Diluted | 11211328 | 12370702 | 11410981 | 12589613 |

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